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1. INTRODUCTION
Poste Italiane SpA (the \"Parent Company\") is the company formed following conversion of the former Public Administration entity, \"Poste Italiane\", under Resolution 244 of 18 December 1997. Its registered office is at Viale Europa 190, Rome (Italy).
Poste Italiane's shares have been listed on the Mercato Telematico Azionario (the MTA, an electronic stock exchange) since 27 October 2015. At 31 December 2024, the Company is 35% owned by CDP and 29.3% owned by the MEF, with the remaining shares held by institutional and retail investors. Poste Italiane SpA continues to be under the control of the MEF. At 31 December 2024, the Parent Company holds 11,492,604 of its treasury shares (equal to about 0.880% of the share capital).
The Poste Italiane Group (the \"Group\") provides a universal postal service in Italy as well as integrated communication, logistics, financial and insurance products and services throughout the country via its national network of approximately 13,000 post offices.
The Group's business is assessed and presented on the basis of four operating segments: (i) Mail, Parcels and Distribution, (ii) Postepay Services, (iii) Financial Services and (iv) Insurance Services.
The Mail, Parcels and Distribution Services Sector includes, in addition to the mail, parcel and logistics activities, also those related to the network of sellers, Post Offices and corporate functions of Poste Italiane S.p.A. that operate for the benefit of the other sectors in which the Group operates. The sector also includes the provision of welfare services.
The Postepay Services Sector includes the management of payments and e-money services, also carried out through the network of LIS sales points, as well as mobile and fixed telephone services and Energy sales services (electricity and gas) to the end customer by the company PostePay SpA.
The Financial Services Sector refers to the placement and distribution activities of financial and insurance products and services by Bancoposta, such as current accounts, postal savings products (on behalf of Cassa Depositi e Prestiti), mutual funds, financing provided by banking institutions, insurance policies and the activities of BancoPosta Fondi SpA SGR.
The Insurance Services segment mainly relates to the activities of Poste Vita SpA, which operates in the Life insurance sector mainly in Ministerial Classes I and III, and its direct and indirect subsidiaries, such as Poste Assicura SpA and Net Insurance SpA, which operate in the P&C sector with the exclusion of the Motor Insurance business, and Net Insurance Life SpA, which mainly offers insurance coverage related and instrumental to the P&C products offered by its direct parent company Net Insurance SpA.
This section of the Annual Report for the year ended 31 December 2024 includes the consolidated financial statements of the Poste Italiane Group, the separate financial statements of Poste Italiane SpA and the BancoPosta RFC Separate Report. The Report has been prepared in Euro, the currency of the economy in which the Group operates.
The Group's consolidated financial statements consist of the consolidated statement of financial position, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the financial statements. All amounts in the financial statements and the notes are shown in millions of euro and rounded (without decimal figures), unless where stated otherwise. It follows that the sum of the rounded amounts may not coincide with the rounded totals.
The separate financial statements of Poste Italiane SpA consist of the statement of financial position, the statement of profit or loss, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows and the notes. Amounts in the financial statements are shown in euros (except for the statement of cash flows, which is shown in thousands of euro), whilst those in the notes are shown in millions of euro (without decimals) unless otherwise stated. It follows that the sum of the rounded amounts may not coincide with the rounded totals.
The consolidated and separate financial statements contain notes applicable to both sets of financial statements, providing information on matters common to both the Group and Poste Italiane SpA. The relevant matters specifically regard:
-the way the financial statements are presented and relevant information on accounting standards;
-significant events during the year.
The BancoPosta RFC Separate Report, which forms an integral part of Poste Italiane SpA financial statements, prepared in accordance with the specific financial reporting rules laid down by the applicable banking regulations, is dealt with separately in this Section.
The consolidated financial statements of the Poste Italiane Group and the separate financial statements of Poste Italiane SpA (including the separate statement of BancoPosta RFC) as at 31 December 2024 were approved by the Board of Directors on 26 March 2025, the date on which publication was authorised in accordance with IAS 10-Events after the reporting period", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154582-tag273160": { "value": "Poste Italiane ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154585-tag273161": { "value": "SpA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154582-tag273162": { "value": "Viale Europa 190, Rome (Italy)", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154617-tag273166": { "value": "Italy", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154617-tag273168": { "value": "Italy", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154619-tag273163": { "value": "Poste Italiane", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154618-tag273164": { "value": "Poste Italiane SpA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154699-tag273165": { "value": "universal postal service in Italy as well as integrated communication, logistics, financial and insurance products and services throughout the country via its national network of approximately 13,000 post offices", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page405-cflshid_154726-tag273235": { "value": "the country", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page406-cflshid_155156-tag273171": { "value": "
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
2.1 COMPLIANCE WITH IAS/IFRS
The annual accounts are prepared in accordance with the International Financial Reporting Standards (\"IFRS\") issued by the International Accounting Standards Board (\"IASB\"), and endorsed by the European Union (\"EU\") in EC Regulation 1606/2002 of 19 July 2002, and in accordance with Legislative Decree 38 of 28 February 2005, which introduced regulations governing the adoption of IFRS in Italian law.
The term IFRS includes all the International Financial Reporting Standards, International Accounting Standards (\"IAS\") and interpretations issued by the International Financial Reporting Interpretations Committee (\"IFRIC\", previously known as the Standing Interpretations Committee or \"SIC\"), adopted by the European Union and contained in the EU Regulations in force at 31 December 2024, regarding which no derogations were made.
2.2 BASIS OF PRESENTATION
The accounting standards reflect the full operations of the Group and Poste Italiane SpA in the foreseeable future. The companies of the Poste Italiane Group, as operating entities, prepare the financial statements on the assumption of business continuity, also taking into account the Group's economic and financial prospects derived from the 2024-2028 Strategic Plan and updated with the 2025 Budget respectively approved on 19 March 2024 and 21 February 2025.
The statement of financial position has been prepared on the basis of the \"current/non-current distinction\"242. In the Statement of profit (loss) for the year, the classification criterion based on the nature of the cost components has been adopted; details of interest income calculated using the effective interest criterion, as well as gains and losses deriving from the derecognition of financial assets measured at amortised cost (as per IAS 1 - Presentation of Financial Statements paragraph 82) are provided in section 4.3 Notes to the Statement of profit or loss. The cash flow statement has been prepared under the indirect method243.
The accounting standards and the recognition, measurement and classification criteria adopted in these annual accounts are the same as those used in the previous year's preparation, with the exception of what is stated in section 2.3 - Newly applied accounting standards and interpretations.
The information provided in these annual financial statements takes into account the guidelines and recommendations of Italian and European regulatory and supervisory bodies (including ESMA and Consob244) published during the year to provide guidance in the current macroeconomic context. The accounting implications of complying with these recommendations are described in section 2.7 - Climate change and macroeconomic context.
In preparing the annual accounts, the CONSOB regulations contained in Resolution 15519 of 27 July 2006 and in Ruling DEM/6064293 of 28 July 2006 have been taken into account.
In accordance with Consob Resolution 15519 of 27 July 2006, the statement of financial position, the statement of profit or loss and the statement of cash flows show amounts deriving from related party transactions. The statement of profit or loss also shows, where applicable and of significant amount, income and expenses deriving from non-recurring transactions, or transactions that occur infrequently in the normal course of business. Detailed information about non-recurring events and transactions, including their impact on the financial position, results of operations and cash flows of the company and/or the group, is provided in the section \"Material non-recurring events and/or transactions\".
The values shown in the financial statements are compared with the corresponding values for the same period of the previous year. In order to allow for a uniform comparison with the figures for 2024, certain figures relating to the comparison year have been reclassified.
Pursuant to article 2447-septies of the Italian Civil Code, following the creation of BancoPosta's ring-fenced capital in 2011, the assets and contractual rights included therein (hereafter: \"BancoPosta RFC\") are shown separately in Poste Italiane SpA's statement of financial position, in a specific supplementary statement, and in the notes to the financial statements.
With regard to the interpretation and application of newly published, or revised, international accounting standards, and to certain aspects of taxation245, where the related interpretations are based on examples of best practice or case-law that cannot yet be regarded as exhaustive, the financial statements have been prepared on the basis of the relevant best practices and the guidelines agreed with the Tax Authorities as part of \"cooperative compliance\". Any future guidance or updated interpretations will be reflected in subsequent reporting periods, in accordance with the specific procedures provided for by the related standards.
Lastly, Directive 2004/109/EC (the Transparency Directive) and EU Delegated Regulation 2019/815 introduced the requirement for issuers of securities listed on regulated markets in the European Union to prepare their Annual Financial Report in a single electronic reporting format (European Single Electronic Format), approved by ESMA. In application of this standard, the Annual Financial Report was prepared in XHTML format, including the 'marking' of the Notes to theConsolidated Financial Statements, as well as that of the related financial statements, using the ESMA-IFRS taxonomy and the integrated computer language (iXBRL).
2.3 NEW ACCOUNTING STANDARDS AND INTERPRETATIONS AND THOSE SOON TO BE EFFECTIVE
Accounting standards and interpretations applicable from 1 January 2024
\u2022Amendments to IFRS 16 - Leases: Lease liabilities in a sale and leaseback transaction. The purpose of the amendment is to specify how the selling lessee is to measure the lease liability arising from a sale and leaseback transaction in such a way that it does not recognise income or loss in respect of the retained right of use;
\u2022Amendments to IAS 1 - Presentation of Financial Statements aimed at providing clarification on how entities should classify payables and other liabilities between current and non-current; and to improve the information that an entity must provide when its right to defer settlement of a liability for at least twelve months is subject to covenants;
\u2022Amendments to IFRS 7 - Financial Instruments: Disclosures, and IAS 7 - Statement of Cash Flows Statement of Cash Flows, aimed at introducing specific disclosure requirements that enable users of financial statements to effectively assess the effects of246 supply financing arrangements on the company's liabilities, cash flows and exposure to liquidity risk.
The adoption of the above amendments did not significantly affect the financial reporting of these financial statements.
Accounting standards and interpretations soon to be effective
The following are instead applicable from 1 January 2025:
\u2022Amendment to IAS 21 - Effects of changes in exchange rates with the objective of establishing criteria for a consistent evaluation of the exchangeability of currencies and the determination of the exchange rate to be applied in cases where currencies are assessed as non-exchangeable. It also establishes the information to be provided in the notes to the financial statements as to how these evaluations were made.
As of the reporting date, the IASB has issued some financial reporting standards, amendments and interpretations not yet endorsed by the European Commission:
\u2022IFRS 18 Presentation and Disclosure in Financial Statements;
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures;
\u2022Annual Improvements Volume 11;
\u2022Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7.
The potential impact on the Poste Italiane Group's financial reporting of the accounting standards, amendments and interpretations due to come into effect is currently being assessed. It should also be noted that the Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet in force.
2.4. CHANGES TO ACCOUNTING POLICIES
The Poste Italiane Group has adopted, with retroactive effect from 1 January 2024, the provisions of IFRS 9 -
Financial instruments for hedge accounting, replacing the provisions previously set out in IAS 39.
With reference to hedge accounting aspects, IFRS 9 rewrites the rules for designating a hedging relationship and verifying its effectiveness, with the aim of ensuring greater alignment between the accounting representation of hedges and the underlying risk management logic/activities.
In order to transition to the provisions of IFRS 9, a specific project was prepared, which involved the internal functions of Poste Italiane SpA and the Group companies with the aim of identifying the impacts deriving from the transition, also in reference to internal regulations (IFRS 9 Guidelines, corporate processes and procedures, including IFRS 9 hedging sheets247).
For hedging transactions in place at 1 January 2024248, by virtue of the fact that the provisions of IFRS 9, in terms of accounting treatment and types of hedging transactions, do not differ in substance from the provisions of IAS 39, the adoption of IFRS 9 for hedge accounting did not have any transitional accounting impact.
For detailed information on the hedging transactions entered into by the Poste Italiane Group and jointly required by IFRS 9-Financial Instruments and IFRS 7-Financial Instruments: Disclosures, please refer to \"Note 4.8 - Hedging Transactions\" and \"Note 5.8 - Hedging Transactions\" in the Consolidated and Separate Financial Statements of Poste Italiane SpA, respectively.
2.5 MATERIAL INFORMATION ON ACCOUNTING STANDARDS
The Poste Italiane Group's financial statements have been prepared on a historical cost basis, with the exception of certain items for which fair value measurement is obligatory.
The following is the information on accounting standards considered relevant249 by the Poste Italiane Group, as well as all other information considered by management to be useful for understanding the financial statement information.
Property, plant and equipment
The Property, plant and equipment item is stated at acquisition or construction cost, less accumulated depreciation and any accumulated impairment losses. If the case occurs, this cost is increased for charges directly related to the purchase or construction of the asset, including - where identifiable and measurable - that relating to employees involved in the planning and/or preparation for use phase. Interest expense incurred by the Group for loans specifically for the acquisition or construction of property, plant and equipment is capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year in question. Costs incurred for routine and/or cyclical maintenance and repairs are recognised directly in profit or loss in the related year. The capitalisation of costs attributable to the extension, modernisation or improvement of assets owned by Group companies or held under lease is carried out to the extent that they qualify for separate recognition as an asset or as a component of an asset, applying the
component approach, which requires each component with a different estimated useful life and value to be recognised and amortised separately.
The original cost is depreciated on a straight-line basis from the date the asset is available and ready for use, based on the asset's expected useful life. Land is not depreciated.
Property and any related fixed plant and machinery located on land held under concession or sub-concession, which is to be returned free of charge to the grantor at the end of the concession term, are accounted for, based on the nature of the asset, within property, plant and equipment and depreciated on a straight-line basis over the shorter of the useful life of the asset and the residual concession term.
At each reporting date, property, plant and equipment is analysed in order to identify the existence of any indicators of impairment (in accordance with IAS 36 - Impairment of Assets; please refer to the treatment of impairment of assets).
Gains and losses deriving from the disposal or retirement of an asset are calculated as the difference between the disposal proceeds and the net carrying amount of the asset retired or sold, and are recognised in profit or loss in the period in which the transaction occurs.
The Poste Italiane Group's investment property relates to properties held for the purpose of earning rents or achieving capital appreciation, or both, and therefore generates cash flows largely independent of other activities. The same accounting standard and criteria is applied to investment property as to property, plant and equipment.
Please refer to Note 2.6 \u2013 Use of estimates for details on the useful life of the Group's main classes of Tangible assets.
Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance, which is controllable and capable of generating future economic benefits. The initial carrying amount is adjusted for accumulated amortisation, where an amortisation process is involved, and for any impairment losses.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life. Any research costs are not capitalised.
Among the Group's intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (\"CGU\") to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, \"Impairment of assets\".
Lastly, it should be noted that following the Purchase Price Allocation activity related to the acquisition of the Net Group, the value of the \"Net Insurance\" brand was recognised among the Group's intangible assets. In analogy to goodwill, this brand, considered to have indefinite useful life, is not subject to systematic amortisation but to the provisions of IAS 36 on impairment.
Lease arrangements
The Group assesses whether a contract is or contains a lease at the time of its initial recognition; during the contractual life, the initial assessment is revised only in the event of changes in the conditions of the contract (specifically, contractual duration or instalments due).
On the contract commencement date, a right to use the leased asset is recorded, equal to the initial value of the corresponding lease liability, plus payments due before or at the same time as the contract commencement date (e.g. agency fees). Subsequently, said right of use is measured less accumulated depreciation and any accumulated impairment losses. Depreciation starts on the commencement date of the lease and extends over the shorter of the lease term and the useful life of the underlying asset. If events or changes in circumstances indicate that the carrying amount of the right of use cannot be recovered, this asset is tested for impairment in accordance with the provisions of IAS 36 - Impairment of Assets.
The lease liability is initially recorded at the present value of the lease instalments not paid on the date the contract commences250, discounted using the incremental borrowing rate, defined by loan period and for each Group company. The lease liability is subsequently reduced to reflect the lease payments made and increased to reflect interest on the remaining amount.
The lease liability is restated (resulting in a right-of-use adjustment) in the event of a change in:
\u2022the lease term (for example, in the case of early termination of the contract or an extension of the lease);
\u2022the assessment of a purchase option for the underlying asset; in these cases, lease payments due are reviewed on the basis of the revised lease term and to take account of the change in the amounts payable in view of the purchase option;
\u2022future lease payments deriving from a change in the index or rate used to determine the payments (e.g. ISTAT), or as a result of a renegotiation of the financial conditions.
In the event of a significant change in the lease term or future lease payments, the residual value of the lease liability is restated by reference to the marginal lending rate in effect at the date of the change.
The Group avails itself of the option granted by the standard to apply a simplified accounting regime to short-term contracts for certain specific classes of assets (with a duration of no more than 12 months), to contracts where the individual underlying asset is of low value (up to \u20ac5,000) and to contracts where the individual underlying asset is an intangible asset: for these contracts, lease payments are recognised in the Statement of profit or loss as a balancing entry to short-term trade payables.
Impairment of assets
At the end of each reporting period, property, plant, equipment and intangible assets with finite lives are analysed to assess whether there is any indication that an asset may be impaired. If these indicators are present, the recoverable amount ofthe assets concerned is estimated. The recoverable amount is the higher of an asset's fair value less costs to sell, and its value in use, represented by the present value of the future cash flows expected to be derived from the asset. In calculating value in use, future cash flow estimates are discounted using a rate that reflects current market assessments of the time value of money, the period of the investment and the risks specific to the asset. The realisable value of assets that do not generate separate cash flows is determined with reference to the cash generating unit (CGU) to which the asset belongs.
Regardless of any impairment indicator, the assets listed below are tested for impairment every year:
\u2022intangible assets with indefinite useful life or that are not yet available; the impairment test can take place at any time during the year, provided that it is performed at the same time in each of the following years;
\u2022goodwill acquired in a business combination.
An impairment loss is recognised in profit or loss for the amount by which the net carrying amount of the asset, or the CGU to which it belongs, exceeds its recoverable amount. In particular, if the impairment loss regards goodwill and is higher than the related carrying amount, the remaining amount is allocated to the assets included in the CGU to which the goodwill has been allocated, in proportion to their carrying amount251. Except in the case of goodwill, if the impairment indicators no longer exist, the carrying amount of the asset or CGU is reinstated and the reversal recognised in profit or loss. The reversal must not exceed the carrying amount that would have been determined had no impairment loss been recognised and depreciation or amortisation been charged.
Investments
In the Poste Italiane Group\u2019s consolidated financial statements, investments in companies over which the Group exerts significant influence (\"associates\") and in joint ventures, are accounted for using the equity method. The investments in insignificant subsidiaries (individually and in aggregate) are valued using the equity method. See note 2.8 \u2013 Basis of consolidation.
In Poste Italiane SpA's separate financial statements, investments in subsidiaries and associates are accounted for at cost (including any directly attributable incidental expenses), after adjustment for any impairments. Investments in subsidiaries and associates are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment losses (or subsequent reversals of impairment losses) are recognised in the same way and to the same extent described with regard to property, plant and equipment and intangible assets in the paragraph, \"Impairment of assets\".
Financial instruments
On initial recognition, financial assets and liabilities are classified at fair value based on the business purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta's operations, at the settlement date252. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
Financial liabilities, including borrowings, trade payables and other payment obligations, are carried at amortised cost using the effective interest method. If there is a change in the expected cash flows and they can be reliably estimated, the value of borrowings is recalculated to reflect the change on the basis of the present value of estimated future cash flows and the internal rate of return initially applied. Financial liabilities are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
Financial liabilities are derecognised when they are extinguished or when the obligation specified in the contract expires, is cancelled or discharged.
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
Embedded derivatives
An embedded derivative is a derivative included in a combined contract or hybrid instrument, also containing a non-derivative contract or host contract, which originates all or part of the cash flows of the combined contract. Embedded derivatives are separated from the host contract and recognised as a derivative when:
\u2022the host contract is not a financial instrument measured at fair value recorded in the income statement;
\u2022the economic risks and characteristics of the embedded derivative are not strictly correlated with those of the host contract;
\u2022a separate contract with the same terms and conditions of the embedded derivative would meet the definition of a derivative.
Within the Group, contracts that may contain embedded derivatives are:
\u2022contracts for the purchase of non-financial items entered into by Postepay SpA with clauses or options affecting the contract price, for which, however, the embedded derivatives are not separable from the host contract;
\u2022the convertible bond held by Postepay SpA, for which the embedded derivative component is not separated as the host contract is a financial instrument measured at fair value through profit or loss.
Repurchase agreements
Any securities received as part of a transaction entailing subsequent re-sale and the delivery of securities as part of a transaction entailing their subsequent repurchase are not either recognised or derecognised in these financial statements. Consequently, in the case of securities purchased under a resale agreement, the amount paid is recognised as an amount due from customers or banks under Financial assets measured at amortised cost; in the case of securities sold under a repurchase agreement, the liability is recognised as an amount due to banks or customers under Financial liabilities measured at amortised cost. The transactions described are subject to offsetting if, and only if, they are carried out with the same counterparty, have the same maturity and offsetting is provided for in the contract.
Tax credits Law no. 77/2020
In order to identify the correct accounting treatment of the receivables purchased in reference to the Decreto Rilancio no. 34/2020 (later converted with Law no. 77 of 17 July 2020), since an accounting framework directly applicable to this case cannot be identified and in compliance with the provisions of IAS 8, an accounting policy suitable for providing relevant and reliable information aimed at ensuring a faithful representation of the financial, income and cash flow position and which reflects the economic substance and not the mere form of the transaction was defined. Based on the analyses carried out and the documents published by the main Italian supervisory bodies (Joint Document of the Bank of Italy, IVASS and CONSOB256), although the definition of financial activity in IAS 32 is not directly applicable to this case, an accounting model based on IFRS 9 was developed since:
\u2022at inception, an asset as defined by the Conceptual Framework arises in the transferee's financial statements;
\u2022they may be used to offset a payable that is usually settled in cash (tax payables), and exchanged for other financial assets on terms that may be potentially favourable to the entity;
\u2022a business model can be identified (Hold to Collect, Hold to Collect and Sell or other business models)
At the date of purchase, these receivables are recognised at their fair value (coinciding with the price paid) and subsequently measured at amortised cost (\"Hold to Collect\" business model), as they were acquired to be used to offset tax or social security payables by Poste Italiane SpA, based on the provisions of the relevant regulations.
Classification of receivables and payables attributable to BancoPosta and IMEL RFC
Receivables and payables attributable to BancoPosta RFC are treated as financial assets and liabilities if related to BancoPosta's typical deposit-taking and lending activities, or services provided under authority from customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 272 of 30 July 2008 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
Receivables and payables of IMEL RFC are considered to have the nature of financial assets and liabilities if they relate to the characteristic activities of the Electronic Money Institutions, or to the services delegated by the customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 217 of 5 August 1996 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
Own use exemption
The standards establishing the principles for the recognition and measurement of financial instruments are also applied to derivative contracts to buy or sell non-financial items that are settled net in cash or in another financial instrument, with the exception of contracts entered into, and that continue to be held, for the purpose of the receipt or delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements (the own use exemption). This exception is applied in the recognition and measurement of forward purchase contracts for electricity and natural gas carried out by the subsidiary Postepay SpA if the following conditions are met:
\u2022the contract does not provide for the possibility of balancing purchase and sale transactions by offsetting in cash or by means of financial instruments or exchange of financial instruments257;
\u2022the contract is concluded and maintained to meet the needs of the purchase, sale or use of the goods;
\u2022the contract is intended for that purpose from the moment it is signed;
\u2022the contract provides for the delivery of goods258.
When the above conditions are met, the contract for the purchase or sale of non-financial items is classified as a 'normal contract of purchase and sale'.
In order to be able to adopt the own-use exemption regime, the company Postepay SpA has implemented a structured control framework that provides for ex-ante and ongoing monitoring of the applicability conditions set forth in the aforementioned accounting standard.
Taxes
Current income tax expense is based on the best estimate of taxable profit for the period and the related regulations, applying the rates in force. Deferred tax assets and liabilities are calculated on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, using tax rates that are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not recognised if the temporary differences derive from investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference is controlled by the Group or it is probable that the temporary differencewill not reverse in the foreseeable future. In accordance with IAS 12, deferred tax liabilities are not recognised on goodwill deriving from a business combination.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Current and deferred taxes are recognised in profit or loss, with the exception of taxes charged or credited directly to equity, in which case the tax effect is recognised directly in equity. Current and deferred tax assets and liabilities are offset when they are applied by the same tax authority to the same taxpaying entity, which has the legally exercisable right to offset the amounts recognised, and the entity has the intention of exercising this right. As a result, tax liabilities accruing in interim periods that are shorter than the tax year are not offset against related assets deriving from withholding tax or advances paid.
The Group's taxation and accounting standards take account of the effects of Poste Italiane SpA's participation in the national tax consolidation scheme, for which the option has been exercised in accordance with the law, together with the following subsidiaries: Poste Vita SpA, SDA Express Courier SpA, Poste Air Cargo Srl, Postel SpA, Europa Gestioni Immobiliari SpA, Poste Welfare Servizi Srl, Poste Assicura SpA, BancoPostaFondi SpA SGR, PostePay SpA, Poste Insurance Broker Srl, MLK Deliveries SpA, Indabox Srl, Nexive Network Srl, LIS Holding SpA, LIS PAY SpA, Address Software Srl, Consorzio Servizi Scpa, Logos Srl, Plurima SpA, Postego SpA, MLK Fresh Srl, Poste Logistics SpA, Sourcesense SpA, Bridge Technologies Srl and Agile Lab Srl. The tax consolidation arrangement is governed by Group regulations based on the principles of neutrality and equality of treatment, which are intended to ensure that the companies included in the tax consolidation are in no way penalised as a result. Following adoption of the tax consolidation arrangement, the Parent Company's tax expense is determined at consolidated level on the basis of the tax expense or tax losses for the period for each company included in the consolidation, taking account of any withholding tax or advances paid. Poste Italiane SpA posts its IRES tax expense to income taxes for the period, after adjustments to take account of the positive or negative impact of tax consolidation adjustments. Should the reductions or increases in tax expense deriving from such adjustments be attributable to the companies included in the tax consolidation, Poste Italiane SpA attributes such reductions or increases in tax expense to the companies in question. The economic benefits deriving from the offset of tax losses transferred to the consolidating entity by the companies participating in the tax consolidation arrangement are recognised in full by Poste Italiane SpA. Other taxes not related to income are included in \"Other operating costs\".
Furthermore, the information required by the reference standard (IAS 12 - Income Taxes) on the provisions of the OECD (Organisation for Economic Co-operation and Development) Pillar Two, introduced into the European Union regulatory framework with EU Directive 2022/2523 of the Council of 14 December 2022, in turn implemented in Italy with Legislative Decree 209 of 27 December 2023 (hereinafter also referred to as the \"Decree\"), is provided below. The objective of international tax reform is to ensure a minimum level of taxation, at the rate of 15%, of multinational corporations in each jurisdiction in which they operate.
During the year under review, the Poste Italiane Group continued, with the support of external experts, to work on the implementation of procedures aimed at managing the fulfilments relating to both the application phase of the simplified transitional regimes of an optional and temporary nature that have been envisaged as part of the OECD work on the global minimum tax (Transitional CbCR Safe harbours)259, as well as of the \"steady-state\" legislation (GloBE rules).
With regard to the year covered by these disclosures, the Poste Italiane Group has applied the exception to the recognition and disclosure of deferred tax assets and liabilities relating to Pillar II income taxes, as permitted by the aforementioned accounting standard.Furthermore, in order to assess the impact of the new regulations for 2024, Transitional CbCR Safe harbours tests were performed for each of the jurisdictions in which the Poste Italiane Group operates (i.e. Italy, the UK, Hong Kong and China) using the reporting package data for the Consolidated Financial Statements.
The above analysis shows that at least one of the tests under the Transitional CbCR Safe Harbour has been passed for each jurisdiction260 in which the Group operates, therefore no additional tax is currently due.
Inventories
Inventories are valued at the lower of cost and net realisable value. The cost of interchangeable items and goods for resale is calculated using the weighted average cost method. In the case of non-interchangeable items, cost is measured on the basis of the specific cost of the item at the time of purchase. The value of the inventories is adjusted, if necessary, by provisions for obsolete or slow-moving stock. When the circumstances that previously led to recognition of the above provisions no longer exist, or when there is a clear indication of an increase in the net realisable value, the provisions are fully or partly reversed, so that the new carrying amount is the lower of cost and net realisable value at the end of the reporting period. Assets are not, however, recognised in the statement of financial position when the Group has incurred an expense that, based on the best information available at the date of preparation of the financial statements, is deemed unlikely to generate economic benefits for the Group after the end of the reporting period.
In the case of properties held for sale261, if present, cost is represented by the fair value of each asset at the date of acquisition, plus any directly attributable transaction costs, whilst the net realisable value is based on the estimated sale price under normal market conditions, less direct costs to sell.
Long-term contract work is measured using the percentage of completion method, using cost to cost accounting262.
Environmental certificates not used in the reporting period are recognised in inventories.
Environmental Certificates
Within the Poste Italiane Group, environmental certificates refer to:
\u2022Emission allowances held by the company Poste Air Cargo Srl as an incentive to reduce greenhouse gas emissions263 with the aim of achieving an improvement in technologies used in energy production and industrial processes,
\u2022Guarantees of origin and carbon credits held by the company Postepay SpA; the former aimed at certifying the origin from renewable sources of the electricity sold; the latter aimed at fully offsetting CO2 emissions from natural gas consumption.
Emission quotas
The European Emissions Trading System, which works on the basis of the cap and trade principle, has capped annual greenhouse gas emissions at European level. This corresponds to the issue, free of charge, of a set number of emission allowances by the competent national authorities. During the year, depending on the effective volume of greenhouse gas emissions produced with respect to the above cap, each company has the option of selling or purchasing emissionallowances on the market.
The issue, free of charge, of emission allowances involves a commitment to produce, in the relevant year, a quantity of greenhouse gas emissions in proportion to the emission allowances received: this commitment is commensurate with the market value of the emission allowances at the time of allocation. At the end of the year, the commitment is reduced or derecognised in proportion to the greenhouse gas emissions effectively produced and any residual value is reported in the section, \"Additional information\", in the Annual Report.
Guarantees of Origin and Carbon Credits
Guarantees of Origin are certifications attesting to the renewable origin of the sources used by IGO (Plants Guarantee of Origin) classified plants. For each MWh of renewable electricity fed into the grid by IGO-qualified plants, the GSE (Gestore Servizi Energetici) issues a GO certificate to the producer, in accordance with EU Directive 2018/2001. As of 1 January 2013, electricity sales companies are obliged to procure a quantity of GO certificates equal to the electricity sold as renewable. To do this, each company is required, by 31 March of the year following the year in which electricity was supplied to end customers, to cancel a quantity of GO equal to the electricity sold as renewable.
Carbon credits, on the other hand, represent a negotiable security that allows a company or organisation to offset the carbon dioxide (CO2) emitted in the course of its activities (in the case of Postepay SpA, the CO2 emissions of the gas marketed to end customers), by adhering to environmental sustainability projects aimed at pursuing a path of ecological transition and decarbonisation.
Offsetting of CO2 emissions takes place through the acquisition of carbon credits for a value equivalent to the CO2 emissions resulting from the gas consumption of the Company's end customers. Each carbon credit represents the offsetting of one tonne of CO2.
The accounting treatment of emission allowances and, insofar as they are similar, guarantees of origin and carbon credits, in the absence of specific indications within the IAS/IFRS framework, is carried out in accordance with the provisions of OIC 8 \"Greenhouse Gas Emission Allowances\", as well as the reference best practice for the main IAS adopters. The purchase for consideration or the sales of environmental certificates are recognised in the Income Statement of the financial year in which they occur. At the end of the year, any surpluses arising from purchases for consideration are recognised in the closing inventories at the lower of cost and net realisable value264. In the event of a shortfall, the resulting charge and related liability are accounted for at the end of the year at fair value.
Business Combinations
Business combinations are recognised using the acquisition method. The consideration transferred in a business combination is equal to the sum of the fair values, at the acquisition date, of the assets transferred, the liabilities incurred, and any interest issued by the acquirer. Costs directly attributable to the transaction are recognised in the Statement of profit or loss.
The amount transferred is allocated by recognising the identifiable assets, liabilities and contingent liabilities of the acquiree at the related fair values at the acquisition date.
Any positive difference between the carrying amount of the asset and its recoverable value is recognised as goodwill and recorded under intangible assets:
\u2022the sum of the consideration transferred, measured at fair value at the acquisition date, the amount of any non-controlling interest, and, in the case of business combinations achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree; and
\u2022the net value of the amounts, at the acquisition date, of the assets acquired and liabilities assumed that are identifiable in the acquiree measured at fair value.
In the event of a negative difference, this surplus represents the profit from a purchase on favourable terms and is recognised in the statement of profit or loss.
If at the time of preparing the financial statements the fair value of the assets, liabilities and contingent liabilities arising from the transaction can only be determined provisionally, the business combination is recognised using these provisional values. Any adjustments resulting from the completion of the valuation process are recognised retrospectively within twelve months of the acquisition date.
In the case of a business combination achieved in stages, the interests previously held in the acquiree are remeasured at fair value at the new acquisition date and any difference (positive or negative) is recognised in the statement of profit or loss or in the statement of comprehensive income if appropriate.
Cash and deposits attributable to BancoPosta
Cash and securities held at post offices, and bank deposits attributable to the operations of BancoPosta RFC, are accounted for separately from cash and cash equivalents as they derive from deposits subject to investment restrictions, or from advances from the Italian Treasury to ensure that post offices can operate. This cash may only be used in settlement of these obligations.
Cash and cash equivalents
Cash and cash equivalents refer to cash in hand, deposits held at call with banks, amounts that at 31 December 2024 the Parent Company has temporarily deposited with the MEF and other highly liquid short-term investments with original maturities of ninety days or less. Current account overdrafts are accounted for in current liabilities.
Non-current assets (or disposal groups) classified as held for sale and discontinued operations
Non-current assets, disposal groups and discontinued operations are measured at the lower of their carrying amount and fair value, less costs to sell.
When it is highly probable that the carrying amount of a non-current asset, or a disposal group, will be recovered, in its present condition, principally through a sale transaction or other form of disposal, rather than through continuing use, and the transaction is likely to take place in the short term, the asset or disposal group is classified as held for sale or as a discontinuing operation in the statement of financial position. The transaction is deemed to be highly probable, when the Parent Company's Board of Directors, or, when so authorised, the board of directors of a subsidiary, has committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan has been initiated. Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance.
Equity
Share capital
Share capital is represented by Poste Italiane SpA's subscribed and paid-up capital. Incremental costs directly attributable to the issue of new shares are recognised as a reduction of the share capital, net of any deferred tax effect.
Treasury shares
Treasury shares are recognised at cost and deducted from shareholders' equity. The effects of any subsequent sales are recognised in equity.
Hybrid bonds
Perpetual hybrid subordinated bonds are classified in the financial statements under comment as equity instruments, taking into account the circumstance that the issuing Company has the unconditional right to defer, until the date of its dissolution or liquidation, the repayment of the capital and the payment of coupons. Therefore, the amount received from the subscribers of these instruments, net of the related issue costs, is recognised as an increase in Group shareholders' equity; conversely, repayments of principal and payments of coupons due (at the time the related contractual obligation arises) are recognised as a decrease in shareholders' equity.
Reserves
Reserves include capital and revenue reserves. They include, among others, the Reserve for BancoPosta RFC that constitutes the initial and subsequent allocations of Bancoposta RFC legally independent, the Parent Company's legal reserve, the fair value reserve relating to items accounted for using this method with a balancing entry in Equity, and the cash flow hedge reserve relating to the recognition of the effective portion of hedges outstanding at the reporting date, the Reserve for insurance contracts issued and outward reinsurance held, which includes the reversal of the results achieved on financial assets measured at fair value with a balancing entry in shareholders' equity following the adoption of the OCI option provided for by IFRS 17, as well as the Translation reserve, which includes the exchange rate differences arising from the translation, in the presentation currency, of the financial statements of consolidated companies that operate in a functional currency other than the Euro.
Retained earnings / (Accumulated losses)
This relates to the portion of profit for the period and for previous periods which has not been distributed or taken to reserves or used to cover losses and actuarial gains and losses deriving from the calculation of the liability for employee termination benefits, and transfers from other equity reserves, when they have been released from the restrictions to which they were subjected. In the consolidated financial statements, the item also includes any effects arising from transactions with minority shareholders.
Insurance Contracts and Assets for outward reinsurance
They concern insurance contracts and investment contracts with discretionary participation elements issued by the Companies belonging to the Poste Vita Group, as well as the reinsurance contracts held by them. As regards contracts issued by other companies belonging to the Group other than insurance companies, no elements have been identified that can be traced back to the definition of insurance contract, or, even though they fall within this definition, the Group has opted to continue to apply IFRS 15 and/or IFRS 9 as permitted by IFRS 17.
The process of aggregating insurance contracts provides for an initial distinction between Life and P&C businesses and subsequently a distinction into different Portfolios of contracts and different Units of Account. The Portfolios include contracts with similar contractual and risk characteristics that are managed in a unitary manner. With regard to the Life
business, groups of contracts are aggregated by product type (e.g. Pure Separately Managed Accounts, Multi-class, Temporary Death Benefits, etc.), while for the P&C business, the level of aggregation coincides with the lines of business (e.g. those defined for Solvency II reporting); in some cases they are further subdivided in order to comply with the characteristics of specific products. For business related to reinsurance contracts held, the Unit of Account is equivalent to the individual treaty with the counterparty.
The Contract portfolios can be further disaggregated according to the underwriting year of the policies (cohorts)265 and the level of profitability. For this purpose, an onerousness test of the products is carried out to divide the Units of Account into:
\u2022profitable;
\u2022onerous;
\u2022that at the time of initial recognition do not have a high probability of becoming onerous.
The following describes the process for defining the onerousness test according to the relevant business:
\u2022Life business: for contracts issued by Poste Vita SpA, the test is performed at the product level in the design phase of the same (ex ante) exclusively for new products, determining the estimated future flows of fulfilment at the date. For contracts issued by Net Insurance Life SpA, on the other hand, the test is carried out on individual tariffs. The analysis is repeated in the event of significant events that may affect the costliness of the product in the first year of life;
\u2022P&C business: for contracts issued by the Company Poste Assicura SpA, the test is performed on the basis of the Combined Ratio266 at the time of the initial recognition of the group of contracts by defining the onerousness on a permanent basis until the maturity of the policies. For contracts issued by Net Insurance SpA, the test takes into account estimated future fulfilment flows at the date and is performed at the contract group level according to business type;
Groups of insurance contracts are recognised at the date of initial recognition. The Poste Italiane Group has defined in detail which, for each type of business and its underlying products, is the date that identifies the start of the contractual relationship. These dates (e.g. effective date, renewal date, accession date, etc.) were identified according to the specificities of the products issued.
Measurement models
Groups of insurance contracts with at least one of the following characteristics are measured using the Premium Allocation Approach (PAA) method267:
\u2022One-year Duration;
\u2022Multi-Year Duration and belonging to the Collective Business (Contract Groups = Collective);
\u2022Multi-Year Duration and belonging to a Portfolio where the weight of the Multi-year Business is less than or equal to 5% in the last 3 years.
With reference to the Variable Fee Approach (VFA)268, adopted exclusively for Life business, the following types of products are considered eligible for the model:
\u2022With Profit Participating (separately managed account);
\u2022Unit-linked standalone insurance;
\u2022Hybrid products with investment components (Multi-class).
The PAA model is applied to P&C business, with the exception of the CPI products269, which are measured through the adoption of the Building Block Approach (BBA) or General Model270 as they do not meet the conditions for the application of the simplified model. The BBA is also adopted for products belonging to the Life business for which the VFA model does not apply.
Elements for determining future fulfilment flows
In application of the BBA and VFA models, future cash flows associated with insurance contracts are estimated by taking into account the so-called \"contract boundary\", in order to identify whether a particular contractual option should be included in the cash flow projection as soon as the contract is issued or whether the exercise of that option would result in the recognition of a new group of contracts. Contract boundary identification techniques have been borrowed from the Solvency II context271, except in the case of P&C business contracts with tacit renewal that were no longer terminable at the valuation date, which define the generation of a new group of contracts and, therefore, a new cohort. In the Life business, pure risk policies, cases of conversion into annuities, automatic maturity deferrals and additional payouts can generate a new fulfilment cash flow; while in the P&C business, additional considerations can be made about product repricing clauses, the presence of variable sums insured and cases of surrender with return of unearned premium.
All costs directly attributable to the management of insurance contracts, including costs incurred in the acquisition of contracts, are also taken into account in the construction of the fulfilment cash flows. With particular reference to acquisition costs, the costs incurred internally for placement through the Poste Italiane network, placement commissions paid to the network external to the Group (mainly for the Net Insurance and Net Insurance Life companies), rappels272 and other direct and indirect acquisition costs are considered directly attributable to insurance contracts.
Adjustment for non-financial risk
When assessing insurance contracts, it is necessary to consider the Risk Adjustment component, i.e. the remuneration that the Companies of the Poste Italiane Group require to assume risks of a non-financial nature. To determine the Adjustment for non-financial risk, the Poste Italiane Group has decided to use the percentile metric. According to this approach, the Adjustment for non-financial risk represents the potential loss in relation to the obligations assumed towards the policyholders (Insurance liabilities) that the Companies would incur, at a given level of probability (percentile level), to cover the insurance risks assumed, thus reflecting the risk appetite of the Companies themselves. This element is calculated separately for Life and P&C business. The confidence level identified to quantify the Adjustment for non-financial risk is 70% for both P&C and Life business.
In order to determine the amount of the Adjustment for non-financial risk, among other elements, the Solvency II valuation framework is taken into account, considering the same scope of underlying risks. For details of the risks considered, see Section \"2.6 - Use of estimates - Insurance liabilities\".
The Adjustment for non-financial risk may change as a result of changes in the risks to which the Group is exposed. These effects may have an impact on the statement of financial position if they relate to future services, affecting the total valueof the Contractual Service Margin, and on the statement of profit or loss through the period release of this component, which occurs on the basis of a defined coverage unit.
Discount rate
For the purposes of determining the discount rate to be used for discounting future cash flows, the Poste Italiane Group adopts a \"bottom-up approach\" for the derivation of discount curves borrowed from Solvency II, in which the reference Basic Risk Free Curve is based on the Risk Free Rate curve provided by EIOPA.
The Basic Risk Free curve, depending on the specific business, may be adjusted to take into account specific Illiquidity Premiums (a component representing the level of liquidity of the counterparty) calibrated to portfolios or at Company level.
Please refer to section \"2.6 - Use of estimates - Insurance liabilities\" for detailed information on the discount curves used per individual portfolio.
Accounting policy under IFRS 17
The choices made by the Group in applying the provisions of the standard are summarised below:
\u2022Risk mitigation: the Poste Group does not plan to adopt risk mitigation, i.e., the option not to recognise changes
in the CSM to account for some or all of the changes in the time effect of money and non-financial risk;
\u2022OCI Option: for insurance contracts with direct participation elements for which the underlying elements are
owned, the Group opts to disaggregate the finance income or expenses into Profit for the Period and Other Comprehensive Income, based on the results of IFRS 9, which defines the valuation of the underlying elements. The Poste Italiane Group also provides that, for contracts measured using the VFA model, the fair value income generated by the underlying assets measured under IFRS 9, relating to finance income from separately managed assets, commissions and technical interest attributable to unit-linked policies, is passed on to policyholders based on the percentage weight of the Mathematical Provisions at the date (mirroring). The value of the returns generated by the assets related to the insurance liabilities is deducted from the profit retained by the Group (over-coverage) and then allocated to the individual Units of Account;
\u2022Exception to the use of annual cohorts273: The Poste Italiane Group adopts the exemption option274, limited to the
portfolios pertaining to the Line of Business \"With Profit Participating\" and the hybrid products with separately managed components of Poste Vita. These contracts will therefore not be divided into annual cohorts, but will be managed together due to the mutualisation effect of returns275, typical of separately managed accounts. The exception is not applicable for P&C business;
\u2022Method of presentation of the result of the outward reinsurance business: The Group has chosen a net
presentation for the reinsurance result.
Provisions for risks and charges
Provisions for risks and charges are recorded to cover losses that are either probable or certain to be incurred, for which, however, there is an uncertainty as to the amount or as to the date on which they will occur. Provisions for risks and charges are made when the Group has a present (legal or constructive) obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured on the basis of
management's best estimate of the use of resources required to settle the obligation. The value of the liability is discounted, where the time effect of money is relevant, at a rate that reflects current market values and takes into account the risks specific to the liability. Provisions are reviewed at each reporting date and are adjusted to reflect the best estimate of the expected charge to meet existing obligations at the reporting date. Any effect of the passage of time and the effect of changes in interest rates are shown in the statement of profit or loss. With regard to the risks for which the occurrence of a liability is only possible, specific information is provided without making any provision. In those rare cases in which disclosure of some or all of the information regarding the risks in question could seriously prejudice the Group's position in a dispute or in ongoing negotiations with third parties, the Group exercises the option granted by the relevant accounting standards to provide limited disclosure.
Employee benefits
The so-called Short-term employee benefits are those that will be fully paid within twelve months of the end of the year in which the employee provided their services. Such benefits include wages, salaries, social security contributions, holiday pay and sick pay.
The undiscounted value of short-term employee benefits to be paid to employees in consideration of employment services provided over the relevant period is accrued as personnel expenses.
The so-called Post-employment benefits are divided into two types:
\u2022Defined benefit plans
Defined benefit plans include severance indemnities due to employees pursuant to Article 2120 of the Civil Code limited to the portions of severance indemnities accrued in the company up to 31 December 2006, for Group companies with at least 50 employees, as well as the portions of severance indemnities accrued during the period in the case of Group companies with less than 50 employees, which continue to increase the value of the accumulated liability.
Under these plans, given that the amount of the benefit to be paid is only quantifiable following the termination of employment, the related effects on profit or loss or the financial position are recognised on the basis of actuarial calculations. In particular, the liability to be paid on cessation of employment is calculated using the projected unit credit method and then discounted to recognise the time value of money prior to the liability being settled. The liability recognised in the financial statements is based on calculations performed by independent actuaries. The calculation takes into account accrued termination benefits for services already rendered and is based on actuarial assumptions described in Note \"2.6 - Use of Estimates - TFR\", to which reference should be made. Actuarial gains and losses at the end of each reporting period, based on the difference between the carrying amount of the liability and the present value of the Group's obligations at the end of the period, due to changes in the actuarial assumptions, are recognised directly in Other comprehensive income.
\u2022Defined contribution plans
TFR falls within the scope of defined contribution plans provided the benefits vested subsequent to 1 January 2007 and were paid into a Supplementary Pension Fund or a Treasury Fund at INPS. Contributions to defined contribution plans are recognised in profit or loss when incurred, based on their nominal value.
The so-called Termination benefits payable to employees are recognised as a liability when the entity gives a binding commitment, also on the basis of consolidated relationships and mutual undertakings with union representatives, to terminate the employment of an employee, or group of employees, prior to the normal retirement date or, alternatively, an
employee or group of employees accepts an offer of benefits in consideration of a termination of employment. Termination benefits payable to employees are immediately recognised as personnel expenses.
Other long-term employment benefits consist of benefits not payable within twelve months of the end of the reporting period during which the employees provided their services. The net change in the value of any of the components of the liability during the reporting period is recognised in full in profit or loss.
Share-based payments
Share-based payment transactions may be settled in cash, with equity instruments, or with other financial instruments. Goods or services received or acquired through a share-based payment transaction are recognised at their fair value.
In the case of cash-settled share-based payment transactions:
\u25aaa liability is recognised as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the liability;
\u25aathe fair value of the liability must be remeasured at the end of each reporting period, recognising any changes in fair value in profit or loss for the period.
In the case of equity-settled share-based payment transactions:
\u25aaan increase in shareholders' equity is recorded as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the equity instruments granted at the grant date;
In the case of employee benefits, the expense is recognised in personnel expenses over the period in which the employee renders the relevant service.
Recognition of revenue from contracts with customers
Revenue reflects the consideration to which the Group expects to be entitled in exchange for the transfer of promised goods and/or services to the customer (transaction price).
The main types of revenue of the Poste Italiane Group are described below, together with an indication of the timing of the performance obligation276:
\u2022Revenue from mail, parcels and other refers to services provided to customers through the retail and business channels; revenue generated through the retail channel is recognised at a point in time given the number of transactions handled through the various sales channels (post offices, call centres and online) and measured on the basis of the rates applied; revenue generated through the business channel is generally earned as a result of annual or multi-annual contracts and is recognised over time using the output method determined on the basis of shipments requested and handled. These contracts include elements of variable consideration (primarily volume discounts and penalties linked to the quality of service provided) estimated using the expected value method and recognised as a reduction from revenue.
\u2022Revenue from financial services refers to:
orevenue from placement and brokerage: these are recognised over time and measured on the basis of the volumes placed, quantified on the basis of commercial agreements with financial institutions. In terms of payment for the collection of postal savings, the agreement entered into with Cassa Depositi e Prestiti envisages payment of a variable consideration on achieving certain levels of inflows, determined on the basis of the volume of inflows and expected redemptions; certain commercial agreements, entered into with leading financial partners for the placement of financial products, envisage the return of placement fees in the event of early termination or surrender by the customer;
orevenue from current account and related services: these are recognised over time, measured on the basis of the service rendered (including the related services, e.g. bank transfers, securities deposits, etc.) and quantified on the basis of the contract terms and conditions offered to the customer;
orevenue from commissions on payment of bills by payment slip: these are recognised at a point in time given the number of transactions handled by post offices and quantified on the basis of the terms and conditions in the contract of sale.
\u2022Revenue from Postepay services refers to:
oe-money, collection and payment services relating to PostePay mainly for the issuing of Postepay cards and debit cards detected at a point in time at the time of issuance and for the related services detected over time based on the use of the service by the customer. These services include interchange fees recognised by international circuits on payment transactions with cards detected over time. The item includes commissions for acquiring services rendered to merchants recognised over time due to the use of the service, F23 and F24 proxy acceptance services recognised over time due to the level of service rendered, and PagoPA collection services recognised at a point in time when the service is provided. Services provided by the LIS Group contribute to this item, which mainly include collection and payment services (including bill collection services) provided by LIS Pay and recognised at a point in time upon collection, and revenue from the processing of telephone top-ups and network fees and services paid by points of sale to LIS Holding recognised over time due to the use of the service;
omobile and fixed network telephony services, which include: revenue from \u201cstandard TLC services offers\u201d recorded over time on the basis of the output method based on the traffic offered (voice, SMS and data) to the customer; revenue relating to the sale of fixed telephony offers recorded over time on the basis of the output method based on the fee charged to the customer; revenue relating to fees for the activation of SIM cards and fixed telephony offers, recorded at a point in time when the service is provided;
oservices related to the supply of electricity and methane gas, the revenue from which is recognised at the time of supply to the end customer due to the use of the service (over time). With regard to the sale of electricity, the services offered include, in addition to the commodity component, also the transport, metering and system charges components; with regard to the sale of natural gas, these services include, in addition to the commodity component, also the provision of transport services.
For the purposes of revenue recognition, the so-called variable components of the consideration are identified and quantified (discounts, rebates, price concessions, incentives, penalties and other similar) to include them to supplement or adjust the transaction price. Among the variable components of the fee, penalties (to be paid to the customer in the event of failure to achieve pre-established service levels) are of particular importance, and are recognised by the Group as a direct decrease in revenue.
Revenue from activities carried out in favour of or on behalf of the state is recognised on the basis of the amount effectively accrued, with reference to the laws and agreements in force, taking account, in any event, of the provisions contained in legislation regarding the public finances. The return on the current account deposits held by the MEF is determined using the effective interest method and is recognised as revenue from financial services. A similar classification is adopted for
the proceeds of Euro area government securities, in which the funds collected on current accounts from private customers and tax credits under Law no. 77/2020 are employed.
The Poste Italiane Group disaggregates revenue from contracts with customers by type of good and/or service provided, revenue is therefore disaggregated in line with the operating segments identified within the company; for quantitative details on the distinction between revenue from contracts with customers recognised at a specific time or over time, see section \"4.3 Notes to the Income Statement\".
Government grants
Receivables from government grants are recognised once they have been formally allocated to the Group by the public entity concerned and only if, based on the information available at the end of the year, there is reasonable assurance that the project to which the grant relates will be effectively carried out and completed in accordance with the conditions attached to the grant. Government grants are recognised in the Income Statement under Other operating income as follows: operating grants in proportion to the costs actually incurred for the project and accounted for and approved to the public entity; grants related to property, plant and equipment are recognised in proportion to the depreciation charged on the assets acquired and used to carry out the project.
Finance income and costs
Finance income and costs are recognised on an accruals basis based on the effective interest method, i.e. using an interest rate that discounts all cash flows relating to a given transaction in the same way.
Dividends are recognised as finance income when the right to receive payment is established, which generally corresponds with approval of the distribution by the Shareholders Meeting of the investee company. Otherwise, dividends from subsidiaries are accounted for as \"Other operating income\".
Transactions in currencies other than the euro are translated to euro using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at closing exchange rates of monetary assets and liabilities denominated in currencies other than the euro are recognised in profit or loss.
Earnings per share
In the Poste Italiane Group's consolidated financial statements, earnings per share is determined as follows:
Basic: basic earnings per share is calculated by dividing the Group's profit for the year by the weighted average number of Poste Italiane SpA's ordinary shares in issue during the period.
Diluted: At the date of preparation of these financial statements no financial instruments have been issued which have potentially dilutive characteristics277.
Related parties
Related parties within the Group refer to Poste Italiane SpA's direct and indirect subsidiaries and associates. Related parties external to the Group include the MEF and its direct or indirect subsidiaries and associates. The Group's key management personnel are also classified as related parties, as are funds providing post-employment benefits to the Group's employees and the related entities. The state and Public Administration entities other than the MEF are not
classified as related parties. Related party transactions do not include those deriving from financial assets and liabilities represented by instruments traded on organised markets.
2.6 USE OF ESTIMATES
The preparation of financial information requires the use of estimates and assumptions that can have a significant effect on the final values indicated in the financial statements and in the disclosure provided. The preparation of these estimates involves the use of available information and the adoption of subjective assessments, also based on historical experience, used for the formulation of reasonable assumptions for the recognition of operating events. Estimates and assumptions are periodically reviewed and the impact of any changes is reflected in the financial statements for the period in which the estimate is revised if the revision only influences the current period, or also in future periods if the revision influences both current and future periods. Due to their nature, the estimates and assumptions used may vary from year to year and, therefore, it cannot be excluded that in subsequent years, the values recorded in these Financial Statements may also vary significantly as a result of changes in the subjective valuations used.
The accounting treatments that require greater subjectivity in the preparation of estimates are described below, also taking into account the particularity of the reference macroeconomic context experienced in recent years (in line with ESMA and Consob requests278).
Revenue from contracts with customers
The main factors in the recognition of revenue from contracts with customers include elements of variable consideration, particularly penalties (other than those related to compensation for damages). Elements of variable consideration are identified at the inception of the contract and estimated as of every close of the accounts for the entire contract term, to take into account new circumstances and changes in the circumstances already considered for the previous estimations. Elements of variable consideration include refund liabilities.
In the business relating to the sale of electricity and gas, revenue includes estimates of both turnover and allocation for supplies made to customers between the date of the last billing period and the end of the reporting year. Both estimation components are based on the application of internally developed algorithms that are consistent with the guidelines of the sector authority and that take into account the estimated volumes consumed by customers (considering the historical billing information). As required by the relevant regulations, the allocation of revenue is subject to adjustment until the fifth subsequent year.
Provisions for risks and charges
The Group makes provisions for probable liabilities deriving from disputes with staff, suppliers, and third parties and, in general, for liabilities deriving from present obligations. These provisions cover the liabilities that could result from legal
action of varying nature, the impact on profit or loss of seizures incurred and not yet definitively assigned, and amounts expected to be refundable to customers where the final amount payable has yet to be determined.
Determination of the provisions for risks and charges involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.
In order to reflect in the financial statements the risks arising from the potential fraud perpetrated against Poste Italiane and, therefore, to determine the accounting impacts related to the potential risk on tax credits279, in continuity with previous years, it was decided to refer to the provisions of IAS 37 - Provisions, contingent assets and liabilities, for the measurement of the risk of non-compensation should the fraud be ascertained. In such a case, the possible non-recovery of the book value of the tax credits would not result from a characteristic of the asset being assessed, but rather from the possibility that, in the case of established cases of fraud, liability would also be extended to the transferee - even if a bona fide third party or injured party to the offence. As a result of the in-depth studies carried out on the tax credits acquired, also with the support of external consultants, a specific provision for risks was estimated, determined with the application of a significant degree of professional judgment, the main elements of uncertainty of which relate to the outcome of the proceedings underway, the identification of the credits whose deductions have been assigned are effectively non-existent and the outcome of the initiatives taken by Poste Italiane to protect its interests and recover the amounts paid to parties against whom cases of fraud have been ascertained.
Impairment and stage allocation for financial instruments
Below are the inputs, assumptions and estimation techniques used to calculate the impairment of financial assets measured at amortised cost and at fair value through other comprehensive income and to determine the stage allocation of financial instruments, the latter not applicable within the Poste Italiane Group for trade receivables in accordance with the Simplified Approach.
General description of the models utilised
The Group uses the general impairment model in accordance with risk ratings estimated on the basis of the type of counterparty:
\u2022Securities/deposits with Sovereign, Banking and Corporate counterparties: internal models for estimating risk parameters;
\u2022Public Administration and Central Counterparties: risk parameters deriving from agency ratings or average default rates for the sector.
The simplified approach is applied to trade receivables, as described in greater detail later.
Significant increase in credit risk
Based on the impairment model adopted by the Poste Italiane Group to meet the requirements of the accounting standard, any significant increase in credit risk associated with the financial instruments held, other than trade receivables, is determined on the basis of a change in the relevant credit rating between the time of the initial investment and the reporting date.
This change in notches is compared with a threshold that takes into account the following factors:
\u2022the rating of the financial instrument at the time of investment;
\u2022the rating of the financial instrument at the reporting date;
\u2022the seniority of the position within the portfolio (vintage factor);
\u2022an additive factor to mitigate the non-linearity of the probability of default (PD) with respect to the rating classes280;
\u2022a judgmental factor to be used only in the presence of sudden changes in the creditworthiness not yet reflected by the rating281.
The ratings used in stage allocation derive from internal models in the case of banking, sovereign and corporate counterparties, and external infoproviders in the case of Public Administration and Central Counterparties. Based on the above information, the Poste Italiane Group rebuts the presumption that there have been significant increases in credit risk following initial recognition, when financial assets are more than 30 days past due.
The Poste Italiane Group decided not to adopt the Low Credit Risk Exemption and to proceed instead with stage allocation of the financial instruments concerned.
Regarding trade receivables, given the adoption of the simplified approach under the new accounting standard, expected credit losses are determined throughout the lifetime of the instrument.
Definition of default
The Poste Italiane Group defines default on the basis of ad hoc assessments that take into account:
\u2022any payment delays;
\u2022market information such as a default rating by the rating agencies;
\u2022internal analyses of specific exposures.
Collective and individual provisions
The collective impairment of a homogenous group of financial assets defines the expected credit loss (ECL) of the instrument, even though it cannot be associated with a specific exposure. Grouping takes place in relation to the type of counterparty on the basis of the estimated PD.
Individual provisions are considered only following the review of trade receivables for amounts in excess of a given threshold and only in relation to single receivables.
Forward looking information
According to the standard, the ECL calculation must also factor in forward looking components based on broad consensus scenarios.
The Poste Italiane Group incorporates forward looking information directly in the PD estimation. In particular, for sovereign counterparties, for which authoritative forward-looking estimates are available282, these values are used to calculate PD; for other counterparties, on the other hand, the internal model adopted allows the input dataset needed to calculate PD to be completed from scenario values referring to some of the model variables. The objective of the approach is to estimate the unknown variables by using the historical correlation of the available information283.ESG information
The Sovereign, Bank and Corporate PD estimation models include variables reflecting Social and Governance factors defined from indicators provided by authoritative sources such as the UN and the World Bank. The Environmental factor is negligible for these purposes in view of the 1-year time horizon of the PD itself. In the context of BancoPosta RFC, this factor is monitored through scenario analyses and verification of ratings provided by external agencies.
Estimation techniques used
Since events of default cannot be used, as they are not very frequent, to develop credit scoring models for Sovereign, Banking and Corporate counterparties, a shadow rating approach has been adopted.
This method entails the use of target variables related to the level of external rating produced by the agencies. The target is identified with the default rate linked to the rating level.
A key rating agency was selected to construct the target, taking into account both the large number of rated counterparties and the availability of historical data over what was deemed to be an adequate period of time.
The models have been constructed by extracting and utilising the following types of data for each country in the sample:
\u2022macroeconomic data;
\u2022indicators related to Social and Governance issues;
\u2022financial statement data.
The internal model estimate used a definition of default based on a payment delay of 90 days.
ECL measurement
Expected credit losses (ECL) are determined over a time horizon consistent with the stage level (12 months or lifetime) on the basis of the following factors:
\u2022Probability di Default (PD);
\u2022Loss Given Default (LGD);
\u2022Exposure at Default (EAD);
\u2022Time Factor (TF).
The main assumptions/choices adopted in the determination of the factors are as follows:
\u2022PD: as indicated from the start a Point in Time (PIT) and forward-looking valuation has been adopted;
\u2022LGD: use has been made of the Internal Ratings-Based (IRB) Base Approach under the Basel guidelines (45% for senior risk assets, 75% for subordinated risk assets);
\u2022EAD: exposure calculated prospectively until maturity of the instrument, starting from the development of projected cash flows. In the development account was taken of specific indexation assumptions for every asset class (fixed income securities, floating-rate securities, inflation-indexed securities, etc.);
\u2022TF: the effective interest rate of each exposure was used as discount factor.
The assumptions adopted and set out above have led to a reduction in the PD of Italy and other Sovereign counterparties in general compared to that used in the assessments in the Annual Financial Report as at 31 December 2023.Trade receivables
The Group adopts the simplified approach to test for the impairment of trade receivables, on the basis of which provisions for credit losses are determined for an amount equal to expected losses throughout the lifetime of the receivable. Such approach is implemented through the following process:
\u2022based on total revenue or the historical credit exposure, all receivables or credit exposures exceeding a certain pre-established credit threshold are assessed analytically. The analytical evaluation of the exposures entails an analysis of the borrower's credit quality and solvency, as determined on the basis of internal and external supporting evidence;
\u2022for receivables falling below the threshold set, through the preparation of a matrix with the different impairment percentages estimated on the basis of historical losses, where they exist, or alternatively on the historical pattern of collections. In constructing the impairment matrix, receivables are grouped by homogeneous categories, based on their characteristics, to take into account the historical loss experience.
Collateral held and other credit enhancements on trade receivables
To mitigate the risks arising from the extension of credit terms to its customers, the Group has implemented a policy and suitable guidelines that govern the management of trade receivables, the terms and conditions of payment applicable to customers and defines the corporate process aimed at checking the customer's creditworthiness, as well as the sustainability of the business risk inherent in the contract involving extended payment terms. Depending on the evaluations,the contracts entered into with customers may require a suitable guarantee. Guarantees are also requested if they are required by rules and regulations and/or implementing rules of specific services.
The Poste Italiane Group accepts mainly guarantees issued by primary banks or insurance companies. Alternatively, upon request of the customer and after a risk analysis, it accepts sureties issued by other institutions, or security deposits by opening a postal escrow account. The Poste Italiane Group, as a rule, exempts the Public Administration from the provision of guarantees to secure trade receivables arising from transactions with it, save for the cases when such guarantees are mandatory by law or due to implementing rules of specific services.
For all the exposures evaluated individually, to calculate loss provisions, guarantees reduce the amount of the exposure at risk.
At 31 December 2024, the Group does not hold trade receivables secured by guarantees or other risk mitigation instruments for which no loss provisions have been made.
Impairment tests of goodwill, cash generating units and equity investments
Goodwill and other non-current assets are tested for impairment in accordance with IAS 36 \u2013 Impairment of assets. Impairment testing involves the use of estimates based on factors that may change over time, potentially resulting in effects that may be significantly different from prior year estimates.
In accordance with the reference accounting standard, when it is not possible to estimate the recoverable amount of an individual asset, the Group identifies the smallest group of assets that generates cash inflows largely independent of those from other assets or groups of assets (Cash Generating Units - CGUs). The process of identifying such CGUs necessarily involves management's judgement as to the specific nature of the activities and business to which they belong and evidence that the cash inflows from the group of activities are closely interdependent and largely independent of those from other activities (or groups of activities). The number and scope of CGUs are systematically updated to reflect the effects of new aggregation and reorganisation operations carried out by the Group and to take into account any external factor that could affect the ability of assets to generate independent cash inflows.
With reference to the external quantitative indicators of impairment at Group level, it should be noted that, at 31 December 2024, market capitalisation was higher than book equity, while, with regard to internal source elements, it should be noted that consolidated results at December 2024 were above budget forecasts for the same period.
For the most significant impairment tests performed as at 31 December 2024, the book values tested and the main assumptions underlying the tests performed are shown below:
Amount(\u20acm)Method usedExplicit forecast periodGrowth rateDiscount rate
Goodwill Mail, Parcels and Distribution CGU213DCF2025-20282.0%6.11% (WACC)
Goodwill Postepay Sector CGU459DCF2025-20282.0%8.02% (WACC)
Goodwill NET Insurance CGU124DDM2025-20282.0%7.95% (Ke)
Investment in Financit SpA21DDM2025-2034N/A7.99% (Ke)
DCF: Discounted Cash Flow; DDM: Dividend Discount Model; WACC: Weighted Average Cost of Capital; Ke: cost of equity; N/A: only the explicit forecast period is considered.
Also due to the decrease in market interest rates, the discount rates as at 31 December 2024 are lower than those used for the previous year's estimates.
Mail, Parcels and Distribution CGU
The impairment test of the Mail, Parcels and Distribution CGU was performed, consistent with the previous year, at the consolidated level, including the companies within the same operating segment; the activities performed by the different companies and the resulting cash flows are highly interdependent, as commercial and strategic management decisions are made centrally at the level of the entire segment.
To estimate the value in use of the CGU, reference was made to the 2024-2028 Strategic Plan \"The Connecting Platform\" updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025. The economic forecasts used in the execution of the test also include, among the various characterising elements, forecasts for planned investments that will be focused on achieving the automation and modernisation objectives of the CGU itself, in continuity with what has been achieved in previous years. Particular importance is attached to investments classified as ESG that comply with the Group's Sustainability Reference Principles. The CGU main investment projects include the Polis Project \"Digital Citizenship Service Houses\", energy efficiency measures for real estate assets, and the automation and evolution of the sorting and delivery network from a green perspective.
In determining the terminal value, calculated on the basis of the last year of explicit forecasts, income was normalised. Reference was also made to the transfer prices that BancoPosta RFC is expected to pay for the services provided by Poste Italiane's distribution network.
The impairment test determined that the related carrying amounts are fair.
The impairment test is based on estimates and assumptions that present elements of uncertainty, also due to the current context characterised by a significant volatility of the main market variables and a profound aleatory nature of economic expectations, as well as the continuation of negative economic results and the decline of the postal market in which the Group operates; for this reason, sensitivity analyses were carried out. In particular, the impairment test showed the recoverability of the goodwill allocated to the CGU even by increasing the indicated discount rate by 100 basis points and jointly reducing the long-term growth factor by 20 basis points.
The sensitivities performed on the impairment test lead to a substantial alignment between the recoverable value and the net invested capital of the CGU, at the same growth rate (2%), with a discount rate of 9.70% (considerably higher even than the discount rate already used at 31 December 2023, which was 137 basis points higher than the rate at 31 December 2024).
As in the past, in determining the value of properties used as post offices and sorting centres, the Poste Italiane SpA universal service obligation was taken into account, as was the inseparability of the cash flows generated from the properties that provide this service, (which the Parent Company is required to operate throughout the country regardless of the expected profitability of each location); the unique nature of the operating processes involved and the substantial overlap between postal and financial activities within the same outlets, represented by post offices, were also considered. On this basis, the value in use of land and buildings used in operations is relatively unaffected by changes in the commercial value of the properties concerned and, in certain critical market conditions, certain properties may have values that are significantly higher than their market value, without this having any impact on the cash flows or results of the Mail, Parcels and Distribution segment.
The fair value of the Parent Company's properties used in operations continued to be higher than their carrying amount, as confirmed by the property valuations carried out.
Postepay Services CGU
In performing the impairment test on goodwill arising from the acquisition of the LIS Group, which took place in 2022, reference was made to the CGU comprised of all the companies belonging to the Postepay Services segment as a single cash-generating unit; following the completion of the integration and reorganisation processes of LIS. In fact, the Postepay Services operating segment is based on unique market and operational processes that are integrated according to a unitary approach, and it is therefore considered that the cash flows are largely independent of those generated by the Poste Group's other operating segments, but closely interrelated within the segment.
In order to estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan, also prepared in accordance with and taking into account the ESG objectives, updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025, as well as by the Boards of Directors of the respective companies belonging to the CGU for the portion pertaining to them. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivity analyses show that the test is passed very comfortably even in scenarios significantly worse than the one used for the impairment test.
Net Insurance CGU
Following the acquisition of Net Insurance by Poste Vita through the vehicle company Net Holding in 2023 and the related Purchase Price Allocation process, goodwill of \u20ac124 million emerged, equal to the residual difference between the consideration transferred for the acquisition of Net Insurance by Net Holding and the fair value of the adjusted net assets acquired.
In performing the impairment test on the Net Insurance Group, reference was made to the CGU comprised of Net Insurance and Net Insurance Life as a cash-generating unit.
To estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivities performed on the impairment test lead to substantial alignment between the recoverable amount and the net assets of the CGU, at the same growth rate (2%), with a discount rate of 11.9%.
Investment in Financit S.p.A.
With reference to the investment in Financit, the test results showed the need to adjust the carrying amount of the investment with a corresponding negative effect of about \u20ac8 million on the consolidated economic result (about \u20ac19 million on the economic result of Poste Italiane's separate financial statements); following the impairment, the carrying amount of the investment is \u20ac21 million.
Investment in Anima Holding S.p.A.
In relation to the investment in Anima Holding, it should be noted that, unlike in previous years, the impairment test was not performed at 31 December 2024 following the decision to accept the Takeover Bid (\"OPA\") launched by Banco BPM Vita S.p.A. on the ordinary shares of Anima Holding. The value of the consideration per share offered in the Takeover Bid is higher than the unitary carrying amount of the investment recognised at 31 December 2024 in both the Poste Group's and Poste Italiane's financial statements. For further information, please refer to Note 3 - Material events during the year and events after 31 December 2024.
Depreciation and amortisation of property, plant and equipment and intangible assets
The cost of these fixed assets is depreciated or amortised on a straight-line basis over the estimated useful life of the asset. The useful life is determined at the time of acquisition and is based on historical experience of similar investments, market conditions and expectations regarding future events that may have an impact, such as technological developments. The actual useful life may, therefore, differ from the estimated useful life.
The useful life of the Group's main asset classes is detailed below:
Property, plant and equipmentYears% annual depreciation
Buildings40-593%-2%
Structural improvements to own properties18-316%-3%
Plant8-2313%-4%
Light constructions1010%
Equipment3-1033%-10%
Furniture and fittings3-833%-13%
Electrical and electronic office equipment3-1033%-10%
Motor vehicles, automobiles, motorcycles 4-1025%-10%
Leasehold improvementsestimated lease term*-
Other assets 3-533%-20%
(*) Or the useful life of the improvement if shorter than the estimated lease term
Investment propertyYears% annual depreciation
Property39-423%-2%
Structural improvements to own properties17-186%
In the case of assets to be handed over, located on land held under concession or sub-concession, on expiry of the concession term, or whilst awaiting confirmation of renewal, any additional depreciation of assets takes into account the probable residual duration of the right to use the assets to provide public services, to be estimated on the basis of the
framework agreements entered into with the Public Administration entity, the status of negotiations with the grantors and past experience.
Lastly, as regards intangible assets, amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life within a range of 2 to 5 years.
Insurance liabilities
The main models, inputs and assumptions used to estimate insurance liabilities, i.e. future cash inflows and outflows related to insurance contracts, are summarised below.
Input data, assumptions and estimate techniques used
For contracts measured with the VFA model, the estimate of future flows related to the Liability for remaining coverage is made considering the following inputs:
\u2022Non-financial assumptions, such as mortality, lapses, conversions, expenses, etc. Expense assumptions, consistent with the principle, are parametrised taking into account only attributable costs;
\u2022Financial assumptions, such as returns on assets backing insurance liabilities, asset allocation, etc.;
\u2022Stochastic economic scenarios284 differentiated by separately managed account and by type of business.
The estimate of cash flows takes into account all the commitments of the companies in respect of the contracts under assessment through the elaboration of magnitudes such as gross premiums, other inflows other than premiums consistent with the quantification of the benefits under analysis, commissions, expenses, performance settlements, any residual Mathematical Provision at the end of the projection, and other outflows other than the above consistent with the quantification of the benefits under analysis.
For contracts measured with the BBA, the future fulfilment flows represent estimates of the future cash flows that will be generated by the natural fulfilment of the contracts by the companies and therefore include all possible cash flows that fall within the contract boundary.
Projected cash flows include claims paid, reimbursements for early extinguishment of contracts, acquisition commissions, other directly attributable administrative expenses, other directly attributable acquisition expenses, premiums written and recoveries.
It should also be noted that, for onerous contracts measured through the PAA, future fulfilment flows are calculated using the same approach as for contracts measured through the BBA.
Liabilities for incurred claims include future fulfilment cash flows related to past services attributed to the group of contracts at the measurement date. These flows are defined as the sum of the following components:
\u2022Cash flows of undiscounted Best Estimate Liabilities (UBEL285), which are the best estimate of cash outflows for both reported claims and late claims;
\u2022Discount effect, calculated by discounting the cash flows referred to in the previous point using the defined discount curve;
\u2022Adjustment for non-financial risks, estimated using the methodology defined by the Group.
The process of allocating costs between \"attributable\" and \"non-attributable\" is done punctually according to the cost centres that incur them. The development and related deferral of costs follow the associated cash flow projections and the same recognition metrics adopted for the CSM release.
No changes have been made to the insurance liability valuation process with respect to the financial statements at 31 December 2023, with the exception of the financial and technical assumptions, which are updated as necessary at each valuation date.
Investment component
Assessments of the expected investment component to be included in the estimate of fulfilment future cash flows are made separately by product type. An estimate of the flow related to the Investment component is provided for both valuations at initial recognition of groups of contracts and for valuations at each reporting date.
For contracts with discretionary participation features and annuities in the accumulation phase, the expected investment component is equal to the lapse value net of penalties, whereby the estimate in future fulfilment flows is obtained as the difference between the estimated payout amount and the countervalue calculated on the basis of the lapse value net of penalties. For annuities that are certain to be paid out, the value of the investment component is not an estimate since it corresponds to the value of the benefits to be paid out, while for annuities that are certain to be paid out and pure risk products, there is no Investment component.
Method for determining the discount rate used
Below are details, by individual portfolio, of the discount curves used by the Poste Italiane Group in determining its insurance liabilities and the adjustments made to the reference Basic Risk Free Curve to take into account the counterparty's level of liquidity (Illiquidity Premiums):
\u2022in relation to the Separately managed account participating business and the Unit Linked portfolio connected to Separately managed accounts (Multi-class products), the Illiquidity Premium is calibrated on the basis of the composition of the reference portfolio (e.g. Separately managed accounts or Company) using approaches and metrics borrowed from the Solvency II approach;
\u2022in relation to the non-participating Life Business and for the Unit Linked portfolio not connected to Separately managed accounts, use was made of the values of Illiquidity Premiums consistent with the Volatility Adjustment value provided by EIOPA, in line with Solvency II. This approach is replicated in Net Insurance Life's pure risk business;
\u2022in relation to the P&C business relating to Poste Assicura and Net Insurance, the Basic Risk Free curve is adopted, assuming an Illiquidity Premium consistent with the Volatility Adjustment value provided by EIOPA.
In operational terms, the Poste Italiane Group defined the curves at the date of initial recognition of the contract, in particular:
\u2022for the Life business related to contracts issued by Poste Vita, the initial recognition curve of contracts is set equal to the Based Risk Free curve with illiquidity premium related to the previous quarter;
\u2022for the P&C business relating to Poste Assicura contracts, the curve at initial recognition of contracts is the Based Risk Free of the previous year (31/12/t-1);
\u2022for the P&C business, relating to contracts issued by Net Insurance, and for the Life business, relating to contracts issued by Net Insurance Life, the curve at initial recognition of contracts is the Based Risk Free with Volatility Adjustment relative to the previous year (31/12/t-1).
For the BBA method, in order to calculate the interest accrued on the CSM at the reporting date, the Poste Italiane Group uses the forward curve determined with respect to the spot locked-in curve at the valuation date.
For the PAA model, the Poste Italiane Group has not made an adjustment for the effect of the time value of money and financial risk.
Method for determining the Adjustment for non-financial risk
The Poste Italiane Group adopts the percentile approach. The amount of the adjustment for non-financial risk is determined by considering the scope of technical risks to which group companies are exposed, using assessments borrowed from the Solvency II framework. In particular, the Adjustment for non-financial risk for the groups of contracts belonging to the Life business is estimated taking into account the risk exposures typical of the Life business and the underwriting risk net of the loss-absorbing capacity of the technical provisions286 and gross of reinsurance. Operational risk and counterparty default risk are also excluded from the analyses.
For insurance contracts belonging to the P&C business, exposures to pricing risk, reserving risk, catastrophe risk, and the risk of early exits typical of the type of business are considered. In the P&C business, the Adjustment for non-financial risk is also determined, unlike in the Life business, for the Liability for incurred claims and Assets from outward reinsurance.
In calculating the amount of the Adjustment for non-financial risk, the separation between the insurance services component and the financing component is not applicable for Poste Italiane Group companies.
Methods for determining the CSM coverage unit
The release to the Statement of profit or loss of the CSM over the life of the contracts is done through the definition of the so-called Coverage Unit (CU). With reference to the Life business, the Poste Italiane Group determines the CSM release by adopting a Coverage Unit based on a Volume-based driver, defined separately for each measurement model adopted:
\u2022BBA model: the CU is defined with a driver based on the sums insured, which are similar to the lump-sum death benefit for pure risk contracts, and on the mathematical provisions, for annuities (in the payout phase) not under the Separately managed accounts from Long-Term Care products;
\u2022VFA model: the CU for DPF contracts is defined using a driver based on mathematical provisions.
In the context of the CSM release pattern of the P&C business, for contracts valued with the BBA Model, the Group has decided to use for the business characterised by constant insured capital a release driver based on earned premiums gross of commissions (also considering the effect of any premium refunds and related commission reversals); with the exception of the P&C business characterised by decreasing insured capital (Salary-backed of Net Insurance), the use of a method based on insured sums was defined as for the Life business.
The CSM release percentage is defined by relating the volume-based drivers as defined above to the amount of volumes of these drivers projected over a time period that coincides with the duration of the group of insurance contracts.
For products measured with the VFA method, the Group considers an additional component (additional release) in the CSM release for the period aimed at capturing the differences between the margin result obtained with real-world financial assumptions (Real World curves), compared to that obtained with risk-neutral financial assumptions (Risk Neutral curves). This additional release is obtained from the difference between the period-end prospective CSM before release under the Real World assumption and the period-end prospective CSM before release under the Risk Neutral assumption.
As a result of the additional release, it is possible to achieve a CSM release that is more consistent with the financial performance of the underlying items of the insurance contracts and to obviate the systematic deferral of profit recognition in future years through coverage units.
Deferred tax assets
The recognition of deferred tax assets is based on the expectation of taxable income in future years. Assessments of expected taxable income depend on factors which may change over time, impacting on the valuation of the deferred tax assets in the statement of financial position.
Share-based payments
As further described in Note 4.12 - Additional information - Share-based payment arrangements and 5.12 - Additional information - Share-based payment arrangements of the consolidated financial statements and Poste Italiane SpA's separate financial statements, the valuation of the share-based payment arrangements in place within the Poste Italiane Group at the close of these financial statements was based on the conclusions reached by actuaries external to the Group. The plan terms and conditions link the award of the related options to the occurrence of certain events, such as the achievement of performance targets and performance hurdles and, in certain areas of operation, compliance with certain capital adequacy and liquidity requirements. For these reasons, measurement of the liability, equity reserve and the corresponding economic effects involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.
Employee termination benefits
The measurement of Employee termination benefits is also based on calculations performed by independent actuaries. The calculation takes account of termination benefits accrued for the period of service to date and is based on various demographic and economic-financial assumptions.
Below are the main actuarial assumptions applied in the calculation of the employee termination benefit provision at 31 December 2024, also based on the experience of each Group company and the best reference practice:
Economic and financial assumptions\u00a0
\u00a031.12.2024
Discount rate\u00a03.18%\u00a0
Inflation rate2.00%
Annual rate of increase of employee termination benefits\u00a03.00%\u00a0
Demographic assumptions\u00a0
\u00a031.12.2024
Mortality\u00a0ISTAT 2018\u00a0
DisabilityINPS tables broken down by age and gender
Retirement age\u00a0Achievement of general mandatory insurance requirements
Frequency of employee termination benefits advances\u00a0Specific table with rates differentiated by Company
Employee turnover frequency\u00a0Specific table with rates differentiated by Company\u00a0
Determination of the lease liability
In determining the financial liability for leases, the Group has chosen to refer to an Incremental Borrowing Rate (\"IBR\")based on a hypothetical loan that would have been obtained in the current economic environment and applied to groups of contracts with similar remaining terms and to similar companies. In particular, each IBR takes account of the risk-free rate identified on the basis of factors such as the economic environment, currency, contract term and credit spread reflecting the companies' organisation and financial structure. The IBR associated with the commencement of the contract will be reviewed whenever there is a lease modification, meaning substantial and significant changes to the contract conditions over the life of the agreement (e.g. the lease term or the amount of future lease payments). The IBR table defined for groups of contracts with similar residual duration and for similar reference companies is periodically monitored and updated at least once during the year.
With regard instead to determination of the lease term at the commencement date or of the remaining term at a later date (in the event of substantial and significant changes to contract conditions) and, in particular, for property leases, the Group uses a valuation approach based primarily on the expected duration of the obligation as per the agreement between the parties and/or in the legal framework of reference (Law 392 of 27 July 1978), and it expects an extension of the lease due to an interpretation/forecast of events, circumstances and future intentions, including of a strategic nature, of both the lessor and the lessee. This has resulted in a set of rules for determining the lease term, to be applied to leased properties classified previously in three distinct clusters: properties where the lease is subject to legal restrictions and high commercial-value properties; properties for civilian use, such as the company accommodation for Group employees and executives; and other properties used in operations.
The lease term for all of the other agreements was set as equal to the duration of the obligation agreed upon between the parties, in keeping with future intent in wanting and being able to complete the term and past experience.
Options on minority interests287
In the context of particular corporate transactions, there are call and put options that will allow Poste Italiane to purchase, at certain future dates, shares held by minority shareholders. The exercise price of these options is generally determined on the basis of a formula that provides for the application of a multiplier to certain economic/equity targets of the company acquired. For said cases in the consolidated financial statements, a financial liability has been recognised (in addition to the portion of equity attributable to non-controlling interests), to take account of the possible exercise of options, as matching entry to Group's equity, the value of which depends on estimates made internally and which could change even significantly in the current and future years. Subsequent changes in the value of the financial liability will be reflected in the Group's statement of profit or loss.
For details of the corporate transactions from which the need to recognise this financial liability arose, see Note B8 - Financial liabilities.
Conversion of the financial statements into foreign currencies
For the purposes of preparing the Consolidated Financial Statements, the statement of financial position and statement of profit or loss of all consolidated companies are expressed in euro, which is the functional currency used by the Parent Company.
The financial statements of companies that operate in a functional currency other than the euro are translated into the presentation currency using the closing rate at the reporting date for assets and liabilities, including goodwill and consolidation adjustments, and the average exchange rate for the year (if this reasonably approximates the exchange rate at the date of the respective transactions) for revenue and costs. All the resulting exchange rate differences are recognised in other comprehensive income and shown separately in a specific equity reserve; this reserve is reversed proportionally to the statement of profit or loss at the time of the (total or partial) disposal of the relevant investment.
The exchange rates used to convert the financial statements of consolidated companies in foreign currencies are those published by the Bank of Italy and the European Central Bank and presented in the table below:
\u00a0
\u00a020242023
CurrencyExact change rate on 31 DecemberAverage annual exchange rateExact change rate on 31 DecemberAverage annual exchange rate
\u00a0\u00a0
Chinese Yuan Renminbi7.5837.7877.8517.66
US dollar1.0391.0821.1051.081
British Pound Sterling0.8290.8470.8690.870
Crypto-assets
In order to comply with the requirements of the Bank of Italy/Consob Communication of 6 March 2025, it should be noted that the Poste Italiane Group does not hold, either through the Parent Company Poste Italiane SpA or through fully consolidated subsidiaries, any crypto-assets for which it was necessary to adopt dedicated accounting policies or use estimates for their valuation in the financial statements.
2.7 CLIMATE CHANGE AND THE MACROECONOMIC ENVIRONMENT
Climate change disclosure
Climate change and the transition to a low-carbon economy are becoming increasingly relevant to businesses, banks, governments, regulators, and investors.
Although the Poste Italiane Group attaches particular importance to environmental protection, aware of the need to use resources responsibly in order to minimise negative environmental impacts288, taking into account the business in which the Group operates, issues related to climate change are considered, in the exception provided by the reference accounting standards, irrelevant for consolidated financial reporting.
However, also taking into account the disclosure required in the past by ESMA and recalled in Public Statement 32-193237008-8369 of 24 October 2024, as well as by Consob's Warning Notice of 20 December 2024, the table below provides a mapping of climate-related disclosures with a corresponding reference to the paragraphs of Poste Italiane's consolidated financial statements and separate financial statements in which the issue is addressed
TopicNoteDescription
Climate Change Estimates and JudgementsNote 2.6 Use of estimates \"Impairment tests of goodwill, cash generating units and equity investments\" and \"Impairment and stage allocation for financial instruments\"\u2022Focus on the estimation of expected cash flows in relation to the CGUs subject to impairment.\u2022Details of ESG factors considered in estimating the Probability of Default (PD).
Sustainable investmentsNote A1 - \"Property, plant and equipment\"Note A4 - \"Right-of-use assets\"\u2022Investments made in the reporting year aimed at reducing the environmental impact of the Group/Parent Company.\u2022Increase in Right-of-Use Assets related to the conclusion of leasing contracts for green vehicles.
Sustainable financeNote A6 - \"Financial assets\"Note 4.12\"Additional Information - Assets under management\"\u2022Percentage of ESG products in the entire investment and insurance portfolio of BancoPosta Fondi SpA SGR and Poste Vita Group.
Environmental certificatesNote 2.5 \"Material information on accounting standards - Environmental certificates\"Note A7 - \"Inventories\"Note C5 - \"Cost of goods and services\"\u2022Description of the accounting treatment applied to environmental certificates\u2022Details of closing inventories referring to emission allowances and guarantees of origin and carbon credits present at year-end\u2022Indication of costs incurred during the financial year for the purchase of environmental certificates.
Share-based paymentsNote 4.12 \"Additional Information - Share-based payment arrangementsNote 5.12 \"Additional Information - Share-based payment arrangements\u2022Description of incentive plans some of which are anchored to the achievement of ESG objectives.
Climate riskNote 4.6 \"Risk management\"Note 5.6 \"Risk management\"\u2022Description of the exposure of Poste Italiane SpA and the entire Group to risks related to climate change and actions taken to mitigate those risks.
Macroeconomic environment
The estimates used in the preparation of the Financial Statements adequately take into account the particular macroeconomic context of reference at 31 December 2024, heavily influenced by a number of factors such as: inflation, rising interest rates, deterioration of the economic climate, geopolitical risks and uncertainties on future developments considering the ongoing conflicts in Ukraine and the Middle East. These uncertainties are reflected in the indicators used as the basis for the estimates.
For information on how these uncertainties were reflected in the estimated PDs used to calculate expected losses, please refer to Section 2.6 \"Use of Estimates - Impairment and stage allocation for financial instruments\"; while for a full discussion of risks related to the economic environment, please refer to the specific sections of the Report on Operations.
2.8 BASIS OF CONSOLIDATION
The Poste Italiane Group's consolidated financial statements include the financial statements of Poste Italiane SpA and of the companies over which the Parent Company directly or indirectly exercises control, as defined by IFRS 10, from the date on which control is obtained until the date on which control is no longer held by the Group. The Group controls an entity when it simultaneously:
\u2022has power over the investee;
\u2022is exposed, or has rights to, variable returns from its involvement with the investee;
\u2022has the ability to influence those returns through its power over the investee.
Control is exercised both via direct or indirect ownership of voting shares, and via the exercise of dominant influence, defined as the power to govern the financial and operating policies of the entity, including indirectly based on legal agreements, obtaining the related benefits, regardless of the nature of the equity interest. In determining control, potential voting rights exercisable at the end of the reporting period are taken into account.
The consolidated financial statements have been specifically prepared at 31 December 2024, after appropriate adjustment, where necessary, to align accounting policies with those of the Parent Company.
Subsidiaries that, in terms of their size or operations, are, either individually or taken together, irrelevant to a true and fair view of the Group's results of operations and financial position are not included within the scope of consolidation.
The criteria used for line-by-line consolidation are as follows:
\u2022the assets, liabilities, costs and revenue of consolidated entities are accounted for on a line-by-line basis, separating where applicable the equity and profit/(loss) amounts attributable to non-controlling interests in consolidated equity and consolidated profit or loss;
\u2022business combinations, in which control over an entity is acquired, are accounted for using the acquisition method. The cost of a business combination is represented by the current value (fair value) at the date of acquisition of the assets sold, the liabilities assumed, the equity instruments issued and any other directly attributable accessory charges; any difference between the cost of acquisition and the fair values of the assets and liabilities acquired, following review of their fair value, is recognised as goodwill arising from consolidation (if positive), or recognised in profit or loss (if negative);
\u2022acquisitions of non-controlling interests in entities already controlled by the Group are not accounted for as acquisitions, but as equity transactions; in the absence of a relevant accounting standard, the Group recognises any difference between the cost of acquisition and the related share of net assets of the subsidiary in equity;
\u2022any significant gains and losses (and the related tax effects) on transactions between companies consolidated on a line-by-line basis, to the extent not yet realised with respect to third parties, are eliminated, as are intercompany payables and receivables, costs and revenue, and finance costs and income;
\u2022gains and losses deriving from the disposal of investments in consolidated companies are recognised in profit or loss based on the difference between the sale price and the corresponding share of consolidated equity disposed of.
Investments in subsidiaries that are not significant and are not consolidated, and those in companies over which the Group exerts significant influence (assumed when the Group holds an interest of between 20% and 50%), hereinafter \"associates\", and joint ventures are accounted for using the equity method. At the time of acquisition, the investment is accounted for using the equity method. Any difference between the cost of acquisition of the investment and the net fair value of the investee's identifiable assets and liabilities is accounted for as follows:
a)goodwill related to an associate or a joint venture is included in the carrying amount of the investment. Amortisation of such goodwill is not permitted;
b)in determining the initial value of the entity's investment, any excess of the entity's interest in the net fair value of investee's identifiable assets and liabilities over cost is recognised as income in determining the acquirer's interest in the profit (loss) for the period of the associate or joint venture in the period in which the interest is acquired.
After acquisition, appropriate adjustments are made to the entity's share of the profits or losses of the associate or joint venture to account, for example, for additional depreciation or amortisation of the investee's depreciable or amortisable assets, based on the excess of their fair values over their carrying amounts at the time the investment was acquired, and of any impairment losses on goodwill or property, plant and equipment. The equity method is as follows:
\u2022the Group's share of an entity's post-acquisition profits or losses is recognised in profit or loss from the date on which significant influence or control is obtained until the date on which significant influence or control is no longer exerted by the Group; provisions are made to cover a company's losses that exceed the carrying amount of the investment, to the extent that the Group has legal or constructive obligations to cover such losses; changes in the equity of companies accounted for using the equity method not related to the profit/(loss) for the year are recognised directly in equity;
\u2022unrealised gains and losses on transactions between the Parent Company/subsidiaries and the company accounted for using the equity method are eliminated to the extent of the Group's interest in the associate; unrealised losses, unless relating to impairment, are eliminated.
CHANGES IN THE SCOPE OF CONSOLIDATION AND OTHER CORPORATE TRANSACTIONS
Multi-Asset Funds
During the course of 2023, the Poste Italiane Group launched a project to \"replace\" the Luxembourg-law multi-compartment SICAV sub-funds, in which Poste Vita SpA had invested a portion of the assets (around \u20ac25 billion) pertaining to the Separately Managed Accounts, with 11 newly established Italian-law UCITS managed by BancoPosta Fondi SpA SGR.
The objective of this project was to create a structure that would allow the insurance company - within the legal and regulatory limits of reference - to benefit from a model better suited to respond to the best practices of the domestic insurance industry, in terms of investments in \"complex assets\".
The project ended on 13 September 2024 with the completion of the cross-border merger by incorporation of the SICAV's sub-funds into the new UCITS funds, through which the financial instruments and sums of money previously held in the SICAV's sub-funds were transferred to the latter.
At the date of these annual financial statements, the 11 UCITS comply with the requirements of IFRS 10 - Consolidated Financial Statements for the existence of control and, consequently, are fully consolidated in the Consolidated financial statements of the Poste Italiane Group as:
i.Poste Vita SpA owns 100% of the units of the Funds in which the assets pertaining to the Separately Managed Accounts are invested;
ii.BancoPosta Fondi SpA SGR, the manager of the Funds, contractually holds the power to influence their performance;
iii.both of the above companies are controlled by Poste Italiane SpA, which, in exercising its management and coordination activities, defines the strategic guidelines, the management of investments and the resulting cash flows.
The line-by-line consolidation of the Funds, which from an economic point of view did not have any impact on the result for the year, made it necessary to present the financial assets and liabilities contained in the Funds at the statement of financial position level and the income elements characterising the change in the period at the profit or loss level.
MLK Fresh
On 31 January 2024, through the establishment of the NewCo called \"MLK Fresh S.r.l.\", a partnership in the Fresh Food sector was formalised between MLK Deliveries S.p.A. and Mazzocco S.r.l., an Italtrans Group company that operates as a national refrigerated courier.
MLK Fresh S.r.l., 70% owned by MLK and 30% by Mazzocco S.r.l., will be the vehicle through which the parties will offer advanced delivery services in Italy dedicated to the fresh food segment in the B2C e-commerce and/or scheduled deliveries market.
N&TS Group Networks & Transactional Systems Group
On 28 February 2024, PostePay signed an agreement to acquire 20% of N&TS GROUP Networks & Transactional Systems Group S.p.A., a leading Italian company in software solutions for electronic payments. The closing of the transaction took place on 15 April 2024 following the fulfilment of the conditions precedent.
By virtue of the option provided for in paragraphs 45 et seq. of IFRS 3 to complete the valuation of the business combination within twelve months from the date of the transaction, the difference between the agreed consideration (\u20ac17.6 million) and the fair value of the portion of the net assets acquired (\u20ac2.9 million) was provisionally allocated to goodwill in the amount of \u20ac14.7 million and is included in the carrying amount of the investment, which is valued using the equity method due to the connection relationship.
Poste Logistics
On 4 March 2024, Poste Logistics S.p.A. was established, whose share capital is wholly-owned by Poste Italiane S.p.A.; the company will be dedicated to integrated logistics activities for the Poste Italiane Group, benefiting from the business unit of SDA Express Courier S.p.A. (\"SDA\") concerning the integrated logistics business, through a partial demerger transaction. The partial demerger transaction, which was resolved by the Extraordinary Shareholders' Meetings of SDA and Poste Logistics S.p.A. on 27 March 2024, was formalised on 25 June 2024 effective as of 1 July 2024.
Locker Italia
On 18 April 2024 the company Locker Italia S.p.A. was established - owned by Poste Italiane S.p.A. and Deutsche Post International BV with equal stakes of 50% respectively - with the objective of developing, in Italy, a network of lockers for last mile deliveries of parcels managed by Poste Italiane S.p.A. and the e-commerce division of the DHL Group.
Postego
On 9 May 2024, Postego S.p.A. was established, a benefit company wholly-owned by Poste Italiane, with the aim of progressively internalising the Poste Italiane car fleet (about 30 thousand delivery vehicles).
Casina Poste
On 21 June 2024, Casina Poste was established as an amateur sports company with limited liability (Casina Poste SSD a r.l.), wholly-owned through Poste Italiane S.p.A. (72%), PostePay S.p.A. (7%), Postel S.p.A. (7%), Poste Vita S.p.A. (7%) and SDA Express Courier S.p.A. (7%), for the organisation and management as well as the promotion, enhancement and dissemination of amateur sporting activities.
SPV Cosenza
On 25 June 2024, SPV Cosenza S.p.A. was established, a company 95% owned by Poste Italiane S.p.A. and 5% by Plurima S.p.A., dedicated to the performance of all the services covered by the public-private partnership contract for the management and rationalisation of integrated healthcare logistics for the Cosenza Provincial Health Authority.
The following material events also took place during the year:
\u2022on 22 May 2024, Poste Italiane S.p.A. transferred to Postepay S.p.A. its entire stake in Conio Inc. amounting to 16.29 % of the relevant share capital;
\u2022on 27 June 2024, the deed of sale of a stake held by SDA Express Courier S.p.A. in the Consorzio Logistica Pacchi S.C.p.A. in the amount of 5.5% in favour of Poste Logistics S.p.A. was signed: thus, SDA's shareholding in the Consorzio increased from 19% to 13.5%;
\u2022on 10 December 2024, Poste Italiane S.p.A. exercised the early conversion of the loan issued by sennder Technologies GmbH into shares of the same as part of the broader capital increase transaction promoted by the company totalling \u20ac39 million with the shareholder Scania as lead investor. Following the completion of these transactions, Poste Italiane S.p.A.'s stake in sennder Technologies GmbH was reduced from 10.2% to 9.7% on a fully diluted basis.
CONCLUSION OF THE VALUATION OF BUSINESS COMBINATIONS FROM THE PREVIOUS YEAR
With reference to the corporate transactions that took place in 2023 for which Poste Italiane availed itself of the option set forth in paragraphs 45 et seq. of IFRS 3 to complete the valuation of the business combination within twelve months from the date of acquisition, at 31 December 2024 the process was concluded, confirming the results already represented at 31 December 2023. A summary of them is given below:
\u2022Net Insurance (April 2023)
As a result of the valuation activities performed, an adjustment to the fair value of the net assets acquired was recognised for a total of \u20ac10.8 million, of which:
\u2022\u20ac10.8 million increase in intangible assets related to brand development;
\u2022an increase in property, plant and equipment of \u20ac1.4 million relating to owned property;
\u2022reduction of insurance liabilities by \u20ac3.4 million for cash flows related to amounts repayable by the distributing banks;
\u2022deferred tax effects related to the above adjustments in the amount of \u20ac4.8 million.
The remaining difference between the consideration transferred (\u20ac180.8 million) and the fair value of the net assets acquired by the Group adjusted following the PPA process (\u20ac57 million) was allocated to Goodwill in the amount of \u20ac123.8 million.
\u2022Sennder Italy (April 2023)
It was confirmed that the difference between the consideration (\u20ac20.7 million) and the fair value of the portion of the net assets acquired (\u20ac1.8 million) is entirely attributable to goodwill (included in the carrying amount of the investment) in the amount of \u20ac18.9 million.
\u2022Sourcesense Platforms (January 2023289)
It was confirmed that the difference between the transaction price and the portion of the net assets acquired, amounting to approximately \u20ac1 million, was recorded as Goodwill under Intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page406-cflshid_155156-tag273169": { "value": "
2.1 COMPLIANCE WITH IAS/IFRS
The annual accounts are prepared in accordance with the International Financial Reporting Standards (\"IFRS\") issued by the International Accounting Standards Board (\"IASB\"), and endorsed by the European Union (\"EU\") in EC Regulation 1606/2002 of 19 July 2002, and in accordance with Legislative Decree 38 of 28 February 2005, which introduced regulations governing the adoption of IFRS in Italian law.
The term IFRS includes all the International Financial Reporting Standards, International Accounting Standards (\"IAS\") and interpretations issued by the International Financial Reporting Interpretations Committee (\"IFRIC\", previously known as the Standing Interpretations Committee or \"SIC\"), adopted by the European Union and contained in the EU Regulations in force at 31 December 2024, regarding which no derogations were made.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page406-cflshid_155380-tag273170": { "value": "The accounting standards reflect the full operations of the Group and Poste Italiane SpA in the foreseeable future. The companies of the Poste Italiane Group, as operating entities, prepare the financial statements on the assumption of business continuity, also taking into account the Group's economic and financial prospects derived from the 2024-2028 Strategic Plan and updated with the 2025 Budget respectively approved on 19 March 2024 and 21 February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page408-cflshid_156247-tag273225": { "value": "
2.3 NEW ACCOUNTING STANDARDS AND INTERPRETATIONS AND THOSE SOON TO BE EFFECTIVE
Accounting standards and interpretations applicable from 1 January 2024
\u2022Amendments to IFRS 16 - Leases: Lease liabilities in a sale and leaseback transaction. The purpose of the amendment is to specify how the selling lessee is to measure the lease liability arising from a sale and leaseback transaction in such a way that it does not recognise income or loss in respect of the retained right of use;
\u2022Amendments to IAS 1 - Presentation of Financial Statements aimed at providing clarification on how entities should classify payables and other liabilities between current and non-current; and to improve the information that an entity must provide when its right to defer settlement of a liability for at least twelve months is subject to covenants;
\u2022Amendments to IFRS 7 - Financial Instruments: Disclosures, and IAS 7 - Statement of Cash Flows Statement of Cash Flows, aimed at introducing specific disclosure requirements that enable users of financial statements to effectively assess the effects of246 supply financing arrangements on the company's liabilities, cash flows and exposure to liquidity risk.
The adoption of the above amendments did not significantly affect the financial reporting of these financial statements.
Accounting standards and interpretations soon to be effective
The following are instead applicable from 1 January 2025:
\u2022Amendment to IAS 21 - Effects of changes in exchange rates with the objective of establishing criteria for a consistent evaluation of the exchangeability of currencies and the determination of the exchange rate to be applied in cases where currencies are assessed as non-exchangeable. It also establishes the information to be provided in the notes to the financial statements as to how these evaluations were made.
As of the reporting date, the IASB has issued some financial reporting standards, amendments and interpretations not yet endorsed by the European Commission:
\u2022IFRS 18 Presentation and Disclosure in Financial Statements;
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures;
\u2022Annual Improvements Volume 11;
\u2022Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7.
The potential impact on the Poste Italiane Group's financial reporting of the accounting standards, amendments and interpretations due to come into effect is currently being assessed. It should also be noted that the Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet in force.
2.4. CHANGES TO ACCOUNTING POLICIES
The Poste Italiane Group has adopted, with retroactive effect from 1 January 2024, the provisions of IFRS 9 -
Financial instruments for hedge accounting, replacing the provisions previously set out in IAS 39.
With reference to hedge accounting aspects, IFRS 9 rewrites the rules for designating a hedging relationship and verifying its effectiveness, with the aim of ensuring greater alignment between the accounting representation of hedges and the underlying risk management logic/activities.
In order to transition to the provisions of IFRS 9, a specific project was prepared, which involved the internal functions of Poste Italiane SpA and the Group companies with the aim of identifying the impacts deriving from the transition, also in reference to internal regulations (IFRS 9 Guidelines, corporate processes and procedures, including IFRS 9 hedging sheets247).
For hedging transactions in place at 1 January 2024248, by virtue of the fact that the provisions of IFRS 9, in terms of accounting treatment and types of hedging transactions, do not differ in substance from the provisions of IAS 39, the adoption of IFRS 9 for hedge accounting did not have any transitional accounting impact.
For detailed information on the hedging transactions entered into by the Poste Italiane Group and jointly required by IFRS 9-Financial Instruments and IFRS 7-Financial Instruments: Disclosures, please refer to \"Note 4.8 - Hedging Transactions\" and \"Note 5.8 - Hedging Transactions\" in the Consolidated and Separate Financial Statements of Poste Italiane SpA, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page408-cflshid_156247-tag273236": { "value": "
2.3 NEW ACCOUNTING STANDARDS AND INTERPRETATIONS AND THOSE SOON TO BE EFFECTIVE
Accounting standards and interpretations applicable from 1 January 2024
\u2022Amendments to IFRS 16 - Leases: Lease liabilities in a sale and leaseback transaction. The purpose of the amendment is to specify how the selling lessee is to measure the lease liability arising from a sale and leaseback transaction in such a way that it does not recognise income or loss in respect of the retained right of use;
\u2022Amendments to IAS 1 - Presentation of Financial Statements aimed at providing clarification on how entities should classify payables and other liabilities between current and non-current; and to improve the information that an entity must provide when its right to defer settlement of a liability for at least twelve months is subject to covenants;
\u2022Amendments to IFRS 7 - Financial Instruments: Disclosures, and IAS 7 - Statement of Cash Flows Statement of Cash Flows, aimed at introducing specific disclosure requirements that enable users of financial statements to effectively assess the effects of246 supply financing arrangements on the company's liabilities, cash flows and exposure to liquidity risk.
The adoption of the above amendments did not significantly affect the financial reporting of these financial statements.
Accounting standards and interpretations soon to be effective
The following are instead applicable from 1 January 2025:
\u2022Amendment to IAS 21 - Effects of changes in exchange rates with the objective of establishing criteria for a consistent evaluation of the exchangeability of currencies and the determination of the exchange rate to be applied in cases where currencies are assessed as non-exchangeable. It also establishes the information to be provided in the notes to the financial statements as to how these evaluations were made.
As of the reporting date, the IASB has issued some financial reporting standards, amendments and interpretations not yet endorsed by the European Commission:
\u2022IFRS 18 Presentation and Disclosure in Financial Statements;
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures;
\u2022Annual Improvements Volume 11;
\u2022Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7.
The potential impact on the Poste Italiane Group's financial reporting of the accounting standards, amendments and interpretations due to come into effect is currently being assessed. It should also be noted that the Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet in force", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page409-cflshid_156631-tag273237": { "value": "
2.5 MATERIAL INFORMATION ON ACCOUNTING STANDARDS
The Poste Italiane Group's financial statements have been prepared on a historical cost basis, with the exception of certain items for which fair value measurement is obligatory.
The following is the information on accounting standards considered relevant249 by the Poste Italiane Group, as well as all other information considered by management to be useful for understanding the financial statement information.
Property, plant and equipment
The Property, plant and equipment item is stated at acquisition or construction cost, less accumulated depreciation and any accumulated impairment losses. If the case occurs, this cost is increased for charges directly related to the purchase or construction of the asset, including - where identifiable and measurable - that relating to employees involved in the planning and/or preparation for use phase. Interest expense incurred by the Group for loans specifically for the acquisition or construction of property, plant and equipment is capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year in question. Costs incurred for routine and/or cyclical maintenance and repairs are recognised directly in profit or loss in the related year. The capitalisation of costs attributable to the extension, modernisation or improvement of assets owned by Group companies or held under lease is carried out to the extent that they qualify for separate recognition as an asset or as a component of an asset, applying the
component approach, which requires each component with a different estimated useful life and value to be recognised and amortised separately.
The original cost is depreciated on a straight-line basis from the date the asset is available and ready for use, based on the asset's expected useful life. Land is not depreciated.
Property and any related fixed plant and machinery located on land held under concession or sub-concession, which is to be returned free of charge to the grantor at the end of the concession term, are accounted for, based on the nature of the asset, within property, plant and equipment and depreciated on a straight-line basis over the shorter of the useful life of the asset and the residual concession term.
At each reporting date, property, plant and equipment is analysed in order to identify the existence of any indicators of impairment (in accordance with IAS 36 - Impairment of Assets; please refer to the treatment of impairment of assets).
Gains and losses deriving from the disposal or retirement of an asset are calculated as the difference between the disposal proceeds and the net carrying amount of the asset retired or sold, and are recognised in profit or loss in the period in which the transaction occurs.
The Poste Italiane Group's investment property relates to properties held for the purpose of earning rents or achieving capital appreciation, or both, and therefore generates cash flows largely independent of other activities. The same accounting standard and criteria is applied to investment property as to property, plant and equipment.
Please refer to Note 2.6 \u2013 Use of estimates for details on the useful life of the Group's main classes of Tangible assets.
Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance, which is controllable and capable of generating future economic benefits. The initial carrying amount is adjusted for accumulated amortisation, where an amortisation process is involved, and for any impairment losses.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life. Any research costs are not capitalised.
Among the Group's intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (\"CGU\") to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, \"Impairment of assets\".
Lastly, it should be noted that following the Purchase Price Allocation activity related to the acquisition of the Net Group, the value of the \"Net Insurance\" brand was recognised among the Group's intangible assets. In analogy to goodwill, this brand, considered to have indefinite useful life, is not subject to systematic amortisation but to the provisions of IAS 36 on impairment.
Lease arrangements
The Group assesses whether a contract is or contains a lease at the time of its initial recognition; during the contractual life, the initial assessment is revised only in the event of changes in the conditions of the contract (specifically, contractual duration or instalments due).
On the contract commencement date, a right to use the leased asset is recorded, equal to the initial value of the corresponding lease liability, plus payments due before or at the same time as the contract commencement date (e.g. agency fees). Subsequently, said right of use is measured less accumulated depreciation and any accumulated impairment losses. Depreciation starts on the commencement date of the lease and extends over the shorter of the lease term and the useful life of the underlying asset. If events or changes in circumstances indicate that the carrying amount of the right of use cannot be recovered, this asset is tested for impairment in accordance with the provisions of IAS 36 - Impairment of Assets.
The lease liability is initially recorded at the present value of the lease instalments not paid on the date the contract commences250, discounted using the incremental borrowing rate, defined by loan period and for each Group company. The lease liability is subsequently reduced to reflect the lease payments made and increased to reflect interest on the remaining amount.
The lease liability is restated (resulting in a right-of-use adjustment) in the event of a change in:
\u2022the lease term (for example, in the case of early termination of the contract or an extension of the lease);
\u2022the assessment of a purchase option for the underlying asset; in these cases, lease payments due are reviewed on the basis of the revised lease term and to take account of the change in the amounts payable in view of the purchase option;
\u2022future lease payments deriving from a change in the index or rate used to determine the payments (e.g. ISTAT), or as a result of a renegotiation of the financial conditions.
In the event of a significant change in the lease term or future lease payments, the residual value of the lease liability is restated by reference to the marginal lending rate in effect at the date of the change.
The Group avails itself of the option granted by the standard to apply a simplified accounting regime to short-term contracts for certain specific classes of assets (with a duration of no more than 12 months), to contracts where the individual underlying asset is of low value (up to \u20ac5,000) and to contracts where the individual underlying asset is an intangible asset: for these contracts, lease payments are recognised in the Statement of profit or loss as a balancing entry to short-term trade payables.
Impairment of assets
At the end of each reporting period, property, plant, equipment and intangible assets with finite lives are analysed to assess whether there is any indication that an asset may be impaired. If these indicators are present, the recoverable amount of
the assets concerned is estimated. The recoverable amount is the higher of an asset's fair value less costs to sell, and its value in use, represented by the present value of the future cash flows expected to be derived from the asset. In calculating value in use, future cash flow estimates are discounted using a rate that reflects current market assessments of the time value of money, the period of the investment and the risks specific to the asset. The realisable value of assets that do not generate separate cash flows is determined with reference to the cash generating unit (CGU) to which the asset belongs.
Regardless of any impairment indicator, the assets listed below are tested for impairment every year:
\u2022intangible assets with indefinite useful life or that are not yet available; the impairment test can take place at any time during the year, provided that it is performed at the same time in each of the following years;
\u2022goodwill acquired in a business combination.
An impairment loss is recognised in profit or loss for the amount by which the net carrying amount of the asset, or the CGU to which it belongs, exceeds its recoverable amount. In particular, if the impairment loss regards goodwill and is higher than the related carrying amount, the remaining amount is allocated to the assets included in the CGU to which the goodwill has been allocated, in proportion to their carrying amount251. Except in the case of goodwill, if the impairment indicators no longer exist, the carrying amount of the asset or CGU is reinstated and the reversal recognised in profit or loss. The reversal must not exceed the carrying amount that would have been determined had no impairment loss been recognised and depreciation or amortisation been charged.
Investments
In the Poste Italiane Group\u2019s consolidated financial statements, investments in companies over which the Group exerts significant influence (\"associates\") and in joint ventures, are accounted for using the equity method. The investments in insignificant subsidiaries (individually and in aggregate) are valued using the equity method. See note 2.8 \u2013 Basis of consolidation.
In Poste Italiane SpA's separate financial statements, investments in subsidiaries and associates are accounted for at cost (including any directly attributable incidental expenses), after adjustment for any impairments. Investments in subsidiaries and associates are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment losses (or subsequent reversals of impairment losses) are recognised in the same way and to the same extent described with regard to property, plant and equipment and intangible assets in the paragraph, \"Impairment of assets\".
Financial instruments
On initial recognition, financial assets and liabilities are classified at fair value based on the business purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta's operations, at the settlement date252. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
Financial liabilities, including borrowings, trade payables and other payment obligations, are carried at amortised cost using the effective interest method. If there is a change in the expected cash flows and they can be reliably estimated, the value of borrowings is recalculated to reflect the change on the basis of the present value of estimated future cash flows and the internal rate of return initially applied. Financial liabilities are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
Financial liabilities are derecognised when they are extinguished or when the obligation specified in the contract expires, is cancelled or discharged.
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
Embedded derivatives
An embedded derivative is a derivative included in a combined contract or hybrid instrument, also containing a non-derivative contract or host contract, which originates all or part of the cash flows of the combined contract. Embedded derivatives are separated from the host contract and recognised as a derivative when:
\u2022the host contract is not a financial instrument measured at fair value recorded in the income statement;
\u2022the economic risks and characteristics of the embedded derivative are not strictly correlated with those of the host contract;
\u2022a separate contract with the same terms and conditions of the embedded derivative would meet the definition of a derivative.
Within the Group, contracts that may contain embedded derivatives are:
\u2022contracts for the purchase of non-financial items entered into by Postepay SpA with clauses or options affecting the contract price, for which, however, the embedded derivatives are not separable from the host contract;
\u2022the convertible bond held by Postepay SpA, for which the embedded derivative component is not separated as the host contract is a financial instrument measured at fair value through profit or loss.
Repurchase agreements
Any securities received as part of a transaction entailing subsequent re-sale and the delivery of securities as part of a transaction entailing their subsequent repurchase are not either recognised or derecognised in these financial statements. Consequently, in the case of securities purchased under a resale agreement, the amount paid is recognised as an amount due from customers or banks under Financial assets measured at amortised cost; in the case of securities sold under a repurchase agreement, the liability is recognised as an amount due to banks or customers under Financial liabilities measured at amortised cost. The transactions described are subject to offsetting if, and only if, they are carried out with the same counterparty, have the same maturity and offsetting is provided for in the contract.
Tax credits Law no. 77/2020
In order to identify the correct accounting treatment of the receivables purchased in reference to the Decreto Rilancio no. 34/2020 (later converted with Law no. 77 of 17 July 2020), since an accounting framework directly applicable to this case cannot be identified and in compliance with the provisions of IAS 8, an accounting policy suitable for providing relevant and reliable information aimed at ensuring a faithful representation of the financial, income and cash flow position and which reflects the economic substance and not the mere form of the transaction was defined. Based on the analyses carried out and the documents published by the main Italian supervisory bodies (Joint Document of the Bank of Italy, IVASS and CONSOB256), although the definition of financial activity in IAS 32 is not directly applicable to this case, an accounting model based on IFRS 9 was developed since:
\u2022at inception, an asset as defined by the Conceptual Framework arises in the transferee's financial statements;
\u2022they may be used to offset a payable that is usually settled in cash (tax payables), and exchanged for other financial assets on terms that may be potentially favourable to the entity;
\u2022a business model can be identified (Hold to Collect, Hold to Collect and Sell or other business models)
At the date of purchase, these receivables are recognised at their fair value (coinciding with the price paid) and subsequently measured at amortised cost (\"Hold to Collect\" business model), as they were acquired to be used to offset tax or social security payables by Poste Italiane SpA, based on the provisions of the relevant regulations.
Classification of receivables and payables attributable to BancoPosta and IMEL RFC
Receivables and payables attributable to BancoPosta RFC are treated as financial assets and liabilities if related to BancoPosta's typical deposit-taking and lending activities, or services provided under authority from customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 272 of 30 July 2008 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
Receivables and payables of IMEL RFC are considered to have the nature of financial assets and liabilities if they relate to the characteristic activities of the Electronic Money Institutions, or to the services delegated by the customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 217 of 5 August 1996 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
Own use exemption
The standards establishing the principles for the recognition and measurement of financial instruments are also applied to derivative contracts to buy or sell non-financial items that are settled net in cash or in another financial instrument, with the exception of contracts entered into, and that continue to be held, for the purpose of the receipt or delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements (the own use exemption). This exception is applied in the recognition and measurement of forward purchase contracts for electricity and natural gas carried out by the subsidiary Postepay SpA if the following conditions are met:
\u2022the contract does not provide for the possibility of balancing purchase and sale transactions by offsetting in cash or by means of financial instruments or exchange of financial instruments257;
\u2022the contract is concluded and maintained to meet the needs of the purchase, sale or use of the goods;
\u2022the contract is intended for that purpose from the moment it is signed;
\u2022the contract provides for the delivery of goods258.
When the above conditions are met, the contract for the purchase or sale of non-financial items is classified as a 'normal contract of purchase and sale'.
In order to be able to adopt the own-use exemption regime, the company Postepay SpA has implemented a structured control framework that provides for ex-ante and ongoing monitoring of the applicability conditions set forth in the aforementioned accounting standard.
Taxes
Current income tax expense is based on the best estimate of taxable profit for the period and the related regulations, applying the rates in force. Deferred tax assets and liabilities are calculated on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, using tax rates that are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not recognised if the temporary differences derive from investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference is controlled by the Group or it is probable that the temporary differencewill not reverse in the foreseeable future. In accordance with IAS 12, deferred tax liabilities are not recognised on goodwill deriving from a business combination.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Current and deferred taxes are recognised in profit or loss, with the exception of taxes charged or credited directly to equity, in which case the tax effect is recognised directly in equity. Current and deferred tax assets and liabilities are offset when they are applied by the same tax authority to the same taxpaying entity, which has the legally exercisable right to offset the amounts recognised, and the entity has the intention of exercising this right. As a result, tax liabilities accruing in interim periods that are shorter than the tax year are not offset against related assets deriving from withholding tax or advances paid.
The Group's taxation and accounting standards take account of the effects of Poste Italiane SpA's participation in the national tax consolidation scheme, for which the option has been exercised in accordance with the law, together with the following subsidiaries: Poste Vita SpA, SDA Express Courier SpA, Poste Air Cargo Srl, Postel SpA, Europa Gestioni Immobiliari SpA, Poste Welfare Servizi Srl, Poste Assicura SpA, BancoPostaFondi SpA SGR, PostePay SpA, Poste Insurance Broker Srl, MLK Deliveries SpA, Indabox Srl, Nexive Network Srl, LIS Holding SpA, LIS PAY SpA, Address Software Srl, Consorzio Servizi Scpa, Logos Srl, Plurima SpA, Postego SpA, MLK Fresh Srl, Poste Logistics SpA, Sourcesense SpA, Bridge Technologies Srl and Agile Lab Srl. The tax consolidation arrangement is governed by Group regulations based on the principles of neutrality and equality of treatment, which are intended to ensure that the companies included in the tax consolidation are in no way penalised as a result. Following adoption of the tax consolidation arrangement, the Parent Company's tax expense is determined at consolidated level on the basis of the tax expense or tax losses for the period for each company included in the consolidation, taking account of any withholding tax or advances paid. Poste Italiane SpA posts its IRES tax expense to income taxes for the period, after adjustments to take account of the positive or negative impact of tax consolidation adjustments. Should the reductions or increases in tax expense deriving from such adjustments be attributable to the companies included in the tax consolidation, Poste Italiane SpA attributes such reductions or increases in tax expense to the companies in question. The economic benefits deriving from the offset of tax losses transferred to the consolidating entity by the companies participating in the tax consolidation arrangement are recognised in full by Poste Italiane SpA. Other taxes not related to income are included in \"Other operating costs\".
Furthermore, the information required by the reference standard (IAS 12 - Income Taxes) on the provisions of the OECD (Organisation for Economic Co-operation and Development) Pillar Two, introduced into the European Union regulatory framework with EU Directive 2022/2523 of the Council of 14 December 2022, in turn implemented in Italy with Legislative Decree 209 of 27 December 2023 (hereinafter also referred to as the \"Decree\"), is provided below. The objective of international tax reform is to ensure a minimum level of taxation, at the rate of 15%, of multinational corporations in each jurisdiction in which they operate.
During the year under review, the Poste Italiane Group continued, with the support of external experts, to work on the implementation of procedures aimed at managing the fulfilments relating to both the application phase of the simplified transitional regimes of an optional and temporary nature that have been envisaged as part of the OECD work on the global minimum tax (Transitional CbCR Safe harbours)259, as well as of the \"steady-state\" legislation (GloBE rules).
With regard to the year covered by these disclosures, the Poste Italiane Group has applied the exception to the recognition and disclosure of deferred tax assets and liabilities relating to Pillar II income taxes, as permitted by the aforementioned accounting standard.Furthermore, in order to assess the impact of the new regulations for 2024, Transitional CbCR Safe harbours tests were performed for each of the jurisdictions in which the Poste Italiane Group operates (i.e. Italy, the UK, Hong Kong and China) using the reporting package data for the Consolidated Financial Statements.
The above analysis shows that at least one of the tests under the Transitional CbCR Safe Harbour has been passed for each jurisdiction260 in which the Group operates, therefore no additional tax is currently due.
Inventories
Inventories are valued at the lower of cost and net realisable value. The cost of interchangeable items and goods for resale is calculated using the weighted average cost method. In the case of non-interchangeable items, cost is measured on the basis of the specific cost of the item at the time of purchase. The value of the inventories is adjusted, if necessary, by provisions for obsolete or slow-moving stock. When the circumstances that previously led to recognition of the above provisions no longer exist, or when there is a clear indication of an increase in the net realisable value, the provisions are fully or partly reversed, so that the new carrying amount is the lower of cost and net realisable value at the end of the reporting period. Assets are not, however, recognised in the statement of financial position when the Group has incurred an expense that, based on the best information available at the date of preparation of the financial statements, is deemed unlikely to generate economic benefits for the Group after the end of the reporting period.
In the case of properties held for sale261, if present, cost is represented by the fair value of each asset at the date of acquisition, plus any directly attributable transaction costs, whilst the net realisable value is based on the estimated sale price under normal market conditions, less direct costs to sell.
Long-term contract work is measured using the percentage of completion method, using cost to cost accounting262.
Environmental certificates not used in the reporting period are recognised in inventories.
Environmental Certificates
Within the Poste Italiane Group, environmental certificates refer to:
\u2022Emission allowances held by the company Poste Air Cargo Srl as an incentive to reduce greenhouse gas emissions263 with the aim of achieving an improvement in technologies used in energy production and industrial processes,
\u2022Guarantees of origin and carbon credits held by the company Postepay SpA; the former aimed at certifying the origin from renewable sources of the electricity sold; the latter aimed at fully offsetting CO2 emissions from natural gas consumption.
Emission quotas
The European Emissions Trading System, which works on the basis of the cap and trade principle, has capped annual greenhouse gas emissions at European level. This corresponds to the issue, free of charge, of a set number of emission allowances by the competent national authorities. During the year, depending on the effective volume of greenhouse gas emissions produced with respect to the above cap, each company has the option of selling or purchasing emissionallowances on the market.
The issue, free of charge, of emission allowances involves a commitment to produce, in the relevant year, a quantity of greenhouse gas emissions in proportion to the emission allowances received: this commitment is commensurate with the market value of the emission allowances at the time of allocation. At the end of the year, the commitment is reduced or derecognised in proportion to the greenhouse gas emissions effectively produced and any residual value is reported in the section, \"Additional information\", in the Annual Report.
Guarantees of Origin and Carbon Credits
Guarantees of Origin are certifications attesting to the renewable origin of the sources used by IGO (Plants Guarantee of Origin) classified plants. For each MWh of renewable electricity fed into the grid by IGO-qualified plants, the GSE (Gestore Servizi Energetici) issues a GO certificate to the producer, in accordance with EU Directive 2018/2001. As of 1 January 2013, electricity sales companies are obliged to procure a quantity of GO certificates equal to the electricity sold as renewable. To do this, each company is required, by 31 March of the year following the year in which electricity was supplied to end customers, to cancel a quantity of GO equal to the electricity sold as renewable.
Carbon credits, on the other hand, represent a negotiable security that allows a company or organisation to offset the carbon dioxide (CO2) emitted in the course of its activities (in the case of Postepay SpA, the CO2 emissions of the gas marketed to end customers), by adhering to environmental sustainability projects aimed at pursuing a path of ecological transition and decarbonisation.
Offsetting of CO2 emissions takes place through the acquisition of carbon credits for a value equivalent to the CO2 emissions resulting from the gas consumption of the Company's end customers. Each carbon credit represents the offsetting of one tonne of CO2.
The accounting treatment of emission allowances and, insofar as they are similar, guarantees of origin and carbon credits, in the absence of specific indications within the IAS/IFRS framework, is carried out in accordance with the provisions of OIC 8 \"Greenhouse Gas Emission Allowances\", as well as the reference best practice for the main IAS adopters. The purchase for consideration or the sales of environmental certificates are recognised in the Income Statement of the financial year in which they occur. At the end of the year, any surpluses arising from purchases for consideration are recognised in the closing inventories at the lower of cost and net realisable value264. In the event of a shortfall, the resulting charge and related liability are accounted for at the end of the year at fair value.
Business Combinations
Business combinations are recognised using the acquisition method. The consideration transferred in a business combination is equal to the sum of the fair values, at the acquisition date, of the assets transferred, the liabilities incurred, and any interest issued by the acquirer. Costs directly attributable to the transaction are recognised in the Statement of profit or loss.
The amount transferred is allocated by recognising the identifiable assets, liabilities and contingent liabilities of the acquiree at the related fair values at the acquisition date.
Any positive difference between the carrying amount of the asset and its recoverable value is recognised as goodwill and recorded under intangible assets:
\u2022the sum of the consideration transferred, measured at fair value at the acquisition date, the amount of any non-controlling interest, and, in the case of business combinations achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree; and
\u2022the net value of the amounts, at the acquisition date, of the assets acquired and liabilities assumed that are identifiable in the acquiree measured at fair value.In the event of a negative difference, this surplus represents the profit from a purchase on favourable terms and is recognised in the statement of profit or loss.
If at the time of preparing the financial statements the fair value of the assets, liabilities and contingent liabilities arising from the transaction can only be determined provisionally, the business combination is recognised using these provisional values. Any adjustments resulting from the completion of the valuation process are recognised retrospectively within twelve months of the acquisition date.
In the case of a business combination achieved in stages, the interests previously held in the acquiree are remeasured at fair value at the new acquisition date and any difference (positive or negative) is recognised in the statement of profit or loss or in the statement of comprehensive income if appropriate.
Cash and deposits attributable to BancoPosta
Cash and securities held at post offices, and bank deposits attributable to the operations of BancoPosta RFC, are accounted for separately from cash and cash equivalents as they derive from deposits subject to investment restrictions, or from advances from the Italian Treasury to ensure that post offices can operate. This cash may only be used in settlement of these obligations.
Cash and cash equivalents
Cash and cash equivalents refer to cash in hand, deposits held at call with banks, amounts that at 31 December 2024 the Parent Company has temporarily deposited with the MEF and other highly liquid short-term investments with original maturities of ninety days or less. Current account overdrafts are accounted for in current liabilities.
Non-current assets (or disposal groups) classified as held for sale and discontinued operations
Non-current assets, disposal groups and discontinued operations are measured at the lower of their carrying amount and fair value, less costs to sell.
When it is highly probable that the carrying amount of a non-current asset, or a disposal group, will be recovered, in its present condition, principally through a sale transaction or other form of disposal, rather than through continuing use, and the transaction is likely to take place in the short term, the asset or disposal group is classified as held for sale or as a discontinuing operation in the statement of financial position. The transaction is deemed to be highly probable, when the Parent Company's Board of Directors, or, when so authorised, the board of directors of a subsidiary, has committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan has been initiated. Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance.
Equity
Share capital
Share capital is represented by Poste Italiane SpA's subscribed and paid-up capital. Incremental costs directly attributable to the issue of new shares are recognised as a reduction of the share capital, net of any deferred tax effect.
Treasury shares
Treasury shares are recognised at cost and deducted from shareholders' equity. The effects of any subsequent sales are recognised in equity.
Hybrid bonds
Perpetual hybrid subordinated bonds are classified in the financial statements under comment as equity instruments, taking into account the circumstance that the issuing Company has the unconditional right to defer, until the date of its dissolution or liquidation, the repayment of the capital and the payment of coupons. Therefore, the amount received from the subscribers of these instruments, net of the related issue costs, is recognised as an increase in Group shareholders' equity; conversely, repayments of principal and payments of coupons due (at the time the related contractual obligation arises) are recognised as a decrease in shareholders' equity.
Reserves
Reserves include capital and revenue reserves. They include, among others, the Reserve for BancoPosta RFC that constitutes the initial and subsequent allocations of Bancoposta RFC legally independent, the Parent Company's legal reserve, the fair value reserve relating to items accounted for using this method with a balancing entry in Equity, and the cash flow hedge reserve relating to the recognition of the effective portion of hedges outstanding at the reporting date, the Reserve for insurance contracts issued and outward reinsurance held, which includes the reversal of the results achieved on financial assets measured at fair value with a balancing entry in shareholders' equity following the adoption of the OCI option provided for by IFRS 17, as well as the Translation reserve, which includes the exchange rate differences arising from the translation, in the presentation currency, of the financial statements of consolidated companies that operate in a functional currency other than the Euro.
Retained earnings / (Accumulated losses)
This relates to the portion of profit for the period and for previous periods which has not been distributed or taken to reserves or used to cover losses and actuarial gains and losses deriving from the calculation of the liability for employee termination benefits, and transfers from other equity reserves, when they have been released from the restrictions to which they were subjected. In the consolidated financial statements, the item also includes any effects arising from transactions with minority shareholders.
Insurance Contracts and Assets for outward reinsurance
They concern insurance contracts and investment contracts with discretionary participation elements issued by the Companies belonging to the Poste Vita Group, as well as the reinsurance contracts held by them. As regards contracts issued by other companies belonging to the Group other than insurance companies, no elements have been identified that can be traced back to the definition of insurance contract, or, even though they fall within this definition, the Group has opted to continue to apply IFRS 15 and/or IFRS 9 as permitted by IFRS 17.
The process of aggregating insurance contracts provides for an initial distinction between Life and P&C businesses and subsequently a distinction into different Portfolios of contracts and different Units of Account. The Portfolios include contracts with similar contractual and risk characteristics that are managed in a unitary manner. With regard to the Lifebusiness, groups of contracts are aggregated by product type (e.g. Pure Separately Managed Accounts, Multi-class, Temporary Death Benefits, etc.), while for the P&C business, the level of aggregation coincides with the lines of business (e.g. those defined for Solvency II reporting); in some cases they are further subdivided in order to comply with the characteristics of specific products. For business related to reinsurance contracts held, the Unit of Account is equivalent to the individual treaty with the counterparty.
The Contract portfolios can be further disaggregated according to the underwriting year of the policies (cohorts)265 and the level of profitability. For this purpose, an onerousness test of the products is carried out to divide the Units of Account into:
\u2022profitable;
\u2022onerous;
\u2022that at the time of initial recognition do not have a high probability of becoming onerous.
The following describes the process for defining the onerousness test according to the relevant business:
\u2022Life business: for contracts issued by Poste Vita SpA, the test is performed at the product level in the design phase of the same (ex ante) exclusively for new products, determining the estimated future flows of fulfilment at the date. For contracts issued by Net Insurance Life SpA, on the other hand, the test is carried out on individual tariffs. The analysis is repeated in the event of significant events that may affect the costliness of the product in the first year of life;
\u2022P&C business: for contracts issued by the Company Poste Assicura SpA, the test is performed on the basis of the Combined Ratio266 at the time of the initial recognition of the group of contracts by defining the onerousness on a permanent basis until the maturity of the policies. For contracts issued by Net Insurance SpA, the test takes into account estimated future fulfilment flows at the date and is performed at the contract group level according to business type;
Groups of insurance contracts are recognised at the date of initial recognition. The Poste Italiane Group has defined in detail which, for each type of business and its underlying products, is the date that identifies the start of the contractual relationship. These dates (e.g. effective date, renewal date, accession date, etc.) were identified according to the specificities of the products issued.
Measurement models
Groups of insurance contracts with at least one of the following characteristics are measured using the Premium Allocation Approach (PAA) method267:
\u2022One-year Duration;
\u2022Multi-Year Duration and belonging to the Collective Business (Contract Groups = Collective);
\u2022Multi-Year Duration and belonging to a Portfolio where the weight of the Multi-year Business is less than or equal to 5% in the last 3 years.
With reference to the Variable Fee Approach (VFA)268, adopted exclusively for Life business, the following types of products are considered eligible for the model:
\u2022With Profit Participating (separately managed account);
\u2022Unit-linked standalone insurance;
\u2022Hybrid products with investment components (Multi-class).
The PAA model is applied to P&C business, with the exception of the CPI products269, which are measured through the adoption of the Building Block Approach (BBA) or General Model270 as they do not meet the conditions for the application of the simplified model. The BBA is also adopted for products belonging to the Life business for which the VFA model does not apply.
Elements for determining future fulfilment flows
In application of the BBA and VFA models, future cash flows associated with insurance contracts are estimated by taking into account the so-called \"contract boundary\", in order to identify whether a particular contractual option should be included in the cash flow projection as soon as the contract is issued or whether the exercise of that option would result in the recognition of a new group of contracts. Contract boundary identification techniques have been borrowed from the Solvency II context271, except in the case of P&C business contracts with tacit renewal that were no longer terminable at the valuation date, which define the generation of a new group of contracts and, therefore, a new cohort. In the Life business, pure risk policies, cases of conversion into annuities, automatic maturity deferrals and additional payouts can generate a new fulfilment cash flow; while in the P&C business, additional considerations can be made about product repricing clauses, the presence of variable sums insured and cases of surrender with return of unearned premium.
All costs directly attributable to the management of insurance contracts, including costs incurred in the acquisition of contracts, are also taken into account in the construction of the fulfilment cash flows. With particular reference to acquisition costs, the costs incurred internally for placement through the Poste Italiane network, placement commissions paid to the network external to the Group (mainly for the Net Insurance and Net Insurance Life companies), rappels272 and other direct and indirect acquisition costs are considered directly attributable to insurance contracts.
Adjustment for non-financial risk
When assessing insurance contracts, it is necessary to consider the Risk Adjustment component, i.e. the remuneration that the Companies of the Poste Italiane Group require to assume risks of a non-financial nature. To determine the Adjustment for non-financial risk, the Poste Italiane Group has decided to use the percentile metric. According to this approach, the Adjustment for non-financial risk represents the potential loss in relation to the obligations assumed towards the policyholders (Insurance liabilities) that the Companies would incur, at a given level of probability (percentile level), to cover the insurance risks assumed, thus reflecting the risk appetite of the Companies themselves. This element is calculated separately for Life and P&C business. The confidence level identified to quantify the Adjustment for non-financial risk is 70% for both P&C and Life business.
In order to determine the amount of the Adjustment for non-financial risk, among other elements, the Solvency II valuation framework is taken into account, considering the same scope of underlying risks. For details of the risks considered, see Section \"2.6 - Use of estimates - Insurance liabilities\".
The Adjustment for non-financial risk may change as a result of changes in the risks to which the Group is exposed. These effects may have an impact on the statement of financial position if they relate to future services, affecting the total valueof the Contractual Service Margin, and on the statement of profit or loss through the period release of this component, which occurs on the basis of a defined coverage unit.
Discount rate
For the purposes of determining the discount rate to be used for discounting future cash flows, the Poste Italiane Group adopts a \"bottom-up approach\" for the derivation of discount curves borrowed from Solvency II, in which the reference Basic Risk Free Curve is based on the Risk Free Rate curve provided by EIOPA.
The Basic Risk Free curve, depending on the specific business, may be adjusted to take into account specific Illiquidity Premiums (a component representing the level of liquidity of the counterparty) calibrated to portfolios or at Company level.
Please refer to section \"2.6 - Use of estimates - Insurance liabilities\" for detailed information on the discount curves used per individual portfolio.
Accounting policy under IFRS 17
The choices made by the Group in applying the provisions of the standard are summarised below:
\u2022Risk mitigation: the Poste Group does not plan to adopt risk mitigation, i.e., the option not to recognise changes
in the CSM to account for some or all of the changes in the time effect of money and non-financial risk;
\u2022OCI Option: for insurance contracts with direct participation elements for which the underlying elements are
owned, the Group opts to disaggregate the finance income or expenses into Profit for the Period and Other Comprehensive Income, based on the results of IFRS 9, which defines the valuation of the underlying elements. The Poste Italiane Group also provides that, for contracts measured using the VFA model, the fair value income generated by the underlying assets measured under IFRS 9, relating to finance income from separately managed assets, commissions and technical interest attributable to unit-linked policies, is passed on to policyholders based on the percentage weight of the Mathematical Provisions at the date (mirroring). The value of the returns generated by the assets related to the insurance liabilities is deducted from the profit retained by the Group (over-coverage) and then allocated to the individual Units of Account;
\u2022Exception to the use of annual cohorts273: The Poste Italiane Group adopts the exemption option274, limited to the
portfolios pertaining to the Line of Business \"With Profit Participating\" and the hybrid products with separately managed components of Poste Vita. These contracts will therefore not be divided into annual cohorts, but will be managed together due to the mutualisation effect of returns275, typical of separately managed accounts. The exception is not applicable for P&C business;
\u2022Method of presentation of the result of the outward reinsurance business: The Group has chosen a net
presentation for the reinsurance result.
Provisions for risks and charges
Provisions for risks and charges are recorded to cover losses that are either probable or certain to be incurred, for which, however, there is an uncertainty as to the amount or as to the date on which they will occur. Provisions for risks and charges are made when the Group has a present (legal or constructive) obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured on the basis of
management's best estimate of the use of resources required to settle the obligation. The value of the liability is discounted, where the time effect of money is relevant, at a rate that reflects current market values and takes into account the risks specific to the liability. Provisions are reviewed at each reporting date and are adjusted to reflect the best estimate of the expected charge to meet existing obligations at the reporting date. Any effect of the passage of time and the effect of changes in interest rates are shown in the statement of profit or loss. With regard to the risks for which the occurrence of a liability is only possible, specific information is provided without making any provision. In those rare cases in which disclosure of some or all of the information regarding the risks in question could seriously prejudice the Group's position in a dispute or in ongoing negotiations with third parties, the Group exercises the option granted by the relevant accounting standards to provide limited disclosure.
Employee benefits
The so-called Short-term employee benefits are those that will be fully paid within twelve months of the end of the year in which the employee provided their services. Such benefits include wages, salaries, social security contributions, holiday pay and sick pay.
The undiscounted value of short-term employee benefits to be paid to employees in consideration of employment services provided over the relevant period is accrued as personnel expenses.
The so-called Post-employment benefits are divided into two types:
\u2022Defined benefit plans
Defined benefit plans include severance indemnities due to employees pursuant to Article 2120 of the Civil Code limited to the portions of severance indemnities accrued in the company up to 31 December 2006, for Group companies with at least 50 employees, as well as the portions of severance indemnities accrued during the period in the case of Group companies with less than 50 employees, which continue to increase the value of the accumulated liability.
Under these plans, given that the amount of the benefit to be paid is only quantifiable following the termination of employment, the related effects on profit or loss or the financial position are recognised on the basis of actuarial calculations. In particular, the liability to be paid on cessation of employment is calculated using the projected unit credit method and then discounted to recognise the time value of money prior to the liability being settled. The liability recognised in the financial statements is based on calculations performed by independent actuaries. The calculation takes into account accrued termination benefits for services already rendered and is based on actuarial assumptions described in Note \"2.6 - Use of Estimates - TFR\", to which reference should be made. Actuarial gains and losses at the end of each reporting period, based on the difference between the carrying amount of the liability and the present value of the Group's obligations at the end of the period, due to changes in the actuarial assumptions, are recognised directly in Other comprehensive income.
\u2022Defined contribution plans
TFR falls within the scope of defined contribution plans provided the benefits vested subsequent to 1 January 2007 and were paid into a Supplementary Pension Fund or a Treasury Fund at INPS. Contributions to defined contribution plans are recognised in profit or loss when incurred, based on their nominal value.
The so-called Termination benefits payable to employees are recognised as a liability when the entity gives a binding commitment, also on the basis of consolidated relationships and mutual undertakings with union representatives, to terminate the employment of an employee, or group of employees, prior to the normal retirement date or, alternatively, anemployee or group of employees accepts an offer of benefits in consideration of a termination of employment. Termination benefits payable to employees are immediately recognised as personnel expenses.
Other long-term employment benefits consist of benefits not payable within twelve months of the end of the reporting period during which the employees provided their services. The net change in the value of any of the components of the liability during the reporting period is recognised in full in profit or loss.
Share-based payments
Share-based payment transactions may be settled in cash, with equity instruments, or with other financial instruments. Goods or services received or acquired through a share-based payment transaction are recognised at their fair value.
In the case of cash-settled share-based payment transactions:
\u25aaa liability is recognised as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the liability;
\u25aathe fair value of the liability must be remeasured at the end of each reporting period, recognising any changes in fair value in profit or loss for the period.
In the case of equity-settled share-based payment transactions:
\u25aaan increase in shareholders' equity is recorded as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the equity instruments granted at the grant date;
In the case of employee benefits, the expense is recognised in personnel expenses over the period in which the employee renders the relevant service.
Recognition of revenue from contracts with customers
Revenue reflects the consideration to which the Group expects to be entitled in exchange for the transfer of promised goods and/or services to the customer (transaction price).
The main types of revenue of the Poste Italiane Group are described below, together with an indication of the timing of the performance obligation276:
\u2022Revenue from mail, parcels and other refers to services provided to customers through the retail and business channels; revenue generated through the retail channel is recognised at a point in time given the number of transactions handled through the various sales channels (post offices, call centres and online) and measured on the basis of the rates applied; revenue generated through the business channel is generally earned as a result of annual or multi-annual contracts and is recognised over time using the output method determined on the basis of shipments requested and handled. These contracts include elements of variable consideration (primarily volume discounts and penalties linked to the quality of service provided) estimated using the expected value method and recognised as a reduction from revenue.
\u2022Revenue from financial services refers to:
orevenue from placement and brokerage: these are recognised over time and measured on the basis of the volumes placed, quantified on the basis of commercial agreements with financial institutions. In terms of payment for the collection of postal savings, the agreement entered into with Cassa Depositi e Prestiti envisages payment of a variable consideration on achieving certain levels of inflows, determined on the basis of the volume of inflows and expected redemptions; certain commercial agreements, entered into with leading financial partners for the placement of financial products, envisage the return of placement fees in the event of early termination or surrender by the customer;
orevenue from current account and related services: these are recognised over time, measured on the basis of the service rendered (including the related services, e.g. bank transfers, securities deposits, etc.) and quantified on the basis of the contract terms and conditions offered to the customer;
orevenue from commissions on payment of bills by payment slip: these are recognised at a point in time given the number of transactions handled by post offices and quantified on the basis of the terms and conditions in the contract of sale.
\u2022Revenue from Postepay services refers to:
oe-money, collection and payment services relating to PostePay mainly for the issuing of Postepay cards and debit cards detected at a point in time at the time of issuance and for the related services detected over time based on the use of the service by the customer. These services include interchange fees recognised by international circuits on payment transactions with cards detected over time. The item includes commissions for acquiring services rendered to merchants recognised over time due to the use of the service, F23 and F24 proxy acceptance services recognised over time due to the level of service rendered, and PagoPA collection services recognised at a point in time when the service is provided. Services provided by the LIS Group contribute to this item, which mainly include collection and payment services (including bill collection services) provided by LIS Pay and recognised at a point in time upon collection, and revenue from the processing of telephone top-ups and network fees and services paid by points of sale to LIS Holding recognised over time due to the use of the service;
omobile and fixed network telephony services, which include: revenue from \u201cstandard TLC services offers\u201d recorded over time on the basis of the output method based on the traffic offered (voice, SMS and data) to the customer; revenue relating to the sale of fixed telephony offers recorded over time on the basis of the output method based on the fee charged to the customer; revenue relating to fees for the activation of SIM cards and fixed telephony offers, recorded at a point in time when the service is provided;
oservices related to the supply of electricity and methane gas, the revenue from which is recognised at the time of supply to the end customer due to the use of the service (over time). With regard to the sale of electricity, the services offered include, in addition to the commodity component, also the transport, metering and system charges components; with regard to the sale of natural gas, these services include, in addition to the commodity component, also the provision of transport services.
For the purposes of revenue recognition, the so-called variable components of the consideration are identified and quantified (discounts, rebates, price concessions, incentives, penalties and other similar) to include them to supplement or adjust the transaction price. Among the variable components of the fee, penalties (to be paid to the customer in the event of failure to achieve pre-established service levels) are of particular importance, and are recognised by the Group as a direct decrease in revenue.
Revenue from activities carried out in favour of or on behalf of the state is recognised on the basis of the amount effectively accrued, with reference to the laws and agreements in force, taking account, in any event, of the provisions contained in legislation regarding the public finances. The return on the current account deposits held by the MEF is determined using the effective interest method and is recognised as revenue from financial services. A similar classification is adopted for
the proceeds of Euro area government securities, in which the funds collected on current accounts from private customers and tax credits under Law no. 77/2020 are employed.
The Poste Italiane Group disaggregates revenue from contracts with customers by type of good and/or service provided, revenue is therefore disaggregated in line with the operating segments identified within the company; for quantitative details on the distinction between revenue from contracts with customers recognised at a specific time or over time, see section \"4.3 Notes to the Income Statement\".
Government grants
Receivables from government grants are recognised once they have been formally allocated to the Group by the public entity concerned and only if, based on the information available at the end of the year, there is reasonable assurance that the project to which the grant relates will be effectively carried out and completed in accordance with the conditions attached to the grant. Government grants are recognised in the Income Statement under Other operating income as follows: operating grants in proportion to the costs actually incurred for the project and accounted for and approved to the public entity; grants related to property, plant and equipment are recognised in proportion to the depreciation charged on the assets acquired and used to carry out the project.
Finance income and costs
Finance income and costs are recognised on an accruals basis based on the effective interest method, i.e. using an interest rate that discounts all cash flows relating to a given transaction in the same way.
Dividends are recognised as finance income when the right to receive payment is established, which generally corresponds with approval of the distribution by the Shareholders Meeting of the investee company. Otherwise, dividends from subsidiaries are accounted for as \"Other operating income\".
Transactions in currencies other than the euro are translated to euro using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at closing exchange rates of monetary assets and liabilities denominated in currencies other than the euro are recognised in profit or loss.
Earnings per share
In the Poste Italiane Group's consolidated financial statements, earnings per share is determined as follows:
Basic: basic earnings per share is calculated by dividing the Group's profit for the year by the weighted average number of Poste Italiane SpA's ordinary shares in issue during the period.
Diluted: At the date of preparation of these financial statements no financial instruments have been issued which have potentially dilutive characteristics277.
Related parties
Related parties within the Group refer to Poste Italiane SpA's direct and indirect subsidiaries and associates. Related parties external to the Group include the MEF and its direct or indirect subsidiaries and associates. The Group's key management personnel are also classified as related parties, as are funds providing post-employment benefits to the Group's employees and the related entities. The state and Public Administration entities other than the MEF are not
classified as related parties. Related party transactions do not include those deriving from financial assets and liabilities represented by instruments traded on organised markets.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page409-cflshid_156631-tag273226": { "value": "
2.5 MATERIAL INFORMATION ON ACCOUNTING STANDARDS
The Poste Italiane Group's financial statements have been prepared on a historical cost basis, with the exception of certain items for which fair value measurement is obligatory.
The following is the information on accounting standards considered relevant249 by the Poste Italiane Group, as well as all other information considered by management to be useful for understanding the financial statement information.
Property, plant and equipment
The Property, plant and equipment item is stated at acquisition or construction cost, less accumulated depreciation and any accumulated impairment losses. If the case occurs, this cost is increased for charges directly related to the purchase or construction of the asset, including - where identifiable and measurable - that relating to employees involved in the planning and/or preparation for use phase. Interest expense incurred by the Group for loans specifically for the acquisition or construction of property, plant and equipment is capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year in question. Costs incurred for routine and/or cyclical maintenance and repairs are recognised directly in profit or loss in the related year. The capitalisation of costs attributable to the extension, modernisation or improvement of assets owned by Group companies or held under lease is carried out to the extent that they qualify for separate recognition as an asset or as a component of an asset, applying the
component approach, which requires each component with a different estimated useful life and value to be recognised and amortised separately.
The original cost is depreciated on a straight-line basis from the date the asset is available and ready for use, based on the asset's expected useful life. Land is not depreciated.
Property and any related fixed plant and machinery located on land held under concession or sub-concession, which is to be returned free of charge to the grantor at the end of the concession term, are accounted for, based on the nature of the asset, within property, plant and equipment and depreciated on a straight-line basis over the shorter of the useful life of the asset and the residual concession term.
At each reporting date, property, plant and equipment is analysed in order to identify the existence of any indicators of impairment (in accordance with IAS 36 - Impairment of Assets; please refer to the treatment of impairment of assets).
Gains and losses deriving from the disposal or retirement of an asset are calculated as the difference between the disposal proceeds and the net carrying amount of the asset retired or sold, and are recognised in profit or loss in the period in which the transaction occurs.
The Poste Italiane Group's investment property relates to properties held for the purpose of earning rents or achieving capital appreciation, or both, and therefore generates cash flows largely independent of other activities. The same accounting standard and criteria is applied to investment property as to property, plant and equipment.
Please refer to Note 2.6 \u2013 Use of estimates for details on the useful life of the Group's main classes of Tangible assets.
Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance, which is controllable and capable of generating future economic benefits. The initial carrying amount is adjusted for accumulated amortisation, where an amortisation process is involved, and for any impairment losses.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life. Any research costs are not capitalised.
Among the Group's intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (\"CGU\") to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, \"Impairment of assets\".
Lastly, it should be noted that following the Purchase Price Allocation activity related to the acquisition of the Net Group, the value of the \"Net Insurance\" brand was recognised among the Group's intangible assets. In analogy to goodwill, this brand, considered to have indefinite useful life, is not subject to systematic amortisation but to the provisions of IAS 36 on impairment.
Lease arrangements
The Group assesses whether a contract is or contains a lease at the time of its initial recognition; during the contractual life, the initial assessment is revised only in the event of changes in the conditions of the contract (specifically, contractual duration or instalments due).
On the contract commencement date, a right to use the leased asset is recorded, equal to the initial value of the corresponding lease liability, plus payments due before or at the same time as the contract commencement date (e.g. agency fees). Subsequently, said right of use is measured less accumulated depreciation and any accumulated impairment losses. Depreciation starts on the commencement date of the lease and extends over the shorter of the lease term and the useful life of the underlying asset. If events or changes in circumstances indicate that the carrying amount of the right of use cannot be recovered, this asset is tested for impairment in accordance with the provisions of IAS 36 - Impairment of Assets.
The lease liability is initially recorded at the present value of the lease instalments not paid on the date the contract commences250, discounted using the incremental borrowing rate, defined by loan period and for each Group company. The lease liability is subsequently reduced to reflect the lease payments made and increased to reflect interest on the remaining amount.
The lease liability is restated (resulting in a right-of-use adjustment) in the event of a change in:
\u2022the lease term (for example, in the case of early termination of the contract or an extension of the lease);
\u2022the assessment of a purchase option for the underlying asset; in these cases, lease payments due are reviewed on the basis of the revised lease term and to take account of the change in the amounts payable in view of the purchase option;
\u2022future lease payments deriving from a change in the index or rate used to determine the payments (e.g. ISTAT), or as a result of a renegotiation of the financial conditions.
In the event of a significant change in the lease term or future lease payments, the residual value of the lease liability is restated by reference to the marginal lending rate in effect at the date of the change.
The Group avails itself of the option granted by the standard to apply a simplified accounting regime to short-term contracts for certain specific classes of assets (with a duration of no more than 12 months), to contracts where the individual underlying asset is of low value (up to \u20ac5,000) and to contracts where the individual underlying asset is an intangible asset: for these contracts, lease payments are recognised in the Statement of profit or loss as a balancing entry to short-term trade payables.
Impairment of assets
At the end of each reporting period, property, plant, equipment and intangible assets with finite lives are analysed to assess whether there is any indication that an asset may be impaired. If these indicators are present, the recoverable amount ofthe assets concerned is estimated. The recoverable amount is the higher of an asset's fair value less costs to sell, and its value in use, represented by the present value of the future cash flows expected to be derived from the asset. In calculating value in use, future cash flow estimates are discounted using a rate that reflects current market assessments of the time value of money, the period of the investment and the risks specific to the asset. The realisable value of assets that do not generate separate cash flows is determined with reference to the cash generating unit (CGU) to which the asset belongs.
Regardless of any impairment indicator, the assets listed below are tested for impairment every year:
\u2022intangible assets with indefinite useful life or that are not yet available; the impairment test can take place at any time during the year, provided that it is performed at the same time in each of the following years;
\u2022goodwill acquired in a business combination.
An impairment loss is recognised in profit or loss for the amount by which the net carrying amount of the asset, or the CGU to which it belongs, exceeds its recoverable amount. In particular, if the impairment loss regards goodwill and is higher than the related carrying amount, the remaining amount is allocated to the assets included in the CGU to which the goodwill has been allocated, in proportion to their carrying amount251. Except in the case of goodwill, if the impairment indicators no longer exist, the carrying amount of the asset or CGU is reinstated and the reversal recognised in profit or loss. The reversal must not exceed the carrying amount that would have been determined had no impairment loss been recognised and depreciation or amortisation been charged.
Investments
In the Poste Italiane Group\u2019s consolidated financial statements, investments in companies over which the Group exerts significant influence (\"associates\") and in joint ventures, are accounted for using the equity method. The investments in insignificant subsidiaries (individually and in aggregate) are valued using the equity method. See note 2.8 \u2013 Basis of consolidation.
In Poste Italiane SpA's separate financial statements, investments in subsidiaries and associates are accounted for at cost (including any directly attributable incidental expenses), after adjustment for any impairments. Investments in subsidiaries and associates are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment losses (or subsequent reversals of impairment losses) are recognised in the same way and to the same extent described with regard to property, plant and equipment and intangible assets in the paragraph, \"Impairment of assets\".
Financial instruments
On initial recognition, financial assets and liabilities are classified at fair value based on the business purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta's operations, at the settlement date252. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
Financial liabilities, including borrowings, trade payables and other payment obligations, are carried at amortised cost using the effective interest method. If there is a change in the expected cash flows and they can be reliably estimated, the value of borrowings is recalculated to reflect the change on the basis of the present value of estimated future cash flows and the internal rate of return initially applied. Financial liabilities are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
Financial liabilities are derecognised when they are extinguished or when the obligation specified in the contract expires, is cancelled or discharged.
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
Embedded derivatives
An embedded derivative is a derivative included in a combined contract or hybrid instrument, also containing a non-derivative contract or host contract, which originates all or part of the cash flows of the combined contract. Embedded derivatives are separated from the host contract and recognised as a derivative when:
\u2022the host contract is not a financial instrument measured at fair value recorded in the income statement;
\u2022the economic risks and characteristics of the embedded derivative are not strictly correlated with those of the host contract;
\u2022a separate contract with the same terms and conditions of the embedded derivative would meet the definition of a derivative.
Within the Group, contracts that may contain embedded derivatives are:
\u2022contracts for the purchase of non-financial items entered into by Postepay SpA with clauses or options affecting the contract price, for which, however, the embedded derivatives are not separable from the host contract;
\u2022the convertible bond held by Postepay SpA, for which the embedded derivative component is not separated as the host contract is a financial instrument measured at fair value through profit or loss.
Repurchase agreements
Any securities received as part of a transaction entailing subsequent re-sale and the delivery of securities as part of a transaction entailing their subsequent repurchase are not either recognised or derecognised in these financial statements. Consequently, in the case of securities purchased under a resale agreement, the amount paid is recognised as an amount due from customers or banks under Financial assets measured at amortised cost; in the case of securities sold under a repurchase agreement, the liability is recognised as an amount due to banks or customers under Financial liabilities measured at amortised cost. The transactions described are subject to offsetting if, and only if, they are carried out with the same counterparty, have the same maturity and offsetting is provided for in the contract.
Tax credits Law no. 77/2020
In order to identify the correct accounting treatment of the receivables purchased in reference to the Decreto Rilancio no. 34/2020 (later converted with Law no. 77 of 17 July 2020), since an accounting framework directly applicable to this case cannot be identified and in compliance with the provisions of IAS 8, an accounting policy suitable for providing relevant and reliable information aimed at ensuring a faithful representation of the financial, income and cash flow position and which reflects the economic substance and not the mere form of the transaction was defined. Based on the analyses carried out and the documents published by the main Italian supervisory bodies (Joint Document of the Bank of Italy, IVASS and CONSOB256), although the definition of financial activity in IAS 32 is not directly applicable to this case, an accounting model based on IFRS 9 was developed since:
\u2022at inception, an asset as defined by the Conceptual Framework arises in the transferee's financial statements;
\u2022they may be used to offset a payable that is usually settled in cash (tax payables), and exchanged for other financial assets on terms that may be potentially favourable to the entity;
\u2022a business model can be identified (Hold to Collect, Hold to Collect and Sell or other business models)
At the date of purchase, these receivables are recognised at their fair value (coinciding with the price paid) and subsequently measured at amortised cost (\"Hold to Collect\" business model), as they were acquired to be used to offset tax or social security payables by Poste Italiane SpA, based on the provisions of the relevant regulations.
Classification of receivables and payables attributable to BancoPosta and IMEL RFC
Receivables and payables attributable to BancoPosta RFC are treated as financial assets and liabilities if related to BancoPosta's typical deposit-taking and lending activities, or services provided under authority from customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 272 of 30 July 2008 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
Receivables and payables of IMEL RFC are considered to have the nature of financial assets and liabilities if they relate to the characteristic activities of the Electronic Money Institutions, or to the services delegated by the customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 217 of 5 August 1996 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
Own use exemption
The standards establishing the principles for the recognition and measurement of financial instruments are also applied to derivative contracts to buy or sell non-financial items that are settled net in cash or in another financial instrument, with the exception of contracts entered into, and that continue to be held, for the purpose of the receipt or delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements (the own use exemption). This exception is applied in the recognition and measurement of forward purchase contracts for electricity and natural gas carried out by the subsidiary Postepay SpA if the following conditions are met:
\u2022the contract does not provide for the possibility of balancing purchase and sale transactions by offsetting in cash or by means of financial instruments or exchange of financial instruments257;
\u2022the contract is concluded and maintained to meet the needs of the purchase, sale or use of the goods;
\u2022the contract is intended for that purpose from the moment it is signed;
\u2022the contract provides for the delivery of goods258.
When the above conditions are met, the contract for the purchase or sale of non-financial items is classified as a 'normal contract of purchase and sale'.
In order to be able to adopt the own-use exemption regime, the company Postepay SpA has implemented a structured control framework that provides for ex-ante and ongoing monitoring of the applicability conditions set forth in the aforementioned accounting standard.
Taxes
Current income tax expense is based on the best estimate of taxable profit for the period and the related regulations, applying the rates in force. Deferred tax assets and liabilities are calculated on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, using tax rates that are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not recognised if the temporary differences derive from investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference is controlled by the Group or it is probable that the temporary difference
will not reverse in the foreseeable future. In accordance with IAS 12, deferred tax liabilities are not recognised on goodwill deriving from a business combination.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Current and deferred taxes are recognised in profit or loss, with the exception of taxes charged or credited directly to equity, in which case the tax effect is recognised directly in equity. Current and deferred tax assets and liabilities are offset when they are applied by the same tax authority to the same taxpaying entity, which has the legally exercisable right to offset the amounts recognised, and the entity has the intention of exercising this right. As a result, tax liabilities accruing in interim periods that are shorter than the tax year are not offset against related assets deriving from withholding tax or advances paid.
The Group's taxation and accounting standards take account of the effects of Poste Italiane SpA's participation in the national tax consolidation scheme, for which the option has been exercised in accordance with the law, together with the following subsidiaries: Poste Vita SpA, SDA Express Courier SpA, Poste Air Cargo Srl, Postel SpA, Europa Gestioni Immobiliari SpA, Poste Welfare Servizi Srl, Poste Assicura SpA, BancoPostaFondi SpA SGR, PostePay SpA, Poste Insurance Broker Srl, MLK Deliveries SpA, Indabox Srl, Nexive Network Srl, LIS Holding SpA, LIS PAY SpA, Address Software Srl, Consorzio Servizi Scpa, Logos Srl, Plurima SpA, Postego SpA, MLK Fresh Srl, Poste Logistics SpA, Sourcesense SpA, Bridge Technologies Srl and Agile Lab Srl. The tax consolidation arrangement is governed by Group regulations based on the principles of neutrality and equality of treatment, which are intended to ensure that the companies included in the tax consolidation are in no way penalised as a result. Following adoption of the tax consolidation arrangement, the Parent Company's tax expense is determined at consolidated level on the basis of the tax expense or tax losses for the period for each company included in the consolidation, taking account of any withholding tax or advances paid. Poste Italiane SpA posts its IRES tax expense to income taxes for the period, after adjustments to take account of the positive or negative impact of tax consolidation adjustments. Should the reductions or increases in tax expense deriving from such adjustments be attributable to the companies included in the tax consolidation, Poste Italiane SpA attributes such reductions or increases in tax expense to the companies in question. The economic benefits deriving from the offset of tax losses transferred to the consolidating entity by the companies participating in the tax consolidation arrangement are recognised in full by Poste Italiane SpA. Other taxes not related to income are included in \"Other operating costs\".
Furthermore, the information required by the reference standard (IAS 12 - Income Taxes) on the provisions of the OECD (Organisation for Economic Co-operation and Development) Pillar Two, introduced into the European Union regulatory framework with EU Directive 2022/2523 of the Council of 14 December 2022, in turn implemented in Italy with Legislative Decree 209 of 27 December 2023 (hereinafter also referred to as the \"Decree\"), is provided below. The objective of international tax reform is to ensure a minimum level of taxation, at the rate of 15%, of multinational corporations in each jurisdiction in which they operate.
During the year under review, the Poste Italiane Group continued, with the support of external experts, to work on the implementation of procedures aimed at managing the fulfilments relating to both the application phase of the simplified transitional regimes of an optional and temporary nature that have been envisaged as part of the OECD work on the global minimum tax (Transitional CbCR Safe harbours)259, as well as of the \"steady-state\" legislation (GloBE rules).
With regard to the year covered by these disclosures, the Poste Italiane Group has applied the exception to the recognition and disclosure of deferred tax assets and liabilities relating to Pillar II income taxes, as permitted by the aforementioned accounting standard.Furthermore, in order to assess the impact of the new regulations for 2024, Transitional CbCR Safe harbours tests were performed for each of the jurisdictions in which the Poste Italiane Group operates (i.e. Italy, the UK, Hong Kong and China) using the reporting package data for the Consolidated Financial Statements.
The above analysis shows that at least one of the tests under the Transitional CbCR Safe Harbour has been passed for each jurisdiction260 in which the Group operates, therefore no additional tax is currently due.
Inventories
Inventories are valued at the lower of cost and net realisable value. The cost of interchangeable items and goods for resale is calculated using the weighted average cost method. In the case of non-interchangeable items, cost is measured on the basis of the specific cost of the item at the time of purchase. The value of the inventories is adjusted, if necessary, by provisions for obsolete or slow-moving stock. When the circumstances that previously led to recognition of the above provisions no longer exist, or when there is a clear indication of an increase in the net realisable value, the provisions are fully or partly reversed, so that the new carrying amount is the lower of cost and net realisable value at the end of the reporting period. Assets are not, however, recognised in the statement of financial position when the Group has incurred an expense that, based on the best information available at the date of preparation of the financial statements, is deemed unlikely to generate economic benefits for the Group after the end of the reporting period.
In the case of properties held for sale261, if present, cost is represented by the fair value of each asset at the date of acquisition, plus any directly attributable transaction costs, whilst the net realisable value is based on the estimated sale price under normal market conditions, less direct costs to sell.
Long-term contract work is measured using the percentage of completion method, using cost to cost accounting262.
Environmental certificates not used in the reporting period are recognised in inventories.
Environmental Certificates
Within the Poste Italiane Group, environmental certificates refer to:
\u2022Emission allowances held by the company Poste Air Cargo Srl as an incentive to reduce greenhouse gas emissions263 with the aim of achieving an improvement in technologies used in energy production and industrial processes,
\u2022Guarantees of origin and carbon credits held by the company Postepay SpA; the former aimed at certifying the origin from renewable sources of the electricity sold; the latter aimed at fully offsetting CO2 emissions from natural gas consumption.
Emission quotas
The European Emissions Trading System, which works on the basis of the cap and trade principle, has capped annual greenhouse gas emissions at European level. This corresponds to the issue, free of charge, of a set number of emission allowances by the competent national authorities. During the year, depending on the effective volume of greenhouse gas emissions produced with respect to the above cap, each company has the option of selling or purchasing emissionallowances on the market.
The issue, free of charge, of emission allowances involves a commitment to produce, in the relevant year, a quantity of greenhouse gas emissions in proportion to the emission allowances received: this commitment is commensurate with the market value of the emission allowances at the time of allocation. At the end of the year, the commitment is reduced or derecognised in proportion to the greenhouse gas emissions effectively produced and any residual value is reported in the section, \"Additional information\", in the Annual Report.
Guarantees of Origin and Carbon Credits
Guarantees of Origin are certifications attesting to the renewable origin of the sources used by IGO (Plants Guarantee of Origin) classified plants. For each MWh of renewable electricity fed into the grid by IGO-qualified plants, the GSE (Gestore Servizi Energetici) issues a GO certificate to the producer, in accordance with EU Directive 2018/2001. As of 1 January 2013, electricity sales companies are obliged to procure a quantity of GO certificates equal to the electricity sold as renewable. To do this, each company is required, by 31 March of the year following the year in which electricity was supplied to end customers, to cancel a quantity of GO equal to the electricity sold as renewable.
Carbon credits, on the other hand, represent a negotiable security that allows a company or organisation to offset the carbon dioxide (CO2) emitted in the course of its activities (in the case of Postepay SpA, the CO2 emissions of the gas marketed to end customers), by adhering to environmental sustainability projects aimed at pursuing a path of ecological transition and decarbonisation.
Offsetting of CO2 emissions takes place through the acquisition of carbon credits for a value equivalent to the CO2 emissions resulting from the gas consumption of the Company's end customers. Each carbon credit represents the offsetting of one tonne of CO2.
The accounting treatment of emission allowances and, insofar as they are similar, guarantees of origin and carbon credits, in the absence of specific indications within the IAS/IFRS framework, is carried out in accordance with the provisions of OIC 8 \"Greenhouse Gas Emission Allowances\", as well as the reference best practice for the main IAS adopters. The purchase for consideration or the sales of environmental certificates are recognised in the Income Statement of the financial year in which they occur. At the end of the year, any surpluses arising from purchases for consideration are recognised in the closing inventories at the lower of cost and net realisable value264. In the event of a shortfall, the resulting charge and related liability are accounted for at the end of the year at fair value.
Business Combinations
Business combinations are recognised using the acquisition method. The consideration transferred in a business combination is equal to the sum of the fair values, at the acquisition date, of the assets transferred, the liabilities incurred, and any interest issued by the acquirer. Costs directly attributable to the transaction are recognised in the Statement of profit or loss.
The amount transferred is allocated by recognising the identifiable assets, liabilities and contingent liabilities of the acquiree at the related fair values at the acquisition date.
Any positive difference between the carrying amount of the asset and its recoverable value is recognised as goodwill and recorded under intangible assets:
\u2022the sum of the consideration transferred, measured at fair value at the acquisition date, the amount of any non-controlling interest, and, in the case of business combinations achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree; and
\u2022the net value of the amounts, at the acquisition date, of the assets acquired and liabilities assumed that are identifiable in the acquiree measured at fair value.In the event of a negative difference, this surplus represents the profit from a purchase on favourable terms and is recognised in the statement of profit or loss.
If at the time of preparing the financial statements the fair value of the assets, liabilities and contingent liabilities arising from the transaction can only be determined provisionally, the business combination is recognised using these provisional values. Any adjustments resulting from the completion of the valuation process are recognised retrospectively within twelve months of the acquisition date.
In the case of a business combination achieved in stages, the interests previously held in the acquiree are remeasured at fair value at the new acquisition date and any difference (positive or negative) is recognised in the statement of profit or loss or in the statement of comprehensive income if appropriate.
Cash and deposits attributable to BancoPosta
Cash and securities held at post offices, and bank deposits attributable to the operations of BancoPosta RFC, are accounted for separately from cash and cash equivalents as they derive from deposits subject to investment restrictions, or from advances from the Italian Treasury to ensure that post offices can operate. This cash may only be used in settlement of these obligations.
Cash and cash equivalents
Cash and cash equivalents refer to cash in hand, deposits held at call with banks, amounts that at 31 December 2024 the Parent Company has temporarily deposited with the MEF and other highly liquid short-term investments with original maturities of ninety days or less. Current account overdrafts are accounted for in current liabilities.
Non-current assets (or disposal groups) classified as held for sale and discontinued operations
Non-current assets, disposal groups and discontinued operations are measured at the lower of their carrying amount and fair value, less costs to sell.
When it is highly probable that the carrying amount of a non-current asset, or a disposal group, will be recovered, in its present condition, principally through a sale transaction or other form of disposal, rather than through continuing use, and the transaction is likely to take place in the short term, the asset or disposal group is classified as held for sale or as a discontinuing operation in the statement of financial position. The transaction is deemed to be highly probable, when the Parent Company's Board of Directors, or, when so authorised, the board of directors of a subsidiary, has committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan has been initiated. Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance.
Equity
Share capital
Share capital is represented by Poste Italiane SpA's subscribed and paid-up capital. Incremental costs directly attributable to the issue of new shares are recognised as a reduction of the share capital, net of any deferred tax effect.
Treasury shares
Treasury shares are recognised at cost and deducted from shareholders' equity. The effects of any subsequent sales are recognised in equity.
Hybrid bonds
Perpetual hybrid subordinated bonds are classified in the financial statements under comment as equity instruments, taking into account the circumstance that the issuing Company has the unconditional right to defer, until the date of its dissolution or liquidation, the repayment of the capital and the payment of coupons. Therefore, the amount received from the subscribers of these instruments, net of the related issue costs, is recognised as an increase in Group shareholders' equity; conversely, repayments of principal and payments of coupons due (at the time the related contractual obligation arises) are recognised as a decrease in shareholders' equity.
Reserves
Reserves include capital and revenue reserves. They include, among others, the Reserve for BancoPosta RFC that constitutes the initial and subsequent allocations of Bancoposta RFC legally independent, the Parent Company's legal reserve, the fair value reserve relating to items accounted for using this method with a balancing entry in Equity, and the cash flow hedge reserve relating to the recognition of the effective portion of hedges outstanding at the reporting date, the Reserve for insurance contracts issued and outward reinsurance held, which includes the reversal of the results achieved on financial assets measured at fair value with a balancing entry in shareholders' equity following the adoption of the OCI option provided for by IFRS 17, as well as the Translation reserve, which includes the exchange rate differences arising from the translation, in the presentation currency, of the financial statements of consolidated companies that operate in a functional currency other than the Euro.
Retained earnings / (Accumulated losses)
This relates to the portion of profit for the period and for previous periods which has not been distributed or taken to reserves or used to cover losses and actuarial gains and losses deriving from the calculation of the liability for employee termination benefits, and transfers from other equity reserves, when they have been released from the restrictions to which they were subjected. In the consolidated financial statements, the item also includes any effects arising from transactions with minority shareholders.
Insurance Contracts and Assets for outward reinsurance
They concern insurance contracts and investment contracts with discretionary participation elements issued by the Companies belonging to the Poste Vita Group, as well as the reinsurance contracts held by them. As regards contracts issued by other companies belonging to the Group other than insurance companies, no elements have been identified that can be traced back to the definition of insurance contract, or, even though they fall within this definition, the Group has opted to continue to apply IFRS 15 and/or IFRS 9 as permitted by IFRS 17.
The process of aggregating insurance contracts provides for an initial distinction between Life and P&C businesses and subsequently a distinction into different Portfolios of contracts and different Units of Account. The Portfolios include contracts with similar contractual and risk characteristics that are managed in a unitary manner. With regard to the Life
business, groups of contracts are aggregated by product type (e.g. Pure Separately Managed Accounts, Multi-class, Temporary Death Benefits, etc.), while for the P&C business, the level of aggregation coincides with the lines of business (e.g. those defined for Solvency II reporting); in some cases they are further subdivided in order to comply with the characteristics of specific products. For business related to reinsurance contracts held, the Unit of Account is equivalent to the individual treaty with the counterparty.
The Contract portfolios can be further disaggregated according to the underwriting year of the policies (cohorts)265 and the level of profitability. For this purpose, an onerousness test of the products is carried out to divide the Units of Account into:
\u2022profitable;
\u2022onerous;
\u2022that at the time of initial recognition do not have a high probability of becoming onerous.
The following describes the process for defining the onerousness test according to the relevant business:
\u2022Life business: for contracts issued by Poste Vita SpA, the test is performed at the product level in the design phase of the same (ex ante) exclusively for new products, determining the estimated future flows of fulfilment at the date. For contracts issued by Net Insurance Life SpA, on the other hand, the test is carried out on individual tariffs. The analysis is repeated in the event of significant events that may affect the costliness of the product in the first year of life;
\u2022P&C business: for contracts issued by the Company Poste Assicura SpA, the test is performed on the basis of the Combined Ratio266 at the time of the initial recognition of the group of contracts by defining the onerousness on a permanent basis until the maturity of the policies. For contracts issued by Net Insurance SpA, the test takes into account estimated future fulfilment flows at the date and is performed at the contract group level according to business type;
Groups of insurance contracts are recognised at the date of initial recognition. The Poste Italiane Group has defined in detail which, for each type of business and its underlying products, is the date that identifies the start of the contractual relationship. These dates (e.g. effective date, renewal date, accession date, etc.) were identified according to the specificities of the products issued.
Measurement models
Groups of insurance contracts with at least one of the following characteristics are measured using the Premium Allocation Approach (PAA) method267:
\u2022One-year Duration;
\u2022Multi-Year Duration and belonging to the Collective Business (Contract Groups = Collective);
\u2022Multi-Year Duration and belonging to a Portfolio where the weight of the Multi-year Business is less than or equal to 5% in the last 3 years.
With reference to the Variable Fee Approach (VFA)268, adopted exclusively for Life business, the following types of products are considered eligible for the model:
\u2022With Profit Participating (separately managed account);
\u2022Unit-linked standalone insurance;
\u2022Hybrid products with investment components (Multi-class).
The PAA model is applied to P&C business, with the exception of the CPI products269, which are measured through the adoption of the Building Block Approach (BBA) or General Model270 as they do not meet the conditions for the application of the simplified model. The BBA is also adopted for products belonging to the Life business for which the VFA model does not apply.
Elements for determining future fulfilment flows
In application of the BBA and VFA models, future cash flows associated with insurance contracts are estimated by taking into account the so-called \"contract boundary\", in order to identify whether a particular contractual option should be included in the cash flow projection as soon as the contract is issued or whether the exercise of that option would result in the recognition of a new group of contracts. Contract boundary identification techniques have been borrowed from the Solvency II context271, except in the case of P&C business contracts with tacit renewal that were no longer terminable at the valuation date, which define the generation of a new group of contracts and, therefore, a new cohort. In the Life business, pure risk policies, cases of conversion into annuities, automatic maturity deferrals and additional payouts can generate a new fulfilment cash flow; while in the P&C business, additional considerations can be made about product repricing clauses, the presence of variable sums insured and cases of surrender with return of unearned premium.
All costs directly attributable to the management of insurance contracts, including costs incurred in the acquisition of contracts, are also taken into account in the construction of the fulfilment cash flows. With particular reference to acquisition costs, the costs incurred internally for placement through the Poste Italiane network, placement commissions paid to the network external to the Group (mainly for the Net Insurance and Net Insurance Life companies), rappels272 and other direct and indirect acquisition costs are considered directly attributable to insurance contracts.
Adjustment for non-financial risk
When assessing insurance contracts, it is necessary to consider the Risk Adjustment component, i.e. the remuneration that the Companies of the Poste Italiane Group require to assume risks of a non-financial nature. To determine the Adjustment for non-financial risk, the Poste Italiane Group has decided to use the percentile metric. According to this approach, the Adjustment for non-financial risk represents the potential loss in relation to the obligations assumed towards the policyholders (Insurance liabilities) that the Companies would incur, at a given level of probability (percentile level), to cover the insurance risks assumed, thus reflecting the risk appetite of the Companies themselves. This element is calculated separately for Life and P&C business. The confidence level identified to quantify the Adjustment for non-financial risk is 70% for both P&C and Life business.
In order to determine the amount of the Adjustment for non-financial risk, among other elements, the Solvency II valuation framework is taken into account, considering the same scope of underlying risks. For details of the risks considered, see Section \"2.6 - Use of estimates - Insurance liabilities\".
The Adjustment for non-financial risk may change as a result of changes in the risks to which the Group is exposed. These effects may have an impact on the statement of financial position if they relate to future services, affecting the total valueof the Contractual Service Margin, and on the statement of profit or loss through the period release of this component, which occurs on the basis of a defined coverage unit.
Discount rate
For the purposes of determining the discount rate to be used for discounting future cash flows, the Poste Italiane Group adopts a \"bottom-up approach\" for the derivation of discount curves borrowed from Solvency II, in which the reference Basic Risk Free Curve is based on the Risk Free Rate curve provided by EIOPA.
The Basic Risk Free curve, depending on the specific business, may be adjusted to take into account specific Illiquidity Premiums (a component representing the level of liquidity of the counterparty) calibrated to portfolios or at Company level.
Please refer to section \"2.6 - Use of estimates - Insurance liabilities\" for detailed information on the discount curves used per individual portfolio.
Accounting policy under IFRS 17
The choices made by the Group in applying the provisions of the standard are summarised below:
\u2022Risk mitigation: the Poste Group does not plan to adopt risk mitigation, i.e., the option not to recognise changes
in the CSM to account for some or all of the changes in the time effect of money and non-financial risk;
\u2022OCI Option: for insurance contracts with direct participation elements for which the underlying elements are
owned, the Group opts to disaggregate the finance income or expenses into Profit for the Period and Other Comprehensive Income, based on the results of IFRS 9, which defines the valuation of the underlying elements. The Poste Italiane Group also provides that, for contracts measured using the VFA model, the fair value income generated by the underlying assets measured under IFRS 9, relating to finance income from separately managed assets, commissions and technical interest attributable to unit-linked policies, is passed on to policyholders based on the percentage weight of the Mathematical Provisions at the date (mirroring). The value of the returns generated by the assets related to the insurance liabilities is deducted from the profit retained by the Group (over-coverage) and then allocated to the individual Units of Account;
\u2022Exception to the use of annual cohorts273: The Poste Italiane Group adopts the exemption option274, limited to the
portfolios pertaining to the Line of Business \"With Profit Participating\" and the hybrid products with separately managed components of Poste Vita. These contracts will therefore not be divided into annual cohorts, but will be managed together due to the mutualisation effect of returns275, typical of separately managed accounts. The exception is not applicable for P&C business;
\u2022Method of presentation of the result of the outward reinsurance business: The Group has chosen a net
presentation for the reinsurance result.
Provisions for risks and charges
Provisions for risks and charges are recorded to cover losses that are either probable or certain to be incurred, for which, however, there is an uncertainty as to the amount or as to the date on which they will occur. Provisions for risks and charges are made when the Group has a present (legal or constructive) obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured on the basis ofmanagement's best estimate of the use of resources required to settle the obligation. The value of the liability is discounted, where the time effect of money is relevant, at a rate that reflects current market values and takes into account the risks specific to the liability. Provisions are reviewed at each reporting date and are adjusted to reflect the best estimate of the expected charge to meet existing obligations at the reporting date. Any effect of the passage of time and the effect of changes in interest rates are shown in the statement of profit or loss. With regard to the risks for which the occurrence of a liability is only possible, specific information is provided without making any provision. In those rare cases in which disclosure of some or all of the information regarding the risks in question could seriously prejudice the Group's position in a dispute or in ongoing negotiations with third parties, the Group exercises the option granted by the relevant accounting standards to provide limited disclosure.
Employee benefits
The so-called Short-term employee benefits are those that will be fully paid within twelve months of the end of the year in which the employee provided their services. Such benefits include wages, salaries, social security contributions, holiday pay and sick pay.
The undiscounted value of short-term employee benefits to be paid to employees in consideration of employment services provided over the relevant period is accrued as personnel expenses.
The so-called Post-employment benefits are divided into two types:
\u2022Defined benefit plans
Defined benefit plans include severance indemnities due to employees pursuant to Article 2120 of the Civil Code limited to the portions of severance indemnities accrued in the company up to 31 December 2006, for Group companies with at least 50 employees, as well as the portions of severance indemnities accrued during the period in the case of Group companies with less than 50 employees, which continue to increase the value of the accumulated liability.
Under these plans, given that the amount of the benefit to be paid is only quantifiable following the termination of employment, the related effects on profit or loss or the financial position are recognised on the basis of actuarial calculations. In particular, the liability to be paid on cessation of employment is calculated using the projected unit credit method and then discounted to recognise the time value of money prior to the liability being settled. The liability recognised in the financial statements is based on calculations performed by independent actuaries. The calculation takes into account accrued termination benefits for services already rendered and is based on actuarial assumptions described in Note \"2.6 - Use of Estimates - TFR\", to which reference should be made. Actuarial gains and losses at the end of each reporting period, based on the difference between the carrying amount of the liability and the present value of the Group's obligations at the end of the period, due to changes in the actuarial assumptions, are recognised directly in Other comprehensive income.
\u2022Defined contribution plans
TFR falls within the scope of defined contribution plans provided the benefits vested subsequent to 1 January 2007 and were paid into a Supplementary Pension Fund or a Treasury Fund at INPS. Contributions to defined contribution plans are recognised in profit or loss when incurred, based on their nominal value.
The so-called Termination benefits payable to employees are recognised as a liability when the entity gives a binding commitment, also on the basis of consolidated relationships and mutual undertakings with union representatives, to terminate the employment of an employee, or group of employees, prior to the normal retirement date or, alternatively, anemployee or group of employees accepts an offer of benefits in consideration of a termination of employment. Termination benefits payable to employees are immediately recognised as personnel expenses.
Other long-term employment benefits consist of benefits not payable within twelve months of the end of the reporting period during which the employees provided their services. The net change in the value of any of the components of the liability during the reporting period is recognised in full in profit or loss.
Share-based payments
Share-based payment transactions may be settled in cash, with equity instruments, or with other financial instruments. Goods or services received or acquired through a share-based payment transaction are recognised at their fair value.
In the case of cash-settled share-based payment transactions:
\u25aaa liability is recognised as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the liability;
\u25aathe fair value of the liability must be remeasured at the end of each reporting period, recognising any changes in fair value in profit or loss for the period.
In the case of equity-settled share-based payment transactions:
\u25aaan increase in shareholders' equity is recorded as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the equity instruments granted at the grant date;
In the case of employee benefits, the expense is recognised in personnel expenses over the period in which the employee renders the relevant service.
Recognition of revenue from contracts with customers
Revenue reflects the consideration to which the Group expects to be entitled in exchange for the transfer of promised goods and/or services to the customer (transaction price).
The main types of revenue of the Poste Italiane Group are described below, together with an indication of the timing of the performance obligation276:
\u2022Revenue from mail, parcels and other refers to services provided to customers through the retail and business channels; revenue generated through the retail channel is recognised at a point in time given the number of transactions handled through the various sales channels (post offices, call centres and online) and measured on the basis of the rates applied; revenue generated through the business channel is generally earned as a result of annual or multi-annual contracts and is recognised over time using the output method determined on the basis of shipments requested and handled. These contracts include elements of variable consideration (primarily volume discounts and penalties linked to the quality of service provided) estimated using the expected value method and recognised as a reduction from revenue.
\u2022Revenue from financial services refers to:
orevenue from placement and brokerage: these are recognised over time and measured on the basis of the volumes placed, quantified on the basis of commercial agreements with financial institutions. In terms of payment for the collection of postal savings, the agreement entered into with Cassa Depositi e Prestiti envisages payment of a variable consideration on achieving certain levels of inflows, determined on the basis of the volume of inflows and expected redemptions; certain commercial agreements, entered into with leading financial partners for the placement of financial products, envisage the return of placement fees in the event of early termination or surrender by the customer;
orevenue from current account and related services: these are recognised over time, measured on the basis of the service rendered (including the related services, e.g. bank transfers, securities deposits, etc.) and quantified on the basis of the contract terms and conditions offered to the customer;
orevenue from commissions on payment of bills by payment slip: these are recognised at a point in time given the number of transactions handled by post offices and quantified on the basis of the terms and conditions in the contract of sale.
\u2022Revenue from Postepay services refers to:
oe-money, collection and payment services relating to PostePay mainly for the issuing of Postepay cards and debit cards detected at a point in time at the time of issuance and for the related services detected over time based on the use of the service by the customer. These services include interchange fees recognised by international circuits on payment transactions with cards detected over time. The item includes commissions for acquiring services rendered to merchants recognised over time due to the use of the service, F23 and F24 proxy acceptance services recognised over time due to the level of service rendered, and PagoPA collection services recognised at a point in time when the service is provided. Services provided by the LIS Group contribute to this item, which mainly include collection and payment services (including bill collection services) provided by LIS Pay and recognised at a point in time upon collection, and revenue from the processing of telephone top-ups and network fees and services paid by points of sale to LIS Holding recognised over time due to the use of the service;
omobile and fixed network telephony services, which include: revenue from \u201cstandard TLC services offers\u201d recorded over time on the basis of the output method based on the traffic offered (voice, SMS and data) to the customer; revenue relating to the sale of fixed telephony offers recorded over time on the basis of the output method based on the fee charged to the customer; revenue relating to fees for the activation of SIM cards and fixed telephony offers, recorded at a point in time when the service is provided;
oservices related to the supply of electricity and methane gas, the revenue from which is recognised at the time of supply to the end customer due to the use of the service (over time). With regard to the sale of electricity, the services offered include, in addition to the commodity component, also the transport, metering and system charges components; with regard to the sale of natural gas, these services include, in addition to the commodity component, also the provision of transport services.
For the purposes of revenue recognition, the so-called variable components of the consideration are identified and quantified (discounts, rebates, price concessions, incentives, penalties and other similar) to include them to supplement or adjust the transaction price. Among the variable components of the fee, penalties (to be paid to the customer in the event of failure to achieve pre-established service levels) are of particular importance, and are recognised by the Group as a direct decrease in revenue.
Revenue from activities carried out in favour of or on behalf of the state is recognised on the basis of the amount effectively accrued, with reference to the laws and agreements in force, taking account, in any event, of the provisions contained in legislation regarding the public finances. The return on the current account deposits held by the MEF is determined using the effective interest method and is recognised as revenue from financial services. A similar classification is adopted for
the proceeds of Euro area government securities, in which the funds collected on current accounts from private customers and tax credits under Law no. 77/2020 are employed.
The Poste Italiane Group disaggregates revenue from contracts with customers by type of good and/or service provided, revenue is therefore disaggregated in line with the operating segments identified within the company; for quantitative details on the distinction between revenue from contracts with customers recognised at a specific time or over time, see section \"4.3 Notes to the Income Statement\".
Government grants
Receivables from government grants are recognised once they have been formally allocated to the Group by the public entity concerned and only if, based on the information available at the end of the year, there is reasonable assurance that the project to which the grant relates will be effectively carried out and completed in accordance with the conditions attached to the grant. Government grants are recognised in the Income Statement under Other operating income as follows: operating grants in proportion to the costs actually incurred for the project and accounted for and approved to the public entity; grants related to property, plant and equipment are recognised in proportion to the depreciation charged on the assets acquired and used to carry out the project.
Finance income and costs
Finance income and costs are recognised on an accruals basis based on the effective interest method, i.e. using an interest rate that discounts all cash flows relating to a given transaction in the same way.
Dividends are recognised as finance income when the right to receive payment is established, which generally corresponds with approval of the distribution by the Shareholders Meeting of the investee company. Otherwise, dividends from subsidiaries are accounted for as \"Other operating income\".
Transactions in currencies other than the euro are translated to euro using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at closing exchange rates of monetary assets and liabilities denominated in currencies other than the euro are recognised in profit or loss.
Earnings per share
In the Poste Italiane Group's consolidated financial statements, earnings per share is determined as follows:
Basic: basic earnings per share is calculated by dividing the Group's profit for the year by the weighted average number of Poste Italiane SpA's ordinary shares in issue during the period.
Diluted: At the date of preparation of these financial statements no financial instruments have been issued which have potentially dilutive characteristics277.
Related parties
Related parties within the Group refer to Poste Italiane SpA's direct and indirect subsidiaries and associates. Related parties external to the Group include the MEF and its direct or indirect subsidiaries and associates. The Group's key management personnel are also classified as related parties, as are funds providing post-employment benefits to the Group's employees and the related entities. The state and Public Administration entities other than the MEF are notclassified as related parties. Related party transactions do not include those deriving from financial assets and liabilities represented by instruments traded on organised markets.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page409-cflshid_156631-tag273227": { "value": "
Property, plant and equipment
The Property, plant and equipment item is stated at acquisition or construction cost, less accumulated depreciation and any accumulated impairment losses. If the case occurs, this cost is increased for charges directly related to the purchase or construction of the asset, including - where identifiable and measurable - that relating to employees involved in the planning and/or preparation for use phase. Interest expense incurred by the Group for loans specifically for the acquisition or construction of property, plant and equipment is capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year in question. Costs incurred for routine and/or cyclical maintenance and repairs are recognised directly in profit or loss in the related year. The capitalisation of costs attributable to the extension, modernisation or improvement of assets owned by Group companies or held under lease is carried out to the extent that they qualify for separate recognition as an asset or as a component of an asset, applying thecomponent approach, which requires each component with a different estimated useful life and value to be recognised and amortised separately.
The original cost is depreciated on a straight-line basis from the date the asset is available and ready for use, based on the asset's expected useful life. Land is not depreciated.
Property and any related fixed plant and machinery located on land held under concession or sub-concession, which is to be returned free of charge to the grantor at the end of the concession term, are accounted for, based on the nature of the asset, within property, plant and equipment and depreciated on a straight-line basis over the shorter of the useful life of the asset and the residual concession term.
At each reporting date, property, plant and equipment is analysed in order to identify the existence of any indicators of impairment (in accordance with IAS 36 - Impairment of Assets; please refer to the treatment of impairment of assets).
Gains and losses deriving from the disposal or retirement of an asset are calculated as the difference between the disposal proceeds and the net carrying amount of the asset retired or sold, and are recognised in profit or loss in the period in which the transaction occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page410-cflshid_157231-tag273172": { "value": "
The Poste Italiane Group's investment property relates to properties held for the purpose of earning rents or achieving capital appreciation, or both, and therefore generates cash flows largely independent of other activities. The same accounting standard and criteria is applied to investment property as to property, plant and equipment.
Please refer to Note 2.6 \u2013 Use of estimates for details on the useful life of the Group's main classes of Tangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page410-cflshid_157231-tag273176": { "value": "
Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance, which is controllable and capable of generating future economic benefits. The initial carrying amount is adjusted for accumulated amortisation, where an amortisation process is involved, and for any impairment losses.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life. Any research costs are not capitalised.
Among the Group's intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (\"CGU\") to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, \"Impairment of assets\".
Lastly, it should be noted that following the Purchase Price Allocation activity related to the acquisition of the Net Group, the value of the \"Net Insurance\" brand was recognised among the Group's intangible assets. In analogy to goodwill, this brand, considered to have indefinite useful life, is not subject to systematic amortisation but to the provisions of IAS 36 on impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page410-cflshid_157231-tag273175": { "value": "
Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance, which is controllable and capable of generating future economic benefits. The initial carrying amount is adjusted for accumulated amortisation, where an amortisation process is involved, and for any impairment losses.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life. Any research costs are not capitalised.
Among the Group's intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (\"CGU\") to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, \"Impairment of assets\".
Lastly, it should be noted that following the Purchase Price Allocation activity related to the acquisition of the Net Group, the value of the \"Net Insurance\" brand was recognised among the Group's intangible assets. In analogy to goodwill, this brand, considered to have indefinite useful life, is not subject to systematic amortisation but to the provisions of IAS 36 on impairment.
Business Combinations
Business combinations are recognised using the acquisition method. The consideration transferred in a business combination is equal to the sum of the fair values, at the acquisition date, of the assets transferred, the liabilities incurred, and any interest issued by the acquirer. Costs directly attributable to the transaction are recognised in the Statement of profit or loss.
The amount transferred is allocated by recognising the identifiable assets, liabilities and contingent liabilities of the acquiree at the related fair values at the acquisition date.
Any positive difference between the carrying amount of the asset and its recoverable value is recognised as goodwill and recorded under intangible assets:
\u2022the sum of the consideration transferred, measured at fair value at the acquisition date, the amount of any non-controlling interest, and, in the case of business combinations achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree; and
\u2022the net value of the amounts, at the acquisition date, of the assets acquired and liabilities assumed that are identifiable in the acquiree measured at fair value.
In the event of a negative difference, this surplus represents the profit from a purchase on favourable terms and is recognised in the statement of profit or loss.
If at the time of preparing the financial statements the fair value of the assets, liabilities and contingent liabilities arising from the transaction can only be determined provisionally, the business combination is recognised using these provisional values. Any adjustments resulting from the completion of the valuation process are recognised retrospectively within twelve months of the acquisition date.
In the case of a business combination achieved in stages, the interests previously held in the acquiree are remeasured at fair value at the new acquisition date and any difference (positive or negative) is recognised in the statement of profit or loss or in the statement of comprehensive income if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page410-cflshid_157231-tag273174": { "value": "
Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance, which is controllable and capable of generating future economic benefits. The initial carrying amount is adjusted for accumulated amortisation, where an amortisation process is involved, and for any impairment losses.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life. Any research costs are not capitalised.
Among the Group's intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (\"CGU\") to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, \"Impairment of assets\".
Lastly, it should be noted that following the Purchase Price Allocation activity related to the acquisition of the Net Group, the value of the \"Net Insurance\" brand was recognised among the Group's intangible assets. In analogy to goodwill, this brand, considered to have indefinite useful life, is not subject to systematic amortisation but to the provisions of IAS 36 on impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page410-cflshid_157231-tag273173": { "value": "
Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance, which is controllable and capable of generating future economic benefits. The initial carrying amount is adjusted for accumulated amortisation, where an amortisation process is involved, and for any impairment losses.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in the Statement of profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life. Any research costs are not capitalised.
Among the Group's intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (\"CGU\") to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, \"Impairment of assets\".
Lastly, it should be noted that following the Purchase Price Allocation activity related to the acquisition of the Net Group, the value of the \"Net Insurance\" brand was recognised among the Group's intangible assets. In analogy to goodwill, this brand, considered to have indefinite useful life, is not subject to systematic amortisation but to the provisions of IAS 36 on impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page411-cflshid_157830-tag273177": { "value": "
Lease arrangements
The Group assesses whether a contract is or contains a lease at the time of its initial recognition; during the contractual life, the initial assessment is revised only in the event of changes in the conditions of the contract (specifically, contractual duration or instalments due).
On the contract commencement date, a right to use the leased asset is recorded, equal to the initial value of the corresponding lease liability, plus payments due before or at the same time as the contract commencement date (e.g. agency fees). Subsequently, said right of use is measured less accumulated depreciation and any accumulated impairment losses. Depreciation starts on the commencement date of the lease and extends over the shorter of the lease term and the useful life of the underlying asset. If events or changes in circumstances indicate that the carrying amount of the right of use cannot be recovered, this asset is tested for impairment in accordance with the provisions of IAS 36 - Impairment of Assets.
The lease liability is initially recorded at the present value of the lease instalments not paid on the date the contract commences250, discounted using the incremental borrowing rate, defined by loan period and for each Group company. The lease liability is subsequently reduced to reflect the lease payments made and increased to reflect interest on the remaining amount.
The lease liability is restated (resulting in a right-of-use adjustment) in the event of a change in:
\u2022the lease term (for example, in the case of early termination of the contract or an extension of the lease);
\u2022the assessment of a purchase option for the underlying asset; in these cases, lease payments due are reviewed on the basis of the revised lease term and to take account of the change in the amounts payable in view of the purchase option;
\u2022future lease payments deriving from a change in the index or rate used to determine the payments (e.g. ISTAT), or as a result of a renegotiation of the financial conditions.
In the event of a significant change in the lease term or future lease payments, the residual value of the lease liability is restated by reference to the marginal lending rate in effect at the date of the change.
The Group avails itself of the option granted by the standard to apply a simplified accounting regime to short-term contracts for certain specific classes of assets (with a duration of no more than 12 months), to contracts where the individual underlying asset is of low value (up to \u20ac5,000) and to contracts where the individual underlying asset is an intangible asset: for these contracts, lease payments are recognised in the Statement of profit or loss as a balancing entry to short-term trade payables.
Determination of the lease liability
In determining the financial liability for leases, the Group has chosen to refer to an Incremental Borrowing Rate (\"IBR\")
based on a hypothetical loan that would have been obtained in the current economic environment and applied to groups of contracts with similar remaining terms and to similar companies. In particular, each IBR takes account of the risk-free rate identified on the basis of factors such as the economic environment, currency, contract term and credit spread reflecting the companies' organisation and financial structure. The IBR associated with the commencement of the contract will be reviewed whenever there is a lease modification, meaning substantial and significant changes to the contract conditions over the life of the agreement (e.g. the lease term or the amount of future lease payments). The IBR table defined for groups of contracts with similar residual duration and for similar reference companies is periodically monitoredand updated at least once during the year.
With regard instead to determination of the lease term at the commencement date or of the remaining term at a later date (in the event of substantial and significant changes to contract conditions) and, in particular, for property leases, the Group uses a valuation approach based primarily on the expected duration of the obligation as per the agreement between the parties and/or in the legal framework of reference (Law 392 of 27 July 1978), and it expects an extension of the lease due to an interpretation/forecast of events, circumstances and future intentions, including of a strategic nature, of both the lessor and the lessee. This has resulted in a set of rules for determining the lease term, to be applied to leased properties classified previously in three distinct clusters: properties where the lease is subject to legal restrictions and high commercial-value properties; properties for civilian use, such as the company accommodation for Group employees and executives; and other properties used in operations.
The lease term for all of the other agreements was set as equal to the duration of the obligation agreed upon between the parties, in keeping with future intent in wanting and being able to complete the term and past experience.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page411-cflshid_157830-tag273178": { "value": "
Impairment of assets
At the end of each reporting period, property, plant, equipment and intangible assets with finite lives are analysed to assess whether there is any indication that an asset may be impaired. If these indicators are present, the recoverable amount ofthe assets concerned is estimated. The recoverable amount is the higher of an asset's fair value less costs to sell, and its value in use, represented by the present value of the future cash flows expected to be derived from the asset. In calculating value in use, future cash flow estimates are discounted using a rate that reflects current market assessments of the time value of money, the period of the investment and the risks specific to the asset. The realisable value of assets that do not generate separate cash flows is determined with reference to the cash generating unit (CGU) to which the asset belongs.
Regardless of any impairment indicator, the assets listed below are tested for impairment every year:
\u2022intangible assets with indefinite useful life or that are not yet available; the impairment test can take place at any time during the year, provided that it is performed at the same time in each of the following years;
\u2022goodwill acquired in a business combination.
An impairment loss is recognised in profit or loss for the amount by which the net carrying amount of the asset, or the CGU to which it belongs, exceeds its recoverable amount. In particular, if the impairment loss regards goodwill and is higher than the related carrying amount, the remaining amount is allocated to the assets included in the CGU to which the goodwill has been allocated, in proportion to their carrying amount251. Except in the case of goodwill, if the impairment indicators no longer exist, the carrying amount of the asset or CGU is reinstated and the reversal recognised in profit or loss. The reversal must not exceed the carrying amount that would have been determined had no impairment loss been recognised and depreciation or amortisation been charged.
Impairment and stage allocation for financial instruments
Below are the inputs, assumptions and estimation techniques used to calculate the impairment of financial assets measured at amortised cost and at fair value through other comprehensive income and to determine the stage allocation of financial instruments, the latter not applicable within the Poste Italiane Group for trade receivables in accordance with the Simplified Approach.
General description of the models utilised
The Group uses the general impairment model in accordance with risk ratings estimated on the basis of the type of counterparty:
\u2022Securities/deposits with Sovereign, Banking and Corporate counterparties: internal models for estimating risk parameters;
\u2022Public Administration and Central Counterparties: risk parameters deriving from agency ratings or average default rates for the sector.
The simplified approach is applied to trade receivables, as described in greater detail later.
Significant increase in credit risk
Based on the impairment model adopted by the Poste Italiane Group to meet the requirements of the accounting standard, any significant increase in credit risk associated with the financial instruments held, other than trade receivables, is determined on the basis of a change in the relevant credit rating between the time of the initial investment and the reporting date.
This change in notches is compared with a threshold that takes into account the following factors:
\u2022the rating of the financial instrument at the time of investment;
\u2022the rating of the financial instrument at the reporting date;
\u2022the seniority of the position within the portfolio (vintage factor);
\u2022an additive factor to mitigate the non-linearity of the probability of default (PD) with respect to the rating classes280;
\u2022a judgmental factor to be used only in the presence of sudden changes in the creditworthiness not yet reflected by the rating281.
The ratings used in stage allocation derive from internal models in the case of banking, sovereign and corporate counterparties, and external infoproviders in the case of Public Administration and Central Counterparties. Based on the above information, the Poste Italiane Group rebuts the presumption that there have been significant increases in credit risk following initial recognition, when financial assets are more than 30 days past due.
The Poste Italiane Group decided not to adopt the Low Credit Risk Exemption and to proceed instead with stage allocation of the financial instruments concerned.
Regarding trade receivables, given the adoption of the simplified approach under the new accounting standard, expected credit losses are determined throughout the lifetime of the instrument.
Definition of default
The Poste Italiane Group defines default on the basis of ad hoc assessments that take into account:
\u2022any payment delays;
\u2022market information such as a default rating by the rating agencies;
\u2022internal analyses of specific exposures.
Collective and individual provisions
The collective impairment of a homogenous group of financial assets defines the expected credit loss (ECL) of the instrument, even though it cannot be associated with a specific exposure. Grouping takes place in relation to the type of counterparty on the basis of the estimated PD.
Individual provisions are considered only following the review of trade receivables for amounts in excess of a given threshold and only in relation to single receivables.
Forward looking information
According to the standard, the ECL calculation must also factor in forward looking components based on broad consensus scenarios.
The Poste Italiane Group incorporates forward looking information directly in the PD estimation. In particular, for sovereign counterparties, for which authoritative forward-looking estimates are available282, these values are used to calculate PD; for other counterparties, on the other hand, the internal model adopted allows the input dataset needed to calculate PD to be completed from scenario values referring to some of the model variables. The objective of the approach is to estimate the unknown variables by using the historical correlation of the available information283.
ESG information
The Sovereign, Bank and Corporate PD estimation models include variables reflecting Social and Governance factors defined from indicators provided by authoritative sources such as the UN and the World Bank. The Environmental factor is negligible for these purposes in view of the 1-year time horizon of the PD itself. In the context of BancoPosta RFC, this factor is monitored through scenario analyses and verification of ratings provided by external agencies.
Estimation techniques used
Since events of default cannot be used, as they are not very frequent, to develop credit scoring models for Sovereign, Banking and Corporate counterparties, a shadow rating approach has been adopted.
This method entails the use of target variables related to the level of external rating produced by the agencies. The target is identified with the default rate linked to the rating level.
A key rating agency was selected to construct the target, taking into account both the large number of rated counterparties and the availability of historical data over what was deemed to be an adequate period of time.
The models have been constructed by extracting and utilising the following types of data for each country in the sample:
\u2022macroeconomic data;
\u2022indicators related to Social and Governance issues;
\u2022financial statement data.
The internal model estimate used a definition of default based on a payment delay of 90 days.
ECL measurement
Expected credit losses (ECL) are determined over a time horizon consistent with the stage level (12 months or lifetime) on the basis of the following factors:
\u2022Probability di Default (PD);
\u2022Loss Given Default (LGD);
\u2022Exposure at Default (EAD);
\u2022Time Factor (TF).
The main assumptions/choices adopted in the determination of the factors are as follows:
\u2022PD: as indicated from the start a Point in Time (PIT) and forward-looking valuation has been adopted;
\u2022LGD: use has been made of the Internal Ratings-Based (IRB) Base Approach under the Basel guidelines (45% for senior risk assets, 75% for subordinated risk assets);
\u2022EAD: exposure calculated prospectively until maturity of the instrument, starting from the development of projected cash flows. In the development account was taken of specific indexation assumptions for every asset class (fixed income securities, floating-rate securities, inflation-indexed securities, etc.);
\u2022TF: the effective interest rate of each exposure was used as discount factor.
The assumptions adopted and set out above have led to a reduction in the PD of Italy and other Sovereign counterparties in general compared to that used in the assessments in the Annual Financial Report as at 31 December 2023.Trade receivables
The Group adopts the simplified approach to test for the impairment of trade receivables, on the basis of which provisions for credit losses are determined for an amount equal to expected losses throughout the lifetime of the receivable. Such approach is implemented through the following process:
\u2022based on total revenue or the historical credit exposure, all receivables or credit exposures exceeding a certain pre-established credit threshold are assessed analytically. The analytical evaluation of the exposures entails an analysis of the borrower's credit quality and solvency, as determined on the basis of internal and external supporting evidence;
\u2022for receivables falling below the threshold set, through the preparation of a matrix with the different impairment percentages estimated on the basis of historical losses, where they exist, or alternatively on the historical pattern of collections. In constructing the impairment matrix, receivables are grouped by homogeneous categories, based on their characteristics, to take into account the historical loss experience.
Collateral held and other credit enhancements on trade receivables
To mitigate the risks arising from the extension of credit terms to its customers, the Group has implemented a policy and suitable guidelines that govern the management of trade receivables, the terms and conditions of payment applicable to customers and defines the corporate process aimed at checking the customer's creditworthiness, as well as the sustainability of the business risk inherent in the contract involving extended payment terms. Depending on the evaluations,the contracts entered into with customers may require a suitable guarantee. Guarantees are also requested if they are required by rules and regulations and/or implementing rules of specific services.
The Poste Italiane Group accepts mainly guarantees issued by primary banks or insurance companies. Alternatively, upon request of the customer and after a risk analysis, it accepts sureties issued by other institutions, or security deposits by opening a postal escrow account. The Poste Italiane Group, as a rule, exempts the Public Administration from the provision of guarantees to secure trade receivables arising from transactions with it, save for the cases when such guarantees are mandatory by law or due to implementing rules of specific services.
For all the exposures evaluated individually, to calculate loss provisions, guarantees reduce the amount of the exposure at risk.
At 31 December 2024, the Group does not hold trade receivables secured by guarantees or other risk mitigation instruments for which no loss provisions have been made.
Impairment tests of goodwill, cash generating units and equity investments
Goodwill and other non-current assets are tested for impairment in accordance with IAS 36 \u2013 Impairment of assets. Impairment testing involves the use of estimates based on factors that may change over time, potentially resulting in effects that may be significantly different from prior year estimates.
In accordance with the reference accounting standard, when it is not possible to estimate the recoverable amount of an individual asset, the Group identifies the smallest group of assets that generates cash inflows largely independent of those from other assets or groups of assets (Cash Generating Units - CGUs). The process of identifying such CGUs necessarily involves management's judgement as to the specific nature of the activities and business to which they belong and evidence that the cash inflows from the group of activities are closely interdependent and largely independent of those from other activities (or groups of activities). The number and scope of CGUs are systematically updated to reflect the effects of new aggregation and reorganisation operations carried out by the Group and to take into account any external factor that could affect the ability of assets to generate independent cash inflows.
With reference to the external quantitative indicators of impairment at Group level, it should be noted that, at 31 December 2024, market capitalisation was higher than book equity, while, with regard to internal source elements, it should be noted that consolidated results at December 2024 were above budget forecasts for the same period.
For the most significant impairment tests performed as at 31 December 2024, the book values tested and the main assumptions underlying the tests performed are shown below:
Amount(\u20acm)Method usedExplicit forecast periodGrowth rateDiscount rate
Goodwill Mail, Parcels and Distribution CGU213DCF2025-20282.0%6.11% (WACC)
Goodwill Postepay Sector CGU459DCF2025-20282.0%8.02% (WACC)
Goodwill NET Insurance CGU124DDM2025-20282.0%7.95% (Ke)
Investment in Financit SpA21DDM2025-2034N/A7.99% (Ke)
DCF: Discounted Cash Flow; DDM: Dividend Discount Model; WACC: Weighted Average Cost of Capital; Ke: cost of equity; N/A: only the explicit forecast period is considered.
Also due to the decrease in market interest rates, the discount rates as at 31 December 2024 are lower than those used for the previous year's estimates.
Mail, Parcels and Distribution CGU
The impairment test of the Mail, Parcels and Distribution CGU was performed, consistent with the previous year, at the consolidated level, including the companies within the same operating segment; the activities performed by the different companies and the resulting cash flows are highly interdependent, as commercial and strategic management decisions are made centrally at the level of the entire segment.
To estimate the value in use of the CGU, reference was made to the 2024-2028 Strategic Plan \"The Connecting Platform\" updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025. The economic forecasts used in the execution of the test also include, among the various characterising elements, forecasts for planned investments that will be focused on achieving the automation and modernisation objectives of the CGU itself, in continuity with what has been achieved in previous years. Particular importance is attached to investments classified as ESG that comply with the Group's Sustainability Reference Principles. The CGU main investment projects include the Polis Project \"Digital Citizenship Service Houses\", energy efficiency measures for real estate assets, and the automation and evolution of the sorting and delivery network from a green perspective.
In determining the terminal value, calculated on the basis of the last year of explicit forecasts, income was normalised. Reference was also made to the transfer prices that BancoPosta RFC is expected to pay for the services provided by Poste Italiane's distribution network.
The impairment test determined that the related carrying amounts are fair.
The impairment test is based on estimates and assumptions that present elements of uncertainty, also due to the current context characterised by a significant volatility of the main market variables and a profound aleatory nature of economic expectations, as well as the continuation of negative economic results and the decline of the postal market in which the Group operates; for this reason, sensitivity analyses were carried out. In particular, the impairment test showed the recoverability of the goodwill allocated to the CGU even by increasing the indicated discount rate by 100 basis points and jointly reducing the long-term growth factor by 20 basis points.
The sensitivities performed on the impairment test lead to a substantial alignment between the recoverable value and the net invested capital of the CGU, at the same growth rate (2%), with a discount rate of 9.70% (considerably higher even than the discount rate already used at 31 December 2023, which was 137 basis points higher than the rate at 31 December 2024).
As in the past, in determining the value of properties used as post offices and sorting centres, the Poste Italiane SpA universal service obligation was taken into account, as was the inseparability of the cash flows generated from the properties that provide this service, (which the Parent Company is required to operate throughout the country regardless of the expected profitability of each location); the unique nature of the operating processes involved and the substantial overlap between postal and financial activities within the same outlets, represented by post offices, were also considered. On this basis, the value in use of land and buildings used in operations is relatively unaffected by changes in the commercial value of the properties concerned and, in certain critical market conditions, certain properties may have values that are significantly higher than their market value, without this having any impact on the cash flows or results of the Mail, Parcels and Distribution segment.
The fair value of the Parent Company's properties used in operations continued to be higher than their carrying amount, as confirmed by the property valuations carried out.
Postepay Services CGU
In performing the impairment test on goodwill arising from the acquisition of the LIS Group, which took place in 2022, reference was made to the CGU comprised of all the companies belonging to the Postepay Services segment as a single cash-generating unit; following the completion of the integration and reorganisation processes of LIS. In fact, the Postepay Services operating segment is based on unique market and operational processes that are integrated according to a unitary approach, and it is therefore considered that the cash flows are largely independent of those generated by the Poste Group's other operating segments, but closely interrelated within the segment.
In order to estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan, also prepared in accordance with and taking into account the ESG objectives, updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025, as well as by the Boards of Directors of the respective companies belonging to the CGU for the portion pertaining to them. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivity analyses show that the test is passed very comfortably even in scenarios significantly worse than the one used for the impairment test.
Net Insurance CGU
Following the acquisition of Net Insurance by Poste Vita through the vehicle company Net Holding in 2023 and the related Purchase Price Allocation process, goodwill of \u20ac124 million emerged, equal to the residual difference between the consideration transferred for the acquisition of Net Insurance by Net Holding and the fair value of the adjusted net assets acquired.
In performing the impairment test on the Net Insurance Group, reference was made to the CGU comprised of Net Insurance and Net Insurance Life as a cash-generating unit.
To estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivities performed on the impairment test lead to substantial alignment between the recoverable amount and the net assets of the CGU, at the same growth rate (2%), with a discount rate of 11.9%.
Investment in Financit S.p.A.
With reference to the investment in Financit, the test results showed the need to adjust the carrying amount of the investment with a corresponding negative effect of about \u20ac8 million on the consolidated economic result (about \u20ac19 million on the economic result of Poste Italiane's separate financial statements); following the impairment, the carrying amount of the investment is \u20ac21 million.
Investment in Anima Holding S.p.A.
In relation to the investment in Anima Holding, it should be noted that, unlike in previous years, the impairment test was not performed at 31 December 2024 following the decision to accept the Takeover Bid (\"OPA\") launched by Banco BPM Vita S.p.A. on the ordinary shares of Anima Holding. The value of the consideration per share offered in the Takeover Bid is higher than the unitary carrying amount of the investment recognised at 31 December 2024 in both the Poste Group's and Poste Italiane's financial statements. For further information, please refer to Note 3 - Material events during the year and events after 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273182": { "value": "
Investments
In the Poste Italiane Group\u2019s consolidated financial statements, investments in companies over which the Group exerts significant influence (\"associates\") and in joint ventures, are accounted for using the equity method. The investments in insignificant subsidiaries (individually and in aggregate) are valued using the equity method. See note 2.8 \u2013 Basis of consolidation.
In Poste Italiane SpA's separate financial statements, investments in subsidiaries and associates are accounted for at cost (including any directly attributable incidental expenses), after adjustment for any impairments. Investments in subsidiaries and associates are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment losses (or subsequent reversals of impairment losses) are recognised in the same way and to the same extent described with regard to property, plant and equipment and intangible assets in the paragraph, \"Impairment of assets\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273181": { "value": "
Investments
In the Poste Italiane Group\u2019s consolidated financial statements, investments in companies over which the Group exerts significant influence (\"associates\") and in joint ventures, are accounted for using the equity method. The investments in insignificant subsidiaries (individually and in aggregate) are valued using the equity method. See note 2.8 \u2013 Basis of consolidation.
In Poste Italiane SpA's separate financial statements, investments in subsidiaries and associates are accounted for at cost (including any directly attributable incidental expenses), after adjustment for any impairments. Investments in subsidiaries and associates are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment losses (or subsequent reversals of impairment losses) are recognised in the same way and to the same extent described with regard to property, plant and equipment and intangible assets in the paragraph, \"Impairment of assets\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273180": { "value": "
Investments
In the Poste Italiane Group\u2019s consolidated financial statements, investments in companies over which the Group exerts significant influence (\"associates\") and in joint ventures, are accounted for using the equity method. The investments in insignificant subsidiaries (individually and in aggregate) are valued using the equity method. See note 2.8 \u2013 Basis of consolidation.
In Poste Italiane SpA's separate financial statements, investments in subsidiaries and associates are accounted for at cost (including any directly attributable incidental expenses), after adjustment for any impairments. Investments in subsidiaries and associates are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment losses (or subsequent reversals of impairment losses) are recognised in the same way and to the same extent described with regard to property, plant and equipment and intangible assets in the paragraph, \"Impairment of assets\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273179": { "value": "
Investments
In the Poste Italiane Group\u2019s consolidated financial statements, investments in companies over which the Group exerts significant influence (\"associates\") and in joint ventures, are accounted for using the equity method. The investments in insignificant subsidiaries (individually and in aggregate) are valued using the equity method. See note 2.8 \u2013 Basis of consolidation.
In Poste Italiane SpA's separate financial statements, investments in subsidiaries and associates are accounted for at cost (including any directly attributable incidental expenses), after adjustment for any impairments. Investments in subsidiaries and associates are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment losses (or subsequent reversals of impairment losses) are recognised in the same way and to the same extent described with regard to property, plant and equipment and intangible assets in the paragraph, \"Impairment of assets\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273229": { "value": "
Financial instruments
On initial recognition, financial assets and liabilities are classified at fair value based on the business purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta's operations, at the settlement date252. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
Financial liabilities, including borrowings, trade payables and other payment obligations, are carried at amortised cost using the effective interest method. If there is a change in the expected cash flows and they can be reliably estimated, the value of borrowings is recalculated to reflect the change on the basis of the present value of estimated future cash flows and the internal rate of return initially applied. Financial liabilities are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
Financial liabilities are derecognised when they are extinguished or when the obligation specified in the contract expires, is cancelled or discharged.
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
Embedded derivatives
An embedded derivative is a derivative included in a combined contract or hybrid instrument, also containing a non-derivative contract or host contract, which originates all or part of the cash flows of the combined contract. Embedded derivatives are separated from the host contract and recognised as a derivative when:
\u2022the host contract is not a financial instrument measured at fair value recorded in the income statement;
\u2022the economic risks and characteristics of the embedded derivative are not strictly correlated with those of the host contract;
\u2022a separate contract with the same terms and conditions of the embedded derivative would meet the definition of a derivative.
Within the Group, contracts that may contain embedded derivatives are:
\u2022contracts for the purchase of non-financial items entered into by Postepay SpA with clauses or options affecting the contract price, for which, however, the embedded derivatives are not separable from the host contract;
\u2022the convertible bond held by Postepay SpA, for which the embedded derivative component is not separated as the host contract is a financial instrument measured at fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273228": { "value": "
Financial instruments
On initial recognition, financial assets and liabilities are classified at fair value based on the business purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta's operations, at the settlement date252. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
Financial liabilities, including borrowings, trade payables and other payment obligations, are carried at amortised cost using the effective interest method. If there is a change in the expected cash flows and they can be reliably estimated, the value of borrowings is recalculated to reflect the change on the basis of the present value of estimated future cash flows and the internal rate of return initially applied. Financial liabilities are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
Financial liabilities are derecognised when they are extinguished or when the obligation specified in the contract expires, is cancelled or discharged.
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
Embedded derivatives
An embedded derivative is a derivative included in a combined contract or hybrid instrument, also containing a non-derivative contract or host contract, which originates all or part of the cash flows of the combined contract. Embedded derivatives are separated from the host contract and recognised as a derivative when:
\u2022the host contract is not a financial instrument measured at fair value recorded in the income statement;
\u2022the economic risks and characteristics of the embedded derivative are not strictly correlated with those of the host contract;
\u2022a separate contract with the same terms and conditions of the embedded derivative would meet the definition of a derivative.
Within the Group, contracts that may contain embedded derivatives are:
\u2022contracts for the purchase of non-financial items entered into by Postepay SpA with clauses or options affecting the contract price, for which, however, the embedded derivatives are not separable from the host contract;
\u2022the convertible bond held by Postepay SpA, for which the embedded derivative component is not separated as the host contract is a financial instrument measured at fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273184": { "value": "
Financial instruments
On initial recognition, financial assets and liabilities are classified at fair value based on the business purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta's operations, at the settlement date252. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
Financial liabilities, including borrowings, trade payables and other payment obligations, are carried at amortised cost using the effective interest method. If there is a change in the expected cash flows and they can be reliably estimated, the value of borrowings is recalculated to reflect the change on the basis of the present value of estimated future cash flows and the internal rate of return initially applied. Financial liabilities are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
Financial liabilities are derecognised when they are extinguished or when the obligation specified in the contract expires, is cancelled or discharged.
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
Embedded derivatives
An embedded derivative is a derivative included in a combined contract or hybrid instrument, also containing a non-derivative contract or host contract, which originates all or part of the cash flows of the combined contract. Embedded derivatives are separated from the host contract and recognised as a derivative when:
\u2022the host contract is not a financial instrument measured at fair value recorded in the income statement;
\u2022the economic risks and characteristics of the embedded derivative are not strictly correlated with those of the host contract;
\u2022a separate contract with the same terms and conditions of the embedded derivative would meet the definition of a derivative.
Within the Group, contracts that may contain embedded derivatives are:
\u2022contracts for the purchase of non-financial items entered into by Postepay SpA with clauses or options affecting the contract price, for which, however, the embedded derivatives are not separable from the host contract;
\u2022the convertible bond held by Postepay SpA, for which the embedded derivative component is not separated as the host contract is a financial instrument measured at fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273183": { "value": "
Financial instruments
On initial recognition, financial assets and liabilities are classified at fair value based on the business purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta's operations, at the settlement date252. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
Financial liabilities, including borrowings, trade payables and other payment obligations, are carried at amortised cost using the effective interest method. If there is a change in the expected cash flows and they can be reliably estimated, the value of borrowings is recalculated to reflect the change on the basis of the present value of estimated future cash flows and the internal rate of return initially applied. Financial liabilities are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
Financial liabilities are derecognised when they are extinguished or when the obligation specified in the contract expires, is cancelled or discharged.
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
Embedded derivatives
An embedded derivative is a derivative included in a combined contract or hybrid instrument, also containing a non-derivative contract or host contract, which originates all or part of the cash flows of the combined contract. Embedded derivatives are separated from the host contract and recognised as a derivative when:
\u2022the host contract is not a financial instrument measured at fair value recorded in the income statement;
\u2022the economic risks and characteristics of the embedded derivative are not strictly correlated with those of the host contract;
\u2022a separate contract with the same terms and conditions of the embedded derivative would meet the definition of a derivative.
Within the Group, contracts that may contain embedded derivatives are:
\u2022contracts for the purchase of non-financial items entered into by Postepay SpA with clauses or options affecting the contract price, for which, however, the embedded derivatives are not separable from the host contract;
\u2022the convertible bond held by Postepay SpA, for which the embedded derivative component is not separated as the host contract is a financial instrument measured at fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page412-cflshid_158441-tag273230": { "value": "
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows:
\u2022Financial assets measured at amortised cost
This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
\u2022Financial assets measured at fair value through other comprehensive income (FVTOCI)
This category includes financial assets held both to collect the relevant contractual cash flows and for sale (the held to collect and sell or HTC&S business model), with the contractual cash flows representing solely payments of principal and interest.
These financial assets are measured at fair value and, until they are derecognised or reclassified, gains or losses from valuation are recognised in other comprehensive income. Exceptions to this are gains and losses due to impairment and foreign exchange gains and losses recognised in the profit or loss in the year in question. If the financial asset is derecognised, the accumulated gains/(losses) recognised in OCI are recycled to profit or loss.
This category also includes equity instruments that would otherwise be recognised through profit or loss, for which the irrevocable election was made to recognise changes in fair value through OCI (the FVTOCI option). This option entails the recognition of dividends alone through profit or loss.
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
The classification as \"current\" or \"non-current\" of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as \"current\" if held for trading and are expected to be sold within twelve months of the reporting date.
An expected credit loss (ECL) provision must be made for financial assets recognised at amortised cost and financial assets at fair value through OCI, as follows: (i) specific provisions for doubtful receivables are made for expected losses on financial assets measured at amortised cost; (ii) expected losses on financial assets measured at fair value through other comprehensive income are recognised in profit or loss, with a contra entry in the fair value reserve in equity. The method utilised is the \"General impairment model\", whereby:
\u2022If on the reporting date the credit risk of a financial instrument has not increased significantly since initial recognition, a 12-month ECL is recognised (stage 1). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If on the reporting date the credit risk of the financial instrument has increased significantly since initial recognition, a lifetime ECL is recognised (stage 2). Interest on the instrument is calculated on the gross carrying amount (amortised cost inclusive of the ECL);
\u2022If a financial instrument is already impaired on initial recognition or shows objective evidence of impairment as at the reporting date, lifetime expected losses are recognised. Interest is recognised at amortised cost (stage 3), i.e. on the basis of the exposure value \u2013 determined using the effective interest rate \u2013 adjusted for expected losses.
Detailed information on the inputs, assumptions and techniques for determining expected losses on financial assets is provided in Note 2.6 - Use of Estimates, to which reference is made for a full discussion.
Financial assets are derecognised when there is no longer a contractual right to receive cash flows from the investment or when all the related risks and rewards and control have been substantially transferred. If the substantial transfer of risks and benefits cannot be ascertained, financial assets are derecognised when no control is retained over them. Finally, assets sold are derecognised if the contractual right to receive their cash flows is maintained. However, at the same time a contractual obligation is assumed to pay said flows to a third party, without delay and only to the extent of those received.
In addition, for impaired financial assets, derecognition may take place following write-off thereof, following the acknowledgement that there are no reasonable expectations of recovery (e.g. prescription).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page413-cflshid_159000-tag273185": { "value": "
\u2022Financial assets measured at fair value through profit or loss
This category includes: (a) financial assets primarily held for trading; (b) those that qualify for designation at fair value through profit or loss, exercising the fair value option; (c) financial assets that must be recognised at fair value through profit or loss; (d) derivative instruments, with the exception of the effective portion of those designated as cash flow hedges. Financial assets belonging to the category in question are measured at fair value and the related changes are recognised in profit or loss. Derivative instruments at fair value through profit or loss are recognised as assets or liabilities depending on whether the fair value is positive or negative.; positive and negative fair values deriving from transactions with the same counterparty are offset during the collateralisation phase, where contractually provided for.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page414-cflshid_159634-tag273231": { "value": "
With regard to hedge accounting transactions, as described above, as of 1 January 2024, the Poste Italiane Group adopts the provisions of IFRS 9, in accordance with which, at the date the contract is entered into, derivative instruments are recognised at fair value and, if they do not meet the requirements for recognition as hedging instruments, changes in fair value recognised after initial recognition are recognised separately in the income statement of the year.
If, however, the derivative instruments meet the requirements to be classified as hedging instruments, subsequent changes in fair value follow the rules set out in IFRS 9 \u2013 Financial Instruments indicated below.
For each derivative financial instrument that qualifies for recognition as a hedging instrument, its relationship to the hedged item is documented. This documentation provides, among other things, the following information: indications of the risk management strategy and its objective, a qualitative description of the hedging relationship and identification of the hedged risk, and a description of how the hedge effectiveness requirements will be assessed253. The fulfilment of the effectiveness criteria is checked at the beginning of the hedging relationship, as well as on an ongoing basis at each reporting date or in the presence of cases that may entail a significant change in the drivers affecting individual hedging relationships.\u2022Fair value hedge254
When the hedge concerns assets or liabilities recognised in the financial statements, or concerns an unrecognised firm commitment, or a component of such item, both the change in fair value of the hedging instrument and the change in fair value of the hedged item are recognised in the income statement. The partial ineffectiveness of the hedge, equal to the difference between the aforementioned changes, represents an expense or income separately recognised among the components of the income statement of the period.
\u2022Cash flow hedge255
In the case of cash flow hedges, changes in the fair value of the derivative instrument recorded after the first recognition are charged, limited to the effective portion, to a specific equity reserve whose movement is represented in Other components of comprehensive income (Cash flow hedge reserve). The change in fair value of the hedging instrument attributable to the ineffective portion of the hedge is instead immediately recorded in the Income Statement of the period considered.
Amounts accumulated in equity are recycled to profit or loss in the period in which the hedged item affects profit or loss. In particular, in the case of hedges associated with a highly probable forecast transaction (such as the purchase of fixed income debt securities), the reserve is reclassified to profit or loss in the period or in the periods in which the asset or liability, subsequently accounted for and connected to the aforementioned transaction, will affect profit or loss (for example, an adjustment to the return on the security).
If, during the life of the derivative, the forecast hedged transaction is no longer expected to occur, the related gains and losses accumulated in the cash flow hedge reserve are immediately reclassified to profit or loss for the period. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, the related gains and losses accumulated in the cash flow hedge reserve at that time remain in equity and are recognised in profit or loss at the same time as the original underlying.
For a description of the methods used by the Poste Italiane Group and Poste Italiane SpA to assess compliance with hedging effectiveness requirements, reference is made to \"Note 4.8 - Hedging Operations\" and \"Note 5.8 - Hedging Operations\" in the consolidated and separate financial statements of Poste Italiane SpA, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page416-cflshid_160626-tag273186": { "value": "
Repurchase agreements
Any securities received as part of a transaction entailing subsequent re-sale and the delivery of securities as part of a transaction entailing their subsequent repurchase are not either recognised or derecognised in these financial statements. Consequently, in the case of securities purchased under a resale agreement, the amount paid is recognised as an amount due from customers or banks under Financial assets measured at amortised cost; in the case of securities sold under a repurchase agreement, the liability is recognised as an amount due to banks or customers under Financial liabilities measured at amortised cost. The transactions described are subject to offsetting if, and only if, they are carried out with the same counterparty, have the same maturity and offsetting is provided for in the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page416-cflshid_160626-tag273224": { "value": "
Tax credits Law no. 77/2020
In order to identify the correct accounting treatment of the receivables purchased in reference to the Decreto Rilancio no. 34/2020 (later converted with Law no. 77 of 17 July 2020), since an accounting framework directly applicable to this case cannot be identified and in compliance with the provisions of IAS 8, an accounting policy suitable for providing relevant and reliable information aimed at ensuring a faithful representation of the financial, income and cash flow position and which reflects the economic substance and not the mere form of the transaction was defined. Based on the analyses carried out and the documents published by the main Italian supervisory bodies (Joint Document of the Bank of Italy, IVASS and CONSOB256), although the definition of financial activity in IAS 32 is not directly applicable to this case, an accounting model based on IFRS 9 was developed since:
\u2022at inception, an asset as defined by the Conceptual Framework arises in the transferee's financial statements;
\u2022they may be used to offset a payable that is usually settled in cash (tax payables), and exchanged for other financial assets on terms that may be potentially favourable to the entity;
\u2022a business model can be identified (Hold to Collect, Hold to Collect and Sell or other business models)
At the date of purchase, these receivables are recognised at their fair value (coinciding with the price paid) and subsequently measured at amortised cost (\"Hold to Collect\" business model), as they were acquired to be used to offset tax or social security payables by Poste Italiane SpA, based on the provisions of the relevant regulations.", "dimensions": { "concept": "ext:DescriptionOfAccountingPolicyForTaxCreditLaw772020", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page417-cflshid_161099-tag273188": { "value": "
Classification of receivables and payables attributable to BancoPosta and IMEL RFC
Receivables and payables attributable to BancoPosta RFC are treated as financial assets and liabilities if related to BancoPosta's typical deposit-taking and lending activities, or services provided under authority from customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 272 of 30 July 2008 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
Receivables and payables of IMEL RFC are considered to have the nature of financial assets and liabilities if they relate to the characteristic activities of the Electronic Money Institutions, or to the services delegated by the customers. The related operating expenses and income, if not settled or classifiable in accordance with Bank of Italy Circular 217 of 5 August 1996 \u2013 The Account Matrix, are accounted for in trade receivables and payables.
", "dimensions": { "concept": "ext:DescriptionOfClassificationForReceivablesAndPayablesBancoPosta", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page417-cflshid_161099-tag273187": { "value": "
Own use exemption
The standards establishing the principles for the recognition and measurement of financial instruments are also applied to derivative contracts to buy or sell non-financial items that are settled net in cash or in another financial instrument, with the exception of contracts entered into, and that continue to be held, for the purpose of the receipt or delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements (the own use exemption). This exception is applied in the recognition and measurement of forward purchase contracts for electricity and natural gas carried out by the subsidiary Postepay SpA if the following conditions are met:
\u2022the contract does not provide for the possibility of balancing purchase and sale transactions by offsetting in cash or by means of financial instruments or exchange of financial instruments257;
\u2022the contract is concluded and maintained to meet the needs of the purchase, sale or use of the goods;
\u2022the contract is intended for that purpose from the moment it is signed;
\u2022the contract provides for the delivery of goods258.
When the above conditions are met, the contract for the purchase or sale of non-financial items is classified as a 'normal contract of purchase and sale'.
In order to be able to adopt the own-use exemption regime, the company Postepay SpA has implemented a structured control framework that provides for ex-ante and ongoing monitoring of the applicability conditions set forth in the aforementioned accounting standard.
", "dimensions": { "concept": "ext:DescriptionOfAccountingPolicyForOwnUseExemption", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page417-cflshid_161099-tag273191": { "value": "
Taxes
Current income tax expense is based on the best estimate of taxable profit for the period and the related regulations, applying the rates in force. Deferred tax assets and liabilities are calculated on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, using tax rates that are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not recognised if the temporary differences derive from investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference is controlled by the Group or it is probable that the temporary difference
will not reverse in the foreseeable future. In accordance with IAS 12, deferred tax liabilities are not recognised on goodwill deriving from a business combination.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Current and deferred taxes are recognised in profit or loss, with the exception of taxes charged or credited directly to equity, in which case the tax effect is recognised directly in equity. Current and deferred tax assets and liabilities are offset when they are applied by the same tax authority to the same taxpaying entity, which has the legally exercisable right to offset the amounts recognised, and the entity has the intention of exercising this right. As a result, tax liabilities accruing in interim periods that are shorter than the tax year are not offset against related assets deriving from withholding tax or advances paid.
The Group's taxation and accounting standards take account of the effects of Poste Italiane SpA's participation in the national tax consolidation scheme, for which the option has been exercised in accordance with the law, together with the following subsidiaries: Poste Vita SpA, SDA Express Courier SpA, Poste Air Cargo Srl, Postel SpA, Europa Gestioni Immobiliari SpA, Poste Welfare Servizi Srl, Poste Assicura SpA, BancoPostaFondi SpA SGR, PostePay SpA, Poste Insurance Broker Srl, MLK Deliveries SpA, Indabox Srl, Nexive Network Srl, LIS Holding SpA, LIS PAY SpA, Address Software Srl, Consorzio Servizi Scpa, Logos Srl, Plurima SpA, Postego SpA, MLK Fresh Srl, Poste Logistics SpA, Sourcesense SpA, Bridge Technologies Srl and Agile Lab Srl. The tax consolidation arrangement is governed by Group regulations based on the principles of neutrality and equality of treatment, which are intended to ensure that the companies included in the tax consolidation are in no way penalised as a result. Following adoption of the tax consolidation arrangement, the Parent Company's tax expense is determined at consolidated level on the basis of the tax expense or tax losses for the period for each company included in the consolidation, taking account of any withholding tax or advances paid. Poste Italiane SpA posts its IRES tax expense to income taxes for the period, after adjustments to take account of the positive or negative impact of tax consolidation adjustments. Should the reductions or increases in tax expense deriving from such adjustments be attributable to the companies included in the tax consolidation, Poste Italiane SpA attributes such reductions or increases in tax expense to the companies in question. The economic benefits deriving from the offset of tax losses transferred to the consolidating entity by the companies participating in the tax consolidation arrangement are recognised in full by Poste Italiane SpA. Other taxes not related to income are included in \"Other operating costs\".
Furthermore, the information required by the reference standard (IAS 12 - Income Taxes) on the provisions of the OECD (Organisation for Economic Co-operation and Development) Pillar Two, introduced into the European Union regulatory framework with EU Directive 2022/2523 of the Council of 14 December 2022, in turn implemented in Italy with Legislative Decree 209 of 27 December 2023 (hereinafter also referred to as the \"Decree\"), is provided below. The objective of international tax reform is to ensure a minimum level of taxation, at the rate of 15%, of multinational corporations in each jurisdiction in which they operate.
During the year under review, the Poste Italiane Group continued, with the support of external experts, to work on the implementation of procedures aimed at managing the fulfilments relating to both the application phase of the simplified transitional regimes of an optional and temporary nature that have been envisaged as part of the OECD work on the global minimum tax (Transitional CbCR Safe harbours)259, as well as of the \"steady-state\" legislation (GloBE rules).
With regard to the year covered by these disclosures, the Poste Italiane Group has applied the exception to the recognition and disclosure of deferred tax assets and liabilities relating to Pillar II income taxes, as permitted by the aforementioned accounting standard.
Furthermore, in order to assess the impact of the new regulations for 2024, Transitional CbCR Safe harbours tests were performed for each of the jurisdictions in which the Poste Italiane Group operates (i.e. Italy, the UK, Hong Kong and China) using the reporting package data for the Consolidated Financial Statements.
The above analysis shows that at least one of the tests under the Transitional CbCR Safe Harbour has been passed for each jurisdiction260 in which the Group operates, therefore no additional tax is currently due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page417-cflshid_161099-tag273190": { "value": "
Taxes
Current income tax expense is based on the best estimate of taxable profit for the period and the related regulations, applying the rates in force. Deferred tax assets and liabilities are calculated on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, using tax rates that are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not recognised if the temporary differences derive from investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference is controlled by the Group or it is probable that the temporary difference
will not reverse in the foreseeable future. In accordance with IAS 12, deferred tax liabilities are not recognised on goodwill deriving from a business combination.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Current and deferred taxes are recognised in profit or loss, with the exception of taxes charged or credited directly to equity, in which case the tax effect is recognised directly in equity. Current and deferred tax assets and liabilities are offset when they are applied by the same tax authority to the same taxpaying entity, which has the legally exercisable right to offset the amounts recognised, and the entity has the intention of exercising this right. As a result, tax liabilities accruing in interim periods that are shorter than the tax year are not offset against related assets deriving from withholding tax or advances paid.
The Group's taxation and accounting standards take account of the effects of Poste Italiane SpA's participation in the national tax consolidation scheme, for which the option has been exercised in accordance with the law, together with the following subsidiaries: Poste Vita SpA, SDA Express Courier SpA, Poste Air Cargo Srl, Postel SpA, Europa Gestioni Immobiliari SpA, Poste Welfare Servizi Srl, Poste Assicura SpA, BancoPostaFondi SpA SGR, PostePay SpA, Poste Insurance Broker Srl, MLK Deliveries SpA, Indabox Srl, Nexive Network Srl, LIS Holding SpA, LIS PAY SpA, Address Software Srl, Consorzio Servizi Scpa, Logos Srl, Plurima SpA, Postego SpA, MLK Fresh Srl, Poste Logistics SpA, Sourcesense SpA, Bridge Technologies Srl and Agile Lab Srl. The tax consolidation arrangement is governed by Group regulations based on the principles of neutrality and equality of treatment, which are intended to ensure that the companies included in the tax consolidation are in no way penalised as a result. Following adoption of the tax consolidation arrangement, the Parent Company's tax expense is determined at consolidated level on the basis of the tax expense or tax losses for the period for each company included in the consolidation, taking account of any withholding tax or advances paid. Poste Italiane SpA posts its IRES tax expense to income taxes for the period, after adjustments to take account of the positive or negative impact of tax consolidation adjustments. Should the reductions or increases in tax expense deriving from such adjustments be attributable to the companies included in the tax consolidation, Poste Italiane SpA attributes such reductions or increases in tax expense to the companies in question. The economic benefits deriving from the offset of tax losses transferred to the consolidating entity by the companies participating in the tax consolidation arrangement are recognised in full by Poste Italiane SpA. Other taxes not related to income are included in \"Other operating costs\".
Furthermore, the information required by the reference standard (IAS 12 - Income Taxes) on the provisions of the OECD (Organisation for Economic Co-operation and Development) Pillar Two, introduced into the European Union regulatory framework with EU Directive 2022/2523 of the Council of 14 December 2022, in turn implemented in Italy with Legislative Decree 209 of 27 December 2023 (hereinafter also referred to as the \"Decree\"), is provided below. The objective of international tax reform is to ensure a minimum level of taxation, at the rate of 15%, of multinational corporations in each jurisdiction in which they operate.
During the year under review, the Poste Italiane Group continued, with the support of external experts, to work on the implementation of procedures aimed at managing the fulfilments relating to both the application phase of the simplified transitional regimes of an optional and temporary nature that have been envisaged as part of the OECD work on the global minimum tax (Transitional CbCR Safe harbours)259, as well as of the \"steady-state\" legislation (GloBE rules).
With regard to the year covered by these disclosures, the Poste Italiane Group has applied the exception to the recognition and disclosure of deferred tax assets and liabilities relating to Pillar II income taxes, as permitted by the aforementioned accounting standard.Furthermore, in order to assess the impact of the new regulations for 2024, Transitional CbCR Safe harbours tests were performed for each of the jurisdictions in which the Poste Italiane Group operates (i.e. Italy, the UK, Hong Kong and China) using the reporting package data for the Consolidated Financial Statements.
The above analysis shows that at least one of the tests under the Transitional CbCR Safe Harbour has been passed for each jurisdiction260 in which the Group operates, therefore no additional tax is currently due.
Deferred tax assets
The recognition of deferred tax assets is based on the expectation of taxable income in future years. Assessments of expected taxable income depend on factors which may change over time, impacting on the valuation of the deferred tax assets in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page417-cflshid_161099-tag273189": { "value": "
Taxes
Current income tax expense is based on the best estimate of taxable profit for the period and the related regulations, applying the rates in force. Deferred tax assets and liabilities are calculated on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, using tax rates that are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not recognised if the temporary differences derive from investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference is controlled by the Group or it is probable that the temporary difference
will not reverse in the foreseeable future. In accordance with IAS 12, deferred tax liabilities are not recognised on goodwill deriving from a business combination.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Current and deferred taxes are recognised in profit or loss, with the exception of taxes charged or credited directly to equity, in which case the tax effect is recognised directly in equity. Current and deferred tax assets and liabilities are offset when they are applied by the same tax authority to the same taxpaying entity, which has the legally exercisable right to offset the amounts recognised, and the entity has the intention of exercising this right. As a result, tax liabilities accruing in interim periods that are shorter than the tax year are not offset against related assets deriving from withholding tax or advances paid.
The Group's taxation and accounting standards take account of the effects of Poste Italiane SpA's participation in the national tax consolidation scheme, for which the option has been exercised in accordance with the law, together with the following subsidiaries: Poste Vita SpA, SDA Express Courier SpA, Poste Air Cargo Srl, Postel SpA, Europa Gestioni Immobiliari SpA, Poste Welfare Servizi Srl, Poste Assicura SpA, BancoPostaFondi SpA SGR, PostePay SpA, Poste Insurance Broker Srl, MLK Deliveries SpA, Indabox Srl, Nexive Network Srl, LIS Holding SpA, LIS PAY SpA, Address Software Srl, Consorzio Servizi Scpa, Logos Srl, Plurima SpA, Postego SpA, MLK Fresh Srl, Poste Logistics SpA, Sourcesense SpA, Bridge Technologies Srl and Agile Lab Srl. The tax consolidation arrangement is governed by Group regulations based on the principles of neutrality and equality of treatment, which are intended to ensure that the companies included in the tax consolidation are in no way penalised as a result. Following adoption of the tax consolidation arrangement, the Parent Company's tax expense is determined at consolidated level on the basis of the tax expense or tax losses for the period for each company included in the consolidation, taking account of any withholding tax or advances paid. Poste Italiane SpA posts its IRES tax expense to income taxes for the period, after adjustments to take account of the positive or negative impact of tax consolidation adjustments. Should the reductions or increases in tax expense deriving from such adjustments be attributable to the companies included in the tax consolidation, Poste Italiane SpA attributes such reductions or increases in tax expense to the companies in question. The economic benefits deriving from the offset of tax losses transferred to the consolidating entity by the companies participating in the tax consolidation arrangement are recognised in full by Poste Italiane SpA. Other taxes not related to income are included in \"Other operating costs\".
Furthermore, the information required by the reference standard (IAS 12 - Income Taxes) on the provisions of the OECD (Organisation for Economic Co-operation and Development) Pillar Two, introduced into the European Union regulatory framework with EU Directive 2022/2523 of the Council of 14 December 2022, in turn implemented in Italy with Legislative Decree 209 of 27 December 2023 (hereinafter also referred to as the \"Decree\"), is provided below. The objective of international tax reform is to ensure a minimum level of taxation, at the rate of 15%, of multinational corporations in each jurisdiction in which they operate.
During the year under review, the Poste Italiane Group continued, with the support of external experts, to work on the implementation of procedures aimed at managing the fulfilments relating to both the application phase of the simplified transitional regimes of an optional and temporary nature that have been envisaged as part of the OECD work on the global minimum tax (Transitional CbCR Safe harbours)259, as well as of the \"steady-state\" legislation (GloBE rules).
With regard to the year covered by these disclosures, the Poste Italiane Group has applied the exception to the recognition and disclosure of deferred tax assets and liabilities relating to Pillar II income taxes, as permitted by the aforementioned accounting standard.Furthermore, in order to assess the impact of the new regulations for 2024, Transitional CbCR Safe harbours tests were performed for each of the jurisdictions in which the Poste Italiane Group operates (i.e. Italy, the UK, Hong Kong and China) using the reporting package data for the Consolidated Financial Statements.
The above analysis shows that at least one of the tests under the Transitional CbCR Safe Harbour has been passed for each jurisdiction260 in which the Group operates, therefore no additional tax is currently due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page419-cflshid_162317-tag273192": { "value": "
Inventories
Inventories are valued at the lower of cost and net realisable value. The cost of interchangeable items and goods for resale is calculated using the weighted average cost method. In the case of non-interchangeable items, cost is measured on the basis of the specific cost of the item at the time of purchase. The value of the inventories is adjusted, if necessary, by provisions for obsolete or slow-moving stock. When the circumstances that previously led to recognition of the above provisions no longer exist, or when there is a clear indication of an increase in the net realisable value, the provisions are fully or partly reversed, so that the new carrying amount is the lower of cost and net realisable value at the end of the reporting period. Assets are not, however, recognised in the statement of financial position when the Group has incurred an expense that, based on the best information available at the date of preparation of the financial statements, is deemed unlikely to generate economic benefits for the Group after the end of the reporting period.
In the case of properties held for sale261, if present, cost is represented by the fair value of each asset at the date of acquisition, plus any directly attributable transaction costs, whilst the net realisable value is based on the estimated sale price under normal market conditions, less direct costs to sell.
Long-term contract work is measured using the percentage of completion method, using cost to cost accounting262.
Environmental certificates not used in the reporting period are recognised in inventories.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page419-cflshid_162317-tag273194": { "value": "
Environmental Certificates
Within the Poste Italiane Group, environmental certificates refer to:
\u2022Emission allowances held by the company Poste Air Cargo Srl as an incentive to reduce greenhouse gas emissions263 with the aim of achieving an improvement in technologies used in energy production and industrial processes,
\u2022Guarantees of origin and carbon credits held by the company Postepay SpA; the former aimed at certifying the origin from renewable sources of the electricity sold; the latter aimed at fully offsetting CO2 emissions from natural gas consumption.
Emission quotas
The European Emissions Trading System, which works on the basis of the cap and trade principle, has capped annual greenhouse gas emissions at European level. This corresponds to the issue, free of charge, of a set number of emission allowances by the competent national authorities. During the year, depending on the effective volume of greenhouse gas emissions produced with respect to the above cap, each company has the option of selling or purchasing emissionallowances on the market.
The issue, free of charge, of emission allowances involves a commitment to produce, in the relevant year, a quantity of greenhouse gas emissions in proportion to the emission allowances received: this commitment is commensurate with the market value of the emission allowances at the time of allocation. At the end of the year, the commitment is reduced or derecognised in proportion to the greenhouse gas emissions effectively produced and any residual value is reported in the section, \"Additional information\", in the Annual Report.
Guarantees of Origin and Carbon Credits
Guarantees of Origin are certifications attesting to the renewable origin of the sources used by IGO (Plants Guarantee of Origin) classified plants. For each MWh of renewable electricity fed into the grid by IGO-qualified plants, the GSE (Gestore Servizi Energetici) issues a GO certificate to the producer, in accordance with EU Directive 2018/2001. As of 1 January 2013, electricity sales companies are obliged to procure a quantity of GO certificates equal to the electricity sold as renewable. To do this, each company is required, by 31 March of the year following the year in which electricity was supplied to end customers, to cancel a quantity of GO equal to the electricity sold as renewable.
Carbon credits, on the other hand, represent a negotiable security that allows a company or organisation to offset the carbon dioxide (CO2) emitted in the course of its activities (in the case of Postepay SpA, the CO2 emissions of the gas marketed to end customers), by adhering to environmental sustainability projects aimed at pursuing a path of ecological transition and decarbonisation.
Offsetting of CO2 emissions takes place through the acquisition of carbon credits for a value equivalent to the CO2 emissions resulting from the gas consumption of the Company's end customers. Each carbon credit represents the offsetting of one tonne of CO2.
The accounting treatment of emission allowances and, insofar as they are similar, guarantees of origin and carbon credits, in the absence of specific indications within the IAS/IFRS framework, is carried out in accordance with the provisions of OIC 8 \"Greenhouse Gas Emission Allowances\", as well as the reference best practice for the main IAS adopters. The purchase for consideration or the sales of environmental certificates are recognised in the Income Statement of the financial year in which they occur. At the end of the year, any surpluses arising from purchases for consideration are recognised in the closing inventories at the lower of cost and net realisable value264. In the event of a shortfall, the resulting charge and related liability are accounted for at the end of the year at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page420-cflshid_162854-tag273193": { "value": "
Business Combinations
Business combinations are recognised using the acquisition method. The consideration transferred in a business combination is equal to the sum of the fair values, at the acquisition date, of the assets transferred, the liabilities incurred, and any interest issued by the acquirer. Costs directly attributable to the transaction are recognised in the Statement of profit or loss.
The amount transferred is allocated by recognising the identifiable assets, liabilities and contingent liabilities of the acquiree at the related fair values at the acquisition date.
Any positive difference between the carrying amount of the asset and its recoverable value is recognised as goodwill and recorded under intangible assets:
\u2022the sum of the consideration transferred, measured at fair value at the acquisition date, the amount of any non-controlling interest, and, in the case of business combinations achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree; and
\u2022the net value of the amounts, at the acquisition date, of the assets acquired and liabilities assumed that are identifiable in the acquiree measured at fair value.
In the event of a negative difference, this surplus represents the profit from a purchase on favourable terms and is recognised in the statement of profit or loss.
If at the time of preparing the financial statements the fair value of the assets, liabilities and contingent liabilities arising from the transaction can only be determined provisionally, the business combination is recognised using these provisional values. Any adjustments resulting from the completion of the valuation process are recognised retrospectively within twelve months of the acquisition date.
In the case of a business combination achieved in stages, the interests previously held in the acquiree are remeasured at fair value at the new acquisition date and any difference (positive or negative) is recognised in the statement of profit or loss or in the statement of comprehensive income if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page421-cflshid_163436-tag273196": { "value": "
Cash and deposits attributable to BancoPosta
Cash and securities held at post offices, and bank deposits attributable to the operations of BancoPosta RFC, are accounted for separately from cash and cash equivalents as they derive from deposits subject to investment restrictions, or from advances from the Italian Treasury to ensure that post offices can operate. This cash may only be used in settlement of these obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page421-cflshid_163436-tag273195": { "value": "
Cash and deposits attributable to BancoPosta
Cash and securities held at post offices, and bank deposits attributable to the operations of BancoPosta RFC, are accounted for separately from cash and cash equivalents as they derive from deposits subject to investment restrictions, or from advances from the Italian Treasury to ensure that post offices can operate. This cash may only be used in settlement of these obligations.
", "dimensions": { "concept": "ext:DescriptionOfAccountingPolicyForCashAndDepositsBancoPosta", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page421-cflshid_163436-tag273200": { "value": "
Cash and cash equivalents
Cash and cash equivalents refer to cash in hand, deposits held at call with banks, amounts that at 31 December 2024 the Parent Company has temporarily deposited with the MEF and other highly liquid short-term investments with original maturities of ninety days or less. Current account overdrafts are accounted for in current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page421-cflshid_163436-tag273202": { "value": "
Non-current assets (or disposal groups) classified as held for sale and discontinued operations
Non-current assets, disposal groups and discontinued operations are measured at the lower of their carrying amount and fair value, less costs to sell.
When it is highly probable that the carrying amount of a non-current asset, or a disposal group, will be recovered, in its present condition, principally through a sale transaction or other form of disposal, rather than through continuing use, and the transaction is likely to take place in the short term, the asset or disposal group is classified as held for sale or as a discontinuing operation in the statement of financial position. The transaction is deemed to be highly probable, when the Parent Company's Board of Directors, or, when so authorised, the board of directors of a subsidiary, has committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan has been initiated. Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page421-cflshid_163436-tag273201": { "value": "
Non-current assets (or disposal groups) classified as held for sale and discontinued operations
Non-current assets, disposal groups and discontinued operations are measured at the lower of their carrying amount and fair value, less costs to sell.
When it is highly probable that the carrying amount of a non-current asset, or a disposal group, will be recovered, in its present condition, principally through a sale transaction or other form of disposal, rather than through continuing use, and the transaction is likely to take place in the short term, the asset or disposal group is classified as held for sale or as a discontinuing operation in the statement of financial position. The transaction is deemed to be highly probable, when the Parent Company's Board of Directors, or, when so authorised, the board of directors of a subsidiary, has committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan has been initiated. Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page421-cflshid_163436-tag273199": { "value": "
Non-current assets (or disposal groups) classified as held for sale and discontinued operations
Non-current assets, disposal groups and discontinued operations are measured at the lower of their carrying amount and fair value, less costs to sell.
When it is highly probable that the carrying amount of a non-current asset, or a disposal group, will be recovered, in its present condition, principally through a sale transaction or other form of disposal, rather than through continuing use, and the transaction is likely to take place in the short term, the asset or disposal group is classified as held for sale or as a discontinuing operation in the statement of financial position. The transaction is deemed to be highly probable, when the Parent Company's Board of Directors, or, when so authorised, the board of directors of a subsidiary, has committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan has been initiated. Sale transactions include exchanges of non-current assets for other non-current assets when the exchange has commercial substance.
A14 - NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE (\u20ac50 million)
The balance of \u20ac50 million refers to the investment in Cronos Vita Assicurazioni, held 22.5% by Poste Vita and classified as an asset held for sale (IFRS 5) as reported in Section 2.8 - Basis of consolidation to which reference should be made.
With regard to the valuation of the investment, it is recorded at its purchase value, as defined by IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations. The Group believes that any deviations in value, compared to initial recognition, may be affected by the trend in lapses. Given the trend of claims received during the year from Eurovita's former policyholders, no significant differences emerged with respect to those estimated, such as to suggest that the value of the investment may be subject to impairment; for this reason, the Group currently considers this risk to be insignificant and, consequently, also considering the small exposure, has not deemed it necessary to perform stress analyses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page422-cflshid_163833-tag273197": { "value": "
Share capital
Share capital is represented by Poste Italiane SpA's subscribed and paid-up capital. Incremental costs directly attributable to the issue of new shares are recognised as a reduction of the share capital, net of any deferred tax effect.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page422-cflshid_163833-tag273198": { "value": "
Treasury shares
Treasury shares are recognised at cost and deducted from shareholders' equity. The effects of any subsequent sales are recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page422-cflshid_163833-tag273204": { "value": "
Insurance Contracts and Assets for outward reinsurance
They concern insurance contracts and investment contracts with discretionary participation elements issued by the Companies belonging to the Poste Vita Group, as well as the reinsurance contracts held by them. As regards contracts issued by other companies belonging to the Group other than insurance companies, no elements have been identified that can be traced back to the definition of insurance contract, or, even though they fall within this definition, the Group has opted to continue to apply IFRS 15 and/or IFRS 9 as permitted by IFRS 17.
The process of aggregating insurance contracts provides for an initial distinction between Life and P&C businesses and subsequently a distinction into different Portfolios of contracts and different Units of Account. The Portfolios include contracts with similar contractual and risk characteristics that are managed in a unitary manner. With regard to the Life
business, groups of contracts are aggregated by product type (e.g. Pure Separately Managed Accounts, Multi-class, Temporary Death Benefits, etc.), while for the P&C business, the level of aggregation coincides with the lines of business (e.g. those defined for Solvency II reporting); in some cases they are further subdivided in order to comply with the characteristics of specific products. For business related to reinsurance contracts held, the Unit of Account is equivalent to the individual treaty with the counterparty.
The Contract portfolios can be further disaggregated according to the underwriting year of the policies (cohorts)265 and the level of profitability. For this purpose, an onerousness test of the products is carried out to divide the Units of Account into:
\u2022profitable;
\u2022onerous;
\u2022that at the time of initial recognition do not have a high probability of becoming onerous.
The following describes the process for defining the onerousness test according to the relevant business:
\u2022Life business: for contracts issued by Poste Vita SpA, the test is performed at the product level in the design phase of the same (ex ante) exclusively for new products, determining the estimated future flows of fulfilment at the date. For contracts issued by Net Insurance Life SpA, on the other hand, the test is carried out on individual tariffs. The analysis is repeated in the event of significant events that may affect the costliness of the product in the first year of life;
\u2022P&C business: for contracts issued by the Company Poste Assicura SpA, the test is performed on the basis of the Combined Ratio266 at the time of the initial recognition of the group of contracts by defining the onerousness on a permanent basis until the maturity of the policies. For contracts issued by Net Insurance SpA, the test takes into account estimated future fulfilment flows at the date and is performed at the contract group level according to business type;
Groups of insurance contracts are recognised at the date of initial recognition. The Poste Italiane Group has defined in detail which, for each type of business and its underlying products, is the date that identifies the start of the contractual relationship. These dates (e.g. effective date, renewal date, accession date, etc.) were identified according to the specificities of the products issued.
Measurement models
Groups of insurance contracts with at least one of the following characteristics are measured using the Premium Allocation Approach (PAA) method267:
\u2022One-year Duration;
\u2022Multi-Year Duration and belonging to the Collective Business (Contract Groups = Collective);
\u2022Multi-Year Duration and belonging to a Portfolio where the weight of the Multi-year Business is less than or equal to 5% in the last 3 years.
With reference to the Variable Fee Approach (VFA)268, adopted exclusively for Life business, the following types of products are considered eligible for the model:
\u2022With Profit Participating (separately managed account);
\u2022Unit-linked standalone insurance;
\u2022Hybrid products with investment components (Multi-class).
The PAA model is applied to P&C business, with the exception of the CPI products269, which are measured through the adoption of the Building Block Approach (BBA) or General Model270 as they do not meet the conditions for the application of the simplified model. The BBA is also adopted for products belonging to the Life business for which the VFA model does not apply.
Elements for determining future fulfilment flows
In application of the BBA and VFA models, future cash flows associated with insurance contracts are estimated by taking into account the so-called \"contract boundary\", in order to identify whether a particular contractual option should be included in the cash flow projection as soon as the contract is issued or whether the exercise of that option would result in the recognition of a new group of contracts. Contract boundary identification techniques have been borrowed from the Solvency II context271, except in the case of P&C business contracts with tacit renewal that were no longer terminable at the valuation date, which define the generation of a new group of contracts and, therefore, a new cohort. In the Life business, pure risk policies, cases of conversion into annuities, automatic maturity deferrals and additional payouts can generate a new fulfilment cash flow; while in the P&C business, additional considerations can be made about product repricing clauses, the presence of variable sums insured and cases of surrender with return of unearned premium.
All costs directly attributable to the management of insurance contracts, including costs incurred in the acquisition of contracts, are also taken into account in the construction of the fulfilment cash flows. With particular reference to acquisition costs, the costs incurred internally for placement through the Poste Italiane network, placement commissions paid to the network external to the Group (mainly for the Net Insurance and Net Insurance Life companies), rappels272 and other direct and indirect acquisition costs are considered directly attributable to insurance contracts.
Adjustment for non-financial risk
When assessing insurance contracts, it is necessary to consider the Risk Adjustment component, i.e. the remuneration that the Companies of the Poste Italiane Group require to assume risks of a non-financial nature. To determine the Adjustment for non-financial risk, the Poste Italiane Group has decided to use the percentile metric. According to this approach, the Adjustment for non-financial risk represents the potential loss in relation to the obligations assumed towards the policyholders (Insurance liabilities) that the Companies would incur, at a given level of probability (percentile level), to cover the insurance risks assumed, thus reflecting the risk appetite of the Companies themselves. This element is calculated separately for Life and P&C business. The confidence level identified to quantify the Adjustment for non-financial risk is 70% for both P&C and Life business.
In order to determine the amount of the Adjustment for non-financial risk, among other elements, the Solvency II valuation framework is taken into account, considering the same scope of underlying risks. For details of the risks considered, see Section \"2.6 - Use of estimates - Insurance liabilities\".
The Adjustment for non-financial risk may change as a result of changes in the risks to which the Group is exposed. These effects may have an impact on the statement of financial position if they relate to future services, affecting the total valueof the Contractual Service Margin, and on the statement of profit or loss through the period release of this component, which occurs on the basis of a defined coverage unit.
Discount rate
For the purposes of determining the discount rate to be used for discounting future cash flows, the Poste Italiane Group adopts a \"bottom-up approach\" for the derivation of discount curves borrowed from Solvency II, in which the reference Basic Risk Free Curve is based on the Risk Free Rate curve provided by EIOPA.
The Basic Risk Free curve, depending on the specific business, may be adjusted to take into account specific Illiquidity Premiums (a component representing the level of liquidity of the counterparty) calibrated to portfolios or at Company level.
Please refer to section \"2.6 - Use of estimates - Insurance liabilities\" for detailed information on the discount curves used per individual portfolio.
Accounting policy under IFRS 17
The choices made by the Group in applying the provisions of the standard are summarised below:
\u2022Risk mitigation: the Poste Group does not plan to adopt risk mitigation, i.e., the option not to recognise changes
in the CSM to account for some or all of the changes in the time effect of money and non-financial risk;
\u2022OCI Option: for insurance contracts with direct participation elements for which the underlying elements are
owned, the Group opts to disaggregate the finance income or expenses into Profit for the Period and Other Comprehensive Income, based on the results of IFRS 9, which defines the valuation of the underlying elements. The Poste Italiane Group also provides that, for contracts measured using the VFA model, the fair value income generated by the underlying assets measured under IFRS 9, relating to finance income from separately managed assets, commissions and technical interest attributable to unit-linked policies, is passed on to policyholders based on the percentage weight of the Mathematical Provisions at the date (mirroring). The value of the returns generated by the assets related to the insurance liabilities is deducted from the profit retained by the Group (over-coverage) and then allocated to the individual Units of Account;
\u2022Exception to the use of annual cohorts273: The Poste Italiane Group adopts the exemption option274, limited to the
portfolios pertaining to the Line of Business \"With Profit Participating\" and the hybrid products with separately managed components of Poste Vita. These contracts will therefore not be divided into annual cohorts, but will be managed together due to the mutualisation effect of returns275, typical of separately managed accounts. The exception is not applicable for P&C business;
\u2022Method of presentation of the result of the outward reinsurance business: The Group has chosen a net presentation for the reinsurance result.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page422-cflshid_163833-tag273203": { "value": "
Insurance Contracts and Assets for outward reinsurance
They concern insurance contracts and investment contracts with discretionary participation elements issued by the Companies belonging to the Poste Vita Group, as well as the reinsurance contracts held by them. As regards contracts issued by other companies belonging to the Group other than insurance companies, no elements have been identified that can be traced back to the definition of insurance contract, or, even though they fall within this definition, the Group has opted to continue to apply IFRS 15 and/or IFRS 9 as permitted by IFRS 17.
The process of aggregating insurance contracts provides for an initial distinction between Life and P&C businesses and subsequently a distinction into different Portfolios of contracts and different Units of Account. The Portfolios include contracts with similar contractual and risk characteristics that are managed in a unitary manner. With regard to the Life
business, groups of contracts are aggregated by product type (e.g. Pure Separately Managed Accounts, Multi-class, Temporary Death Benefits, etc.), while for the P&C business, the level of aggregation coincides with the lines of business (e.g. those defined for Solvency II reporting); in some cases they are further subdivided in order to comply with the characteristics of specific products. For business related to reinsurance contracts held, the Unit of Account is equivalent to the individual treaty with the counterparty.
The Contract portfolios can be further disaggregated according to the underwriting year of the policies (cohorts)265 and the level of profitability. For this purpose, an onerousness test of the products is carried out to divide the Units of Account into:
\u2022profitable;
\u2022onerous;
\u2022that at the time of initial recognition do not have a high probability of becoming onerous.
The following describes the process for defining the onerousness test according to the relevant business:
\u2022Life business: for contracts issued by Poste Vita SpA, the test is performed at the product level in the design phase of the same (ex ante) exclusively for new products, determining the estimated future flows of fulfilment at the date. For contracts issued by Net Insurance Life SpA, on the other hand, the test is carried out on individual tariffs. The analysis is repeated in the event of significant events that may affect the costliness of the product in the first year of life;
\u2022P&C business: for contracts issued by the Company Poste Assicura SpA, the test is performed on the basis of the Combined Ratio266 at the time of the initial recognition of the group of contracts by defining the onerousness on a permanent basis until the maturity of the policies. For contracts issued by Net Insurance SpA, the test takes into account estimated future fulfilment flows at the date and is performed at the contract group level according to business type;
Groups of insurance contracts are recognised at the date of initial recognition. The Poste Italiane Group has defined in detail which, for each type of business and its underlying products, is the date that identifies the start of the contractual relationship. These dates (e.g. effective date, renewal date, accession date, etc.) were identified according to the specificities of the products issued.
Measurement models
Groups of insurance contracts with at least one of the following characteristics are measured using the Premium Allocation Approach (PAA) method267:
\u2022One-year Duration;
\u2022Multi-Year Duration and belonging to the Collective Business (Contract Groups = Collective);
\u2022Multi-Year Duration and belonging to a Portfolio where the weight of the Multi-year Business is less than or equal to 5% in the last 3 years.
With reference to the Variable Fee Approach (VFA)268, adopted exclusively for Life business, the following types of products are considered eligible for the model:
\u2022With Profit Participating (separately managed account);
\u2022Unit-linked standalone insurance;
\u2022Hybrid products with investment components (Multi-class).
The PAA model is applied to P&C business, with the exception of the CPI products269, which are measured through the adoption of the Building Block Approach (BBA) or General Model270 as they do not meet the conditions for the application of the simplified model. The BBA is also adopted for products belonging to the Life business for which the VFA model does not apply.
Elements for determining future fulfilment flows
In application of the BBA and VFA models, future cash flows associated with insurance contracts are estimated by taking into account the so-called \"contract boundary\", in order to identify whether a particular contractual option should be included in the cash flow projection as soon as the contract is issued or whether the exercise of that option would result in the recognition of a new group of contracts. Contract boundary identification techniques have been borrowed from the Solvency II context271, except in the case of P&C business contracts with tacit renewal that were no longer terminable at the valuation date, which define the generation of a new group of contracts and, therefore, a new cohort. In the Life business, pure risk policies, cases of conversion into annuities, automatic maturity deferrals and additional payouts can generate a new fulfilment cash flow; while in the P&C business, additional considerations can be made about product repricing clauses, the presence of variable sums insured and cases of surrender with return of unearned premium.
All costs directly attributable to the management of insurance contracts, including costs incurred in the acquisition of contracts, are also taken into account in the construction of the fulfilment cash flows. With particular reference to acquisition costs, the costs incurred internally for placement through the Poste Italiane network, placement commissions paid to the network external to the Group (mainly for the Net Insurance and Net Insurance Life companies), rappels272 and other direct and indirect acquisition costs are considered directly attributable to insurance contracts.
Adjustment for non-financial risk
When assessing insurance contracts, it is necessary to consider the Risk Adjustment component, i.e. the remuneration that the Companies of the Poste Italiane Group require to assume risks of a non-financial nature. To determine the Adjustment for non-financial risk, the Poste Italiane Group has decided to use the percentile metric. According to this approach, the Adjustment for non-financial risk represents the potential loss in relation to the obligations assumed towards the policyholders (Insurance liabilities) that the Companies would incur, at a given level of probability (percentile level), to cover the insurance risks assumed, thus reflecting the risk appetite of the Companies themselves. This element is calculated separately for Life and P&C business. The confidence level identified to quantify the Adjustment for non-financial risk is 70% for both P&C and Life business.
In order to determine the amount of the Adjustment for non-financial risk, among other elements, the Solvency II valuation framework is taken into account, considering the same scope of underlying risks. For details of the risks considered, see Section \"2.6 - Use of estimates - Insurance liabilities\".
The Adjustment for non-financial risk may change as a result of changes in the risks to which the Group is exposed. These effects may have an impact on the statement of financial position if they relate to future services, affecting the total valueof the Contractual Service Margin, and on the statement of profit or loss through the period release of this component, which occurs on the basis of a defined coverage unit.
Discount rate
For the purposes of determining the discount rate to be used for discounting future cash flows, the Poste Italiane Group adopts a \"bottom-up approach\" for the derivation of discount curves borrowed from Solvency II, in which the reference Basic Risk Free Curve is based on the Risk Free Rate curve provided by EIOPA.
The Basic Risk Free curve, depending on the specific business, may be adjusted to take into account specific Illiquidity Premiums (a component representing the level of liquidity of the counterparty) calibrated to portfolios or at Company level.
Please refer to section \"2.6 - Use of estimates - Insurance liabilities\" for detailed information on the discount curves used per individual portfolio.
Accounting policy under IFRS 17
The choices made by the Group in applying the provisions of the standard are summarised below:
\u2022Risk mitigation: the Poste Group does not plan to adopt risk mitigation, i.e., the option not to recognise changes
in the CSM to account for some or all of the changes in the time effect of money and non-financial risk;
\u2022OCI Option: for insurance contracts with direct participation elements for which the underlying elements are
owned, the Group opts to disaggregate the finance income or expenses into Profit for the Period and Other Comprehensive Income, based on the results of IFRS 9, which defines the valuation of the underlying elements. The Poste Italiane Group also provides that, for contracts measured using the VFA model, the fair value income generated by the underlying assets measured under IFRS 9, relating to finance income from separately managed assets, commissions and technical interest attributable to unit-linked policies, is passed on to policyholders based on the percentage weight of the Mathematical Provisions at the date (mirroring). The value of the returns generated by the assets related to the insurance liabilities is deducted from the profit retained by the Group (over-coverage) and then allocated to the individual Units of Account;
\u2022Exception to the use of annual cohorts273: The Poste Italiane Group adopts the exemption option274, limited to the
portfolios pertaining to the Line of Business \"With Profit Participating\" and the hybrid products with separately managed components of Poste Vita. These contracts will therefore not be divided into annual cohorts, but will be managed together due to the mutualisation effect of returns275, typical of separately managed accounts. The exception is not applicable for P&C business;
\u2022Method of presentation of the result of the outward reinsurance business: The Group has chosen a net presentation for the reinsurance result.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page425-cflshid_165619-tag273205": { "value": "
Provisions for risks and charges
Provisions for risks and charges are recorded to cover losses that are either probable or certain to be incurred, for which, however, there is an uncertainty as to the amount or as to the date on which they will occur. Provisions for risks and charges are made when the Group has a present (legal or constructive) obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured on the basis of
management's best estimate of the use of resources required to settle the obligation. The value of the liability is discounted, where the time effect of money is relevant, at a rate that reflects current market values and takes into account the risks specific to the liability. Provisions are reviewed at each reporting date and are adjusted to reflect the best estimate of the expected charge to meet existing obligations at the reporting date. Any effect of the passage of time and the effect of changes in interest rates are shown in the statement of profit or loss. With regard to the risks for which the occurrence of a liability is only possible, specific information is provided without making any provision. In those rare cases in which disclosure of some or all of the information regarding the risks in question could seriously prejudice the Group's position in a dispute or in ongoing negotiations with third parties, the Group exercises the option granted by the relevant accounting standards to provide limited disclosure.
Provisions for risks and charges
The Group makes provisions for probable liabilities deriving from disputes with staff, suppliers, and third parties and, in general, for liabilities deriving from present obligations. These provisions cover the liabilities that could result from legal
action of varying nature, the impact on profit or loss of seizures incurred and not yet definitively assigned, and amounts expected to be refundable to customers where the final amount payable has yet to be determined.
Determination of the provisions for risks and charges involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.
In order to reflect in the financial statements the risks arising from the potential fraud perpetrated against Poste Italiane and, therefore, to determine the accounting impacts related to the potential risk on tax credits279, in continuity with previous years, it was decided to refer to the provisions of IAS 37 - Provisions, contingent assets and liabilities, for the measurement of the risk of non-compensation should the fraud be ascertained. In such a case, the possible non-recovery of the book value of the tax credits would not result from a characteristic of the asset being assessed, but rather from the possibility that, in the case of established cases of fraud, liability would also be extended to the transferee - even if a bona fide third party or injured party to the offence. As a result of the in-depth studies carried out on the tax credits acquired, also with the support of external consultants, a specific provision for risks was estimated, determined with the application of a significant degree of professional judgment, the main elements of uncertainty of which relate to the outcome of the proceedings underway, the identification of the credits whose deductions have been assigned are effectively non-existent and the outcome of the initiatives taken by Poste Italiane to protect its interests and recover the amounts paid to parties against whom cases of fraud have been ascertained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page426-cflshid_166293-tag273207": { "value": "
Employee benefits
The so-called Short-term employee benefits are those that will be fully paid within twelve months of the end of the year in which the employee provided their services. Such benefits include wages, salaries, social security contributions, holiday pay and sick pay.
The undiscounted value of short-term employee benefits to be paid to employees in consideration of employment services provided over the relevant period is accrued as personnel expenses.
The so-called Post-employment benefits are divided into two types:
\u2022Defined benefit plans
Defined benefit plans include severance indemnities due to employees pursuant to Article 2120 of the Civil Code limited to the portions of severance indemnities accrued in the company up to 31 December 2006, for Group companies with at least 50 employees, as well as the portions of severance indemnities accrued during the period in the case of Group companies with less than 50 employees, which continue to increase the value of the accumulated liability.
Under these plans, given that the amount of the benefit to be paid is only quantifiable following the termination of employment, the related effects on profit or loss or the financial position are recognised on the basis of actuarial calculations. In particular, the liability to be paid on cessation of employment is calculated using the projected unit credit method and then discounted to recognise the time value of money prior to the liability being settled. The liability recognised in the financial statements is based on calculations performed by independent actuaries. The calculation takes into account accrued termination benefits for services already rendered and is based on actuarial assumptions described in Note \"2.6 - Use of Estimates - TFR\", to which reference should be made. Actuarial gains and losses at the end of each reporting period, based on the difference between the carrying amount of the liability and the present value of the Group's obligations at the end of the period, due to changes in the actuarial assumptions, are recognised directly in Other comprehensive income.
\u2022Defined contribution plans
TFR falls within the scope of defined contribution plans provided the benefits vested subsequent to 1 January 2007 and were paid into a Supplementary Pension Fund or a Treasury Fund at INPS. Contributions to defined contribution plans are recognised in profit or loss when incurred, based on their nominal value.
The so-called Termination benefits payable to employees are recognised as a liability when the entity gives a binding commitment, also on the basis of consolidated relationships and mutual undertakings with union representatives, to terminate the employment of an employee, or group of employees, prior to the normal retirement date or, alternatively, an
employee or group of employees accepts an offer of benefits in consideration of a termination of employment. Termination benefits payable to employees are immediately recognised as personnel expenses.
Other long-term employment benefits consist of benefits not payable within twelve months of the end of the reporting period during which the employees provided their services. The net change in the value of any of the components of the liability during the reporting period is recognised in full in profit or loss.
Employee termination benefits
The measurement of Employee termination benefits is also based on calculations performed by independent actuaries. The calculation takes account of termination benefits accrued for the period of service to date and is based on various demographic and economic-financial assumptions.
Below are the main actuarial assumptions applied in the calculation of the employee termination benefit provision at 31 December 2024, also based on the experience of each Group company and the best reference practice:
Economic and financial assumptions\u00a0
\u00a031.12.2024
Discount rate\u00a03.18%\u00a0
Inflation rate2.00%
Annual rate of increase of employee termination benefits\u00a03.00%\u00a0
Demographic assumptions\u00a0
\u00a031.12.2024
Mortality\u00a0ISTAT 2018\u00a0
DisabilityINPS tables broken down by age and gender
Retirement age\u00a0Achievement of general mandatory insurance requirements
Frequency of employee termination benefits advances\u00a0Specific table with rates differentiated by Company
Employee turnover frequency\u00a0Specific table with rates differentiated by Company\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page426-cflshid_166293-tag273206": { "value": "
Employee benefits
The so-called Short-term employee benefits are those that will be fully paid within twelve months of the end of the year in which the employee provided their services. Such benefits include wages, salaries, social security contributions, holiday pay and sick pay.
The undiscounted value of short-term employee benefits to be paid to employees in consideration of employment services provided over the relevant period is accrued as personnel expenses.
The so-called Post-employment benefits are divided into two types:
\u2022Defined benefit plans
Defined benefit plans include severance indemnities due to employees pursuant to Article 2120 of the Civil Code limited to the portions of severance indemnities accrued in the company up to 31 December 2006, for Group companies with at least 50 employees, as well as the portions of severance indemnities accrued during the period in the case of Group companies with less than 50 employees, which continue to increase the value of the accumulated liability.
Under these plans, given that the amount of the benefit to be paid is only quantifiable following the termination of employment, the related effects on profit or loss or the financial position are recognised on the basis of actuarial calculations. In particular, the liability to be paid on cessation of employment is calculated using the projected unit credit method and then discounted to recognise the time value of money prior to the liability being settled. The liability recognised in the financial statements is based on calculations performed by independent actuaries. The calculation takes into account accrued termination benefits for services already rendered and is based on actuarial assumptions described in Note \"2.6 - Use of Estimates - TFR\", to which reference should be made. Actuarial gains and losses at the end of each reporting period, based on the difference between the carrying amount of the liability and the present value of the Group's obligations at the end of the period, due to changes in the actuarial assumptions, are recognised directly in Other comprehensive income.
\u2022Defined contribution plans
TFR falls within the scope of defined contribution plans provided the benefits vested subsequent to 1 January 2007 and were paid into a Supplementary Pension Fund or a Treasury Fund at INPS. Contributions to defined contribution plans are recognised in profit or loss when incurred, based on their nominal value.
The so-called Termination benefits payable to employees are recognised as a liability when the entity gives a binding commitment, also on the basis of consolidated relationships and mutual undertakings with union representatives, to terminate the employment of an employee, or group of employees, prior to the normal retirement date or, alternatively, an
employee or group of employees accepts an offer of benefits in consideration of a termination of employment. Termination benefits payable to employees are immediately recognised as personnel expenses.
Other long-term employment benefits consist of benefits not payable within twelve months of the end of the reporting period during which the employees provided their services. The net change in the value of any of the components of the liability during the reporting period is recognised in full in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page427-cflshid_166880-tag273208": { "value": "
Share-based payments
Share-based payment transactions may be settled in cash, with equity instruments, or with other financial instruments. Goods or services received or acquired through a share-based payment transaction are recognised at their fair value.
In the case of cash-settled share-based payment transactions:
\u25aaa liability is recognised as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the liability;
\u25aathe fair value of the liability must be remeasured at the end of each reporting period, recognising any changes in fair value in profit or loss for the period.
In the case of equity-settled share-based payment transactions:
\u25aaan increase in shareholders' equity is recorded as a matching entry at cost;
\u25aaif the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the equity instruments granted at the grant date;
In the case of employee benefits, the expense is recognised in personnel expenses over the period in which the employee renders the relevant service.
Share-based payments
As further described in Note 4.12 - Additional information - Share-based payment arrangements and 5.12 - Additional information - Share-based payment arrangements of the consolidated financial statements and Poste Italiane SpA'sseparate financial statements, the valuation of the share-based payment arrangements in place within the Poste Italiane Group at the close of these financial statements was based on the conclusions reached by actuaries external to the Group. The plan terms and conditions link the award of the related options to the occurrence of certain events, such as the achievement of performance targets and performance hurdles and, in certain areas of operation, compliance with certain capital adequacy and liquidity requirements. For these reasons, measurement of the liability, equity reserve and the corresponding economic effects involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page427-cflshid_166880-tag273209": { "value": "
Recognition of revenue from contracts with customers
Revenue reflects the consideration to which the Group expects to be entitled in exchange for the transfer of promised goods and/or services to the customer (transaction price).
The main types of revenue of the Poste Italiane Group are described below, together with an indication of the timing of the performance obligation276:
\u2022Revenue from mail, parcels and other refers to services provided to customers through the retail and business channels; revenue generated through the retail channel is recognised at a point in time given the number of transactions handled through the various sales channels (post offices, call centres and online) and measured on the basis of the rates applied; revenue generated through the business channel is generally earned as a result of annual or multi-annual contracts and is recognised over time using the output method determined on the basis of shipments requested and handled. These contracts include elements of variable consideration (primarily volume discounts and penalties linked to the quality of service provided) estimated using the expected value method and recognised as a reduction from revenue.
\u2022Revenue from financial services refers to:
orevenue from placement and brokerage: these are recognised over time and measured on the basis of the volumes placed, quantified on the basis of commercial agreements with financial institutions. In terms of payment for the collection of postal savings, the agreement entered into with Cassa Depositi e Prestiti envisages payment of a variable consideration on achieving certain levels of inflows, determined on the basis of the volume of inflows and expected redemptions; certain commercial agreements, entered into with leading financial partners for the placement of financial products, envisage the return of placement fees in the event of early termination or surrender by the customer;
orevenue from current account and related services: these are recognised over time, measured on the basis of the service rendered (including the related services, e.g. bank transfers, securities deposits, etc.) and quantified on the basis of the contract terms and conditions offered to the customer;
orevenue from commissions on payment of bills by payment slip: these are recognised at a point in time given the number of transactions handled by post offices and quantified on the basis of the terms and conditions in the contract of sale.
\u2022Revenue from Postepay services refers to:
oe-money, collection and payment services relating to PostePay mainly for the issuing of Postepay cards and debit cards detected at a point in time at the time of issuance and for the related services detected over time based on the use of the service by the customer. These services include interchange fees recognised by international circuits on payment transactions with cards detected over time. The item includes commissions for acquiring services rendered to merchants recognised over time due to the use of the service, F23 and F24 proxy acceptance services recognised over time due to the level of service rendered, and PagoPA collection services recognised at a point in time when the service is provided. Services provided by the LIS Group contribute to this item, which mainly include collection and payment services (including bill collection services) provided by LIS Pay and recognised at a point in time upon collection, and revenue from the processing of telephone top-ups and network fees and services paid by points of sale to LIS Holding recognised over time due to the use of the service;
omobile and fixed network telephony services, which include: revenue from \u201cstandard TLC services offers\u201d recorded over time on the basis of the output method based on the traffic offered (voice, SMS and data) to the customer; revenue relating to the sale of fixed telephony offers recorded over time on the basis of the output method based on the fee charged to the customer; revenue relating to fees for the activation of SIM cards and fixed telephony offers, recorded at a point in time when the service is provided;
oservices related to the supply of electricity and methane gas, the revenue from which is recognised at the time of supply to the end customer due to the use of the service (over time). With regard to the sale of electricity, the services offered include, in addition to the commodity component, also the transport, metering and system charges components; with regard to the sale of natural gas, these services include, in addition to the commodity component, also the provision of transport services.
For the purposes of revenue recognition, the so-called variable components of the consideration are identified and quantified (discounts, rebates, price concessions, incentives, penalties and other similar) to include them to supplement or adjust the transaction price. Among the variable components of the fee, penalties (to be paid to the customer in the event of failure to achieve pre-established service levels) are of particular importance, and are recognised by the Group as a direct decrease in revenue.
Revenue from activities carried out in favour of or on behalf of the state is recognised on the basis of the amount effectively accrued, with reference to the laws and agreements in force, taking account, in any event, of the provisions contained in legislation regarding the public finances. The return on the current account deposits held by the MEF is determined using the effective interest method and is recognised as revenue from financial services. A similar classification is adopted forthe proceeds of Euro area government securities, in which the funds collected on current accounts from private customers and tax credits under Law no. 77/2020 are employed.
The Poste Italiane Group disaggregates revenue from contracts with customers by type of good and/or service provided, revenue is therefore disaggregated in line with the operating segments identified within the company; for quantitative details on the distinction between revenue from contracts with customers recognised at a specific time or over time, see section \"4.3 Notes to the Income Statement\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page429-cflshid_168075-tag273214": { "value": "
Government grants
Receivables from government grants are recognised once they have been formally allocated to the Group by the public entity concerned and only if, based on the information available at the end of the year, there is reasonable assurance that the project to which the grant relates will be effectively carried out and completed in accordance with the conditions attached to the grant. Government grants are recognised in the Income Statement under Other operating income as follows: operating grants in proportion to the costs actually incurred for the project and accounted for and approved to the public entity; grants related to property, plant and equipment are recognised in proportion to the depreciation charged on the assets acquired and used to carry out the project.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page429-cflshid_168075-tag273212": { "value": "
Finance income and costs
Finance income and costs are recognised on an accruals basis based on the effective interest method, i.e. using an interest rate that discounts all cash flows relating to a given transaction in the same way.
Dividends are recognised as finance income when the right to receive payment is established, which generally corresponds with approval of the distribution by the Shareholders Meeting of the investee company. Otherwise, dividends from subsidiaries are accounted for as \"Other operating income\".
Transactions in currencies other than the euro are translated to euro using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at closing exchange rates of monetary assets and liabilities denominated in currencies other than the euro are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page429-cflshid_168075-tag273211": { "value": "
Finance income and costs
Finance income and costs are recognised on an accruals basis based on the effective interest method, i.e. using an interest rate that discounts all cash flows relating to a given transaction in the same way.
Dividends are recognised as finance income when the right to receive payment is established, which generally corresponds with approval of the distribution by the Shareholders Meeting of the investee company. Otherwise, dividends from subsidiaries are accounted for as \"Other operating income\".
Transactions in currencies other than the euro are translated to euro using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at closing exchange rates of monetary assets and liabilities denominated in currencies other than the euro are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page429-cflshid_168075-tag273210": { "value": "
Finance income and costs
Finance income and costs are recognised on an accruals basis based on the effective interest method, i.e. using an interest rate that discounts all cash flows relating to a given transaction in the same way.
Dividends are recognised as finance income when the right to receive payment is established, which generally corresponds with approval of the distribution by the Shareholders Meeting of the investee company. Otherwise, dividends from subsidiaries are accounted for as \"Other operating income\".
Transactions in currencies other than the euro are translated to euro using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at closing exchange rates of monetary assets and liabilities denominated in currencies other than the euro are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page429-cflshid_168075-tag273213": { "value": "
Dividends are recognised as finance income when the right to receive payment is established, which generally corresponds with approval of the distribution by the Shareholders Meeting of the investee company. Otherwise, dividends from subsidiaries are accounted for as \"Other operating income\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page429-cflshid_168075-tag273215": { "value": "
Earnings per share
In the Poste Italiane Group's consolidated financial statements, earnings per share is determined as follows:
Basic: basic earnings per share is calculated by dividing the Group's profit for the year by the weighted average number of Poste Italiane SpA's ordinary shares in issue during the period.
Diluted: At the date of preparation of these financial statements no financial instruments have been issued which have potentially dilutive characteristics277.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page429-cflshid_168075-tag273232": { "value": "
Related parties
Related parties within the Group refer to Poste Italiane SpA's direct and indirect subsidiaries and associates. Related parties external to the Group include the MEF and its direct or indirect subsidiaries and associates. The Group's key management personnel are also classified as related parties, as are funds providing post-employment benefits to the Group's employees and the related entities. The state and Public Administration entities other than the MEF are notclassified as related parties. Related party transactions do not include those deriving from financial assets and liabilities represented by instruments traded on organised markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page430-cflshid_168592-tag273238": { "value": "
2.6 USE OF ESTIMATES
The preparation of financial information requires the use of estimates and assumptions that can have a significant effect on the final values indicated in the financial statements and in the disclosure provided. The preparation of these estimates involves the use of available information and the adoption of subjective assessments, also based on historical experience, used for the formulation of reasonable assumptions for the recognition of operating events. Estimates and assumptions are periodically reviewed and the impact of any changes is reflected in the financial statements for the period in which the estimate is revised if the revision only influences the current period, or also in future periods if the revision influences both current and future periods. Due to their nature, the estimates and assumptions used may vary from year to year and, therefore, it cannot be excluded that in subsequent years, the values recorded in these Financial Statements may also vary significantly as a result of changes in the subjective valuations used.
The accounting treatments that require greater subjectivity in the preparation of estimates are described below, also taking into account the particularity of the reference macroeconomic context experienced in recent years (in line with ESMA and Consob requests278).
Revenue from contracts with customers
The main factors in the recognition of revenue from contracts with customers include elements of variable consideration, particularly penalties (other than those related to compensation for damages). Elements of variable consideration are identified at the inception of the contract and estimated as of every close of the accounts for the entire contract term, to take into account new circumstances and changes in the circumstances already considered for the previous estimations. Elements of variable consideration include refund liabilities.
In the business relating to the sale of electricity and gas, revenue includes estimates of both turnover and allocation for supplies made to customers between the date of the last billing period and the end of the reporting year. Both estimation components are based on the application of internally developed algorithms that are consistent with the guidelines of the sector authority and that take into account the estimated volumes consumed by customers (considering the historical billing information). As required by the relevant regulations, the allocation of revenue is subject to adjustment until the fifth subsequent year.
Provisions for risks and charges
The Group makes provisions for probable liabilities deriving from disputes with staff, suppliers, and third parties and, in general, for liabilities deriving from present obligations. These provisions cover the liabilities that could result from legalaction of varying nature, the impact on profit or loss of seizures incurred and not yet definitively assigned, and amounts expected to be refundable to customers where the final amount payable has yet to be determined.
Determination of the provisions for risks and charges involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.
In order to reflect in the financial statements the risks arising from the potential fraud perpetrated against Poste Italiane and, therefore, to determine the accounting impacts related to the potential risk on tax credits279, in continuity with previous years, it was decided to refer to the provisions of IAS 37 - Provisions, contingent assets and liabilities, for the measurement of the risk of non-compensation should the fraud be ascertained. In such a case, the possible non-recovery of the book value of the tax credits would not result from a characteristic of the asset being assessed, but rather from the possibility that, in the case of established cases of fraud, liability would also be extended to the transferee - even if a bona fide third party or injured party to the offence. As a result of the in-depth studies carried out on the tax credits acquired, also with the support of external consultants, a specific provision for risks was estimated, determined with the application of a significant degree of professional judgment, the main elements of uncertainty of which relate to the outcome of the proceedings underway, the identification of the credits whose deductions have been assigned are effectively non-existent and the outcome of the initiatives taken by Poste Italiane to protect its interests and recover the amounts paid to parties against whom cases of fraud have been ascertained.
Impairment and stage allocation for financial instruments
Below are the inputs, assumptions and estimation techniques used to calculate the impairment of financial assets measured at amortised cost and at fair value through other comprehensive income and to determine the stage allocation of financial instruments, the latter not applicable within the Poste Italiane Group for trade receivables in accordance with the Simplified Approach.
General description of the models utilised
The Group uses the general impairment model in accordance with risk ratings estimated on the basis of the type of counterparty:
\u2022Securities/deposits with Sovereign, Banking and Corporate counterparties: internal models for estimating risk parameters;
\u2022Public Administration and Central Counterparties: risk parameters deriving from agency ratings or average default rates for the sector.
The simplified approach is applied to trade receivables, as described in greater detail later.
Significant increase in credit risk
Based on the impairment model adopted by the Poste Italiane Group to meet the requirements of the accounting standard, any significant increase in credit risk associated with the financial instruments held, other than trade receivables, is determined on the basis of a change in the relevant credit rating between the time of the initial investment and the reporting date.
This change in notches is compared with a threshold that takes into account the following factors:
\u2022the rating of the financial instrument at the time of investment;
\u2022the rating of the financial instrument at the reporting date;
\u2022the seniority of the position within the portfolio (vintage factor);
\u2022an additive factor to mitigate the non-linearity of the probability of default (PD) with respect to the rating classes280;
\u2022a judgmental factor to be used only in the presence of sudden changes in the creditworthiness not yet reflected by the rating281.
The ratings used in stage allocation derive from internal models in the case of banking, sovereign and corporate counterparties, and external infoproviders in the case of Public Administration and Central Counterparties. Based on the above information, the Poste Italiane Group rebuts the presumption that there have been significant increases in credit risk following initial recognition, when financial assets are more than 30 days past due.
The Poste Italiane Group decided not to adopt the Low Credit Risk Exemption and to proceed instead with stage allocation of the financial instruments concerned.
Regarding trade receivables, given the adoption of the simplified approach under the new accounting standard, expected credit losses are determined throughout the lifetime of the instrument.
Definition of default
The Poste Italiane Group defines default on the basis of ad hoc assessments that take into account:
\u2022any payment delays;
\u2022market information such as a default rating by the rating agencies;
\u2022internal analyses of specific exposures.
Collective and individual provisions
The collective impairment of a homogenous group of financial assets defines the expected credit loss (ECL) of the instrument, even though it cannot be associated with a specific exposure. Grouping takes place in relation to the type of counterparty on the basis of the estimated PD.
Individual provisions are considered only following the review of trade receivables for amounts in excess of a given threshold and only in relation to single receivables.
Forward looking information
According to the standard, the ECL calculation must also factor in forward looking components based on broad consensus scenarios.
The Poste Italiane Group incorporates forward looking information directly in the PD estimation. In particular, for sovereign counterparties, for which authoritative forward-looking estimates are available282, these values are used to calculate PD; for other counterparties, on the other hand, the internal model adopted allows the input dataset needed to calculate PD to be completed from scenario values referring to some of the model variables. The objective of the approach is to estimate the unknown variables by using the historical correlation of the available information283
ESG information
The Sovereign, Bank and Corporate PD estimation models include variables reflecting Social and Governance factors defined from indicators provided by authoritative sources such as the UN and the World Bank. The Environmental factor is negligible for these purposes in view of the 1-year time horizon of the PD itself. In the context of BancoPosta RFC, this factor is monitored through scenario analyses and verification of ratings provided by external agencies.
Estimation techniques used
Since events of default cannot be used, as they are not very frequent, to develop credit scoring models for Sovereign, Banking and Corporate counterparties, a shadow rating approach has been adopted.
This method entails the use of target variables related to the level of external rating produced by the agencies. The target is identified with the default rate linked to the rating level.
A key rating agency was selected to construct the target, taking into account both the large number of rated counterparties and the availability of historical data over what was deemed to be an adequate period of time.
The models have been constructed by extracting and utilising the following types of data for each country in the sample:
\u2022macroeconomic data;
\u2022indicators related to Social and Governance issues;
\u2022financial statement data.
The internal model estimate used a definition of default based on a payment delay of 90 days.
ECL measurement
Expected credit losses (ECL) are determined over a time horizon consistent with the stage level (12 months or lifetime) on the basis of the following factors:
\u2022Probability di Default (PD);
\u2022Loss Given Default (LGD);
\u2022Exposure at Default (EAD);
\u2022Time Factor (TF).
The main assumptions/choices adopted in the determination of the factors are as follows:
\u2022PD: as indicated from the start a Point in Time (PIT) and forward-looking valuation has been adopted;
\u2022LGD: use has been made of the Internal Ratings-Based (IRB) Base Approach under the Basel guidelines (45% for senior risk assets, 75% for subordinated risk assets);
\u2022EAD: exposure calculated prospectively until maturity of the instrument, starting from the development of projected cash flows. In the development account was taken of specific indexation assumptions for every asset class (fixed income securities, floating-rate securities, inflation-indexed securities, etc.);
\u2022TF: the effective interest rate of each exposure was used as discount factor.
The assumptions adopted and set out above have led to a reduction in the PD of Italy and other Sovereign counterparties in general compared to that used in the assessments in the Annual Financial Report as at 31 December 2023.
Trade receivables
The Group adopts the simplified approach to test for the impairment of trade receivables, on the basis of which provisions for credit losses are determined for an amount equal to expected losses throughout the lifetime of the receivable. Such approach is implemented through the following process:
\u2022based on total revenue or the historical credit exposure, all receivables or credit exposures exceeding a certain pre-established credit threshold are assessed analytically. The analytical evaluation of the exposures entails an analysis of the borrower's credit quality and solvency, as determined on the basis of internal and external supporting evidence;
\u2022for receivables falling below the threshold set, through the preparation of a matrix with the different impairment percentages estimated on the basis of historical losses, where they exist, or alternatively on the historical pattern of collections. In constructing the impairment matrix, receivables are grouped by homogeneous categories, based on their characteristics, to take into account the historical loss experience.
Collateral held and other credit enhancements on trade receivables
To mitigate the risks arising from the extension of credit terms to its customers, the Group has implemented a policy and suitable guidelines that govern the management of trade receivables, the terms and conditions of payment applicable to customers and defines the corporate process aimed at checking the customer's creditworthiness, as well as the sustainability of the business risk inherent in the contract involving extended payment terms. Depending on the evaluations, the contracts entered into with customers may require a suitable guarantee. Guarantees are also requested if they are required by rules and regulations and/or implementing rules of specific services.
The Poste Italiane Group accepts mainly guarantees issued by primary banks or insurance companies. Alternatively, upon request of the customer and after a risk analysis, it accepts sureties issued by other institutions, or security deposits by opening a postal escrow account. The Poste Italiane Group, as a rule, exempts the Public Administration from the provision of guarantees to secure trade receivables arising from transactions with it, save for the cases when such guarantees are mandatory by law or due to implementing rules of specific services.
For all the exposures evaluated individually, to calculate loss provisions, guarantees reduce the amount of the exposure at risk.
At 31 December 2024, the Group does not hold trade receivables secured by guarantees or other risk mitigation instruments for which no loss provisions have been made.
Impairment tests of goodwill, cash generating units and equity investments
Goodwill and other non-current assets are tested for impairment in accordance with IAS 36 \u2013 Impairment of assets. Impairment testing involves the use of estimates based on factors that may change over time, potentially resulting in effects that may be significantly different from prior year estimates.
In accordance with the reference accounting standard, when it is not possible to estimate the recoverable amount of an individual asset, the Group identifies the smallest group of assets that generates cash inflows largely independent of those from other assets or groups of assets (Cash Generating Units - CGUs). The process of identifying such CGUs necessarily involves management's judgement as to the specific nature of the activities and business to which they belong and evidence that the cash inflows from the group of activities are closely interdependent and largely independent of those from other activities (or groups of activities). The number and scope of CGUs are systematically updated to reflect the effects of new aggregation and reorganisation operations carried out by the Group and to take into account any external factor that could affect the ability of assets to generate independent cash inflows.
With reference to the external quantitative indicators of impairment at Group level, it should be noted that, at 31 December 2024, market capitalisation was higher than book equity, while, with regard to internal source elements, it should be noted that consolidated results at December 2024 were above budget forecasts for the same period.
For the most significant impairment tests performed as at 31 December 2024, the book values tested and the main assumptions underlying the tests performed are shown below:
Amount(\u20acm)Method usedExplicit forecast periodGrowth rateDiscount rate
Goodwill Mail, Parcels and Distribution CGU213DCF2025-20282.0%6.11% (WACC)
Goodwill Postepay Sector CGU459DCF2025-20282.0%8.02% (WACC)
Goodwill NET Insurance CGU124DDM2025-20282.0%7.95% (Ke)
Investment in Financit SpA21DDM2025-2034N/A7.99% (Ke)
DCF: Discounted Cash Flow; DDM: Dividend Discount Model; WACC: Weighted Average Cost of Capital; Ke: cost of equity; N/A: only the explicit forecast period is considered.
Also due to the decrease in market interest rates, the discount rates as at 31 December 2024 are lower than those used for the previous year's estimates.
Mail, Parcels and Distribution CGU
The impairment test of the Mail, Parcels and Distribution CGU was performed, consistent with the previous year, at the consolidated level, including the companies within the same operating segment; the activities performed by the different companies and the resulting cash flows are highly interdependent, as commercial and strategic management decisions are made centrally at the level of the entire segment.
To estimate the value in use of the CGU, reference was made to the 2024-2028 Strategic Plan \"The Connecting Platform\" updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025. The economic forecasts used in the execution of the test also include, among the various characterising elements, forecasts for planned investments that will be focused on achieving the automation and modernisation objectives of the CGU itself, in continuity with what has been achieved in previous years. Particular importance is attached to investments classified as ESG that comply with the Group's Sustainability Reference Principles. The CGU main investment projects include the Polis Project \"Digital Citizenship Service Houses\", energy efficiency measures for real estate assets, and the automation and evolution of the sorting and delivery network from a green perspective.
In determining the terminal value, calculated on the basis of the last year of explicit forecasts, income was normalised. Reference was also made to the transfer prices that BancoPosta RFC is expected to pay for the services provided by Poste Italiane's distribution network.
The impairment test determined that the related carrying amounts are fair.
The impairment test is based on estimates and assumptions that present elements of uncertainty, also due to the current context characterised by a significant volatility of the main market variables and a profound aleatory nature of economic expectations, as well as the continuation of negative economic results and the decline of the postal market in which the Group operates; for this reason, sensitivity analyses were carried out. In particular, the impairment test showed the recoverability of the goodwill allocated to the CGU even by increasing the indicated discount rate by 100 basis points and jointly reducing the long-term growth factor by 20 basis points.
The sensitivities performed on the impairment test lead to a substantial alignment between the recoverable value and the net invested capital of the CGU, at the same growth rate (2%), with a discount rate of 9.70% (considerably higher even than the discount rate already used at 31 December 2023, which was 137 basis points higher than the rate at 31 December 2024).
As in the past, in determining the value of properties used as post offices and sorting centres, the Poste Italiane SpA universal service obligation was taken into account, as was the inseparability of the cash flows generated from the properties that provide this service, (which the Parent Company is required to operate throughout the country regardless of the expected profitability of each location); the unique nature of the operating processes involved and the substantial overlap between postal and financial activities within the same outlets, represented by post offices, were also considered. On this basis, the value in use of land and buildings used in operations is relatively unaffected by changes in the commercial value of the properties concerned and, in certain critical market conditions, certain properties may have values that are significantly higher than their market value, without this having any impact on the cash flows or results of the Mail, Parcels and Distribution segment.
The fair value of the Parent Company's properties used in operations continued to be higher than their carrying amount, as confirmed by the property valuations carried out.
Postepay Services CGU
In performing the impairment test on goodwill arising from the acquisition of the LIS Group, which took place in 2022, reference was made to the CGU comprised of all the companies belonging to the Postepay Services segment as a single cash-generating unit; following the completion of the integration and reorganisation processes of LIS. In fact, the Postepay Services operating segment is based on unique market and operational processes that are integrated according to a unitary approach, and it is therefore considered that the cash flows are largely independent of those generated by the Poste Group's other operating segments, but closely interrelated within the segment.
In order to estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan, also prepared in accordance with and taking into account the ESG objectives, updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025, as well as by the Boards of Directors of the respective companies belonging to the CGU for the portion pertaining to them. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivity analyses show that the test is passed very comfortably even in scenarios significantly worse than the one used for the impairment test.
Net Insurance CGU
Following the acquisition of Net Insurance by Poste Vita through the vehicle company Net Holding in 2023 and the related Purchase Price Allocation process, goodwill of \u20ac124 million emerged, equal to the residual difference between the consideration transferred for the acquisition of Net Insurance by Net Holding and the fair value of the adjusted net assets acquired.
In performing the impairment test on the Net Insurance Group, reference was made to the CGU comprised of Net Insurance and Net Insurance Life as a cash-generating unit.
To estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivities performed on the impairment test lead to substantial alignment between the recoverable amount and the net assets of the CGU, at the same growth rate (2%), with a discount rate of 11.9%.
Investment in Financit S.p.A.
With reference to the investment in Financit, the test results showed the need to adjust the carrying amount of the investment with a corresponding negative effect of about \u20ac8 million on the consolidated economic result (about \u20ac19 million on the economic result of Poste Italiane's separate financial statements); following the impairment, the carrying amount of the investment is \u20ac21 million.
Investment in Anima Holding S.p.A.
In relation to the investment in Anima Holding, it should be noted that, unlike in previous years, the impairment test was not performed at 31 December 2024 following the decision to accept the Takeover Bid (\"OPA\") launched by Banco BPM Vita S.p.A. on the ordinary shares of Anima Holding. The value of the consideration per share offered in the Takeover Bid is higher than the unitary carrying amount of the investment recognised at 31 December 2024 in both the Poste Group's and Poste Italiane's financial statements. For further information, please refer to Note 3 - Material events during the year and events after 31 December 2024.
Depreciation and amortisation of property, plant and equipment and intangible assets
The cost of these fixed assets is depreciated or amortised on a straight-line basis over the estimated useful life of the asset. The useful life is determined at the time of acquisition and is based on historical experience of similar investments, market conditions and expectations regarding future events that may have an impact, such as technological developments. The actual useful life may, therefore, differ from the estimated useful life.
The useful life of the Group's main asset classes is detailed below:
Property, plant and equipmentYears% annual depreciation
Buildings40-593%-2%
Structural improvements to own properties18-316%-3%
Plant8-2313%-4%
Light constructions1010%
Equipment3-1033%-10%
Furniture and fittings3-833%-13%
Electrical and electronic office equipment3-1033%-10%
Motor vehicles, automobiles, motorcycles 4-1025%-10%
Leasehold improvementsestimated lease term*-
Other assets 3-533%-20%
(*) Or the useful life of the improvement if shorter than the estimated lease term
Investment propertyYears% annual depreciation
Property39-423%-2%
Structural improvements to own properties17-186%
In the case of assets to be handed over, located on land held under concession or sub-concession, on expiry of the concession term, or whilst awaiting confirmation of renewal, any additional depreciation of assets takes into account the probable residual duration of the right to use the assets to provide public services, to be estimated on the basis of the
framework agreements entered into with the Public Administration entity, the status of negotiations with the grantors and past experience.
Lastly, as regards intangible assets, amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life within a range of 2 to 5 years.
Insurance liabilities
The main models, inputs and assumptions used to estimate insurance liabilities, i.e. future cash inflows and outflows related to insurance contracts, are summarised below.
Input data, assumptions and estimate techniques used
For contracts measured with the VFA model, the estimate of future flows related to the Liability for remaining coverage is made considering the following inputs:
\u2022Non-financial assumptions, such as mortality, lapses, conversions, expenses, etc. Expense assumptions, consistent with the principle, are parametrised taking into account only attributable costs;
\u2022Financial assumptions, such as returns on assets backing insurance liabilities, asset allocation, etc.;
\u2022Stochastic economic scenarios284 differentiated by separately managed account and by type of business.
The estimate of cash flows takes into account all the commitments of the companies in respect of the contracts under assessment through the elaboration of magnitudes such as gross premiums, other inflows other than premiums consistent with the quantification of the benefits under analysis, commissions, expenses, performance settlements, any residual Mathematical Provision at the end of the projection, and other outflows other than the above consistent with the quantification of the benefits under analysis.
For contracts measured with the BBA, the future fulfilment flows represent estimates of the future cash flows that will be generated by the natural fulfilment of the contracts by the companies and therefore include all possible cash flows that fall within the contract boundary.
Projected cash flows include claims paid, reimbursements for early extinguishment of contracts, acquisition commissions, other directly attributable administrative expenses, other directly attributable acquisition expenses, premiums written and recoveries.
It should also be noted that, for onerous contracts measured through the PAA, future fulfilment flows are calculated using the same approach as for contracts measured through the BBA.
Liabilities for incurred claims include future fulfilment cash flows related to past services attributed to the group of contracts at the measurement date. These flows are defined as the sum of the following components:
\u2022Cash flows of undiscounted Best Estimate Liabilities (UBEL285), which are the best estimate of cash outflows for both reported claims and late claims;
\u2022Discount effect, calculated by discounting the cash flows referred to in the previous point using the defined discount curve;
\u2022Adjustment for non-financial risks, estimated using the methodology defined by the Group.
The process of allocating costs between \"attributable\" and \"non-attributable\" is done punctually according to the cost centres that incur them. The development and related deferral of costs follow the associated cash flow projections and the same recognition metrics adopted for the CSM release.
No changes have been made to the insurance liability valuation process with respect to the financial statements at 31 December 2023, with the exception of the financial and technical assumptions, which are updated as necessary at each valuation date.
Investment component
Assessments of the expected investment component to be included in the estimate of fulfilment future cash flows are made separately by product type. An estimate of the flow related to the Investment component is provided for both valuations at initial recognition of groups of contracts and for valuations at each reporting date.
For contracts with discretionary participation features and annuities in the accumulation phase, the expected investment component is equal to the lapse value net of penalties, whereby the estimate in future fulfilment flows is obtained as the difference between the estimated payout amount and the countervalue calculated on the basis of the lapse value net of penalties. For annuities that are certain to be paid out, the value of the investment component is not an estimate since it corresponds to the value of the benefits to be paid out, while for annuities that are certain to be paid out and pure risk products, there is no Investment component.
Method for determining the discount rate used
Below are details, by individual portfolio, of the discount curves used by the Poste Italiane Group in determining its insurance liabilities and the adjustments made to the reference Basic Risk Free Curve to take into account the counterparty's level of liquidity (Illiquidity Premiums):
\u2022in relation to the Separately managed account participating business and the Unit Linked portfolio connected to Separately managed accounts (Multi-class products), the Illiquidity Premium is calibrated on the basis of the composition of the reference portfolio (e.g. Separately managed accounts or Company) using approaches and metrics borrowed from the Solvency II approach;
\u2022in relation to the non-participating Life Business and for the Unit Linked portfolio not connected to Separately managed accounts, use was made of the values of Illiquidity Premiums consistent with the Volatility Adjustment value provided by EIOPA, in line with Solvency II. This approach is replicated in Net Insurance Life's pure risk business;
\u2022in relation to the P&C business relating to Poste Assicura and Net Insurance, the Basic Risk Free curve is adopted, assuming an Illiquidity Premium consistent with the Volatility Adjustment value provided by EIOPA.
In operational terms, the Poste Italiane Group defined the curves at the date of initial recognition of the contract, in particular:
\u2022for the Life business related to contracts issued by Poste Vita, the initial recognition curve of contracts is set equal to the Based Risk Free curve with illiquidity premium related to the previous quarter;
\u2022for the P&C business relating to Poste Assicura contracts, the curve at initial recognition of contracts is the Based Risk Free of the previous year (31/12/t-1);
\u2022for the P&C business, relating to contracts issued by Net Insurance, and for the Life business, relating to contracts issued by Net Insurance Life, the curve at initial recognition of contracts is the Based Risk Free with Volatility Adjustment relative to the previous year (31/12/t-1).
For the BBA method, in order to calculate the interest accrued on the CSM at the reporting date, the Poste Italiane Group uses the forward curve determined with respect to the spot locked-in curve at the valuation date.
For the PAA model, the Poste Italiane Group has not made an adjustment for the effect of the time value of money and financial risk.
Method for determining the Adjustment for non-financial risk
The Poste Italiane Group adopts the percentile approach. The amount of the adjustment for non-financial risk is determined by considering the scope of technical risks to which group companies are exposed, using assessments borrowed from the Solvency II framework. In particular, the Adjustment for non-financial risk for the groups of contracts belonging to the Life business is estimated taking into account the risk exposures typical of the Life business and the underwriting risk net of the loss-absorbing capacity of the technical provisions286 and gross of reinsurance. Operational risk and counterparty default risk are also excluded from the analyses.
For insurance contracts belonging to the P&C business, exposures to pricing risk, reserving risk, catastrophe risk, and the risk of early exits typical of the type of business are considered. In the P&C business, the Adjustment for non-financial risk is also determined, unlike in the Life business, for the Liability for incurred claims and Assets from outward reinsurance.
In calculating the amount of the Adjustment for non-financial risk, the separation between the insurance services component and the financing component is not applicable for Poste Italiane Group companies.
Methods for determining the CSM coverage unit
The release to the Statement of profit or loss of the CSM over the life of the contracts is done through the definition of the so-called Coverage Unit (CU). With reference to the Life business, the Poste Italiane Group determines the CSM release by adopting a Coverage Unit based on a Volume-based driver, defined separately for each measurement model adopted:
\u2022BBA model: the CU is defined with a driver based on the sums insured, which are similar to the lump-sum death benefit for pure risk contracts, and on the mathematical provisions, for annuities (in the payout phase) not under the Separately managed accounts from Long-Term Care products;
\u2022VFA model: the CU for DPF contracts is defined using a driver based on mathematical provisions.
In the context of the CSM release pattern of the P&C business, for contracts valued with the BBA Model, the Group has decided to use for the business characterised by constant insured capital a release driver based on earned premiums gross of commissions (also considering the effect of any premium refunds and related commission reversals); with the exception of the P&C business characterised by decreasing insured capital (Salary-backed of Net Insurance), the use of a method based on insured sums was defined as for the Life business.
The CSM release percentage is defined by relating the volume-based drivers as defined above to the amount of volumes of these drivers projected over a time period that coincides with the duration of the group of insurance contracts.
For products measured with the VFA method, the Group considers an additional component (additional release) in the CSM release for the period aimed at capturing the differences between the margin result obtained with real-world financial assumptions (Real World curves), compared to that obtained with risk-neutral financial assumptions (Risk Neutral curves). This additional release is obtained from the difference between the period-end prospective CSM before release under the Real World assumption and the period-end prospective CSM before release under the Risk Neutral assumption.
As a result of the additional release, it is possible to achieve a CSM release that is more consistent with the financial performance of the underlying items of the insurance contracts and to obviate the systematic deferral of profit recognition in future years through coverage units.
Deferred tax assets
The recognition of deferred tax assets is based on the expectation of taxable income in future years. Assessments of expected taxable income depend on factors which may change over time, impacting on the valuation of the deferred tax assets in the statement of financial position.
Share-based payments
As further described in Note 4.12 - Additional information - Share-based payment arrangements and 5.12 - Additional information - Share-based payment arrangements of the consolidated financial statements and Poste Italiane SpA's separate financial statements, the valuation of the share-based payment arrangements in place within the Poste Italiane Group at the close of these financial statements was based on the conclusions reached by actuaries external to the Group. The plan terms and conditions link the award of the related options to the occurrence of certain events, such as the achievement of performance targets and performance hurdles and, in certain areas of operation, compliance with certain capital adequacy and liquidity requirements. For these reasons, measurement of the liability, equity reserve and the corresponding economic effects involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.
Employee termination benefits
The measurement of Employee termination benefits is also based on calculations performed by independent actuaries. The calculation takes account of termination benefits accrued for the period of service to date and is based on various demographic and economic-financial assumptions.
Below are the main actuarial assumptions applied in the calculation of the employee termination benefit provision at 31 December 2024, also based on the experience of each Group company and the best reference practice:
Economic and financial assumptions\u00a0
\u00a031.12.2024
Discount rate\u00a03.18%\u00a0
Inflation rate2.00%
Annual rate of increase of employee termination benefits\u00a03.00%\u00a0
Demographic assumptions\u00a0
\u00a031.12.2024
Mortality\u00a0ISTAT 2018\u00a0
DisabilityINPS tables broken down by age and gender
Retirement age\u00a0Achievement of general mandatory insurance requirements
Frequency of employee termination benefits advances\u00a0Specific table with rates differentiated by Company
Employee turnover frequency\u00a0Specific table with rates differentiated by Company\u00a0
Determination of the lease liability
In determining the financial liability for leases, the Group has chosen to refer to an Incremental Borrowing Rate (\"IBR\")
based on a hypothetical loan that would have been obtained in the current economic environment and applied to groups of contracts with similar remaining terms and to similar companies. In particular, each IBR takes account of the risk-free rate identified on the basis of factors such as the economic environment, currency, contract term and credit spread reflecting the companies' organisation and financial structure. The IBR associated with the commencement of the contract will be reviewed whenever there is a lease modification, meaning substantial and significant changes to the contract conditions over the life of the agreement (e.g. the lease term or the amount of future lease payments). The IBR table defined for groups of contracts with similar residual duration and for similar reference companies is periodically monitored and updated at least once during the year.
With regard instead to determination of the lease term at the commencement date or of the remaining term at a later date (in the event of substantial and significant changes to contract conditions) and, in particular, for property leases, the Group uses a valuation approach based primarily on the expected duration of the obligation as per the agreement between the parties and/or in the legal framework of reference (Law 392 of 27 July 1978), and it expects an extension of the lease due to an interpretation/forecast of events, circumstances and future intentions, including of a strategic nature, of both the lessor and the lessee. This has resulted in a set of rules for determining the lease term, to be applied to leased properties classified previously in three distinct clusters: properties where the lease is subject to legal restrictions and high commercial-value properties; properties for civilian use, such as the company accommodation for Group employees and executives; and other properties used in operations.
The lease term for all of the other agreements was set as equal to the duration of the obligation agreed upon between the parties, in keeping with future intent in wanting and being able to complete the term and past experience.
Options on minority interests287
In the context of particular corporate transactions, there are call and put options that will allow Poste Italiane to purchase, at certain future dates, shares held by minority shareholders. The exercise price of these options is generally determined on the basis of a formula that provides for the application of a multiplier to certain economic/equity targets of the company acquired. For said cases in the consolidated financial statements, a financial liability has been recognised (in addition to the portion of equity attributable to non-controlling interests), to take account of the possible exercise of options, as matching entry to Group's equity, the value of which depends on estimates made internally and which could change even significantly in the current and future years. Subsequent changes in the value of the financial liability will be reflected in the Group's statement of profit or loss.
For details of the corporate transactions from which the need to recognise this financial liability arose, see Note B8 - Financial liabilities.
Conversion of the financial statements into foreign currencies
For the purposes of preparing the Consolidated Financial Statements, the statement of financial position and statement of profit or loss of all consolidated companies are expressed in euro, which is the functional currency used by the Parent Company.
The financial statements of companies that operate in a functional currency other than the euro are translated into the presentation currency using the closing rate at the reporting date for assets and liabilities, including goodwill and consolidation adjustments, and the average exchange rate for the year (if this reasonably approximates the exchange rate at the date of the respective transactions) for revenue and costs. All the resulting exchange rate differences are recognised in other comprehensive income and shown separately in a specific equity reserve; this reserve is reversed proportionally to the statement of profit or loss at the time of the (total or partial) disposal of the relevant investment.
The exchange rates used to convert the financial statements of consolidated companies in foreign currencies are those published by the Bank of Italy and the European Central Bank and presented in the table below:
\u00a0
\u00a020242023
CurrencyExact change rate on 31 DecemberAverage annual exchange rateExact change rate on 31 DecemberAverage annual exchange rate
\u00a0\u00a0
Chinese Yuan Renminbi7.5837.7877.8517.66
US dollar1.0391.0821.1051.081
British Pound Sterling0.8290.8470.8690.870
Crypto-assets
In order to comply with the requirements of the Bank of Italy/Consob Communication of 6 March 2025, it should be noted that the Poste Italiane Group does not hold, either through the Parent Company Poste Italiane SpA or through fully consolidated subsidiaries, any crypto-assets for which it was necessary to adopt dedicated accounting policies or use estimates for their valuation in the financial statements.
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Revenue from contracts with customers
The main factors in the recognition of revenue from contracts with customers include elements of variable consideration, particularly penalties (other than those related to compensation for damages). Elements of variable consideration are identified at the inception of the contract and estimated as of every close of the accounts for the entire contract term, to take into account new circumstances and changes in the circumstances already considered for the previous estimations. Elements of variable consideration include refund liabilities.
In the business relating to the sale of electricity and gas, revenue includes estimates of both turnover and allocation for supplies made to customers between the date of the last billing period and the end of the reporting year. Both estimation components are based on the application of internally developed algorithms that are consistent with the guidelines of the sector authority and that take into account the estimated volumes consumed by customers (considering the historical billing information). As required by the relevant regulations, the allocation of revenue is subject to adjustment until the fifth subsequent year.
C1 \u2013 REVENUE FROM MAIL, PARCELS AND OTHER (\u20ac3,843 million)
This item breaks down as follows:
tab. C1 - Revenue from Mail, Parcels & other\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0
Mail 1,8031,75350
Parcels 1,5861,395191
Other revenue 137281(145)
\u00a0
Total external revenue3,5263,42996
\u00a0
Universal Service compensation 262262-
Publisher tariff subsidies 55551
\u00a0
Total revenue3,8433,74697
of which Revenue from contracts with customers3,4183,120298
recognised at a point in time337376(39)
recognised over time3,0812,744337
External revenue showed an increase compared to the financial year 2023 of \u20ac97 million mainly due to parcel revenue of \u20ac191 million, supported by a steady acceleration of the Business to Exchange (B2X) component in terms of higher shipments and higher revenue in the Mail segment of \u20ac50 million. This increase is mitigated by the decrease in other revenue, as the 2023 financial year had benefited from the capital gain of approximately \u20ac109 million from the sale of the controlling interest in sennder Italia.
Universal Service compensation relates to amounts paid by the MEF to cover the costs of fulfilling the USO. Annual compensation, amounting to \u20ac262 million, is established in the Contratto di Programma (Service Contract) for 2020-2024, which took effect on 1 January 2020.
Publisher tariff subsidies317 relate to the amount receivable by Poste Italiane from the Presidenza del Consiglio dei Ministri - Dipartimento dell'Editoria (Cabinet Office - Publishing department) as compensation for the discounts applied to publishers and non-profit organisations when sending mail. The compensation is determined on the basis of the tariffs set in the decree issued by the Ministry of Enterprise and Made in Italy (former MiSE) in agreement with the Ministry of the Economy and Finance, on 21 October 2010 and Law Decree 63 of 18 May 2012, as converted into Law 103 of 16 July 2012. With AGCom Resolution 454/22/CONS of 30 December 2022, the new universal basic tariffs of the subsidised publishing products included in the Universal Service were defined. The Resolution provided for a gradual increase in the basic tariffs with a consequent increase in the compensation received by Poste Italiane per item sent at a subsidised rate. The amount of the subsidies granted by the Company is covered by the State Budget.
C2 \u2013 NET REVENUE FROM FINANCIAL SERVICES (\u20ac5,521 million)
Net revenue from financial services regard services provided mainly within the Parent Company's BancoPosta RFC and the subsidiary BancoPosta Fondi SGR.
This item breaks down as follows:
tab. C2 - Revenue from Financial Services\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0FY 2024FY 2023Changes
\u00a0
Revenue from financial services5,8745,516357
Income from financial activities247271(24)
Other operating income77(0)
Expenses from financial activities(607)(566)(41)
Total\u00a05,5215,229292
of which Revenue from contracts with customers2,6682,64324
recognised at a point in time223231(8)
recognised over time2,4442,41232
Revenue from Financial Services breaks down as follows:
tab. C2.1 - Revenue from financial services\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0
\u00a0\u00a0
Income from investment of postal current account deposits and free cash2,9962,702294
Fees for collection of postal savings deposits1,7251,740(15)
Other revenue from current account services4274260
Distribution of loan products21615759
Commissions on payment of bills by payment slip193208(15)
Mutual fund management fees18114338
Income from delegated services8991(1)
Money transfers1717(0)
Other2932(3)
Total5,8745,516357
Revenue from financial services showed an increase compared to the financial year 2023, mainly due to income from the use of postal current account deposits and free cash and the remuneration of postal savings deposits.
Specifically:
\u2022Income from investment of postal current account deposits and free cash breaks down as follows:
tab. C2.1.1 - Income from investment of postal current account deposits and free cash\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from investments in securities2,2841,962322
Interest income on securities at FVOCI97093635
Interest income on securities at amortised cost83378053
Interest income (expense) on asset swaps of FVH on securities at FVOCI and AC332171161
Interest income on repurchase agreements977027
Interest income (expense) on asset swaps of CFH on securities at FVOCI and AC52547
\u00a0\u00a0Income from deposits held with the MEF408\u00a0446\u00a0(38)
Remuneration of current account deposits (deposited with the MEF)406441(35)
Differential on derivatives stabilising returns25(3)
\u00a0\u00a0Income from investments in tax credits318\u00a0309\u00a010
Interest income on tax credits at AC31830910
Portion of interest income on own liquidity (finance income)(14)(15)0
Other income(0)0-
Total2,9962,702294
The increase in the item in question compared to the previous year is mainly attributable to income from investments in securities.
Income from investments in securities relates to interest earned on investment of deposits paid into postal current accounts by private customers. The amount of income includes the impact of the interest rate hedge. The increase in this item compared to financial year 2023 is mainly due to the higher profitability of both the new securities that entered the portfolio in financial year 2024 and those subject to the broader restructuring of fair value hedges as described in Note A6 - Financial assets and the simultaneous positive effect produced by the start-up of fair value hedges already present in the portfolio.
Income from investments in tax credits relates to interest accrued during the year on the investments described in Note A10 - Tax Credits Law no. 77/2020.
Income from deposits held with the MEF primarily represents accrued interest for the year on amounts deposited at Public Administration entities, remunerated at a variable rate as described in Note A6 - Financial assets.
\u2022Fees for the collection of postal savings deposits relates to the provision and redemption of Interest-bearing Postal Certificates and payments into and withdrawals from Postal Savings Books provided by Poste Italiane SpA on behalf of Cassa Depositi e Prestiti. This item reflects the fees accrued as of the date under the new Postal Savings Agreement valid for the three-year period 2024-2026, effective as of 1 January 2024.
\u2022Revenue from current account services mainly included commissions for account maintenance fees, commissions for collection services, online and over-the-counter transfers and fees, and commissions for reporting services performed for customers.
\u2022Revenue from the distribution of loan products relates to commissions received by the Parent Company on the placement of personal loans and mortgages on behalf of third parties.
Income from financial activities breaks down as follows:
tab. C2.2 - Income from financial activities\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial instruments at FVTOCI\u00a0105164(59)
Realised gains105164(59)
Income from financial instruments at amortised cost\u00a0834835
Realised gains83\u00a04835
Income from financial instruments at FVTPL880
Fair value gains871
Realised gains- \u00a01(1)\u00a0\u00a0
Foreign exchange gains633
Fair value gains211
Realised gains4\u00a022
Other income45\u00a048(3)
Total247271(24)
The decrease in Other income from financial activities, compared to the previous year, was mainly due to lower realised gains on financial instruments at FVTOCI, partially offset by higher realised gains on financial instruments at Amortised cost (of which \u20ac20 million from the early extinguishment of repurchase agreements).
Expenses from financial activities breaks down as follows:
tab. C2.3 - Expenses from financial activities\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024\u00a0FY 2023Changes
Interest expense \u00a0500505(5)
in customers' deposits2242195
on repurchase agreements17012842
on guarantee deposits106158(52)
Expense from financial instruments at FVTOCI\u00a0705416
Realised losses70\u00a05416
Expenses from financial instruments at amortised cost28- 28
Realised losses28\u00a0- 28
Expenses from financial instruments at FVTPL47(3)
Fair value losses44-
Realised losses03(3)
Expenses from cash value hedges\u00a0303
Fair value losses303
Expenses from fair value hedges\u00a01- 1
Fair value losses1\u00a0- 1
Total\u00a060756641
Expenses from financial activities increased compared to the year 2023 mainly due to higher interest on repurchase agreements and higher losses on the realisation of financial instruments at FVTOCI at Amortised Cost, partially offset by a decrease in interest on guarantee deposits related to the restructuring dynamics of the fair value hedge derivatives portfolio described in Note A6 - Financial assets.
C3 \u2013 NET REVENUE FROM INSURANCE SERVICES (\u20ac1,640 million)
tab. C3 - Net revenue from Insurance Services \u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Revenue from insurance contracts issued2,8242,550274
Costs arising from insurance contracts issued(1,234)(1,058)(176)
Revenue/(costs) from outward reinsurance(32)(15)(17)
Income and (expenses) from financial activities and other income/expenses6,4306,458(27)
Net financial (costs)/revenue relating to insurance contracts issued(6,358)(6,373)14
Net financial revenue/(costs) related to outward reinsurance1055
Total1,6401,56773
Net income from insurance services increased from \u20ac1,567 million to \u20ac1,640 million compared to 2023, mainly due to the higher release of the Contractual Service Margin (CSM) recognised during the period: \u20ac1,458 million compared to \u20ac1,285 million in the comparative year.
The breakdown of revenue from insurance contracts and costs arising from insurance contracts is shown below.
The breakdown of revenue from insurance contracts issued is as follows:
tab. C3.1 - Revenue from insurance contracts issued
Description(\u20acm)FY 2024FY 2023Changes
Contracts measured according to GMM and VFA2,3092,137172
\u00a0
Change in liability for remaining coverage 2,0731,923149
Incurred claims and other insurance service costs expected55151634
Changes in the adjustment for non-financial risks64120(56)
Contractual service margin recognised in the statement of profit or loss for services provided1,4581,285173
Other amounts(1)2(3)
\u00a0
Acquisition costs of recovered insurance contracts23621422
\u00a0
Contracts measured according to the PAA514413102
\u00a0
Total2,8242,550274
At the end of the reporting period, insurance revenue from contracts measured upon transition to IFRS 17 using the Fair Value Approach amounted to \u20ac61 million, for carve-out318 contracts amounted to \u20ac2,025 million, with the remainder relating to revenue from new contracts recognised in the period and contracts for which the Full Retrospective Approach was adopted. Details of Costs from insurance contracts issued are as follows:
The breakdown of Costs from insurance contracts issued is as follows:
tab. C3.2 - Costs from insurance contracts issued
Description(\u20acm)FY 2024FY 2023Changes
Contracts measured according to GMM and VFA79670394
\u00a0
Incurred claims and other directly attributable costs753346407
Changes in the liability for incurred claims(197)146(343)
Losses on onerous contracts and recovery of such losses4(3)7
Amortisation of acquisition costs of insurance contracts23821424
Other(2)(1)(1)
\u00a0
Contracts measured according to the PAA43835583
\u00a0
Total1,2341,058176
The breakdown of revenue/(costs) from outward reinsurance is as follows:
tab. C3.3 - Revenue/(costs) from outward reinsurance\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Outward reinsurance measured under GMM(56)(48)(9)
\u00a0
Change in assets for remaining coverage (56)(48)(9)
Amount of claims and other recoverable costs expected(45)(35)(10)
Changes in the adjustment for non-financial risks(4)(4)0
Contractual service margin recognised in the statement of profit or loss for services received(8)(6)(2)
Other1(3)3
\u00a0
Other costs directly attributable to outward reinsurance000
\u00a0
Outward reinsurance measured under PAA(103)(41)(62)
\u00a0
Total costs from outward reinsurance(160)(89)(71)
\u00a0
Effects of changes in default risk by reinsurers000
Amount of claims and other expenses recovered00(0)
Changes in the asset for incurred claims47389
Other recoveries12(1)
\u00a0
Revenue from outward reinsurance measured under PAA803346
\u00a0
Total(32)(15)(16)
The breakdown of Income and (Expenses) from financial activities and other income/expenses is as follows:
tab. C3.4 - Income and (expenses) from financial activities and other income/expenses\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial activities and other income7,8836,982900
Expenses from financial activities and other expenses(1,452)\u00a0(525)(928)
Total6,4306,458(27)
Income and (expenses) from financial activities and other income/expenses were substantially in line with the previous year. The increase in Income from financial activities and other income, offset by the increase in Expenses
from financial activities and other expenses are due to the line-by-line consolidation of the new UCITS Funds, which entails a look-through presentation of the same with a presentation of the individual assets and liabilities composing them, while previously the effect deriving from the delta NAV of the individual Funds was synthetically presented (for further details, see Note A6 - Financial assets and paragraph 2.8 - Basis of consolidation).
These gains and losses, related almost entirely to the investments included in the separately managed accounts, were almost entirely relegated to policyholders through the mirroring mechanism and included in the item \"Net financial (costs)/revenue related to insurance contracts issued\".
tab. C3.4.1 - Income from financial activities and other income\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial instruments at FVPL\u00a04,2843,600684
Interest1,007553454
Fair value gains2,8782,893(15)
Realised gains392154238
Dividends7\u00a0- 7
Income from financial instruments at FVTOCI3,2553,21738
Interest3,2363,20234
Realised gains18153
Dividends000
Income from financial instruments at amortised cost761
Interest761
Foreign exchange gains131- 131
Fair value gains35- 35
Realised gains96- 96
Other income206\u00a016046
Total7,8836,982900
tab. C3.4.2 - Expenses from financial activities and other expenses\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0Expense from financial instruments at FVPL 624469154
Realised losses356181175
Fair value losses 265289(23)
Interest1- 1
Dividends\u00a01- 1
Expense from financial instruments at FVOCI834637
Interest00(0)
Realised losses834637
Expenses from financial instruments at amortised cost1- 1
Interest1- 1
Foreign exchange losses748- 748
Fair value losses555- 555
Losses realised193- 193
Impairment losses/(reversals of impairment losses) due to credit risk(15)7(22)
Other expenses12\u00a039\u00a0\u00a0\u00a0
Total1,452525928
Tab C3.5 - Net financial (costs)/revenue relating to insurance contracts issued \u00a0
Description(\u20acm)FY 2024FY 2023Changes
Change in fair value of underlying assets of contracts valued under VFA(6,333)(6,359)26
Accrued interest(18)(12)(6)
Effects of changes in interest rates and other financial assumptions(7)(1)(6)
Effects of exchange rate changes00-
Other00-
Total(6,358)(6,373)(12)
tab. C3.6 - Net financial revenue/(costs) related to outward reinsurance\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Accrued interest1054
Effects of changes in interest rates and other financial assumptions101
Effects of exchange rate changes00-
Other00-
Total1055
C4 \u2013 REVENUE FROM POSTEPAY SERVICES (\u20ac1,923 million)
This item breaks down as follows:
tab. C4 - Revenue from Postepay ServicesDescription(\u20acm)\u00a0FY 2024\u00a0FY 2023\u00a0Changes
Electronic money68562362
Fees for issue and use of prepaid cards402409(7)
Acquiring fees1046044
Other fees17915425
Mobile326327(2)
Payment services49447321
Payment Slips29428014
Money transfers1551478
Commissions for processing tax payments using forms F23/F244446(2)
Other products and services0(0)0
Revenue from energy services 415157258
Other operating income 46(2)
Total\u00a01,9231,586337
of which Revenue from contracts with customers1,9221,306616
recognised at a point in time695438257
recognised over time1,227868359
These consist of revenue from e-money products and payment services, revenue from mobile telephony services and revenue from the energy segment, which are mainly generated by PostePay SpA and its direct subsidiaries.
Revenue from Postepay Service increased by \u20ac337 million year-on-year due to the positive contribution of all segments, in particular the energy business for \u20ac258 million", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page431-cflshid_169028-tag273239": { "value": "
Impairment and stage allocation for financial instruments
Below are the inputs, assumptions and estimation techniques used to calculate the impairment of financial assets measured at amortised cost and at fair value through other comprehensive income and to determine the stage allocation of financial instruments, the latter not applicable within the Poste Italiane Group for trade receivables in accordance with the Simplified Approach.
General description of the models utilised
The Group uses the general impairment model in accordance with risk ratings estimated on the basis of the type of counterparty:
\u2022Securities/deposits with Sovereign, Banking and Corporate counterparties: internal models for estimating risk parameters;
\u2022Public Administration and Central Counterparties: risk parameters deriving from agency ratings or average default rates for the sector.
The simplified approach is applied to trade receivables, as described in greater detail later.
Significant increase in credit risk
Based on the impairment model adopted by the Poste Italiane Group to meet the requirements of the accounting standard, any significant increase in credit risk associated with the financial instruments held, other than trade receivables, is determined on the basis of a change in the relevant credit rating between the time of the initial investment and the reporting date.
This change in notches is compared with a threshold that takes into account the following factors:
\u2022the rating of the financial instrument at the time of investment;
\u2022the rating of the financial instrument at the reporting date;
\u2022the seniority of the position within the portfolio (vintage factor);
\u2022an additive factor to mitigate the non-linearity of the probability of default (PD) with respect to the rating classes280;
\u2022a judgmental factor to be used only in the presence of sudden changes in the creditworthiness not yet reflected by the rating281.
The ratings used in stage allocation derive from internal models in the case of banking, sovereign and corporate counterparties, and external infoproviders in the case of Public Administration and Central Counterparties. Based on the above information, the Poste Italiane Group rebuts the presumption that there have been significant increases in credit risk following initial recognition, when financial assets are more than 30 days past due.
The Poste Italiane Group decided not to adopt the Low Credit Risk Exemption and to proceed instead with stage allocation of the financial instruments concerned.
Regarding trade receivables, given the adoption of the simplified approach under the new accounting standard, expected credit losses are determined throughout the lifetime of the instrument.
Definition of default
The Poste Italiane Group defines default on the basis of ad hoc assessments that take into account:
\u2022any payment delays;
\u2022market information such as a default rating by the rating agencies;
\u2022internal analyses of specific exposures.
Collective and individual provisions
The collective impairment of a homogenous group of financial assets defines the expected credit loss (ECL) of the instrument, even though it cannot be associated with a specific exposure. Grouping takes place in relation to the type of counterparty on the basis of the estimated PD.
Individual provisions are considered only following the review of trade receivables for amounts in excess of a given threshold and only in relation to single receivables.
Forward looking information
According to the standard, the ECL calculation must also factor in forward looking components based on broad consensus scenarios.
The Poste Italiane Group incorporates forward looking information directly in the PD estimation. In particular, for sovereign counterparties, for which authoritative forward-looking estimates are available282, these values are used to calculate PD; for other counterparties, on the other hand, the internal model adopted allows the input dataset needed to calculate PD to be completed from scenario values referring to some of the model variables. The objective of the approach is to estimate the unknown variables by using the historical correlation of the available information283.ESG information
The Sovereign, Bank and Corporate PD estimation models include variables reflecting Social and Governance factors defined from indicators provided by authoritative sources such as the UN and the World Bank. The Environmental factor is negligible for these purposes in view of the 1-year time horizon of the PD itself. In the context of BancoPosta RFC, this factor is monitored through scenario analyses and verification of ratings provided by external agencies.
Estimation techniques used
Since events of default cannot be used, as they are not very frequent, to develop credit scoring models for Sovereign, Banking and Corporate counterparties, a shadow rating approach has been adopted.
This method entails the use of target variables related to the level of external rating produced by the agencies. The target is identified with the default rate linked to the rating level.
A key rating agency was selected to construct the target, taking into account both the large number of rated counterparties and the availability of historical data over what was deemed to be an adequate period of time.
The models have been constructed by extracting and utilising the following types of data for each country in the sample:
\u2022macroeconomic data;
\u2022indicators related to Social and Governance issues;
\u2022financial statement data.
The internal model estimate used a definition of default based on a payment delay of 90 days.
ECL measurement
Expected credit losses (ECL) are determined over a time horizon consistent with the stage level (12 months or lifetime) on the basis of the following factors:
\u2022Probability di Default (PD);
\u2022Loss Given Default (LGD);
\u2022Exposure at Default (EAD);
\u2022Time Factor (TF).
The main assumptions/choices adopted in the determination of the factors are as follows:
\u2022PD: as indicated from the start a Point in Time (PIT) and forward-looking valuation has been adopted;
\u2022LGD: use has been made of the Internal Ratings-Based (IRB) Base Approach under the Basel guidelines (45% for senior risk assets, 75% for subordinated risk assets);
\u2022EAD: exposure calculated prospectively until maturity of the instrument, starting from the development of projected cash flows. In the development account was taken of specific indexation assumptions for every asset class (fixed income securities, floating-rate securities, inflation-indexed securities, etc.);
\u2022TF: the effective interest rate of each exposure was used as discount factor.
The assumptions adopted and set out above have led to a reduction in the PD of Italy and other Sovereign counterparties in general compared to that used in the assessments in the Annual Financial Report as at 31 December 2023.
Trade receivables
The Group adopts the simplified approach to test for the impairment of trade receivables, on the basis of which provisions for credit losses are determined for an amount equal to expected losses throughout the lifetime of the receivable. Such approach is implemented through the following process:
\u2022based on total revenue or the historical credit exposure, all receivables or credit exposures exceeding a certain pre-established credit threshold are assessed analytically. The analytical evaluation of the exposures entails an analysis of the borrower's credit quality and solvency, as determined on the basis of internal and external supporting evidence;
\u2022for receivables falling below the threshold set, through the preparation of a matrix with the different impairment percentages estimated on the basis of historical losses, where they exist, or alternatively on the historical pattern of collections. In constructing the impairment matrix, receivables are grouped by homogeneous categories, based on their characteristics, to take into account the historical loss experience.
Collateral held and other credit enhancements on trade receivables
To mitigate the risks arising from the extension of credit terms to its customers, the Group has implemented a policy and suitable guidelines that govern the management of trade receivables, the terms and conditions of payment applicable to customers and defines the corporate process aimed at checking the customer's creditworthiness, as well as the sustainability of the business risk inherent in the contract involving extended payment terms. Depending on the evaluations, the contracts entered into with customers may require a suitable guarantee. Guarantees are also requested if they are required by rules and regulations and/or implementing rules of specific services.
The Poste Italiane Group accepts mainly guarantees issued by primary banks or insurance companies. Alternatively, upon request of the customer and after a risk analysis, it accepts sureties issued by other institutions, or security deposits by opening a postal escrow account. The Poste Italiane Group, as a rule, exempts the Public Administration from the provision of guarantees to secure trade receivables arising from transactions with it, save for the cases when such guarantees are mandatory by law or due to implementing rules of specific services.
For all the exposures evaluated individually, to calculate loss provisions, guarantees reduce the amount of the exposure at risk.
At 31 December 2024, the Group does not hold trade receivables secured by guarantees or other risk mitigation instruments for which no loss provisions have been made.
Impairment tests of goodwill, cash generating units and equity investments
Goodwill and other non-current assets are tested for impairment in accordance with IAS 36 \u2013 Impairment of assets. Impairment testing involves the use of estimates based on factors that may change over time, potentially resulting in effects that may be significantly different from prior year estimates.
In accordance with the reference accounting standard, when it is not possible to estimate the recoverable amount of an individual asset, the Group identifies the smallest group of assets that generates cash inflows largely independent of those from other assets or groups of assets (Cash Generating Units - CGUs). The process of identifying such CGUs necessarily involves management's judgement as to the specific nature of the activities and business to which they belong and evidence that the cash inflows from the group of activities are closely interdependent and largely independent of those from other activities (or groups of activities). The number and scope of CGUs are systematically updated to reflect the effects of new aggregation and reorganisation operations carried out by the Group and to take into account any external factor that could affect the ability of assets to generate independent cash inflows.
With reference to the external quantitative indicators of impairment at Group level, it should be noted that, at 31 December 2024, market capitalisation was higher than book equity, while, with regard to internal source elements, it should be noted that consolidated results at December 2024 were above budget forecasts for the same period.
For the most significant impairment tests performed as at 31 December 2024, the book values tested and the main assumptions underlying the tests performed are shown below:
Amount(\u20acm)Method usedExplicit forecast periodGrowth rateDiscount rate
Goodwill Mail, Parcels and Distribution CGU213DCF2025-20282.0%6.11% (WACC)
Goodwill Postepay Sector CGU459DCF2025-20282.0%8.02% (WACC)
Goodwill NET Insurance CGU124DDM2025-20282.0%7.95% (Ke)
Investment in Financit SpA21DDM2025-2034N/A7.99% (Ke)
DCF: Discounted Cash Flow; DDM: Dividend Discount Model; WACC: Weighted Average Cost of Capital; Ke: cost of equity; N/A: only the explicit forecast period is considered.
Also due to the decrease in market interest rates, the discount rates as at 31 December 2024 are lower than those used for the previous year's estimates.
Mail, Parcels and Distribution CGU
The impairment test of the Mail, Parcels and Distribution CGU was performed, consistent with the previous year, at the consolidated level, including the companies within the same operating segment; the activities performed by the different companies and the resulting cash flows are highly interdependent, as commercial and strategic management decisions are made centrally at the level of the entire segment.
To estimate the value in use of the CGU, reference was made to the 2024-2028 Strategic Plan \"The Connecting Platform\" updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025. The economic forecasts used in the execution of the test also include, among the various characterising elements, forecasts for planned investments that will be focused on achieving the automation and modernisation objectives of the CGU itself, in continuity with what has been achieved in previous years. Particular importance is attached to investments classified as ESG that comply with the Group's Sustainability Reference Principles. The CGU main investment projects include the Polis Project \"Digital Citizenship Service Houses\", energy efficiency measures for real estate assets, and the automation and evolution of the sorting and delivery network from a green perspective.
In determining the terminal value, calculated on the basis of the last year of explicit forecasts, income was normalised. Reference was also made to the transfer prices that BancoPosta RFC is expected to pay for the services provided by Poste Italiane's distribution network.
The impairment test determined that the related carrying amounts are fair.
The impairment test is based on estimates and assumptions that present elements of uncertainty, also due to the current context characterised by a significant volatility of the main market variables and a profound aleatory nature of economic expectations, as well as the continuation of negative economic results and the decline of the postal market in which the Group operates; for this reason, sensitivity analyses were carried out. In particular, the impairment test showed the recoverability of the goodwill allocated to the CGU even by increasing the indicated discount rate by 100 basis points and jointly reducing the long-term growth factor by 20 basis points.
The sensitivities performed on the impairment test lead to a substantial alignment between the recoverable value and the net invested capital of the CGU, at the same growth rate (2%), with a discount rate of 9.70% (considerably higher even than the discount rate already used at 31 December 2023, which was 137 basis points higher than the rate at 31 December 2024).
As in the past, in determining the value of properties used as post offices and sorting centres, the Poste Italiane SpA universal service obligation was taken into account, as was the inseparability of the cash flows generated from the properties that provide this service, (which the Parent Company is required to operate throughout the country regardless of the expected profitability of each location); the unique nature of the operating processes involved and the substantial overlap between postal and financial activities within the same outlets, represented by post offices, were also considered. On this basis, the value in use of land and buildings used in operations is relatively unaffected by changes in the commercial value of the properties concerned and, in certain critical market conditions, certain properties may have values that are significantly higher than their market value, without this having any impact on the cash flows or results of the Mail, Parcels and Distribution segment.
The fair value of the Parent Company's properties used in operations continued to be higher than their carrying amount, as confirmed by the property valuations carried out.
Postepay Services CGU
In performing the impairment test on goodwill arising from the acquisition of the LIS Group, which took place in 2022, reference was made to the CGU comprised of all the companies belonging to the Postepay Services segment as a single cash-generating unit; following the completion of the integration and reorganisation processes of LIS. In fact, the Postepay Services operating segment is based on unique market and operational processes that are integrated according to a unitary approach, and it is therefore considered that the cash flows are largely independent of those generated by the Poste Group's other operating segments, but closely interrelated within the segment.
In order to estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan, also prepared in accordance with and taking into account the ESG objectives, updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025, as well as by the Boards of Directors of the respective companies belonging to the CGU for the portion pertaining to them. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivity analyses show that the test is passed very comfortably even in scenarios significantly worse than the one used for the impairment test.
Net Insurance CGU
Following the acquisition of Net Insurance by Poste Vita through the vehicle company Net Holding in 2023 and the related Purchase Price Allocation process, goodwill of \u20ac124 million emerged, equal to the residual difference between the consideration transferred for the acquisition of Net Insurance by Net Holding and the fair value of the adjusted net assets acquired.
In performing the impairment test on the Net Insurance Group, reference was made to the CGU comprised of Net Insurance and Net Insurance Life as a cash-generating unit.
To estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivities performed on the impairment test lead to substantial alignment between the recoverable amount and the net assets of the CGU, at the same growth rate (2%), with a discount rate of 11.9%Investment in Financit S.p.A.
With reference to the investment in Financit, the test results showed the need to adjust the carrying amount of the investment with a corresponding negative effect of about \u20ac8 million on the consolidated economic result (about \u20ac19 million on the economic result of Poste Italiane's separate financial statements); following the impairment, the carrying amount of the investment is \u20ac21 million.
Investment in Anima Holding S.p.A.
In relation to the investment in Anima Holding, it should be noted that, unlike in previous years, the impairment test was not performed at 31 December 2024 following the decision to accept the Takeover Bid (\"OPA\") launched by Banco BPM Vita S.p.A. on the ordinary shares of Anima Holding. The value of the consideration per share offered in the Takeover Bid is higher than the unitary carrying amount of the investment recognised at 31 December 2024 in both the Poste Group's and Poste Italiane's financial statements. For further information, please refer to Note 3 - Material events during the year and events after 31 December 2024.
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Impairment tests of goodwill, cash generating units and equity investments
Goodwill and other non-current assets are tested for impairment in accordance with IAS 36 \u2013 Impairment of assets. Impairment testing involves the use of estimates based on factors that may change over time, potentially resulting in effects that may be significantly different from prior year estimates.
In accordance with the reference accounting standard, when it is not possible to estimate the recoverable amount of an individual asset, the Group identifies the smallest group of assets that generates cash inflows largely independent of those from other assets or groups of assets (Cash Generating Units - CGUs). The process of identifying such CGUs necessarily involves management's judgement as to the specific nature of the activities and business to which they belong and evidence that the cash inflows from the group of activities are closely interdependent and largely independent of those from other activities (or groups of activities). The number and scope of CGUs are systematically updated to reflect the effects of new aggregation and reorganisation operations carried out by the Group and to take into account any external factor that could affect the ability of assets to generate independent cash inflows.
With reference to the external quantitative indicators of impairment at Group level, it should be noted that, at 31 December 2024, market capitalisation was higher than book equity, while, with regard to internal source elements, it should be noted that consolidated results at December 2024 were above budget forecasts for the same period.
For the most significant impairment tests performed as at 31 December 2024, the book values tested and the main assumptions underlying the tests performed are shown below:
Amount(\u20acm)Method usedExplicit forecast periodGrowth rateDiscount rate
Goodwill Mail, Parcels and Distribution CGU213DCF2025-20282.0%6.11% (WACC)
Goodwill Postepay Sector CGU459DCF2025-20282.0%8.02% (WACC)
Goodwill NET Insurance CGU124DDM2025-20282.0%7.95% (Ke)
Investment in Financit SpA21DDM2025-2034N/A7.99% (Ke)
DCF: Discounted Cash Flow; DDM: Dividend Discount Model; WACC: Weighted Average Cost of Capital; Ke: cost of equity; N/A: only the explicit forecast period is considered.
Also due to the decrease in market interest rates, the discount rates as at 31 December 2024 are lower than those used for the previous year's estimates.
Mail, Parcels and Distribution CGU
The impairment test of the Mail, Parcels and Distribution CGU was performed, consistent with the previous year, at the consolidated level, including the companies within the same operating segment; the activities performed by the different companies and the resulting cash flows are highly interdependent, as commercial and strategic management decisions are made centrally at the level of the entire segment.
To estimate the value in use of the CGU, reference was made to the 2024-2028 Strategic Plan \"The Connecting Platform\" updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025. The economic forecasts used in the execution of the test also include, among the various characterising elements, forecasts for planned investments that will be focused on achieving the automation and modernisation objectives of the CGU itself, in continuity with what has been achieved in previous years. Particular importance is attached to investments classified as ESG that comply with the Group's Sustainability Reference Principles. The CGU main investment projects include the Polis Project \"Digital Citizenship Service Houses\", energy efficiency measures for real estate assets, and the automation and evolution of the sorting and delivery network from a green perspective.
In determining the terminal value, calculated on the basis of the last year of explicit forecasts, income was normalised. Reference was also made to the transfer prices that BancoPosta RFC is expected to pay for the services provided by Poste Italiane's distribution network.
The impairment test determined that the related carrying amounts are fair.
The impairment test is based on estimates and assumptions that present elements of uncertainty, also due to the current context characterised by a significant volatility of the main market variables and a profound aleatory nature of economic expectations, as well as the continuation of negative economic results and the decline of the postal market in which the Group operates; for this reason, sensitivity analyses were carried out. In particular, the impairment test showed the recoverability of the goodwill allocated to the CGU even by increasing the indicated discount rate by 100 basis points and jointly reducing the long-term growth factor by 20 basis points.
The sensitivities performed on the impairment test lead to a substantial alignment between the recoverable value and the net invested capital of the CGU, at the same growth rate (2%), with a discount rate of 9.70% (considerably higher even than the discount rate already used at 31 December 2023, which was 137 basis points higher than the rate at 31 December 2024).
As in the past, in determining the value of properties used as post offices and sorting centres, the Poste Italiane SpA universal service obligation was taken into account, as was the inseparability of the cash flows generated from the properties that provide this service, (which the Parent Company is required to operate throughout the country regardless of the expected profitability of each location); the unique nature of the operating processes involved and the substantial overlap between postal and financial activities within the same outlets, represented by post offices, were also considered. On this basis, the value in use of land and buildings used in operations is relatively unaffected by changes in the commercial value of the properties concerned and, in certain critical market conditions, certain properties may have values that are significantly higher than their market value, without this having any impact on the cash flows or results of the Mail, Parcels and Distribution segment.
The fair value of the Parent Company's properties used in operations continued to be higher than their carrying amount, as confirmed by the property valuations carried out.
Postepay Services CGU
In performing the impairment test on goodwill arising from the acquisition of the LIS Group, which took place in 2022, reference was made to the CGU comprised of all the companies belonging to the Postepay Services segment as a single cash-generating unit; following the completion of the integration and reorganisation processes of LIS. In fact, the Postepay Services operating segment is based on unique market and operational processes that are integrated according to a unitary approach, and it is therefore considered that the cash flows are largely independent of those generated by the Poste Group's other operating segments, but closely interrelated within the segment.
In order to estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan, also prepared in accordance with and taking into account the ESG objectives, updated with the 2025 Budget, respectively approved by the Board of Directors of Poste Italiane SpA on 19 March 2024 and 21 February 2025, as well as by the Boards of Directors of the respective companies belonging to the CGU for the portion pertaining to them. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivity analyses show that the test is passed very comfortably even in scenarios significantly worse than the one used for the impairment test.
Net Insurance CGU
Following the acquisition of Net Insurance by Poste Vita through the vehicle company Net Holding in 2023 and the related Purchase Price Allocation process, goodwill of \u20ac124 million emerged, equal to the residual difference between the consideration transferred for the acquisition of Net Insurance by Net Holding and the fair value of the adjusted net assets acquired.
In performing the impairment test on the Net Insurance Group, reference was made to the CGU comprised of Net Insurance and Net Insurance Life as a cash-generating unit.
To estimate the value in use of the CGU, reference was made to the 2024-2028 \"The Connecting Platform\" Strategic Plan. Based on the test results, there was no need to carry out value adjustments at 31 December 2024.
Sensitivities performed on the impairment test lead to substantial alignment between the recoverable amount and the net assets of the CGU, at the same growth rate (2%), with a discount rate of 11.9%.
Investment in Financit S.p.A.
With reference to the investment in Financit, the test results showed the need to adjust the carrying amount of the investment with a corresponding negative effect of about \u20ac8 million on the consolidated economic result (about \u20ac19 million on the economic result of Poste Italiane's separate financial statements); following the impairment, the carrying amount of the investment is \u20ac21 million.
Investment in Anima Holding S.p.A.
In relation to the investment in Anima Holding, it should be noted that, unlike in previous years, the impairment test was not performed at 31 December 2024 following the decision to accept the Takeover Bid (\"OPA\") launched by Banco BPM Vita S.p.A. on the ordinary shares of Anima Holding. The value of the consideration per share offered in the Takeover Bid is higher than the unitary carrying amount of the investment recognised at 31 December 2024 in both the Poste Group's and Poste Italiane's financial statements. For further information, please refer to Note 3 - Material events during the year and events after 31 December 2024.
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Depreciation and amortisation of property, plant and equipment and intangible assets
The cost of these fixed assets is depreciated or amortised on a straight-line basis over the estimated useful life of the asset. The useful life is determined at the time of acquisition and is based on historical experience of similar investments, market conditions and expectations regarding future events that may have an impact, such as technological developments. The actual useful life may, therefore, differ from the estimated useful life.
The useful life of the Group's main asset classes is detailed below:
Property, plant and equipmentYears% annual depreciation
Buildings40-593%-2%
Structural improvements to own properties18-316%-3%
Plant8-2313%-4%
Light constructions1010%
Equipment3-1033%-10%
Furniture and fittings3-833%-13%
Electrical and electronic office equipment3-1033%-10%
Motor vehicles, automobiles, motorcycles 4-1025%-10%
Leasehold improvementsestimated lease term*-
Other assets 3-533%-20%
(*) Or the useful life of the improvement if shorter than the estimated lease term
Investment propertyYears% annual depreciation
Property39-423%-2%
Structural improvements to own properties17-186%
In the case of assets to be handed over, located on land held under concession or sub-concession, on expiry of the concession term, or whilst awaiting confirmation of renewal, any additional depreciation of assets takes into account the probable residual duration of the right to use the assets to provide public services, to be estimated on the basis of the
framework agreements entered into with the Public Administration entity, the status of negotiations with the grantors and past experience.
Lastly, as regards intangible assets, amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life within a range of 2 to 5 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page443-cflshid_175228-tag273240": { "value": "Conversion of the financial statements into foreign currencies
For the purposes of preparing the Consolidated Financial Statements, the statement of financial position and statement of profit or loss of all consolidated companies are expressed in euro, which is the functional currency used by the Parent Company.
The financial statements of companies that operate in a functional currency other than the euro are translated into the presentation currency using the closing rate at the reporting date for assets and liabilities, including goodwill and consolidation adjustments, and the average exchange rate for the year (if this reasonably approximates the exchange rate at the date of the respective transactions) for revenue and costs. All the resulting exchange rate differences are recognised in other comprehensive income and shown separately in a specific equity reserve; this reserve is reversed proportionally to the statement of profit or loss at the time of the (total or partial) disposal of the relevant investment.
The exchange rates used to convert the financial statements of consolidated companies in foreign currencies are those published by the Bank of Italy and the European Central Bank and presented in the table below:
\u00a0
\u00a020242023
CurrencyExact change rate on 31 DecemberAverage annual exchange rateExact change rate on 31 DecemberAverage annual exchange rate
\u00a0\u00a0
Chinese Yuan Renminbi7.5837.7877.8517.66
US dollar1.0391.0821.1051.081
British Pound Sterling0.8290.8470.8690.870
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page443-cflshid_175228-tag273233": { "value": "
2.7 CLIMATE CHANGE AND THE MACROECONOMIC ENVIRONMENT
Climate change disclosure
Climate change and the transition to a low-carbon economy are becoming increasingly relevant to businesses, banks, governments, regulators, and investors.
Although the Poste Italiane Group attaches particular importance to environmental protection, aware of the need to use resources responsibly in order to minimise negative environmental impacts288, taking into account the business in which the Group operates, issues related to climate change are considered, in the exception provided by the reference accounting standards, irrelevant for consolidated financial reporting.
However, also taking into account the disclosure required in the past by ESMA and recalled in Public Statement 32-193237008-8369 of 24 October 2024, as well as by Consob's Warning Notice of 20 December 2024, the table below provides a mapping of climate-related disclosures with a corresponding reference to the paragraphs of Poste Italiane's consolidated financial statements and separate financial statements in which the issue is addressed.
TopicNoteDescription
Climate Change Estimates and JudgementsNote 2.6 Use of estimates \"Impairment tests of goodwill, cash generating units and equity investments\" and \"Impairment and stage allocation for financial instruments\"\u2022Focus on the estimation of expected cash flows in relation to the CGUs subject to impairment.\u2022Details of ESG factors considered in estimating the Probability of Default (PD).
Sustainable investmentsNote A1 - \"Property, plant and equipment\"Note A4 - \"Right-of-use assets\"\u2022Investments made in the reporting year aimed at reducing the environmental impact of the Group/Parent Company.\u2022Increase in Right-of-Use Assets related to the conclusion of leasing contracts for green vehicles.
Sustainable financeNote A6 - \"Financial assets\"Note 4.12\"Additional Information - Assets under management\"\u2022Percentage of ESG products in the entire investment and insurance portfolio of BancoPosta Fondi SpA SGR and Poste Vita Group.
Environmental certificatesNote 2.5 \"Material information on accounting standards - Environmental certificates\"Note A7 - \"Inventories\"Note C5 - \"Cost of goods and services\"\u2022Description of the accounting treatment applied to environmental certificates\u2022Details of closing inventories referring to emission allowances and guarantees of origin and carbon credits present at year-end\u2022Indication of costs incurred during the financial year for the purchase of environmental certificates.
Share-based paymentsNote 4.12 \"Additional Information - Share-based payment arrangementsNote 5.12 \"Additional Information - Share-based payment arrangements\u2022Description of incentive plans some of which are anchored to the achievement of ESG objectives.
Climate riskNote 4.6 \"Risk management\"Note 5.6 \"Risk management\"\u2022Description of the exposure of Poste Italiane SpA and the entire Group to risks related to climate change and actions taken to mitigate those risks.
Macroeconomic environment
The estimates used in the preparation of the Financial Statements adequately take into account the particular macroeconomic context of reference at 31 December 2024, heavily influenced by a number of factors such as: inflation, rising interest rates, deterioration of the economic climate, geopolitical risks and uncertainties on future developments considering the ongoing conflicts in Ukraine and the Middle East. These uncertainties are reflected in the indicators used as the basis for the estimates.
For information on how these uncertainties were reflected in the estimated PDs used to calculate expected losses, please refer to Section 2.6 \"Use of Estimates - Impairment and stage allocation for financial instruments\"; while for a full discussion of risks related to the economic environment, please refer to the specific sections of the Report on Operations.", "dimensions": { "concept": "ext:DisclosureOfClimateChangeAndMacroeconomicEnvironment", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page445-cflshid_176018-tag273219": { "value": "
2.8 BASIS OF CONSOLIDATION
The Poste Italiane Group's consolidated financial statements include the financial statements of Poste Italiane SpA and of the companies over which the Parent Company directly or indirectly exercises control, as defined by IFRS 10, from the date on which control is obtained until the date on which control is no longer held by the Group. The Group controls an entity when it simultaneously:
\u2022has power over the investee;
\u2022is exposed, or has rights to, variable returns from its involvement with the investee;
\u2022has the ability to influence those returns through its power over the investee.
Control is exercised both via direct or indirect ownership of voting shares, and via the exercise of dominant influence, defined as the power to govern the financial and operating policies of the entity, including indirectly based on legal agreements, obtaining the related benefits, regardless of the nature of the equity interest. In determining control, potential voting rights exercisable at the end of the reporting period are taken into account.
The consolidated financial statements have been specifically prepared at 31 December 2024, after appropriate adjustment, where necessary, to align accounting policies with those of the Parent Company.
Subsidiaries that, in terms of their size or operations, are, either individually or taken together, irrelevant to a true and fair view of the Group's results of operations and financial position are not included within the scope of consolidation.
The criteria used for line-by-line consolidation are as follows:
\u2022the assets, liabilities, costs and revenue of consolidated entities are accounted for on a line-by-line basis, separating where applicable the equity and profit/(loss) amounts attributable to non-controlling interests in consolidated equity and consolidated profit or loss;
\u2022business combinations, in which control over an entity is acquired, are accounted for using the acquisition method. The cost of a business combination is represented by the current value (fair value) at the date of acquisition of the assets sold, the liabilities assumed, the equity instruments issued and any other directly attributable accessory charges; any difference between the cost of acquisition and the fair values of the assets and liabilities acquired, following review of their fair value, is recognised as goodwill arising from consolidation (if positive), or recognised in profit or loss (if negative);
\u2022acquisitions of non-controlling interests in entities already controlled by the Group are not accounted for as acquisitions, but as equity transactions; in the absence of a relevant accounting standard, the Group recognises any difference between the cost of acquisition and the related share of net assets of the subsidiary in equity;
\u2022any significant gains and losses (and the related tax effects) on transactions between companies consolidated on a line-by-line basis, to the extent not yet realised with respect to third parties, are eliminated, as are intercompany payables and receivables, costs and revenue, and finance costs and income;
\u2022gains and losses deriving from the disposal of investments in consolidated companies are recognised in profit or loss based on the difference between the sale price and the corresponding share of consolidated equity disposed of.
Investments in subsidiaries that are not significant and are not consolidated, and those in companies over which the Group exerts significant influence (assumed when the Group holds an interest of between 20% and 50%), hereinafter \"associates\", and joint ventures are accounted for using the equity method. At the time of acquisition, the investment is accounted for using the equity method. Any difference between the cost of acquisition of the investment and the net fair value of the investee's identifiable assets and liabilities is accounted for as follows:
a)goodwill related to an associate or a joint venture is included in the carrying amount of the investment. Amortisation of such goodwill is not permitted;
b)in determining the initial value of the entity's investment, any excess of the entity's interest in the net fair value of investee's identifiable assets and liabilities over cost is recognised as income in determining the acquirer's interest in the profit (loss) for the period of the associate or joint venture in the period in which the interest is acquired.
After acquisition, appropriate adjustments are made to the entity's share of the profits or losses of the associate or joint venture to account, for example, for additional depreciation or amortisation of the investee's depreciable or amortisable assets, based on the excess of their fair values over their carrying amounts at the time the investment was acquired, and of any impairment losses on goodwill or property, plant and equipment. The equity method is as follows:
\u2022the Group's share of an entity's post-acquisition profits or losses is recognised in profit or loss from the date on which significant influence or control is obtained until the date on which significant influence or control is no longer exerted by the Group; provisions are made to cover a company's losses that exceed the carrying amount of the investment, to the extent that the Group has legal or constructive obligations to cover such losses; changes in the equity of companies accounted for using the equity method not related to the profit/(loss) for the year are recognised directly in equity;
\u2022unrealised gains and losses on transactions between the Parent Company/subsidiaries and the company accounted for using the equity method are eliminated to the extent of the Group's interest in the associate; unrealised losses, unless relating to impairment, are eliminated.
CHANGES IN THE SCOPE OF CONSOLIDATION AND OTHER CORPORATE TRANSACTIONS
Multi-Asset Funds
During the course of 2023, the Poste Italiane Group launched a project to \"replace\" the Luxembourg-law multi-compartment SICAV sub-funds, in which Poste Vita SpA had invested a portion of the assets (around \u20ac25 billion) pertaining to the Separately Managed Accounts, with 11 newly established Italian-law UCITS managed by BancoPosta Fondi SpA SGR.
The objective of this project was to create a structure that would allow the insurance company - within the legal and regulatory limits of reference - to benefit from a model better suited to respond to the best practices of the domestic insurance industry, in terms of investments in \"complex assets\".
The project ended on 13 September 2024 with the completion of the cross-border merger by incorporation of the SICAV's sub-funds into the new UCITS funds, through which the financial instruments and sums of money previously held in the SICAV's sub-funds were transferred to the latter.
At the date of these annual financial statements, the 11 UCITS comply with the requirements of IFRS 10 - Consolidated Financial Statements for the existence of control and, consequently, are fully consolidated in the Consolidated financial statements of the Poste Italiane Group as:
i.Poste Vita SpA owns 100% of the units of the Funds in which the assets pertaining to the Separately Managed Accounts are invested;
ii.BancoPosta Fondi SpA SGR, the manager of the Funds, contractually holds the power to influence their performance;
iii.both of the above companies are controlled by Poste Italiane SpA, which, in exercising its management and coordination activities, defines the strategic guidelines, the management of investments and the resulting cash flows.
The line-by-line consolidation of the Funds, which from an economic point of view did not have any impact on the result for the year, made it necessary to present the financial assets and liabilities contained in the Funds at the statement of financial position level and the income elements characterising the change in the period at the profit or loss level.
MLK Fresh
On 31 January 2024, through the establishment of the NewCo called \"MLK Fresh S.r.l.\", a partnership in the Fresh Food sector was formalised between MLK Deliveries S.p.A. and Mazzocco S.r.l., an Italtrans Group company that operates as a national refrigerated courier.
MLK Fresh S.r.l., 70% owned by MLK and 30% by Mazzocco S.r.l., will be the vehicle through which the parties will offer advanced delivery services in Italy dedicated to the fresh food segment in the B2C e-commerce and/or scheduled deliveries market.
N&TS Group Networks & Transactional Systems Group
On 28 February 2024, PostePay signed an agreement to acquire 20% of N&TS GROUP Networks & Transactional Systems Group S.p.A., a leading Italian company in software solutions for electronic payments. The closing of the transaction took place on 15 April 2024 following the fulfilment of the conditions precedent.
By virtue of the option provided for in paragraphs 45 et seq. of IFRS 3 to complete the valuation of the business combination within twelve months from the date of the transaction, the difference between the agreed consideration (\u20ac17.6 million) and the fair value of the portion of the net assets acquired (\u20ac2.9 million) was provisionally allocated to goodwill in the amount of \u20ac14.7 million and is included in the carrying amount of the investment, which is valued using the equity method due to the connection relationship.
Poste Logistics
On 4 March 2024, Poste Logistics S.p.A. was established, whose share capital is wholly-owned by Poste Italiane S.p.A.; the company will be dedicated to integrated logistics activities for the Poste Italiane Group, benefiting from the business unit of SDA Express Courier S.p.A. (\"SDA\") concerning the integrated logistics business, through a partial demerger transaction. The partial demerger transaction, which was resolved by the Extraordinary Shareholders' Meetings of SDA and Poste Logistics S.p.A. on 27 March 2024, was formalised on 25 June 2024 effective as of 1 July 2024.
Locker Italia
On 18 April 2024 the company Locker Italia S.p.A. was established - owned by Poste Italiane S.p.A. and Deutsche Post International BV with equal stakes of 50% respectively - with the objective of developing, in Italy, a network of lockers for last mile deliveries of parcels managed by Poste Italiane S.p.A. and the e-commerce division of the DHL Group.
Postego
On 9 May 2024, Postego S.p.A. was established, a benefit company wholly-owned by Poste Italiane, with the aim of progressively internalising the Poste Italiane car fleet (about 30 thousand delivery vehicles).
Casina Poste
On 21 June 2024, Casina Poste was established as an amateur sports company with limited liability (Casina Poste SSD a r.l.), wholly-owned through Poste Italiane S.p.A. (72%), PostePay S.p.A. (7%), Postel S.p.A. (7%), Poste Vita S.p.A. (7%) and SDA Express Courier S.p.A. (7%), for the organisation and management as well as the promotion, enhancement and dissemination of amateur sporting activities.
SPV Cosenza
On 25 June 2024, SPV Cosenza S.p.A. was established, a company 95% owned by Poste Italiane S.p.A. and 5% by Plurima S.p.A., dedicated to the performance of all the services covered by the public-private partnership contract for the management and rationalisation of integrated healthcare logistics for the Cosenza Provincial Health Authority.
The following material events also took place during the year:
\u2022on 22 May 2024, Poste Italiane S.p.A. transferred to Postepay S.p.A. its entire stake in Conio Inc. amounting to 16.29 % of the relevant share capital;
\u2022on 27 June 2024, the deed of sale of a stake held by SDA Express Courier S.p.A. in the Consorzio Logistica Pacchi S.C.p.A. in the amount of 5.5% in favour of Poste Logistics S.p.A. was signed: thus, SDA's shareholding in the Consorzio increased from 19% to 13.5%;
\u2022on 10 December 2024, Poste Italiane S.p.A. exercised the early conversion of the loan issued by sennder Technologies GmbH into shares of the same as part of the broader capital increase transaction promoted by the company totalling \u20ac39 million with the shareholder Scania as lead investor. Following the completion of these transactions, Poste Italiane S.p.A.'s stake in sennder Technologies GmbH was reduced from 10.2% to 9.7% on a fully diluted basis.
CONCLUSION OF THE VALUATION OF BUSINESS COMBINATIONS FROM THE PREVIOUS YEAR
With reference to the corporate transactions that took place in 2023 for which Poste Italiane availed itself of the option set forth in paragraphs 45 et seq. of IFRS 3 to complete the valuation of the business combination within twelve months from the date of acquisition, at 31 December 2024 the process was concluded, confirming the results already represented at 31 December 2023. A summary of them is given below:
\u2022Net Insurance (April 2023)
As a result of the valuation activities performed, an adjustment to the fair value of the net assets acquired was recognised for a total of \u20ac10.8 million, of which:
\u2022\u20ac10.8 million increase in intangible assets related to brand development;
\u2022an increase in property, plant and equipment of \u20ac1.4 million relating to owned property;
\u2022reduction of insurance liabilities by \u20ac3.4 million for cash flows related to amounts repayable by the distributing banks;
\u2022deferred tax effects related to the above adjustments in the amount of \u20ac4.8 million.
The remaining difference between the consideration transferred (\u20ac180.8 million) and the fair value of the net assets acquired by the Group adjusted following the PPA process (\u20ac57 million) was allocated to Goodwill in the amount of \u20ac123.8 million.
\u2022Sennder Italy (April 2023)
It was confirmed that the difference between the consideration (\u20ac20.7 million) and the fair value of the portion of the net assets acquired (\u20ac1.8 million) is entirely attributable to goodwill (included in the carrying amount of the investment) in the amount of \u20ac18.9 million.
\u2022Sourcesense Platforms (January 2023289)
It was confirmed that the difference between the transaction price and the portion of the net assets acquired, amounting to approximately \u20ac1 million, was recorded as Goodwill under Intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page446-cflshid_176531-tag273234": { "value": "
Multi-Asset Funds
During the course of 2023, the Poste Italiane Group launched a project to \"replace\" the Luxembourg-law multi-compartment SICAV sub-funds, in which Poste Vita SpA had invested a portion of the assets (around \u20ac25 billion) pertaining to the Separately Managed Accounts, with 11 newly established Italian-law UCITS managed by BancoPosta Fondi SpA SGR.
The objective of this project was to create a structure that would allow the insurance company - within the legal and regulatory limits of reference - to benefit from a model better suited to respond to the best practices of the domestic insurance industry, in terms of investments in \"complex assets\".
The project ended on 13 September 2024 with the completion of the cross-border merger by incorporation of the SICAV's sub-funds into the new UCITS funds, through which the financial instruments and sums of money previously held in the SICAV's sub-funds were transferred to the latter.
At the date of these annual financial statements, the 11 UCITS comply with the requirements of IFRS 10 - Consolidated Financial Statements for the existence of control and, consequently, are fully consolidated in the Consolidated financial statements of the Poste Italiane Group as:
i.Poste Vita SpA owns 100% of the units of the Funds in which the assets pertaining to the Separately Managed Accounts are invested;
ii.BancoPosta Fondi SpA SGR, the manager of the Funds, contractually holds the power to influence their performance;
iii.both of the above companies are controlled by Poste Italiane SpA, which, in exercising its management and coordination activities, defines the strategic guidelines, the management of investments and the resulting cash flows.
The line-by-line consolidation of the Funds, which from an economic point of view did not have any impact on the result for the year, made it necessary to present the financial assets and liabilities contained in the Funds at the statement of financial position level and the income elements characterising the change in the period at the profit or loss level.
MLK Fresh
On 31 January 2024, through the establishment of the NewCo called \"MLK Fresh S.r.l.\", a partnership in the Fresh Food sector was formalised between MLK Deliveries S.p.A. and Mazzocco S.r.l., an Italtrans Group company that operates as a national refrigerated courier.
MLK Fresh S.r.l., 70% owned by MLK and 30% by Mazzocco S.r.l., will be the vehicle through which the parties will offer advanced delivery services in Italy dedicated to the fresh food segment in the B2C e-commerce and/or scheduled deliveries market.
N&TS Group Networks & Transactional Systems Group
On 28 February 2024, PostePay signed an agreement to acquire 20% of N&TS GROUP Networks & Transactional Systems Group S.p.A., a leading Italian company in software solutions for electronic payments. The closing of the transaction took place on 15 April 2024 following the fulfilment of the conditions precedent.
By virtue of the option provided for in paragraphs 45 et seq. of IFRS 3 to complete the valuation of the business combination within twelve months from the date of the transaction, the difference between the agreed consideration (\u20ac17.6 million) and the fair value of the portion of the net assets acquired (\u20ac2.9 million) was provisionally allocated to goodwill in the amount of \u20ac14.7 million and is included in the carrying amount of the investment, which is valued using the equity method due to the connection relationship.
Poste Logistics
On 4 March 2024, Poste Logistics S.p.A. was established, whose share capital is wholly-owned by Poste Italiane S.p.A.; the company will be dedicated to integrated logistics activities for the Poste Italiane Group, benefiting from the business unit of SDA Express Courier S.p.A. (\"SDA\") concerning the integrated logistics business, through a partial demerger transaction. The partial demerger transaction, which was resolved by the Extraordinary Shareholders' Meetings of SDA and Poste Logistics S.p.A. on 27 March 2024, was formalised on 25 June 2024 effective as of 1 July 2024.
Locker Italia
On 18 April 2024 the company Locker Italia S.p.A. was established - owned by Poste Italiane S.p.A. and Deutsche Post International BV with equal stakes of 50% respectively - with the objective of developing, in Italy, a network of lockers for last mile deliveries of parcels managed by Poste Italiane S.p.A. and the e-commerce division of the DHL Group.
Postego
On 9 May 2024, Postego S.p.A. was established, a benefit company wholly-owned by Poste Italiane, with the aim of progressively internalising the Poste Italiane car fleet (about 30 thousand delivery vehicles).
Casina Poste
On 21 June 2024, Casina Poste was established as an amateur sports company with limited liability (Casina Poste SSD a r.l.), wholly-owned through Poste Italiane S.p.A. (72%), PostePay S.p.A. (7%), Postel S.p.A. (7%), Poste Vita S.p.A. (7%) and SDA Express Courier S.p.A. (7%), for the organisation and management as well as the promotion, enhancement and dissemination of amateur sporting activities.
SPV Cosenza
On 25 June 2024, SPV Cosenza S.p.A. was established, a company 95% owned by Poste Italiane S.p.A. and 5% by Plurima S.p.A., dedicated to the performance of all the services covered by the public-private partnership contract for the management and rationalisation of integrated healthcare logistics for the Cosenza Provincial Health Authority.
The following material events also took place during the year:
\u2022on 22 May 2024, Poste Italiane S.p.A. transferred to Postepay S.p.A. its entire stake in Conio Inc. amounting to 16.29 % of the relevant share capital;
\u2022on 27 June 2024, the deed of sale of a stake held by SDA Express Courier S.p.A. in the Consorzio Logistica Pacchi S.C.p.A. in the amount of 5.5% in favour of Poste Logistics S.p.A. was signed: thus, SDA's shareholding in the Consorzio increased from 19% to 13.5%;
\u2022on 10 December 2024, Poste Italiane S.p.A. exercised the early conversion of the loan issued by sennder Technologies GmbH into shares of the same as part of the broader capital increase transaction promoted by the company totalling \u20ac39 million with the shareholder Scania as lead investor. Following the completion of these transactions, Poste Italiane S.p.A.'s stake in sennder Technologies GmbH was reduced from 10.2% to 9.7% on a fully diluted basis.
CONCLUSION OF THE VALUATION OF BUSINESS COMBINATIONS FROM THE PREVIOUS YEAR
With reference to the corporate transactions that took place in 2023 for which Poste Italiane availed itself of the option set forth in paragraphs 45 et seq. of IFRS 3 to complete the valuation of the business combination within twelve months from the date of acquisition, at 31 December 2024 the process was concluded, confirming the results already represented at 31 December 2023. A summary of them is given below:
\u2022Net Insurance (April 2023)
As a result of the valuation activities performed, an adjustment to the fair value of the net assets acquired was recognised for a total of \u20ac10.8 million, of which:
\u2022\u20ac10.8 million increase in intangible assets related to brand development;
\u2022an increase in property, plant and equipment of \u20ac1.4 million relating to owned property;
\u2022reduction of insurance liabilities by \u20ac3.4 million for cash flows related to amounts repayable by the distributing banks;
\u2022deferred tax effects related to the above adjustments in the amount of \u20ac4.8 million.
The remaining difference between the consideration transferred (\u20ac180.8 million) and the fair value of the net assets acquired by the Group adjusted following the PPA process (\u20ac57 million) was allocated to Goodwill in the amount of \u20ac123.8 million.
\u2022Sennder Italy (April 2023)
It was confirmed that the difference between the consideration (\u20ac20.7 million) and the fair value of the portion of the net assets acquired (\u20ac1.8 million) is entirely attributable to goodwill (included in the carrying amount of the investment) in the amount of \u20ac18.9 million.
\u2022Sourcesense Platforms (January 2023289)
It was confirmed that the difference between the transaction price and the portion of the net assets acquired, amounting to approximately \u20ac1 million, was recorded as Goodwill under Intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page449-cflshid_177951-tag273220": { "value": "
3. MATERIAL EVENTS DURING THE YEAR AND EVENTS AFTER 31 DECEMBER 2024
3.1 MATERIAL EVENTS
The following material events also occurred in 2024:
Russia-Ukraine Conflict
The year 2024 was characterised by the continuation of the crisis between the European countries Russia and Ukraine.
In order to assess the impacts of the conflict for the Group, as requested by the national and international Authorities, and in line with the previous financial statements, an assessment was carried out on the current and future impacts and on the sanctions imposed on Russia by state and supranational authorities, on the activities, on the financial situation and on the economic results of the Group in consideration of the available evidence and the scenarios that can be configured at the date of preparation of the following financial statements.
The potential impacts, although at present random and uncertain also in relation to the pressure on inflation driven by sharp increases in energy and raw material prices, appear limited in relation to the fact that the Group's operations are almost entirely located within the national territory and without branches in the value chain with the countries involved.
In addition, monitoring of the existing relations between the Group and the parties directly or indirectly involved was carried out, which led to the following findings:
\u2022with reference to the Parent Company, the existence of relations with the corresponding foreign postal administrations of Russia, Belarus and Ukraine have credit and debit balances of insignificant amounts;
\u2022with reference to Poste Vita, within the Multi-asset funds, there are some indirect exposures to the countries involved in the aforementioned events that represent a non-significant portion of the relevant NAV.
Purchase of treasury shares
In execution of the authorisation to purchase treasury shares resolved by the Shareholders' Meeting of Poste Italiane on 31 May 2024, aimed at acquiring a supply of shares to be allocated to directors and employees of the Group who are beneficiaries of the variable incentive plans, whose launch was communicated to the market on 31 May 2024, from 3 to 10 June 2024, Poste Italiane purchased 1,166,667 treasury shares, at an average unit price of \u20ac12.804423 for a total value of \u20ac14,938,498.18. Subsequently, in the period between 7 August 2024 and 9 August 2024, Poste Italiane purchased 710,802 treasury shares at an average unit price of \u20ac11.788388, for a total value of \u20ac8,379,209.76.
At the close of the second tranche of the programme, considering also the treasury shares in the portfolio deriving from previous buy-back transactions and the delivery to the beneficiaries of the incentive plans, at 31 December 2024, Poste Italiane holds 11,492,604 treasury shares, equal to 0.880% of the share capital.
National collective labour agreement renewed
On 23 July 2024, the National Collective Labour Agreement (CCNL), which expired at the end of 2023, was renewed for the period 2024-2027 for the non-managerial staff of Poste Italiane SpA and the other Group companies to which the same CCNL applies.
Interim dividend
On 6 November 2024, Poste Italiane's Board of Directors, in light of the Company's financial position and results of operations in the first nine months of 2024, the performance for the following months, the business outlook and the related
", "dimensions": { "concept": "ext:DisclosureOfRelevantEventsDuringReportingPeriodExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page449-cflshid_177962-tag273221": { "value": "
Purchase of treasury shares
In execution of the authorisation to purchase treasury shares resolved by the Shareholders' Meeting of Poste Italiane on 31 May 2024, aimed at acquiring a supply of shares to be allocated to directors and employees of the Group who are beneficiaries of the variable incentive plans, whose launch was communicated to the market on 31 May 2024, from 3 to 10 June 2024, Poste Italiane purchased 1,166,667 treasury shares, at an average unit price of \u20ac12.804423 for a total value of \u20ac14,938,498.18. Subsequently, in the period between 7 August 2024 and 9 August 2024, Poste Italiane purchased 710,802 treasury shares at an average unit price of \u20ac11.788388, for a total value of \u20ac8,379,209.76.
At the close of the second tranche of the programme, considering also the treasury shares in the portfolio deriving from previous buy-back transactions and the delivery to the beneficiaries of the incentive plans, at 31 December 2024, Poste Italiane holds 11,492,604 treasury shares, equal to 0.880% of the share capital.
At 31 December 2024, the Company held 11,492,604 treasury shares (equal to approximately 0.880% of the share capital) with a total value of approximately \u20ac109 million. All the shares in issue are fully subscribed and paid up. No preferred stocks have been issued.
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Interim dividend
On 6 November 2024, Poste Italiane's Board of Directors, in light of the Company's financial position and results of operations in the first nine months of 2024, the performance for the following months, the business outlook and the related
expected economic prospects at 31 December 2024, and in line with the Group's dividend policy, resolved to advance, as an interim dividend, part of the ordinary dividend for 2024. To this end, the Company has prepared a Report and FinancialStatements pursuant to article 2433-bis of the Italian Civil Code, which show that the Company's financial position, results of operations and cash flows allow such distribution. The opinion of the independent auditors was obtained on these documents.
The interim dividend of \u20ac0.33 per share, gross of any legal withholding taxes, was made with effect from 20 November 2024, with \"ex-dividend date\" of coupon no. 15 coinciding with 18 November 2024 and record date (i.e. the date on which the dividend was entitled to be paid) coinciding with 19 November 2024.
Based on the number of shares outstanding at 6 November 2024, which amounted to 1,294,617,396, the total amount of the interim dividend was \u20ac427 million.
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3.2 EVENTS AFTER THE END OF THE REPORTING PERIOD
Events occurring after the reporting date are reported below:
\u2022Net Holding S.p.A.
An extraordinary shareholders' meeting of Net Holding S.p.A. (\"Net Holding\") was held on 14 November 2024, during which the shareholders, Poste Vita S.p.A. and IBL Banca S.p.A., resolved to dissolve Net Holding early and put it into liquidation. On 3 February 2025, following the authorisations received from the regulatory authority, the resolution to liquidate and the appointment of the liquidator was registered with the Companies' Register. The completion of the liquidation and the assignment to Net Holding's shareholders of the 97.8% stake it held in Net Insurance S.p.A. are expected by the end of the first half of 2025
\u2022Anima Holding S.p.A.
On 10 February 2025, the Board of Directors of Poste Italiane S.p.A. resolved to send to Banco BPM Vita S.p.A. (\"Banco BPM Vita\") a letter of commitment to adhere to the Takeover Bid (\"OPA\") launched by the latter on the ordinary shares of Anima Holding S.p.A. The commitment is subject to the verification of certain conditions, including (i) Banco BPM Vita's acceptance of the letter of commitment; (ii) that the offer price be increased to bring it into line with current market prices; and (iii) the fulfilment of all legal conditions, including the necessary authorisation resolution by the shareholders' meeting of Banco BPM S.p.A. (\"Banco BPM\"). It should be noted that on 11 February 2025, Banco BPM Vita sent Poste Italiane S.p.A. its acceptance of the letter of commitment and that Banco BPM's ordinary shareholders' meeting of 28 February 2025 approved the increase to \u20ac7.00 of the consideration per share offered under the Takeover Bid, as well as reserving for its Board of Directors the right to waive all or part of one or more of the voluntary effectiveness conditions attached to the Takeover Bid, which have not yet been satisfied. Following Consob's approval of the offer document on 13 March 2025, the acceptance period began, running from 17 March 2025 to 4 April 2025 (unless extended).
\u2022Patrimonio Italia Logistica \u2013 SICAF S.p.A.
On 14 February 2025, the company Patrimonio Italia Logistica - SICAF S.p.A. (externally managed) was established - owned by Poste Italiane S.p.A. and Dea Capital Real Estate Sgr S.p.A., with initial stakes of 90% and 10% respectively - in which Poste Italiane will contribute all the largest sites of the primary network and a large part of the intermediate network for a total area of approximately 640,000 square metres.
This initiative is dedicated to accelerating and co-financing Poste Italiane's infrastructural and real estate transformation, while improving the operational efficiency and sustainability of the infrastructure itself.
The operation will also involve several operators specialised in logistics real estate development who will be able to contribute financial resources and specialised know-how and thus accelerate the site renewal process.
\u2022Acquisition of a stake in Telecom Italia S.p.A. and sale of Nexi S.p.A.
On 15 February 2025, the Board of Directors of Poste Italiane S.p.A. resolved to acquire approximately 9.81% of the ordinary shares of Telecom Italia S.p.A. (\"Tim\") currently held by Cassa Depositi e Prestiti S.p.A. (\"Cassa Depositi e Prestiti\"). At the same time, the Board of Directors resolved to sell the entire stake held by Poste Italiane in Nexi S.p.A. (\"Nexi\") - equal to approximately 3.78% of the share capital - to Cassa Depositi e Prestiti itself.
The consideration for the purchase of Tim's shares was recognised (i) partly through the proceeds from the transfer from Poste Italiane to Cassa Depositi e Prestiti of the stake in Nexi and (ii) partly through available cash (approximately \u20ac170 million).
\u2022IBL Assicura S.r.l.
On 22 January 2025, Net Insurance S.p.A. finalised the acquisition of a 19.99% stake in the share capital of IBL Assicura S.r.l. from IBL Banca S.p.A..
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"ext:ProceedsFromRepaymentsOfLongTermBorrowings", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273945": { "value": "126000000.0", "decimals": -6, "dimensions": { "concept": "ext:ProceedsFromRepaymentsOfLongTermBorrowings", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273946": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273947": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273948": { "value": "-803000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273949": { "value": "-380000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273950": { "value": "-23000000.0", "decimals": -6, "dimensions": { "concept": "ext:PurchaseSaleOfTreasuryShares", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273951": { "value": "-34000000.0", "decimals": -6, "dimensions": { "concept": "ext:PurchaseSaleOfTreasuryShares", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273952": { "value": "1165000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273953": { "value": "883000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273954": { "value": "-21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingOtherEquityInstruments", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273955": { "value": "-21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingOtherEquityInstruments", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273956": { "value": "-1446000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273957": { "value": "-1192000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273958": { "value": "-733000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "shtag_273959": { "value": "-564000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "shtag_273960": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273961": { "value": "0.0", "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273962": { "value": "469000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273963": { "value": "-772000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:815600354DEDBD0BA991", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273964": { "value": "4680000000.0", "decimals": -6, "dimensions": { "concept": "ext:CashAndCashEquivalentsUnrestrictedAndRestricted", "entity": "scheme:815600354DEDBD0BA991", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273965": { "value": "4211000000.0", "decimals": -6, "dimensions": { "concept": "ext:CashAndCashEquivalentsUnrestrictedAndRestricted", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273966": { "value": "-2693000000.0", "decimals": -6, "dimensions": { "concept": "ext:RestrictedCashAndCashEquivalentsAtEndOfYear", "entity": "scheme:815600354DEDBD0BA991", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273967": { "value": "-2576000000.0", "decimals": -6, "dimensions": { "concept": "ext:RestrictedCashAndCashEquivalentsAtEndOfYear", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273968": { "value": "1987000000.0", "decimals": -6, "dimensions": { "concept": "ext:UnrestrictedCashAndCashEquivalentsAtEndOfYear", "entity": "scheme:815600354DEDBD0BA991", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_273969": { "value": "1635000000.0", "decimals": -6, "dimensions": { "concept": "ext:UnrestrictedCashAndCashEquivalentsAtEndOfYear", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page459-cflshid_184255-tag273241": { "value": "
A1 - PROPERTY, PLANT AND EQUIPMENT (\u20ac2,783 million)
The following table shows movements in property, plant and equipment in 2024:
tab. A1 - Movements in property, plant and equipment \u00a0
Description(\u20acm)LandProperties used in operationsPlant and machineryIndustrial and commercial equipmentLeasehold improvementsOther assetsAssets under construction and advancesTotal
Cost853,3712,6303727652,0982039,525
Accumulated depreciation-(2,143)(2,018)(337)(511)(1,933)-(6,941)
Impairment losses(0)(16)(10)(1)(1)(8)(0)(37)
Balance at 1 January 2024851,211603342531572022,546
Changes during the period\u00a0
Acquisitions-59116238083137498
Adjustments -0(0)00--0
Reclassifications 0356911720(142)(0)
Disposals -(1)(1)(0)(0)(0)(1)(3)
Change in scope of consolidation --(0)-00-0
Depreciation -(37)(77)(12)(56)(74)-(255)
(Impairment losses)/Reversals-(0)---(2)(0)(3)
Total changes056108134026(6)237
Cost853,4642,8153968622,20119710,019
Accumulated depreciation-(2,180)(2,094)(348)(567)(2,007)-(7,197)
Impairment losses(0)(16)(10)(1)(1)(11)(0)(39)
Total851,267711472941841962,783
At 31 December 2024, property, plant and equipment includes assets belonging to the Parent Company located on land held under concession or sub-concession, which are to be handed over free of charge at the end of the concession term. These assets have a total carrying amount of \u20ac67 million.
Investments of \u20ac498 million in 2024 consists largely of:
\u2022\u20ac59 million relating to extraordinary maintenance of Post Offices and local head offices around the country (\u20ac34 million), personnel and management offices (\u20ac10 million) and post and mail sorting offices (\u20ac9 million);
\u2022\u20ac116 million for plant, of which the most significant items relate to the Parent Company for \u20ac86 million, which can be broken down as follows: \u20ac41 million for the construction of plants connected to buildings, \u20ac26 million for the construction and extraordinary maintenance of connectivity and video surveillance systems, \u20ac4 million for the construction and extraordinary maintenance of mail sorting and parcel processing plants at industrial facilities and \u20ac15 million for the installation of ATM (automated teller machines), and to the subsidiary SDA Express Courier S.p.A. for \u20ac23 million mainly for the construction and development of new sorting plants for the Naples Hub and Piacenza Hub operating sites;
\u2022\u20ac80 million invested mainly in the upgrade of plant (\u20ac32 million) and the structure (\u20ac42 million) of properties held under lease;
\u2022\u20ac83 million relating to Other assets, including \u20ac75 million incurred by the Parent Company, mainly for purchase of hardware to upgrade the technological equipment at Post Offices and head offices and consolidate storage systems for \u20ac53 million and for the purchase of furniture and fittings for \u20ac21 million, \u20ac5 million incurred by PostePay SpA, primarily regarding the purchase of devices for the PosteMobile Casa and PosteCasa Ultraveloce offers (\u20ac4 million) and, to a lesser extent, the purchase of mobile telephones and mobile phone equipment for rental;
\u2022\u20ac137 million for fixed assets in progress, of which \u20ac123 million incurred by the Parent Company and relating for \u20ac110 million to extraordinary maintenance works and infrastructural equipment of the commercial and production network, and \u20ac12 million for the purchase of hardware and other technological equipment not yet included in the production process, \u20ac3 million incurred by the company SDA Express Courier S.p.A..
Reclassifications from tangible assets in progress amounted to \u20ac142 million and refer mainly to the purchase cost of assets that have become available and ready to use in the year; in particular, they refer to the Parent Company for the completion of extraordinary renovations of owned buildings and improvements on leased properties (\u20ac80 million), the activation of hardware and other equipment (\u20ac13 million), for the installation of connectivity systems (\u20ac9 million) and to the company SDA Express Courier SpA for \u20ac25 million relating mainly to plant investments for the construction of the new Piacenza Hub site.
During the year under review, activities continued for the Polis Project, for which Poste Italiane made investments of \u20ac182 million (until 31 December 2024, total investments of approximately \u20ac277 million).
tab. A1.1 - Polis Project - Investments
Lines of Intervention (\u20acm)Properties used in operations Plant and machinery Industrial and commercial equipmentLeasehold improvements Other assets Assets under construction and advances Total
\u00a0
One-stop shop 41513683842243
Spaces for Italy 870011834
Total49583683960277
In addition, it should be noted that during the year under review, investments classified as green, i.e., aimed at reducing the Poste Italiane Group's impact on the environment, were made by Poste Italiane SpA and, only to a residual extent, by the subsidiary SDA Express Courier SpA, amounting to approximately \u20ac35 million. The main projects include the installation of photovoltaic systems and electrical charging columns, as well as energy efficiency measures on buildings.
Finally, it should be noted that, at 31 December 2024, the Poste Italiane Group's commitments to purchase property, plant and equipment amounted to approximately \u20ac145 million", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page461-cflshid_185600-tag273242": { "value": "A2 - INVESTMENT PROPERTY (\u20ac26 million)
Investment property relates to service accommodation owned by Poste Italiane SpA in accordance with Law 560 of 24 December 1993 and residential accommodation previously used by Post Office managers. Movements are as follows:
tab. A2 - Movements in investment property \u00a0
Description(\u20acm)FY 2024
Cost81
Accumulated depreciation(53)
Impairment losses(0)
Period opening balance28
Changes during the period\u00a0
Acquisitions1
Reclassifications(0)
Disposals (1)
Depreciation (1)
Total changes(1)
Cost81
Accumulated depreciation(54)
Impairment losses(0)
Period closing balance26
Fair value at 31 December 62
The fair value of investment property at 31 December 2024 includes \u20ac62 million representing the sale price applicable to the Parent Company's former service accommodation in accordance with Law 560 of 24 December 1993, while the remaining balance reflects market price estimates computed internally by the Company290.
Most of the properties included in this category are subject to lease agreements classifiable as operating leases, given that the Group retains substantially all of the risks and rewards of ownership of the properties. Under the relevant agreements, tenants usually have the right to break off the lease with six-month notice. Given the resulting lack of certainty, the expected revenue flows from these leases are not referred to in these notes", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page462-cflshid_185887-tag273245": { "value": "
A3 - INTANGIBLE ASSETS (\u20ac2,139 million)
The following table shows the net amount and movements in intangible assets in 2024:
tab. A3 - Movements in intangible assets\u00a0
Description(\u20acm)Industrial patents and intellectual property rights, concessions, licences, trademarks and similar rightsAssets under construction and advances GoodwillOther Total
Cost5,1662748982326,570
Accumulated amortisation and impairments(4,381)(1)(102)(24)(4,508)
Balance at 1 January 20247852737962082,062
Changes during the period\u00a0
Acquisitions243224-0467
Reclassifications 215(215)--0
Transfers and disposals (1)(3)-(0)(4)
Change in scope of consolidation0---0
Amortisation and impairments(375)(0)-(12)(387)
Total changes826-(12)76
Cost5,6232808982327,034
Accumulated amortisation and impairments(4,756)(1)(102)(36)(4,895)
Total8672797961962,139
Investments in Intangible assets during 2024 amounted to \u20ac467 million, including about \u20ac56 million in software development activities and the related expenses developed within the Group, primarily relating to personnel expenses (\u20ac42 million). Development costs, other than those incurred directly to produce identifiable software used, or intended for use, within the Group, are not capitalised.
The increase in Industrial patents and intellectual property rights, concessions, licences, trademarks and similar rights totals \u20ac243 million, before amortisation for the period, and relates primarily to the purchase and entry into service of new software programs and the acquisition of software licences.
Intangible assets under construction refer primarily to the activities of the Parent Company aimed at the development for software for the infrastructure platforms (\u20ac100 million), for BancoPosta services (\u20ac53 million), for support to the sales network (\u20ac30 million), for the postal products platform (\u20ac22 million) and for the engineering of reporting processes for other Business and personnel functions (\u20ac13 million).
During the period, reclassifications were made from Intangible assets under construction to Industrial patents and intellectual property rights amounting to \u20ac215 million due primarily to the completion and start-up of new software programs and the development of existing ones, related to the infrastructure platform (\u20ac94 million), BancoPosta services (\u20ac44 million), support for the sales network (\u20ac35 million), the postal products platform (\u20ac27 million) and the engineering of reporting processes for other Business and personnel functions (\u20ac13 million).
With reference to the Polis Project, at 31 December 2024 the Parent Company made total investments of approximately \u20ac10 million, of which \u20ac7 million relate to 2024.
Polis Project - Investments
Lines of intervention(\u20acm)Industrial patents, intellectual property rights, concessions, licences, trademarks and similar rightsAssets under construction and advances Total
\u00a0
One-stop shop6 3 9
Spaces for Italy1 - 1
\u00a0
Total7 3 10
Finally, during the year 2024, as part of the Energy Project, the Parent Company made investments in application software amounting to approximately \u20ac15 million.
Goodwill, allocated by Strategic Business Unit (SBU), is detailed as follows:
tab. A3.1 - Goodwill\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023Changes
Mail, Parcels and Distribution SBU213213-
Plurima101101-
Poste Italiane3333-
Sourcesense2424-
Poste Welfare Servizi1818-
Sengi Express Limited1616-
Agile Lab1414-
MLK Deliveries55-
Nexive Network33-
Sourcesense Platforms11-
Postepay Services SBU459459-
LIS459459-
Insurance Services SBU124124-
Net Insurance124124-
Total796796-
The item of \u20ac796 million refers to goodwill allocated to the:
\u2022Mail, Parcels and Distribution SBU for \u20ac213 million. The goodwill allocated to the segment originates from a series of acquisitions completed over time within the operating segment Mail, Parcels and Distribution segment. Due to the close integration of business processes, the cash flows generated by the individual legal entities belonging to the segment are closely interrelated and interdependent, and, consequently, goodwill is tested at the SBU level.
\u2022SBU Postepay Services for \u20ac459 million. The goodwill recognised arises from the acquisition of Lis Holding and Lis Pay. Following the integration and reorganisation processes of the companies acquired within the Poste Italiane Group, the cash flows generated are largely independent of those generated by the Group's other operating sectors, but closely interrelated within the sector. Consequently, the CGU identified corresponds to the perimeter of the Postepay Services SBU, as the operating segment is based on single and integrated market and operational processes according to a unified logic;
\u2022SBU Insurance Services for \u20ac124 million. This goodwill arose following the acquisition of Net Insurance and is tested at the level of the Net Insurance sub-group (and Net Insurance Life) identified as the minimum cash-generating unit.
In addition, with reference to the impairment test on goodwill and cash generating units, please refer to paragraph 2.6 Use of estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page462-cflshid_185887-tag273244": { "value": "
A3 - INTANGIBLE ASSETS (\u20ac2,139 million)
The following table shows the net amount and movements in intangible assets in 2024:
tab. A3 - Movements in intangible assets\u00a0
Description(\u20acm)Industrial patents and intellectual property rights, concessions, licences, trademarks and similar rightsAssets under construction and advances GoodwillOther Total
Cost5,1662748982326,570
Accumulated amortisation and impairments(4,381)(1)(102)(24)(4,508)
Balance at 1 January 20247852737962082,062
Changes during the period\u00a0
Acquisitions243224-0467
Reclassifications 215(215)--0
Transfers and disposals (1)(3)-(0)(4)
Change in scope of consolidation0---0
Amortisation and impairments(375)(0)-(12)(387)
Total changes826-(12)76
Cost5,6232808982327,034
Accumulated amortisation and impairments(4,756)(1)(102)(36)(4,895)
Total8672797961962,139
Investments in Intangible assets during 2024 amounted to \u20ac467 million, including about \u20ac56 million in software development activities and the related expenses developed within the Group, primarily relating to personnel expenses (\u20ac42 million). Development costs, other than those incurred directly to produce identifiable software used, or intended for use, within the Group, are not capitalised.
The increase in Industrial patents and intellectual property rights, concessions, licences, trademarks and similar rights totals \u20ac243 million, before amortisation for the period, and relates primarily to the purchase and entry into service of new software programs and the acquisition of software licences.
Intangible assets under construction refer primarily to the activities of the Parent Company aimed at the development for software for the infrastructure platforms (\u20ac100 million), for BancoPosta services (\u20ac53 million), for support to the sales network (\u20ac30 million), for the postal products platform (\u20ac22 million) and for the engineering of reporting processes for other Business and personnel functions (\u20ac13 million).
During the period, reclassifications were made from Intangible assets under construction to Industrial patents and intellectual property rights amounting to \u20ac215 million due primarily to the completion and start-up of new software programs and the development of existing ones, related to the infrastructure platform (\u20ac94 million), BancoPosta services (\u20ac44 million), support for the sales network (\u20ac35 million), the postal products platform (\u20ac27 million) and the engineering of reporting processes for other Business and personnel functions (\u20ac13 million).
With reference to the Polis Project, at 31 December 2024 the Parent Company made total investments of approximately \u20ac10 million, of which \u20ac7 million relate to 2024.
Polis Project - Investments
Lines of intervention(\u20acm)Industrial patents, intellectual property rights, concessions, licences, trademarks and similar rightsAssets under construction and advances Total
\u00a0
One-stop shop6 3 9
Spaces for Italy1 - 1
\u00a0
Total7 3 10
Finally, during the year 2024, as part of the Energy Project, the Parent Company made investments in application software amounting to approximately \u20ac15 million.
Goodwill, allocated by Strategic Business Unit (SBU), is detailed as follows:
tab. A3.1 - Goodwill\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023Changes
Mail, Parcels and Distribution SBU213213-
Plurima101101-
Poste Italiane3333-
Sourcesense2424-
Poste Welfare Servizi1818-
Sengi Express Limited1616-
Agile Lab1414-
MLK Deliveries55-
Nexive Network33-
Sourcesense Platforms11-
Postepay Services SBU459459-
LIS459459-
Insurance Services SBU124124-
Net Insurance124124-
Total796796-
The item of \u20ac796 million refers to goodwill allocated to the:
\u2022Mail, Parcels and Distribution SBU for \u20ac213 million. The goodwill allocated to the segment originates from a series of acquisitions completed over time within the operating segment Mail, Parcels and Distribution segment. Due to the close integration of business processes, the cash flows generated by the individual legal entities belonging to the segment are closely interrelated and interdependent, and, consequently, goodwill is tested at the SBU level.
\u2022SBU Postepay Services for \u20ac459 million. The goodwill recognised arises from the acquisition of Lis Holding and Lis Pay. Following the integration and reorganisation processes of the companies acquired within the Poste Italiane Group, the cash flows generated are largely independent of those generated by the Group's other operating sectors, but closely interrelated within the sector. Consequently, the CGU identified corresponds to the perimeter of the Postepay Services SBU, as the operating segment is based on single and integrated market and operational processes according to a unified logic;
\u2022SBU Insurance Services for \u20ac124 million. This goodwill arose following the acquisition of Net Insurance and is tested at the level of the Net Insurance sub-group (and Net Insurance Life) identified as the minimum cash-generating unit.
In addition, with reference to the impairment test on goodwill and cash generating units, please refer to paragraph 2.6 Use of estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page462-cflshid_185887-tag273243": { "value": "
A3 - INTANGIBLE ASSETS (\u20ac2,139 million)
The following table shows the net amount and movements in intangible assets in 2024:
tab. A3 - Movements in intangible assets\u00a0
Description(\u20acm)Industrial patents and intellectual property rights, concessions, licences, trademarks and similar rightsAssets under construction and advances GoodwillOther Total
Cost5,1662748982326,570
Accumulated amortisation and impairments(4,381)(1)(102)(24)(4,508)
Balance at 1 January 20247852737962082,062
Changes during the period\u00a0
Acquisitions243224-0467
Reclassifications 215(215)--0
Transfers and disposals (1)(3)-(0)(4)
Change in scope of consolidation0---0
Amortisation and impairments(375)(0)-(12)(387)
Total changes826-(12)76
Cost5,6232808982327,034
Accumulated amortisation and impairments(4,756)(1)(102)(36)(4,895)
Total8672797961962,139
Investments in Intangible assets during 2024 amounted to \u20ac467 million, including about \u20ac56 million in software development activities and the related expenses developed within the Group, primarily relating to personnel expenses (\u20ac42 million). Development costs, other than those incurred directly to produce identifiable software used, or intended for use, within the Group, are not capitalised.
The increase in Industrial patents and intellectual property rights, concessions, licences, trademarks and similar rights totals \u20ac243 million, before amortisation for the period, and relates primarily to the purchase and entry into service of new software programs and the acquisition of software licences.
Intangible assets under construction refer primarily to the activities of the Parent Company aimed at the development for software for the infrastructure platforms (\u20ac100 million), for BancoPosta services (\u20ac53 million), for support to the sales network (\u20ac30 million), for the postal products platform (\u20ac22 million) and for the engineering of reporting processes for other Business and personnel functions (\u20ac13 million).
During the period, reclassifications were made from Intangible assets under construction to Industrial patents and intellectual property rights amounting to \u20ac215 million due primarily to the completion and start-up of new software programs and the development of existing ones, related to the infrastructure platform (\u20ac94 million), BancoPosta services (\u20ac44 million), support for the sales network (\u20ac35 million), the postal products platform (\u20ac27 million) and the engineering of reporting processes for other Business and personnel functions (\u20ac13 million).
With reference to the Polis Project, at 31 December 2024 the Parent Company made total investments of approximately \u20ac10 million, of which \u20ac7 million relate to 2024.
Polis Project - Investments
Lines of intervention(\u20acm)Industrial patents, intellectual property rights, concessions, licences, trademarks and similar rightsAssets under construction and advances Total
\u00a0
One-stop shop6 3 9
Spaces for Italy1 - 1
\u00a0
Total7 3 10
Finally, during the year 2024, as part of the Energy Project, the Parent Company made investments in application software amounting to approximately \u20ac15 million.
Goodwill, allocated by Strategic Business Unit (SBU), is detailed as follows:
tab. A3.1 - Goodwill\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023Changes
Mail, Parcels and Distribution SBU213213-
Plurima101101-
Poste Italiane3333-
Sourcesense2424-
Poste Welfare Servizi1818-
Sengi Express Limited1616-
Agile Lab1414-
MLK Deliveries55-
Nexive Network33-
Sourcesense Platforms11-
Postepay Services SBU459459-
LIS459459-
Insurance Services SBU124124-
Net Insurance124124-
Total796796-
The item of \u20ac796 million refers to goodwill allocated to the:
\u2022Mail, Parcels and Distribution SBU for \u20ac213 million. The goodwill allocated to the segment originates from a series of acquisitions completed over time within the operating segment Mail, Parcels and Distribution segment. Due to the close integration of business processes, the cash flows generated by the individual legal entities belonging to the segment are closely interrelated and interdependent, and, consequently, goodwill is tested at the SBU level.
\u2022SBU Postepay Services for \u20ac459 million. The goodwill recognised arises from the acquisition of Lis Holding and Lis Pay. Following the integration and reorganisation processes of the companies acquired within the Poste Italiane Group, the cash flows generated are largely independent of those generated by the Group's other operating sectors, but closely interrelated within the sector. Consequently, the CGU identified corresponds to the perimeter of the Postepay Services SBU, as the operating segment is based on single and integrated market and operational processes according to a unified logic;
\u2022SBU Insurance Services for \u20ac124 million. This goodwill arose following the acquisition of Net Insurance and is tested at the level of the Net Insurance sub-group (and Net Insurance Life) identified as the minimum cash-generating unit.
In addition, with reference to the impairment test on goodwill and cash generating units, please refer to paragraph 2.6 Use of estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page464-cflshid_187001-tag273247": { "value": "
A4 \u2013 RIGHT-OF-USE ASSETS (\u20ac1,187 million)
tab. A4 - Movements in right-of-use assets\u00a0
Description(\u20acm)Properties used in operations Company fleetVehicles for mixed useOther assetsTotal
Cost1,77738537502,249
Accumulated amortisation and impairments(750)(186)(18)(30)(984)
Balance at 1 January 20241,02719918201,265
Changes during the period\u00a0
New contract acquisitions12554101191
Adjustments42(3)(1)(1)38
Reclassifications (0)(0)0-(0)
Contract terminations(32)(3)(0)-(35)
Change in scope of consolidation8-0-8
Amortisation and impairments(173)(92)(9)(6)(281)
Total changes(29)(43)0(6)(78)
Cost1,92243346502,452
Accumulated amortisation and impairments(924)(277)(28)(36)(1,265)
Total99815619141,187
Acquisitions for the year, amounting to \u20ac191 million, mainly relate to:
\u2022\u20ac83 million to the Parent Company and related to new real estate contracts (\u20ac45 million), company vehicles for mail and parcel delivery (\u20ac32 million) and mixed use vehicles (\u20ac6 million);
\u2022\u20ac57 million to SDA Express Courier SpA for the stipulation of real estate lease contracts for the new operating headquarters and warehouses intended for the management of orders in the \"integrated logistics\" segment;
\u2022\u20ac20 million to Poste Air Cargo SpA for the leasing of two new aircraft to replace expiring contracts in the existing fleet;
\u2022\u20ac14 million to Plurima SpA for the stipulation of warehouse leasing contracts.
The item \"Adjustments\" refers to contractual changes during the period in question, e.g. for changes in duration due to extension, revision of economic conditions, etc.
The item terminations refers to the early termination of existing contracts with respect to their natural maturity.
The increase in Right-of-use assets recognised during the year and related to lease contracts for electric, hybrid and endothermic vehicles as well as aircraft considered to be \"green\" amounted to approximately \u20ac52 million, relating to the Parent Company and the Group company Poste Air Cargo.
tab. A4.1 - Economic effects of lease agreements \u00a0\u00a0
Description(\u20acm)FY 2024FY 2023
\u00a0\u00a0\u00a0
Amortisation, write-downs and adjustments of right-of-use assets282 272
Financial charges on lease payables33 28
Costs related to short-term leases25 35
Costs related to lease of low-value assets13 14
Costs related to lease of intangible assets 134 102
\u00a0\u00a0\u00a0
Total487 451
tab. A4.2- Movements in lease liability\u00a0
Description(\u20acm)FY 2024
Balance at 1 January1,341
New contract increases191
Payments(307)
Finance costs33
Change in scope4
Other changes 9
Balance at 31 December1,271
\u00a0
of which current310
of which non-current961
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page464-cflshid_187001-tag273246": { "value": "
A4 \u2013 RIGHT-OF-USE ASSETS (\u20ac1,187 million)
tab. A4 - Movements in right-of-use assets\u00a0
Description(\u20acm)Properties used in operations Company fleetVehicles for mixed useOther assetsTotal
Cost1,77738537502,249
Accumulated amortisation and impairments(750)(186)(18)(30)(984)
Balance at 1 January 20241,02719918201,265
Changes during the period\u00a0
New contract acquisitions12554101191
Adjustments42(3)(1)(1)38
Reclassifications (0)(0)0-(0)
Contract terminations(32)(3)(0)-(35)
Change in scope of consolidation8-0-8
Amortisation and impairments(173)(92)(9)(6)(281)
Total changes(29)(43)0(6)(78)
Cost1,92243346502,452
Accumulated amortisation and impairments(924)(277)(28)(36)(1,265)
Total99815619141,187
Acquisitions for the year, amounting to \u20ac191 million, mainly relate to:
\u2022\u20ac83 million to the Parent Company and related to new real estate contracts (\u20ac45 million), company vehicles for mail and parcel delivery (\u20ac32 million) and mixed use vehicles (\u20ac6 million);
\u2022\u20ac57 million to SDA Express Courier SpA for the stipulation of real estate lease contracts for the new operating headquarters and warehouses intended for the management of orders in the \"integrated logistics\" segment;
\u2022\u20ac20 million to Poste Air Cargo SpA for the leasing of two new aircraft to replace expiring contracts in the existing fleet;
\u2022\u20ac14 million to Plurima SpA for the stipulation of warehouse leasing contracts.
The item \"Adjustments\" refers to contractual changes during the period in question, e.g. for changes in duration due to extension, revision of economic conditions, etc.
The item terminations refers to the early termination of existing contracts with respect to their natural maturity.
The increase in Right-of-use assets recognised during the year and related to lease contracts for electric, hybrid and endothermic vehicles as well as aircraft considered to be \"green\" amounted to approximately \u20ac52 million, relating to the Parent Company and the Group company Poste Air Cargo.
tab. A4.1 - Economic effects of lease agreements \u00a0\u00a0
Description(\u20acm)FY 2024FY 2023
\u00a0\u00a0\u00a0
Amortisation, write-downs and adjustments of right-of-use assets282 272
Financial charges on lease payables33 28
Costs related to short-term leases25 35
Costs related to lease of low-value assets13 14
Costs related to lease of intangible assets 134 102
\u00a0\u00a0\u00a0
Total487 451
tab. A4.2- Movements in lease liability\u00a0
Description(\u20acm)FY 2024
Balance at 1 January1,341
New contract increases191
Payments(307)
Finance costs33
Change in scope4
Other changes 9
Balance at 31 December1,271
\u00a0
of which current310
of which non-current961
Lease payables
Lease liabilities at 31 December 2024 amount to \u20ac1,261 million. For more details on the change in this item, see Note A4 - Right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page465-cflshid_187504-tag273248": { "value": "
A5 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (\u20ac332 million)
tab. A5 - Investments\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023Changes
Investments in associates31829028
Investments in joint ventures15-15
Investments in subsidiaries04(4)
Total33229438
tab. A5.1 - Investments accounted for using the equity method \u00a0\u00a0\u00a0
Description(\u20acm)Balance at 01. 01. 2024Increases / (Decreases)Impairment losses\u00a0Other changesBalance at 31.12.2024
\u00a0\u00a0\u00a0accounted for using the equity methodDividend adjustments
in associates\u00a0
Anima Holding SpA 219426(10)(0)240
Conio Inc1-(0)--0
Consorzio Italia Cloud0----0
Eurizon Capital Real Asset SGR400--5
Financit SpA35-(7)(6)-21
ItaliaCamp Srl1-0--1
N&TS Group Networks & Transactional Systems Group SpA-181(1)-17
Replica Sim SpA9-1--10
sennder Italia Srl2202-(0)24
Total associates2902222(16)(0)318
in joint ventures\u00a0
Locker Italia SpA-15(0)--15
Total joint ventures-15(0)--15
in subsidiaries\u00a0
Address Software Srl1(1)0---
Casina Poste SSD a r.l.-0---0
Kipoint SpA3---(3)-
Indabox Srl1---(1)-
Total subsidiaries4(1)0-(3)0
\u00a0
Total2943622(16)(3)332
* The values shown in the table are rounded in millions of euro (without decimal places). It follows that the sum of the amounts may not coincide with the rounded totals.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
The most significant changes during the year are shown below:
\u2022recognition of the investment in N&TS Group Networks & Transactional Systems Group S.p.A. at a value of \u20ac17.6 million;
\u2022registration of the investment in Locker Italia S.p.A. worth \u20ac15 million;
\u2022positive adjustment of the investment in Anima Holding S.p.A. for about \u20ac21 million, of which: an increase of about \u20ac26 million for the share of the economic results achieved by the investee between 30 September 2023 and 30 September 2024, the date of the latest available financial statements, and a decrease of \u20ac10 million due to the dividends received (for further information on the Takeover Bid launched by Banco BPM Vita S.p.A. on Anima Holding, see paragraph 3.2. Events after the end of the reporting period);
\u2022adjustment of the investment in Financit S.p.A. for a negative \u20ac14 million, of which \u20ac6 million attributable to the effect of dividends received and \u20ac8 million to the adjustment following the impairment test performed on the value of the investment (for further details on the impairment test, see section 2.6 - Use of Estimates)
For more details on the transactions related to N&TS Group Networks &Transactional Systems Group S.p.A. and Locker Italia S.p.A. and the other changes in the scope of consolidation, please refer to Section 2.8 - Basis of consolidation.
Finally, it should be noted that the investments in the subsidiaries Kipoint S.p.A. and Indabox S.r.l. have been consolidated on a line-by-line basis since 1 January 2024, and the subsidiary Address Software Srl has been merged by incorporation into Poste Italiane S.p.A. with legal effect from 1 June 2024.
As required by IFRS, the equity investments were subjected to an impairment test in order to verify whether there was objective evidence that their carrying amount was not fully recoverable, and no need to make further value adjustments other than the one already mentioned for the investment in Financit emerged. A list of subsidiaries, joint ventures and associates accounted for using the equity method is provided in Additional information \u2013 Scope of consolidation and highlights of investments (note 4.12)", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page467-cflshid_188702-tag273249": { "value": "
A6 - FINANCIAL ASSETS (\u20ac244,538 million)
tab. A6 - Financial assets
\u00a0Balance at 31.12.24Balance at 31.12.2023\u00a0
Description(\u20acm)Non-currentassetsCurrent assetsTotalNon-currentassetsCurrent assetsTotalChanges
\u00a0\u00a0\u00a0
Financial assets at amortised cost32,38514,36946,75332,04913,05445,1031,650
Financial assets at FVTOCI127,71614,021141,737122,36917,226139,5942,142
Financial assets at FVTPL47,4175,88253,29947,0581,14748,2055,094
Derivative financial instruments2,6111372,7484,180774,257(1,508)
\u00a0\u00a0\u00a0
Total 210,12934,409244,538\u00a0205,65631,503237,1597,378
of which Financial Activities65,78514,83780,62264,41415,64280,056566
of which Insurance Activities143,77619,278163,053140,58815,556156,1456,909
Of which Postal and Business Activities 56295716476653(81)
of which Postepay Services Activities72842917299306(15)
Financial assets by operating segment break down as follows:
FINANCIAL ACTIVITIES
tab. A6.1 - Financial assets - Financial Services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.24Balance at 31.12.2023\u00a0
Description(\u20acm)Non-currentassetsCurrent assetsTotalNon-currentassetsCurrent assetsTotalChanges
Financial assets at amortised cost30,346 13,887 44,232 30,124 12,549 42,673 1,560
Loans and receivables- 13,124 13,124 - 12,275 12,275 850
Loans- 1,566 1,566 - 1,769 1,769 (203)
Receivables - 11,558 11,558 - 10,505 10,505 1,053
Deposits with the MEF- 9,968 9,968 - 8,932 8,932 1,036
Receivables - 9,972 9,972 - 8,937 8,937 1,035
Provisions for doubtful amounts deposited with MEF- (4)(4)- (5)(5)1
Other financial receivables- 1,590 1,590 - 1,574 1,574 16
Fixed income instruments30,346 763 31,108 30,124 274 30,398 710
Financial assets at FVTOCI32,793 883 33,676 30,083 3,017 33,100 576
Fixed income instruments32,793 883 33,676 30,083 3,017 33,100 576
Financial assets at FVTPL34 - 34 26 - 26 8
Equity instruments34 - 34 26 - 26 8
Derivative financial instruments2,611 68 2,679 4,180 77 4,257 (1,577)
Cash flow hedges6 6 12 2 2 5 7
Fair value hedges2,605 62 2,668 4,178 74 4,252 (1,584)
Total 65,785 14,837 80,622 64,414 15,642 80,056 566
Financial assets at amortised cost
Movements in financial assets measured at amortised cost are shown below:
tab. A6.1.1 - Movements in financial assets at amortised cost \u00a0\u00a0\u00a0
Description(\u20acm)Loans and receivablesFixed income instrumentsTotal
Balance at 1 January 202412,275 30,398 42,673
Purchases \u00a02,650 2,650
Changes in amortised cost- (31)(31)
Transfers to equity reserves- 5 5
Changes in fair value through profit or loss1 207 208
Changes due to impairment-5 5
Net changes(329)\u00a0(329)
Effects of sales on profit or loss- 35 35
Change in accruals1 18 19
Sales, redemptions and settlement of accruals\u00a0(2,179)(2,179)
Other changes1,177 - 1,177
Balance at 31 December 202413,124 31,108 44,232
Loans and receivables
The item Loans refers to reverse repurchase agreements in the amount of \u20ac2,726 million (\u20ac4,106 million at 31 December 2023), of which \u20ac2,513 million were entered into with the Cassa di Compensazione e Garanzia SpA (hereafter CC&G) and \u20ac213 million were entered into with leading financial operators, both for the temporary use of liquidity from private funding. These transactions are guaranteed by securities for a total notional amount of \u20ac2,611 million. Financial assets and liabilities relating to repurchase agreements managed through the CC&G that meet the requirements of IAS 32 are offset. The effect
of netting at 31 December 2024, already included in the exposure to net balances, amounted to \u20ac1,160 million (\u20ac2,337 million at 31 December 2023). At 31 December 2024, the fair value291 of said item was \u20ac1,566 million.
Receivables include:
\u2022Deposits with the MEF, for \u20ac9,972 million, including public customers' postal current account deposits, which earn a variable rate of return, calculated on a basket of government bonds292. The deposit has been adjusted to reflect accumulated impairments of approximately \u20ac4 million, to reflect the risk of counterparty default (\u20ac5 million at 31 December 2023). The increase in deposits of \u20ac1,035 million was mainly due to the typical operations of some customers in the Public Administration, which generated an increase in deposits from postal current accounts. During the 2024 financial year, hedging (management) derivative contracts were concluded on the 10-year index-linked remuneration component. The hedging transaction was carried out through forward purchases of the 10-year BTP with settlement of the differential between the pre-set price of the security and its market value. These operations, which ended on 31 December 2024, generated positive effects of \u20ac2 million recognised in the income statement under the item Income from investments in postal current accounts and cash and cash equivalents.
\u2022Other financial receivables:
-\u20ac801 million for guarantee deposits - of which \u20ac299 million for amounts paid to counterparties for repurchase transactions on fixed income instruments (collateral provided for by specific Global Master Repurchase Agreements), \u20ac214 million for amounts paid to CC&G, (\u20ac123 million for outstanding repurchase transactions and \u20ac91 million as a pre-financed contribution to the guarantee fund, the Default Fund293), \u20ac193 million for sums paid to counterparties for Interest rate swap transactions (collateral provided for by specific Credit Support Annexes) and \u20ac95 million for sums paid as collateral within clearing systems with central counterparties for over-the-counter derivative transactions294;
-\u20ac386 million related to the liquidity reserve at CC&G to cover possible intra-day margin calls.
Fixed income instruments
These are Eurozone fixed income instruments held by BancoPosta RFC, consisting of government securities issued by the Italian government and securities guaranteed by the Italian government with a nominal value of \u20ac30,866 million. Their carrying amount of \u20ac31,108 million reflects the amortised cost of unhedged fixed income instruments, totalling \u20ac19,721 million, the amortised cost of fair-value hedged fixed income instruments, totalling \u20ac12,469 million, that decreased by \u20ac1,082 million to take into account the effects of the hedge (\u20ac1,944 million in 2023). Fixed income instruments measured at amortised cost are adjusted to take into account the related impairments. Accumulated impairments at 31 December 2024 amount to approximately \u20ac13 million (\u20ac18 million at 31 December 2023).
At 31 December 2024, the fair value295 of these securities was \u20ac29,647 million (including \u20ac252 million in accrued income).
This category of financial asset includes fixed rate instruments, amounting to nominal \u20ac3,000 million, issued by Cassa Depositi e Prestiti SpA and guaranteed by the Italian government (at 31 December 2024, their carrying amount totals \u20ac2,902 million).
Financial assets at fair value through other comprehensive income
Movements in financial assets at fair value through other comprehensive income (FVTOCI) are shown below:
tab. A6.1.2 - Movements in financial assets at FVTOCI
Description(\u20acm)Fixed income instruments
Balance at 1 January 2024\u00a033,100
Purchases6,221
Transfers to equity reserves11
Changes in amortised cost45
Changes in fair value through equity593
Changes in fair value through profit or loss252
Effects of sales on profit or loss35
Change in accruals9
Sales, redemptions and settlement of accruals(6,590)
Balance at 31 December 2024\u00a033,676
Fixed income instruments
These concern euro area fixed income government securities, consisting of government bonds issued by the Italian government, held by BancoPosta RFC, with a nominal value of \u20ac33,828 million.
The carrying amount of \u20ac33,676 million consists of non-hedged securities in the amount of \u20ac14,762 million, fair value hedged securities in the amount of \u20ac12,240 million, and CFH hedged securities in the amount of \u20ac6,674 million.
Total fair value fluctuation for the year was positive for \u20ac845 million, with the amount of \u20ac593 million recognised in the relevant equity reserve in relation to the portion of the portfolio not hedged by fair value hedges, and an amount of \u20ac252 million recognised through profit or loss in relation to the hedged portion.
Accumulated impairments at 31 December 2024 amount to \u20ac14 million (\u20ac19 million at 31 December 2023). The increase in this item is mainly due to the positive fair value fluctuation mentioned above and partially offset by higher sales and redemptions during the year compared to purchases.
Certain securities are encumbered as they have been delivered to counterparties for use as collateral in connection with loans and hedging transactions, as described in note 4.12 \u2013 Additional information.
Financial assets at fair value through profit or loss
Equity instruments
Equity instruments include:
\u2022for \u20ac17 million, the fair value of 32,059 Visa Incorporated preferred stocks (Series C Convertible Participating Preferred Stocks). These shares are convertible to ordinary shares at the rate of 1,783296 ordinary shares for each C share, minus a suitable illiquidity discount. The process of determining the proportion of convertibility and related rate of Visa Incorporated Series C Convertible Participating Preferred Stocks continued during the year, partially concluded on 19 July 2024 with the grant of 583 preferred stocks of Visa Incorporated Series A Preferred Stocks;
\u2022for \u20ac17 million, the fair value of 583 Visa Incorporated preferred stocks (Series A Preferred Stock); these shares are convertible into ordinary shares on the basis of a ratio of 100 ordinary shares for every share of Class A Preferred StockNet fair value gains in the year under review, amounting to \u20ac8 million, have been recognised in profit or loss in the items Income and Expenses from financial activities.
In addition, a forward sale agreement was entered into during the financial year 2023 for 95,000 Visa Incorporated ordinary shares with a total consideration of \u20ac20.5 million and a settlement date of 3 March 2025. Fair value losses in the year under review, amounting to \u20ac5.6 million, have been recognised in profit or loss in \"Expenses from financial activities\".
Derivative financial instruments
Tab. A6.1.3 - Derivative financial instruments\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0Balance at 31.12.2024Balance at 31.12.2023Changes
Description(\u20acm)\u00a0Nominal Fair value\u00a0NominalFair value
Cash Flow hedges\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward sales of securities\u00a0602 2 - - 2
Interest rate swaps\u00a05,956 (532)3,287 (513)(19)
Fair value hedges\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate swaps on securities at FVTOCI and AC\u00a024,452 1,861 25,031 3,718 (1,857)
Interest rate swaps on repos\u00a0- - 3,996 (83)83
FVTPL\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward sales\u00a00 (8)0 (3)(5)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-
Derivative financial instruments\u00a031,010 1,323 32,314 3,119 (1,795)
Of which:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative assets\u00a016,312 2,679 19,665 4,257 (1,578)
Derivative liabilities\u00a014,698 (1,356)\u00a012,649 (1,138)(218)
Cash flow hedge transactions in interest rate swaps and forward sales relate exclusively to securities valued at FVTOCI.
Interest rate risk cash flow hedges recorded a net negative change of \u20ac17 million during the period, of which \u20ac111 million related to the net positive change in fair value of the effective component of the hedge, reflected in the cash flow hedge reserve, and \u20ac128 million related to the net negative change in completed transactions297 during the year and the ineffective component of hedging contracts.
Fair value hedges in interest rate swaps are used to hedge securities measured at amortised cost with a nominal value of \u20ac11,617 million and securities measured at FVTOCI with a nominal value of \u20ac12,835 million; in total, they underwent a net negative change of \u20ac1,857 million during the year, of which \u20ac85 million related to the net negative change in fair value of the effective component of the hedge and \u20ac1,772 million related to the net negative change in transactions completed during the year and the ineffective component of hedging contracts.
In the year under review, the Parent Company carried out the following transactions:
\u2022forward sales of securities with a nominal amount of \u20ac602 million;
\u2022the conclusion of new cash flow hedge interest rate swaps with a nominal value of \u20ac2,669 million;
\u2022settlement of new fair value hedge interest rate swaps to hedge the securities portfolio for a nominal amount of \u20ac3,895 million and adjusting those outstanding at 1 January 2024 for a nominal amount of \u20ac25 million;
\u2022early settlement or at maturity of fair value hedge interest rate swaps on repurchase agreements for a nominal value of \u20ac3,996 million;
\u2022early settlement of fair value hedge interest rate swaps with a nominal value of \u20ac4,449 million (of which: \u20ac3,499 million relating to hedging transactions for which the underlying security was also sold, \u20ac950 million relating to hedging
transactions without sale of the underlying security) with the aim of consolidating a fixed return in line with the market situation, while at the same time improving the income profile of a portion of the portfolio for subsequent years.
In addition, the Parent Company entered into and settled forward purchases for a total nominal value of \u20ac148 million (recognised at fair value through profit or loss) to hedge the 10-year index-linked component of the remuneration of the investment of funding from public customers. In total, these transactions generated a positive effect of \u20ac2 million in the year under review, which was recognised in the income statement under the item Income from investments in postal current accounts and free cash balances.
INSURANCE ACTIVITIES
tab. A6.2 - Financial assets - Insurance Services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.24Balance at 31.12.2023\u00a0
Description(\u20acm)Non-currentassetsCurrent assetsTotalNon-currentassetsCurrent assetsTotalChanges
Financial assets at amortised cost2,036 188 2,224 1,922 200 2,123 102
Receivables 1 63 64 0 54 55 9
Fixed income instruments2,035 125 2,160 1,922 146 2,068 92
Financial assets at FVTOCI94,358 13,138 107,496 91,643 14,209 105,852 1,644
Fixed income instruments94,354 13,138 107,492 91,638 14,209 105,847 1,644
Equity instruments4 - 4 5 - 5 (1)
Financial assets at FVTPL47,382 5,882 53,264 47,023 1,147 48,170 5,094
Receivables - 820 820 - - - 820
Fixed income instruments25,966 2,063 28,029 2,211 353 2,564 25,465
Units of mutual investment funds21,393 1,148 22,541 44,790 308 45,098 (22,557)
Equity instruments1 1,851 1,852 1 485 486 1,366
Other investments22 1 22 21 1 22 0
Derivative financial instruments - 69 69 - - - 69
Total 143,776 19,278 163,053 140,588 15,556 156,145 6,909
Of the total amount of financial assets belonging to the insurance business, an amount of about \u20ac14.3 billion refers to investment products and options of Poste Vita S.p.A. that provide for the inclusion of factors related to the environment, social and governance (ESG factors).
Financial assets at amortised cost
Movements in financial assets measured at amortised cost are shown below:
tab. A6.2.1 - Movements in financial assets at amortised cost \u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0Loans and receivables\u00a0Fixed income instruments\u00a0Total
Balance at 1 January 2024\u00a055 \u00a02,068 \u00a02,123
Purchases \u00a0212 212
Changes in amortised cost(0)6 6
Net changes10 \u00a010
Effects of sales on profit or loss- 0 0
Change in accruals- 2 2
Sales, redemptions and settlement of accruals\u00a0(129)(129)
Balance at 31 December 2024\u00a064 \u00a02,160 \u00a02,224
Receivables
Financial receivables of \u20ac64 million mainly regard receivables for management commissions of Poste Vita internal funds.
Fixed income instruments
Fixed income instruments at amortised cost at 31 December 2024 have a carrying amount of \u20ac2,160 million. These instruments primarily relate to the free capital of Poste Vita SpA and Poste Assicura SpA. At 31 December 2024, the fair value298 of these instruments is \u20ac2,012 million.
Fixed income instruments measured at amortised cost are adjusted to take into account the related impairments. Accumulated impairments at 31 December 2024 amount to approximately \u20ac0.6 million (\u20ac0.9 million at 31 December 2023).
Financial assets at fair value through other comprehensive income
Movements in financial assets at fair value through other comprehensive income are shown below:
tab. A6.2.2 - Movements in financial assets at FVTOCI \u00a0\u00a0
Description(\u20acm)Fixed income instrumentsEquity instrumentsTotal
Balance at 1 January 2024105,8475105,852
Purchases17,480017,481
Transfers to equity reserves1120112
Changes in amortised cost5620562
Changes in fair value through equity1,304(1)1,304
Effects of sales on profit or loss(69)0(69)
Change in accruals49049
Sales, redemptions and settlement of accruals(17,795)(0)(17,795)
Balance at 31 December 2024107,4924107,496
These financial instruments recorded a positive change in fair value of \u20ac1,304 million, of which \u20ac1,245 million was due to the revaluation of insurance liabilities.Fixed income instruments
At 31 December 2024, fixed income instruments relate to investments primarily held by Poste Vita SpA for \u20ac106,614 million (a nominal value of \u20ac114,019 million) issued by European governments and leading European companies. These securities are used to hedge products related to Separately managed accounts in the amount of \u20ac101,818 million. These fixed income instruments comprise bonds issued by CDP SpA, with a fair value of \u20ac124 million. Accumulated impairment at 31 December 2024 amounts to approximately \u20ac39 million, almost entirely reflected in insurance liabilities.
Financial assets at fair value through profit or loss
Below are the movements in financial assets at fair value through profit or loss:
tab. A6.2.3 - Movements in financial assets at FVTPL \u00a0\u00a0
Description(\u20acm)ReceivablesFixed income instrumentsOther investmentsUnits of mutual investment fundsEquity instrumentsTotal
Balance at 1 January 2024- 2,564 22 45,098 486 48,170
Change in scope of consolidation842 22,542 - (24,700)1,230 (87)
Purchases\u00a07,958 - 3,601 1,018 12,577
Changes in fair value through profit or loss- 439 0 2,165 69 2,673
Net changes(22)\u00a0\u00a0\u00a0\u00a0(22)
Effects of sales on profit or loss- (26)- 110 113 197
Accruals- 124 1 - - 124
Sales, redemptions and settlement of accruals\u00a0(5,570)(1)(3,733)(1,064)(10,368)
\u00a0
Balance at 31 December 2024820 28,029 22 22,541 1,852 53,264
The item recorded an overall positive change of \u20ac4,806 million, mainly due to net investments of around \u20ac2,209 million, and a positive change in fair value of \u20ac2,673 million; this effect contributed almost entirely to the revaluation of insurance liabilities.
The change in the scope of consolidation relates to the full consolidation of the new UCITS funds held entirely by Poste Vita. In particular, following the completion of the \"Multi-Asset Project\" (for further details, please refer to section 2.8 - Basis of consolidation), the amounts previously included in units in mutual investment funds were reclassified for a total net amount of \u20ac25,346 million, showing the individual assets and liabilities held by the newly consolidated UCITS Funds in their respective accounting items. In accordance with the relevant accounting standards, the assets and liabilities in the Funds were classified at fair value through profit or loss (FVTPL) as they fall within the \"Other business models\" case of IFRS 9 - Financial Instruments. In determining the fair value of these items, the Poste Italiane Group has taken advantage of the exception provided for by international accounting standards (Portfolio exemption), according to which, in the presence of a group of financial assets and liabilities exposed to market risks and the credit risk of each of the counterparties, the fair value may be defined, not on the basis of the individual item, but considering the market value of the net exposure to these risks at the measurement date (in this specific case, the fair value of the net exposure to risks would correspond to the NAV of the Funds). The combination of the above provisions made it possible to maintain a valuation in line with the synthetic valuation (NAV) of the Funds in the consolidated financial statements of the Poste Italiane Group without any impact on the statement of profit or loss, limiting the changes to the representative effects only (look through of the Funds with disclosure of the individual assets and liabilities comprising them).
Fixed income instruments
At 31 December 2024, fixed income instruments amounting to \u20ac28,029 million mainly refer to securities held by the new UCITS Funds consolidated as of September 2024. Of this, approximately \u20ac13,019 million related to corporate instruments,while \u20ac9,829 million relates to investments in government bonds of European and non-European sovereign countries excluding the Italian state.
This item also includes securities held by Poste Vita amounting to \u20ac5,171 million and mainly consisting of corporate instruments issued by primary issuers and used to hedge products linked to Separately Managed Accounts for \u20ac2,369 million.
Units of mutual investment funds
Units in mutual investment funds are held mainly by Poste Vita SpA to hedge Separately Managed Accounts299 (\u20ac7,738 million) and Class III policies (\u20ac14,112 million); the supplement to the balance refers to investments of the company's free capital (\u20ac4 million). At 31 December 2024, the investments in UCITS units amounted to \u20ac17,259, units in mutual real estate funds totalled \u20ac2,406 million, and mutual funds that primarily invest in bonds totalled \u20ac2,190 million.
This item recorded a positive change in fair value of \u20ac2,165 million, in addition to net disinvestments of \u20ac132 million.
Of the total amount of mutual funds in which Poste Vita SpA invests, an amount of approximately \u20ac7.3 billion refers to funds in whose investment policies environmental, social and governance (ESG factors) are considered.
Equity instruments
Equity instruments amount to \u20ac1,852 million and are mainly held by the new UCITS funds. This item also includes shares held by the company Poste Vita amounting to \u20ac541 million and mainly used to hedge Class I products linked to Separately Managed Accounts and Class III products.
Other investments
Other investments of \u20ac22 million relate to a Constant Maturity Swap placed by Cassa Depositi e Prestiti held by Poste Vita (a nominal value of \u20ac22 million) and covering products linked to Separately managed accounts.
\u00a0
Derivative financial instruments
At 31 December 2024, derivative trading instruments related to currency forward transactions.
POSTAL AND BUSINESS ACTIVITIES
tab. A6.3 - Financial assets - Postal and Business Services\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.24Balance at 31.12.2023\u00a0
Description(\u20acm)Non-currentassetsCurrent assetsTotalNon-currentassetsCurrent assetsTotalChanges
Financial assets at amortised cost3 9 12 2 6 8 4
Loans- - - - 1 1 (1)
Credits and other instruments3 9 12 2 5 7 5
Due from the purchasers of service accommodation3 2 4 2 -2 2
Due from others- 21 21 - 20 20 1
Provisions for doubtful receivables- (20)(20)(0)(20)(20)0
Other investments- 7 7 - 5 5 2
Financial assets at FVTOCI559 0 559 636 0 636 (77)
Fixed income instruments102 0 102 99 0 99 4
Equity instruments457 - 457 537 - 537 (80)
Financial assets at FVTPL0 - 0 9 - 9 (9)
Bond - - - 9 - 9 (9)
Total 562 9 571 647 6 653 (81)
Financial assets at amortised cost
Due from others, with a nominal value of \u20ac20 million, regard the remaining amount due from Invitalia S.p.A. as a result of the sale of Banca del Mezzogiorno-MedioCredito Centrale S.p.A. (BdM), entirely written off.
Financial assets at fair value through other comprehensive income
tab. A6.3.1 - Movements in financial assets at FVTOCI \u00a0\u00a0
Description(\u20acm)Fixed income instruments\u00a0Equity instrumentsTotal
Balance at 1 January 2024\u00a099 \u00a0537 636
Purchases\u00a0- \u00a00 0
Changes in amortised cost\u00a02 \u00a0- 2
Changes in fair value through equity\u00a02 \u00a0(90)(88)
Conversion of bond\u00a0- \u00a010 10
Balance at 31 December 2024\u00a0102 \u00a0457 559
Fixed income instruments
The item includes one Italian government bond with a nominal value of \u20ac110 million purchased during the year 2022. Fair value gains at 31 December 2024, amounting to \u20ac1 million, have been recognised in the specific Equity reserve.
Equity instruments
tab. A6.3.2 - Equity instruments at FVTOCI \u00a0\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Moneyfarm Holding L.t.d.57 55 1
sennder Technologies GmbH126 112 14
Scalapay Limited25 25 -
Nexi249 345 (95)
Total457 537 (80)
In December 2024, Poste Italiane exercised the early conversion of the bond issued by sennder Technologies GmbH into shares of the same for a total amount of approximately \u20ac9.5 million.
The overall fair value fluctuation of this item (negative \u20ac90 million) is recognised in the specific equity reserve and is mainly attributable to the shares of Nexi SpA (negative reserve of \u20ac401 million at 31 December 2024). Finally, in February 2025, Poste Italiane SpA sold its entire shareholding in Nexi SpA - equal to about 3.78% of the share capital - to Cassa Depositi e Prestiti SpA. For further details on corporate transactions during the year, please refer to Note 3.2 - Events after the end of the reporting period.
Lastly, the item includes, for \u20ac75 million the investment in CAI SpA (formerly Alitalia CAI SpA), acquired in 2013 and fully written off in 2014.
Financial assets at fair value through profit or loss
This item consists of equity instruments (as defined by art. 2346, paragraph 6 of the Italian Civil Code) resulting from the conversion of Contingent Convertible Notes300, issued by Midco SpA, whose value at 31 December 2024 is zero. The decrease in the item in question derives from the conversion, on 10 December 2024, of the portion of the convertible bond issued by sennder Technologies GmbH in the year 2023 and subscribed by Poste Italiane for about \u20ac9.5 million, a value representing the fair value at the date of conversion.
Derivative financial instruments
The following transactions also took place during 2024:
\u2022stipulation and settlement of a commodity swap contract for the operational hedging of fuel costs relating to the air transport of mail carried out through the subsidiary Poste Air Cargo Srl;
\u2022stipulation and settlement of seven non-deliverable forward contracts to hedge the currency risk (euro/dollar) mainly related to aircraft leases in the air mail business, carried out through the subsidiary Poste Air Cargo Srl.
POSTEPAY SERVICES ACTIVITIES
tab. A6.4 - Financial assets - Postepay Services \u00a0
sector\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024\u00a0Balance at 31.12.2023\u00a0
Description(\u20acm)Non-currentassetsCurrent assetsTotal\u00a0Non-currentassetsCurrent assetsTotalChanges
Financial assets at amortised cost0284285\u00a00299299(15)
Receivables 0284285\u00a00299299(15)
Financial assets at FVTOCI606\u00a0707(1)
Equity instruments606\u00a0707(1)
Financial assets at FVTPL101\u00a01010
Convertible bond101\u00a01010
Total 7284291\u00a07299306(15)
Financial assets at amortised cost
Financial assets at amortised cost mainly refer to receivables from international settlement circuits for the acquiring service and to items in progress to be settled on prepaid cards of the EMI assets. In particular, the change concerns transactions executed by prepaid card holders in the last days of the month and settled on accounts in the following days.
Financial assets at fair value through other comprehensive income
Financial assets at fair value recognised in other components of comprehensive income refer entirely to the investment in Volante.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss refer entirely to the convertible bond loan entered into with Volant\u00e8 Technologies Inc. in July 2023.
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Financial assets at amortised cost
Movements in financial assets measured at amortised cost are shown below:
tab. A6.1.1 - Movements in financial assets at amortised cost \u00a0\u00a0\u00a0
Description(\u20acm)Loans and receivablesFixed income instrumentsTotal
Balance at 1 January 202412,275 30,398 42,673
Purchases \u00a02,650 2,650
Changes in amortised cost- (31)(31)
Transfers to equity reserves- 5 5
Changes in fair value through profit or loss1 207 208
Changes due to impairment-5 5
Net changes(329)\u00a0(329)
Effects of sales on profit or loss- 35 35
Change in accruals1 18 19
Sales, redemptions and settlement of accruals\u00a0(2,179)(2,179)
Other changes1,177 - 1,177
Balance at 31 December 202413,124 31,108 44,232
Loans and receivables
The item Loans refers to reverse repurchase agreements in the amount of \u20ac2,726 million (\u20ac4,106 million at 31 December 2023), of which \u20ac2,513 million were entered into with the Cassa di Compensazione e Garanzia SpA (hereafter CC&G) and \u20ac213 million were entered into with leading financial operators, both for the temporary use of liquidity from private funding. These transactions are guaranteed by securities for a total notional amount of \u20ac2,611 million. Financial assets and liabilities relating to repurchase agreements managed through the CC&G that meet the requirements of IAS 32 are offset. The effectof netting at 31 December 2024, already included in the exposure to net balances, amounted to \u20ac1,160 million (\u20ac2,337 million at 31 December 2023). At 31 December 2024, the fair value291 of said item was \u20ac1,566 million.
Receivables include:
\u2022Deposits with the MEF, for \u20ac9,972 million, including public customers' postal current account deposits, which earn a variable rate of return, calculated on a basket of government bonds292. The deposit has been adjusted to reflect accumulated impairments of approximately \u20ac4 million, to reflect the risk of counterparty default (\u20ac5 million at 31 December 2023). The increase in deposits of \u20ac1,035 million was mainly due to the typical operations of some customers in the Public Administration, which generated an increase in deposits from postal current accounts. During the 2024 financial year, hedging (management) derivative contracts were concluded on the 10-year index-linked remuneration component. The hedging transaction was carried out through forward purchases of the 10-year BTP with settlement of the differential between the pre-set price of the security and its market value. These operations, which ended on 31 December 2024, generated positive effects of \u20ac2 million recognised in the income statement under the item Income from investments in postal current accounts and cash and cash equivalents.
\u2022Other financial receivables:
-\u20ac801 million for guarantee deposits - of which \u20ac299 million for amounts paid to counterparties for repurchase transactions on fixed income instruments (collateral provided for by specific Global Master Repurchase Agreements), \u20ac214 million for amounts paid to CC&G, (\u20ac123 million for outstanding repurchase transactions and \u20ac91 million as a pre-financed contribution to the guarantee fund, the Default Fund293), \u20ac193 million for sums paid to counterparties for Interest rate swap transactions (collateral provided for by specific Credit Support Annexes) and \u20ac95 million for sums paid as collateral within clearing systems with central counterparties for over-the-counter derivative transactions294;
-\u20ac386 million related to the liquidity reserve at CC&G to cover possible intra-day margin calls.
Fixed income instruments
These are Eurozone fixed income instruments held by BancoPosta RFC, consisting of government securities issued by the Italian government and securities guaranteed by the Italian government with a nominal value of \u20ac30,866 million. Their carrying amount of \u20ac31,108 million reflects the amortised cost of unhedged fixed income instruments, totalling \u20ac19,721 million, the amortised cost of fair-value hedged fixed income instruments, totalling \u20ac12,469 million, that decreased by \u20ac1,082 million to take into account the effects of the hedge (\u20ac1,944 million in 2023). Fixed income instruments measured at amortised cost are adjusted to take into account the related impairments. Accumulated impairments at 31 December 2024 amount to approximately \u20ac13 million (\u20ac18 million at 31 December 2023).
At 31 December 2024, the fair value295 of these securities was \u20ac29,647 million (including \u20ac252 million in accrued income).
This category of financial asset includes fixed rate instruments, amounting to nominal \u20ac3,000 million, issued by Cassa Depositi e Prestiti SpA and guaranteed by the Italian government (at 31 December 2024, their carrying amount totals \u20ac2,902 million).
Financial assets at amortised cost
Movements in financial assets measured at amortised cost are shown below:
tab. A6.2.1 - Movements in financial assets at amortised cost \u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0Loans and receivables\u00a0Fixed income instruments\u00a0Total
Balance at 1 January 2024\u00a055 \u00a02,068 \u00a02,123
Purchases \u00a0212 212
Changes in amortised cost(0)6 6
Net changes10 \u00a010
Effects of sales on profit or loss- 0 0
Change in accruals- 2 2
Sales, redemptions and settlement of accruals\u00a0(129)(129)
Balance at 31 December 2024\u00a064 \u00a02,160 \u00a02,224
Receivables
Financial receivables of \u20ac64 million mainly regard receivables for management commissions of Poste Vita internal funds.
Fixed income instruments
Fixed income instruments at amortised cost at 31 December 2024 have a carrying amount of \u20ac2,160 million. These instruments primarily relate to the free capital of Poste Vita SpA and Poste Assicura SpA. At 31 December 2024, the fair value298 of these instruments is \u20ac2,012 million.
Fixed income instruments measured at amortised cost are adjusted to take into account the related impairments. Accumulated impairments at 31 December 2024 amount to approximately \u20ac0.6 million (\u20ac0.9 million at 31 December 2023).
Financial assets at amortised cost
Due from others, with a nominal value of \u20ac20 million, regard the remaining amount due from Invitalia S.p.A. as a result of the sale of Banca del Mezzogiorno-MedioCredito Centrale S.p.A. (BdM), entirely written offFinancial assets at amortised cost
Financial assets at amortised cost mainly refer to receivables from international settlement circuits for the acquiring service and to items in progress to be settled on prepaid cards of the EMI assets. In particular, the change concerns transactions executed by prepaid card holders in the last days of the month and settled on accounts in the following days.
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Movements in financial assets at fair value through other comprehensive income (FVTOCI) are shown below:
tab. A6.1.2 - Movements in financial assets at FVTOCI
Description(\u20acm)Fixed income instruments
Balance at 1 January 2024\u00a033,100
Purchases6,221
Transfers to equity reserves11
Changes in amortised cost45
Changes in fair value through equity593
Changes in fair value through profit or loss252
Effects of sales on profit or loss35
Change in accruals9
Sales, redemptions and settlement of accruals(6,590)
Balance at 31 December 2024\u00a033,676
Fixed income instruments
These concern euro area fixed income government securities, consisting of government bonds issued by the Italian government, held by BancoPosta RFC, with a nominal value of \u20ac33,828 million.
The carrying amount of \u20ac33,676 million consists of non-hedged securities in the amount of \u20ac14,762 million, fair value hedged securities in the amount of \u20ac12,240 million, and CFH hedged securities in the amount of \u20ac6,674 million.
Total fair value fluctuation for the year was positive for \u20ac845 million, with the amount of \u20ac593 million recognised in the relevant equity reserve in relation to the portion of the portfolio not hedged by fair value hedges, and an amount of \u20ac252 million recognised through profit or loss in relation to the hedged portion.
Accumulated impairments at 31 December 2024 amount to \u20ac14 million (\u20ac19 million at 31 December 2023). The increase in this item is mainly due to the positive fair value fluctuation mentioned above and partially offset by higher sales and redemptions during the year compared to purchases.
Certain securities are encumbered as they have been delivered to counterparties for use as collateral in connection with loans and hedging transactions, as described in note 4.12 \u2013 Additional information.
Financial assets at fair value through other comprehensive income
Movements in financial assets at fair value through other comprehensive income are shown below:
tab. A6.2.2 - Movements in financial assets at FVTOCI \u00a0\u00a0
Description(\u20acm)Fixed income instrumentsEquity instrumentsTotal
Balance at 1 January 2024105,8475105,852
Purchases17,480017,481
Transfers to equity reserves1120112
Changes in amortised cost5620562
Changes in fair value through equity1,304(1)1,304
Effects of sales on profit or loss(69)0(69)
Change in accruals49049
Sales, redemptions and settlement of accruals(17,795)(0)(17,795)
Balance at 31 December 2024107,4924107,496
These financial instruments recorded a positive change in fair value of \u20ac1,304 million, of which \u20ac1,245 million was due to the revaluation of insurance liabilities.
Fixed income instruments
At 31 December 2024, fixed income instruments relate to investments primarily held by Poste Vita SpA for \u20ac106,614 million (a nominal value of \u20ac114,019 million) issued by European governments and leading European companies. These securities are used to hedge products related to Separately managed accounts in the amount of \u20ac101,818 million. These fixed income instruments comprise bonds issued by CDP SpA, with a fair value of \u20ac124 million. Accumulated impairment at 31 December 2024 amounts to approximately \u20ac39 million, almost entirely reflected in insurance liabilities.
Financial assets at fair value through other comprehensive income
tab. A6.3.1 - Movements in financial assets at FVTOCI \u00a0\u00a0
Description(\u20acm)Fixed income instruments\u00a0Equity instrumentsTotal
Balance at 1 January 2024\u00a099 \u00a0537 636
Purchases\u00a0- \u00a00 0
Changes in amortised cost\u00a02 \u00a0- 2
Changes in fair value through equity\u00a02 \u00a0(90)(88)
Conversion of bond\u00a0- \u00a010 10
Balance at 31 December 2024\u00a0102 \u00a0457 559
Fixed income instruments
The item includes one Italian government bond with a nominal value of \u20ac110 million purchased during the year 2022. Fair value gains at 31 December 2024, amounting to \u20ac1 million, have been recognised in the specific Equity reserve.
Equity instruments
tab. A6.3.2 - Equity instruments at FVTOCI \u00a0\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Moneyfarm Holding L.t.d.57 55 1
sennder Technologies GmbH126 112 14
Scalapay Limited25 25 -
Nexi249 345 (95)
Total457 537 (80)
Financial assets at fair value through other comprehensive income
Financial assets at fair value recognised in other components of comprehensive income refer entirely to the investment in Volante", "dimensions": { "concept": "ext:DisclosureOfFinancialInstrumentsAtFairValueThroughOtherComprehensiveIncomeExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page470-cflshid_190838-tag273316": { "value": "
Financial assets at fair value through profit or loss
Equity instruments
Equity instruments include:
\u2022for \u20ac17 million, the fair value of 32,059 Visa Incorporated preferred stocks (Series C Convertible Participating Preferred Stocks). These shares are convertible to ordinary shares at the rate of 1,783296 ordinary shares for each C share, minus a suitable illiquidity discount. The process of determining the proportion of convertibility and related rate of Visa Incorporated Series C Convertible Participating Preferred Stocks continued during the year, partially concluded on 19 July 2024 with the grant of 583 preferred stocks of Visa Incorporated Series A Preferred Stocks;
\u2022for \u20ac17 million, the fair value of 583 Visa Incorporated preferred stocks (Series A Preferred Stock); these shares are convertible into ordinary shares on the basis of a ratio of 100 ordinary shares for every share of Class A Preferred StockNet fair value gains in the year under review, amounting to \u20ac8 million, have been recognised in profit or loss in the items Income and Expenses from financial activities.
In addition, a forward sale agreement was entered into during the financial year 2023 for 95,000 Visa Incorporated ordinary shares with a total consideration of \u20ac20.5 million and a settlement date of 3 March 2025. Fair value losses in the year under review, amounting to \u20ac5.6 million, have been recognised in profit or loss in \"Expenses from financial activities\".
Financial assets at fair value through profit or loss
Below are the movements in financial assets at fair value through profit or loss:
tab. A6.2.3 - Movements in financial assets at FVTPL \u00a0\u00a0
Description(\u20acm)ReceivablesFixed income instrumentsOther investmentsUnits of mutual investment fundsEquity instrumentsTotal
Balance at 1 January 2024- 2,564 22 45,098 486 48,170
Change in scope of consolidation842 22,542 - (24,700)1,230 (87)
Purchases\u00a07,958 - 3,601 1,018 12,577
Changes in fair value through profit or loss- 439 0 2,165 69 2,673
Net changes(22)\u00a0\u00a0\u00a0\u00a0(22)
Effects of sales on profit or loss- (26)- 110 113 197
Accruals- 124 1 - - 124
Sales, redemptions and settlement of accruals\u00a0(5,570)(1)(3,733)(1,064)(10,368)
\u00a0
Balance at 31 December 2024820 28,029 22 22,541 1,852 53,264
The item recorded an overall positive change of \u20ac4,806 million, mainly due to net investments of around \u20ac2,209 million, and a positive change in fair value of \u20ac2,673 million; this effect contributed almost entirely to the revaluation of insurance liabilities.
The change in the scope of consolidation relates to the full consolidation of the new UCITS funds held entirely by Poste Vita. In particular, following the completion of the \"Multi-Asset Project\" (for further details, please refer to section 2.8 - Basis of consolidation), the amounts previously included in units in mutual investment funds were reclassified for a total net amount of \u20ac25,346 million, showing the individual assets and liabilities held by the newly consolidated UCITS Funds in their respective accounting items. In accordance with the relevant accounting standards, the assets and liabilities in the Funds were classified at fair value through profit or loss (FVTPL) as they fall within the \"Other business models\" case of IFRS 9 - Financial Instruments. In determining the fair value of these items, the Poste Italiane Group has taken advantage of the exception provided for by international accounting standards (Portfolio exemption), according to which, in the presence of a group of financial assets and liabilities exposed to market risks and the credit risk of each of the counterparties, the fair value may be defined, not on the basis of the individual item, but considering the market value of the net exposure to these risks at the measurement date (in this specific case, the fair value of the net exposure to risks would correspond to the NAV of the Funds). The combination of the above provisions made it possible to maintain a valuation in line with the synthetic valuation (NAV) of the Funds in the consolidated financial statements of the Poste Italiane Group without any impact on the statement of profit or loss, limiting the changes to the representative effects only (look through of the Funds with disclosure of the individual assets and liabilities comprising them).
Fixed income instruments
At 31 December 2024, fixed income instruments amounting to \u20ac28,029 million mainly refer to securities held by the new UCITS Funds consolidated as of September 2024. Of this, approximately \u20ac13,019 million related to corporate instruments,while \u20ac9,829 million relates to investments in government bonds of European and non-European sovereign countries excluding the Italian state.
This item also includes securities held by Poste Vita amounting to \u20ac5,171 million and mainly consisting of corporate instruments issued by primary issuers and used to hedge products linked to Separately Managed Accounts for \u20ac2,369 million.
Units of mutual investment funds
Units in mutual investment funds are held mainly by Poste Vita SpA to hedge Separately Managed Accounts299 (\u20ac7,738 million) and Class III policies (\u20ac14,112 million); the supplement to the balance refers to investments of the company's free capital (\u20ac4 million). At 31 December 2024, the investments in UCITS units amounted to \u20ac17,259, units in mutual real estate funds totalled \u20ac2,406 million, and mutual funds that primarily invest in bonds totalled \u20ac2,190 million.
This item recorded a positive change in fair value of \u20ac2,165 million, in addition to net disinvestments of \u20ac132 million.
Of the total amount of mutual funds in which Poste Vita SpA invests, an amount of approximately \u20ac7.3 billion refers to funds in whose investment policies environmental, social and governance (ESG factors) are considered.
Equity instruments
Equity instruments amount to \u20ac1,852 million and are mainly held by the new UCITS funds. This item also includes shares held by the company Poste Vita amounting to \u20ac541 million and mainly used to hedge Class I products linked to Separately Managed Accounts and Class III products.
Other investments
Other investments of \u20ac22 million relate to a Constant Maturity Swap placed by Cassa Depositi e Prestiti held by Poste Vita (a nominal value of \u20ac22 million) and covering products linked to Separately managed accounts.
\u00a0
Derivative financial instruments
At 31 December 2024, derivative trading instruments related to currency forward transactions.
Financial assets at fair value through profit or loss
This item consists of equity instruments (as defined by art. 2346, paragraph 6 of the Italian Civil Code) resulting from the conversion of Contingent Convertible Notes300, issued by Midco SpA, whose value at 31 December 2024 is zero. The decrease in the item in question derives from the conversion, on 10 December 2024, of the portion of the convertible bond issued by sennder Technologies GmbH in the year 2023 and subscribed by Poste Italiane for about \u20ac9.5 million, a value representing the fair value at the date of conversion.
Derivative financial instruments
The following transactions also took place during 2024:
\u2022stipulation and settlement of a commodity swap contract for the operational hedging of fuel costs relating to the air transport of mail carried out through the subsidiary Poste Air Cargo Srl;
\u2022stipulation and settlement of seven non-deliverable forward contracts to hedge the currency risk (euro/dollar) mainly related to aircraft leases in the air mail business, carried out through the subsidiary Poste Air Cargo Srl
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss refer entirely to the convertible bond loan entered into with Volant\u00e8 Technologies Inc. in July 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page471-cflshid_191304-tag273317": { "value": "
Derivative financial instruments
Tab. A6.1.3 - Derivative financial instruments\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0Balance at 31.12.2024Balance at 31.12.2023Changes
Description(\u20acm)\u00a0Nominal Fair value\u00a0NominalFair value
Cash Flow hedges\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward sales of securities\u00a0602 2 - - 2
Interest rate swaps\u00a05,956 (532)3,287 (513)(19)
Fair value hedges\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate swaps on securities at FVTOCI and AC\u00a024,452 1,861 25,031 3,718 (1,857)
Interest rate swaps on repos\u00a0- - 3,996 (83)83
FVTPL\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward sales\u00a00 (8)0 (3)(5)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-
Derivative financial instruments\u00a031,010 1,323 32,314 3,119 (1,795)
Of which:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative assets\u00a016,312 2,679 19,665 4,257 (1,578)
Derivative liabilities\u00a014,698 (1,356)\u00a012,649 (1,138)(218)
Cash flow hedge transactions in interest rate swaps and forward sales relate exclusively to securities valued at FVTOCI.
Interest rate risk cash flow hedges recorded a net negative change of \u20ac17 million during the period, of which \u20ac111 million related to the net positive change in fair value of the effective component of the hedge, reflected in the cash flow hedge reserve, and \u20ac128 million related to the net negative change in completed transactions297 during the year and the ineffective component of hedging contracts.
Fair value hedges in interest rate swaps are used to hedge securities measured at amortised cost with a nominal value of \u20ac11,617 million and securities measured at FVTOCI with a nominal value of \u20ac12,835 million; in total, they underwent a net negative change of \u20ac1,857 million during the year, of which \u20ac85 million related to the net negative change in fair value of the effective component of the hedge and \u20ac1,772 million related to the net negative change in transactions completed during the year and the ineffective component of hedging contracts.
In the year under review, the Parent Company carried out the following transactions:
\u2022forward sales of securities with a nominal amount of \u20ac602 million;
\u2022the conclusion of new cash flow hedge interest rate swaps with a nominal value of \u20ac2,669 million;
\u2022settlement of new fair value hedge interest rate swaps to hedge the securities portfolio for a nominal amount of \u20ac3,895 million and adjusting those outstanding at 1 January 2024 for a nominal amount of \u20ac25 million;
\u2022early settlement or at maturity of fair value hedge interest rate swaps on repurchase agreements for a nominal value of \u20ac3,996 million;
\u2022early settlement of fair value hedge interest rate swaps with a nominal value of \u20ac4,449 million (of which: \u20ac3,499 million relating to hedging transactions for which the underlying security was also sold, \u20ac950 million relating to hedging
transactions without sale of the underlying security) with the aim of consolidating a fixed return in line with the market situation, while at the same time improving the income profile of a portion of the portfolio for subsequent years.
In addition, the Parent Company entered into and settled forward purchases for a total nominal value of \u20ac148 million (recognised at fair value through profit or loss) to hedge the 10-year index-linked component of the remuneration of the investment of funding from public customers. In total, these transactions generated a positive effect of \u20ac2 million in the year under review, which was recognised in the income statement under the item Income from investments in postal current accounts and free cash balances.
Derivative financial instruments
At 31 December 2024, derivative trading instruments related to currency forward transactions.
Derivative financial instruments
The following transactions also took place during 2024:
\u2022stipulation and settlement of a commodity swap contract for the operational hedging of fuel costs relating to the air transport of mail carried out through the subsidiary Poste Air Cargo Srl;
\u2022stipulation and settlement of seven non-deliverable forward contracts to hedge the currency risk (euro/dollar) mainly related to aircraft leases in the air mail business, carried out through the subsidiary Poste Air Cargo Srl.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page479-cflshid_196254-tag273250": { "value": "A7 - INVENTORIES (\u20ac177 million)
tab. A7 - Inventories\u00a0\u00a0\u00a0
Description(\u20acm)Balance at 31.12.2023Increase / (decrease)Balance at 31.12.2024
Properties held for sale13612149
Work in progress, semi-finished and finished goods and goods for resale28(6)22
Raw, ancillary and consumable materials8(2)6
Total1725177
Properties held for sale refer entirely to the portion of EGI SpA's real estate portfolio to be sold, whose fair value301 at 31 December 2024 amounts to approximately \u20ac282 million. It should be noted that during the period, EGI sold two properties for \u20ac5.8 million, resulting in a capital gain at the consolidated level of \u20ac5.3 million.
At the closing date of these financial statements, work in progress, semi-finished and finished goods and goods for resale included approximately \u20ac2 million of final inventories related to environmental certificates held by Poste Air Cargo SpA and Postepay SpA that were previously purchased and not used during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page479-cflshid_196254-tag273251": { "value": "
A8 - TRADE RECEIVABLES (\u20ac2,078 million)
tab. A8 - Trade receivables\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0 Balance at 31.12.2024 Balance at 31.12.2023 \u00a0
Description(\u20acm) \u00a0 Non-current assets Current assets Total Non-current assets Current assets Total Changes
\u00a0
Due from customers21,8431,84532,1502,152(307)
Due from Parent Company (MEF)-228228-249249(21)
Due from subsidiaries, associates and joint ventures-66-66(1)
Prepayments to suppliers(0)00-000
Total \u00a022,0762,07832,4042,407(329)
Due from customers
tab. A8.1 - Due from customers\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Balance at 31.12.2024Balance at 31.12.2023
Description(\u20acm) Non-current assetsCurrent assetsTotalNon-current assetsCurrent assetsTotalChanges
Ministries and Public Administration entities1365366-563563(197)
Cassa Depositi e Prestiti-221221-247247(27)
Due from private individuals for parcel delivery services-476476-505505(29)
Due from private individuals for mail services-331331-379379(48)
Overseas counterparties-275275-323323(48)
Overdrawn current accounts-4747-45452
Amounts due for other BancoPosta services-7474-585816
Other receivables customers1623624355856164
Provisions for doubtful debts due from customers(0)(570)(570)(0)(529)(529)(41)
Total21,8431,845\u00a032,1502,152(307)
The change in Due from customers is mainly due to the reduction in the receivables Ministries and Entities due to the release of receipts related to the tariff additions made in 2020, 2021, 2022 and the first three quarters of 2023 for a total amount of \u20ac195 million (which until 31 December 2023 were shown under other liabilities for advances received, due to the constraint of unavailability) and the collection in March 2024 of a further \u20ac20 million related to the last quarter of 2023.
Specifically302:
\u2022Receivables Ministries and Public Administration entities refer mainly to the following services:
\u2013Compensation for Publisher tariff subsidies, due from the Presidenza del Consiglio dei Ministri - Dipartimento dell'Editoria (Cabinet Office \u2013 Publishing Department), amounting to \u20ac55 million accrued during the year.
\u2013Integrated Notification and mailroom services rendered to central and local government entities, amounting to \u20ac18 million.
\u2013Reimbursement of building, vehicle and security costs, postage and other services incurred on behalf of the Ministry of Enterprise and Made in Italy (MIMIT)303 in the amount of \u20ac51 million. This receivable consists of a residual receivable of \u20ac28 million (originally \u20ac62 million collected for \u20ac34 million) related to services provided until 2012. The addition to the balance consists of \u20ac23 million of receivables mainly related to the charges incurred by Poste but arising from the use of real estate by the Ministry for the period 2013-2024 and for which a negotiation round-table with the counterparty is underway.
\u2013Mail forwarding and notification services provided following a tender procedure for a total of \u20ac63 million.
\u2013Mail services provided on credit, totalling \u20ac31 million, to central and local government entities.
\u2013Market Registered Mail services, totalling \u20ac30 million, provided to central and local government entities.
\u2013Unfranked mail services, totalling \u20ac14 million, provided to central and local government entities.
\u2013The payment of pensions and vouchers on behalf of INPS (the National Institute of Social Security), totalling \u20ac9 million.
\u2022Due from Cassa Depositi e Prestiti refer to fees for BancoPosta RFC's for the collection of postal savings deposits and not yet settled.
\u2022Amounts due for Parcel delivery services relate mainly to shipments carried out by the Parent Company and services provided by the subsidiary SDA Express Courier SpA.
\u2022Amounts due for mail services refer to receivables mainly owed by the Parent Company to private customers using the \"delivery and mailing\" range of services.
\u2022Receivables overseas counterparties primarily relates to postal services carried out for overseas postal operators.
\u2022Amounts due for overdrawn current accounts derive almost exclusively from overruns due to the debiting of BancoPosta's periodic fees.
\u2022Amounts due for other BancoPosta services mainly refer to intermediation services (banking, personal loans, mortgages) provided.
Due from the Parent Company
This item relates to trade receivables due to the Parent Company from the Ministry of the Economy and Finance.
tab. A8.2 - Due from the Parent Company\u00a0
Description(\u20acm) Balance at 31.12.2024Balance at 31.12.2023Changes
Remuneration of current account deposits198 218 (20)
Universal Service- 31 (31)
Delegated services30 30 -
Publisher tariff and electoral subsidies- 1 (1)
Others 1 2 (0)
Provisions for doubtful receivables due from the Parent company(1)(33)32
Total228 249 (23)
Specifically:
\u2022The remuneration of current account deposits refers entirely to amounts accruing in 2024 and almost entirely relates to the deposit of funds deriving from accounts opened by Public Administration entities and attributable to BancoPosta RFC.
\u2022remuneration for the performance of the Universal Service of \u20ac262 million accrued during the year were collected in full. The amount of compensation was recognised based on the terms of the 2020-2024 Service Contract, effective 1 January 2020. The contract was extended until 30 April 2026 by the Ministry of Enterprise and Made in Italy in November 2024 and signed by the company on 16 December. The European authorisation process is in progress through notification to the European Commission.
Following the communication received from the MEF on 27 March 2024, in which the opinion of the Avvocatura Generale dello Stato was endorsed, clarifying the ownership of certain credit items, the 2015 agreement304 by which the respective debit and credit relationships were defined and settled, became fully effective. Therefore, in the financial year under review, the residual receivables were written off by using, and without economic impact, the corresponding provision set aside in 2015 for the remuneration for the performance of the Universal Service for the years 2005 and 2012, totalling \u20ac31 million.
\u2022Amounts due for delegated services relate to fees accrued solely in 2024 for treasury services performed by BancoPosta on behalf of the State in accordance with a specific agreement with the MEF renewed on 19 May 2023 for the two-year period 2023-2024.
Impairment of trade receivables
Movements in the provisions for doubtful receivables (due from customers and the Parent Company) are as follows:
Description(\u20acm)Balance at 31.12.2023Net provisionsUsesBalance at 31.12.2024
\u00a0
Private customers342 45 (17)369
Public administration entities79 (2)(2)75
Overseas postal operators11 (0)- 11
\u00a0432 42 (20)455
Interest on late payments98 31 (13)115
Due from Parent company (MEF)33 (1) (31)1
Total562 73 (65)571
Net provisions of \u20ac45 million largely refer to receivables subject to bankruptcy proceedings and receivables entrusted to lawyers for recovery. Utilisations for the year mainly refer to the write-off of receivables following the conclusion of bankruptcy proceedings and agreements, and to the write-off of receivables for current accounts with a debtor balance, for which it was ascertained that recovery actions were not cost effective, also taking into account the small amount of the individual credit positions.
For the sake of completeness, the following tables present details of the gross carrying amount and the provision to cover expected losses for each class of trade receivables. This detail is provided separately depending on whether the model used to estimate the ECL is based on an analytical or a lump-sum valuation. For more details on the inputs, assumptions and estimation techniques used to calculate the impairment of financial assets, as well as for information on how guarantees and other credit risk mitigation instruments are considered in the calculation of the Provisions for doubtful debts, see Note 2.6 - Use of estimates - Impairment and stage allocation of financial instruments.
Poste Italiane Group - Credit risk - Trade receivables impaired on the analytical basis
Description(\u20acm) 31.12.202431.12.2023
Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
\u00a0\u00a0
Trade receivables\u00a0\u00a0
Due from customers1,224 (256) 1,503(234)
Cassa Depositi e Prestiti221 (0) 248(0)
Ministries and Public Administration entities249 (59) 416(55)
Overseas counterparties194 (0) 217(0)
Private customers560 (196) 623(179)
Due from the Parent Company228 (0) 279(33)
Other receivables6 - 6 -
\u00a0\u00a0
Total1,457 (256) 1,788(268)
Range of past due(\u20acm) 31.12.202431.12.2023
Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
\u00a0\u00a0
Not past due trade receivables717 (19) 661(16)
Past due 0 - 1 year110 (19) 122(15)
Past due 1 - 2 years37 (11) 61(15)
Past due 2 - 3 years26 (11) 51(12)
Past due 3 - 4 years25 (10) 29(8)
Past due > 4 years56 (48) 53(45)
Positions subject to legal recovery and/or insolvency proceedings220 (198) 204(183)
Total1,192 (315) 1,181(295)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page483-cflshid_198667-tag273254": { "value": "
A9 - OTHER RECEIVABLES AND ASSETS (\u20ac5,294 million)
tab. A9 - Other receivables and assets\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0Balance at 31.12.2024\u00a0\u00a0Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current assetsCurrent assetsNon-current assetsCurrent assetsTotalChanges
Total
Substitute tax paid3,909 806 4,716 4,033 625 4,658 58
Due from social security agencies and pension funds (excl. fixed-term contract settlements)- 44 44 - 73 73 (29)
Receivables relating to fixed-term contract settlements28 71 99 33 73 107 (8)
Receivables for amounts that cannot be drawn on due to court rulings- 58 58 - 58 58 0
Accrued income and prepaid expenses from trading transactions- 106 106 - 62 62 44
Tax assets- 104 104 - 78 78 26
Other receivables due from subsidiaries- - - - 0 0 (0)
Interest accrued on IRES refund- 46 46 - 46 46 0
Interest accrued on IRAP refund- - - - 0 0 (0)
Sundry receivables22 203 225 22 142164 61
Provisions for doubtful debts due from others(4)(100)(104)(4)(108)(111)7
Total3,955 1,339 5,294 4,084 1,051 5,135 159
Specifically:
\u2022Substitute tax paid refers mainly to:
\u2013\u20ac2,092 million on non-current receivables paid in advance by Poste Vita SpA for the financial years 2015-2021, withholding and substitute tax paid on capital gains on life policies305;
\u2013\u20ac1,723 million charged to holders of Interest-bearing Postal Certificates and Class III and V insurance policies for stamp duty at 31 December 2024306; this amount is balanced by a matching entry in \"Other taxes payable\" until expiration or early settlement of the Interest-bearing Postal Certificates or the insurance policies, i.e. the date on which the tax is payable to the tax authorities (tab. B10.3);
\u2013\u20ac536 million relating to advances paid in relation to stamp duty to be paid in virtual form in 2025 and charged to customers and to be recovered from customers by Poste Italiane;
\u2013\u20ac92 million relating to stamp duty charged to Postal Savings Books, which Poste Italiane SpA pays in virtual form as required by law;
\u2013\u20ac74 million in withholding tax on interest paid to current account holders for 2024, which is to be recovered from customers.
\u2022Receivables relating to fixed-term contract settlements consist of salaries to be recovered following the agreements307 between Poste Italiane SpA and the trade unions, regarding the re-employment by court order of staff previously employed on fixed-term contracts. This item refers to receivables with a present value of \u20ac94 million from personnel, from INPS and pension funds recoverable in the form of variable instalments, the last of which is due in 2041. The item also includes \u20ac42 million receivable from INPS (formerly IPOST), covered by a specific agreement with IPOST dated 23 December 2009. Payment of this amount consists of six instalments of \u20ac6.9 million each, falling due between 30 June 2012 and 31 December 2014; negotiations are still in progress with the debtor to recover them.
\u2022Receivables for amounts that cannot be drawn on due to court rulings refer to amounts attached and not assigned to creditors, which are in the process of being recovered.
\u2022Interest accrued on IRES refund, refers to interest accruing up to 31 December 2023 in relation to the tax credit determined by an unreported deduction from the IRES tax base of IRAP paid on labour costs and almost entirely attributable to the Parent Company. Two disputes have been initiated to recover said receivable (i.e. one under Law Decree no. 185/2008 and the other, under Law Decree no. 201/2011) before the Provincial Tax Commission of Rome, which upheld Poste Italiane's appeals, ordering the Agenzia delle Entrate in Rome to refund the amounts claimed. The Agenzia delle Entrate has appealed both rulings before the Regional Tax Commission, which issued a favourable ruling on both of them. Poste Italiane challenged these rulings before the Court of Cassation, which resumed the case before the Tax Court, which, with regard to the case pursuant to Law Decree no. 201/2011, established, against an original claim of \u20ac43 million308, the sum due by way of interest at \u20ac35 million. Concerning the case pursuant to Law Decree no. 185/2008, lodged on an amount of \u20ac3 million, on 11 June 2024, the Court of Cassation upheld Poste's arguments, referring the final determination of interest to the Lazio Tax Court. The judicial outcomes described were reflected in the adjustment of the provisions for doubtful receivables through an absorption in the profit and loss account of \u20ac13 million.
\u2022Accrued income and prepaid expenses from trading transactions and other assets increased by \u20ac44 million compared to the previous year, mainly due to the one-off payment made in advance to employees in September to cover the fourth quarter of 2024 and the first eight months of 2025, in accordance with the provisions of the renewal of the National Collective Labour Agreement signed on 23 July 2024.
Movements in the provisions for doubtful debts due from others are shown below:
tab. A9.1 - Movements in Provisions for doubtful debts due from others\u00a0
Description(\u20acm)Balance at 31.12.2023Net provisionsUsesBalance at 31.12.2024
\u00a0
Interest accrued on IRES refund20 (13)- 7
Receivables relating to fixed-term contract settlements24 6 (0)30
Other receivables67 7 (6)68
\u00a0
Total111(0)(6)104
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page483-cflshid_198667-tag273252": { "value": "
A9 - OTHER RECEIVABLES AND ASSETS (\u20ac5,294 million)
tab. A9 - Other receivables and assets\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0Balance at 31.12.2024\u00a0\u00a0Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current assetsCurrent assetsNon-current assetsCurrent assetsTotalChanges
Total
Substitute tax paid3,909 806 4,716 4,033 625 4,658 58
Due from social security agencies and pension funds (excl. fixed-term contract settlements)- 44 44 - 73 73 (29)
Receivables relating to fixed-term contract settlements28 71 99 33 73 107 (8)
Receivables for amounts that cannot be drawn on due to court rulings- 58 58 - 58 58 0
Accrued income and prepaid expenses from trading transactions- 106 106 - 62 62 44
Tax assets- 104 104 - 78 78 26
Other receivables due from subsidiaries- - - - 0 0 (0)
Interest accrued on IRES refund- 46 46 - 46 46 0
Interest accrued on IRAP refund- - - - 0 0 (0)
Sundry receivables22 203 225 22 142164 61
Provisions for doubtful debts due from others(4)(100)(104)(4)(108)(111)7
Total3,955 1,339 5,294 4,084 1,051 5,135 159
Specifically:
\u2022Substitute tax paid refers mainly to:
\u2013\u20ac2,092 million on non-current receivables paid in advance by Poste Vita SpA for the financial years 2015-2021, withholding and substitute tax paid on capital gains on life policies305;
\u2013\u20ac1,723 million charged to holders of Interest-bearing Postal Certificates and Class III and V insurance policies for stamp duty at 31 December 2024306; this amount is balanced by a matching entry in \"Other taxes payable\" until expiration or early settlement of the Interest-bearing Postal Certificates or the insurance policies, i.e. the date on which the tax is payable to the tax authorities (tab. B10.3);
\u2013\u20ac536 million relating to advances paid in relation to stamp duty to be paid in virtual form in 2025 and charged to customers and to be recovered from customers by Poste Italiane;
\u2013\u20ac92 million relating to stamp duty charged to Postal Savings Books, which Poste Italiane SpA pays in virtual form as required by law;
\u2013\u20ac74 million in withholding tax on interest paid to current account holders for 2024, which is to be recovered from customers.
\u2022Receivables relating to fixed-term contract settlements consist of salaries to be recovered following the agreements307 between Poste Italiane SpA and the trade unions, regarding the re-employment by court order of staff previously employed on fixed-term contracts. This item refers to receivables with a present value of \u20ac94 million from personnel, from INPS and pension funds recoverable in the form of variable instalments, the last of which is due in 2041. The item also includes \u20ac42 million receivable from INPS (formerly IPOST), covered by a specific agreement with IPOST dated 23 December 2009. Payment of this amount consists of six instalments of \u20ac6.9 million each, falling due between 30 June 2012 and 31 December 2014; negotiations are still in progress with the debtor to recover them.
\u2022Receivables for amounts that cannot be drawn on due to court rulings refer to amounts attached and not assigned to creditors, which are in the process of being recovered.
\u2022Interest accrued on IRES refund, refers to interest accruing up to 31 December 2023 in relation to the tax credit determined by an unreported deduction from the IRES tax base of IRAP paid on labour costs and almost entirely attributable to the Parent Company. Two disputes have been initiated to recover said receivable (i.e. one under Law Decree no. 185/2008 and the other, under Law Decree no. 201/2011) before the Provincial Tax Commission of Rome, which upheld Poste Italiane's appeals, ordering the Agenzia delle Entrate in Rome to refund the amounts claimed. The Agenzia delle Entrate has appealed both rulings before the Regional Tax Commission, which issued a favourable ruling on both of them. Poste Italiane challenged these rulings before the Court of Cassation, which resumed the case before the Tax Court, which, with regard to the case pursuant to Law Decree no. 201/2011, established, against an original claim of \u20ac43 million308, the sum due by way of interest at \u20ac35 million. Concerning the case pursuant to Law Decree no. 185/2008, lodged on an amount of \u20ac3 million, on 11 June 2024, the Court of Cassation upheld Poste's arguments, referring the final determination of interest to the Lazio Tax Court. The judicial outcomes described were reflected in the adjustment of the provisions for doubtful receivables through an absorption in the profit and loss account of \u20ac13 million.
\u2022Accrued income and prepaid expenses from trading transactions and other assets increased by \u20ac44 million compared to the previous year, mainly due to the one-off payment made in advance to employees in September to cover the fourth quarter of 2024 and the first eight months of 2025, in accordance with the provisions of the renewal of the National Collective Labour Agreement signed on 23 July 2024.
Movements in the provisions for doubtful debts due from others are shown below:
tab. A9.1 - Movements in Provisions for doubtful debts due from others\u00a0
Description(\u20acm)Balance at 31.12.2023Net provisionsUsesBalance at 31.12.2024
\u00a0
Interest accrued on IRES refund20 (13)- 7
Receivables relating to fixed-term contract settlements24 6 (0)30
Other receivables67 7 (6)68
\u00a0
Total111(0)(6)104
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page483-cflshid_198873-tag273253": { "value": "9 - OTHER RECEIVABLES AND ASSETS (\u20ac5,294 million)
tab. A9 - Other receivables and assets\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0Balance at 31.12.2024\u00a0\u00a0Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current assetsCurrent assetsNon-current assetsCurrent assetsTotalChanges
Total
Substitute tax paid3,909 806 4,716 4,033 625 4,658 58
Due from social security agencies and pension funds (excl. fixed-term contract settlements)- 44 44 - 73 73 (29)
Receivables relating to fixed-term contract settlements28 71 99 33 73 107 (8)
Receivables for amounts that cannot be drawn on due to court rulings- 58 58 - 58 58 0
Accrued income and prepaid expenses from trading transactions- 106 106 - 62 62 44
Tax assets- 104 104 - 78 78 26
Other receivables due from subsidiaries- - - - 0 0 (0)
Interest accrued on IRES refund- 46 46 - 46 46 0
Interest accrued on IRAP refund- - - - 0 0 (0)
Sundry receivables22 203 225 22 142164 61
Provisions for doubtful debts due from others(4)(100)(104)(4)(108)(111)7
Total3,955 1,339 5,294 4,084 1,051 5,135 159
Specifically:
\u2022Substitute tax paid refers mainly to:
\u2013\u20ac2,092 million on non-current receivables paid in advance by Poste Vita SpA for the financial years 2015-2021, withholding and substitute tax paid on capital gains on life policies305;
\u2013\u20ac1,723 million charged to holders of Interest-bearing Postal Certificates and Class III and V insurance policies for stamp duty at 31 December 2024306; this amount is balanced by a matching entry in \"Other taxes payable\" until expiration or early settlement of the Interest-bearing Postal Certificates or the insurance policies, i.e. the date on which the tax is payable to the tax authorities (tab. B10.3);
\u2013\u20ac536 million relating to advances paid in relation to stamp duty to be paid in virtual form in 2025 and charged to customers and to be recovered from customers by Poste Italiane;
\u2013\u20ac92 million relating to stamp duty charged to Postal Savings Books, which Poste Italiane SpA pays in virtual form as required by law;
\u2013\u20ac74 million in withholding tax on interest paid to current account holders for 2024, which is to be recovered from customers.
\u2022Receivables relating to fixed-term contract settlements consist of salaries to be recovered following the agreements307 between Poste Italiane SpA and the trade unions, regarding the re-employment by court order of staff previously employed on fixed-term contracts. This item refers to receivables with a present value of \u20ac94 million from personnel, from INPS and pension funds recoverable in the form of variable instalments, the last of which is due in 2041. The item also includes \u20ac42 million receivable from INPS (formerly IPOST), covered by a specific agreement with IPOST dated 23 December 2009. Payment of this amount consists of six instalments of \u20ac6.9 million each, falling due between 30 June 2012 and 31 December 2014; negotiations are still in progress with the debtor to recover them.
\u2022Receivables for amounts that cannot be drawn on due to court rulings refer to amounts attached and not assigned to creditors, which are in the process of being recovered.
\u2022Interest accrued on IRES refund, refers to interest accruing up to 31 December 2023 in relation to the tax credit determined by an unreported deduction from the IRES tax base of IRAP paid on labour costs and almost entirely attributable to the Parent Company. Two disputes have been initiated to recover said receivable (i.e. one under Law Decree no. 185/2008 and the other, under Law Decree no. 201/2011) before the Provincial Tax Commission of Rome, which upheld Poste Italiane's appeals, ordering the Agenzia delle Entrate in Rome to refund the amounts claimed. The Agenzia delle Entrate has appealed both rulings before the Regional Tax Commission, which issued a favourable ruling on both of them. Poste Italiane challenged these rulings before the Court of Cassation, which resumed the case before the Tax Court, which, with regard to the case pursuant to Law Decree no. 201/2011, established, against an original claim of \u20ac43 million308, the sum due by way of interest at \u20ac35 million. Concerning the case pursuant to Law Decree no. 185/2008, lodged on an amount of \u20ac3 million, on 11 June 2024, the Court of Cassation upheld Poste's arguments, referring the final determination of interest to the Lazio Tax Court. The judicial outcomes described were reflected in the adjustment of the provisions for doubtful receivables through an absorption in the profit and loss account of \u20ac13 million.
\u2022Accrued income and prepaid expenses from trading transactions and other assets increased by \u20ac44 million compared to the previous year, mainly due to the one-off payment made in advance to employees in September to cover the fourth quarter of 2024 and the first eight months of 2025, in accordance with the provisions of the renewal of the National Collective Labour Agreement signed on 23 July 2024.
Movements in the provisions for doubtful debts due from others are shown below:
tab. A9.1 - Movements in Provisions for doubtful debts due from others\u00a0
Description(\u20acm)Balance at 31.12.2023Net provisionsUsesBalance at 31.12.2024
\u00a0
Interest accrued on IRES refund20 (13)- 7
Receivables relating to fixed-term contract settlements24 6 (0)30
Other receivables67 7 (6)68
\u00a0
Total111(0)(6)104
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page485-cflshid_200222-tag273255": { "value": "A10 \u2013 TAX CREDITS LAW NO. 77/2020 (\u20ac7,005 million)
Table A10 - Tax credits Law no. 77/2020\u00a0
Description(\u20acm)Balance at 31.12.2024\u00a0Balance at 31.12.2023\u00a0
Non-current assetsCurrent assetsTotal\u00a0Non-current assetsCurrent assetsTotalChanges
\u00a0
Tax credits at amortised cost5,170 1,835 7,005 \u00a06,5341,7848,318(1,313)
Total 5,1701,8357,005\u00a06,5341,7848,318(1,313)
of which Financial Activities4,9361,7876,723\u00a06,2461,6657,911(1,188)
Of which Postal and Business Activities 23448282\u00a0288119407(125)
This item refers to tax credits acquired by Poste Italiane SpA against free capital resources or transferred to BancoPosta RFC for resources subject to and not subject to the restriction on their use, in accordance with the provisions of the Decreto Rilancio (Law Decree no. 34/2020, converted with amendments by Law 77/2020).
These receivables are measured at amortised cost as they are acquired to be used for the purpose of offsetting social security or tax payables, based on the provisions of the regulations issued with reference to the characteristics of the individual receivables.
Movements in these receivables during 2024 are shown below:
\u00a0
Table A10.1 - Changes in tax credits Law no. 77/2020
Description(\u20acm)Carrying amount
Balance at 1 January 20248,318
Purchases 704
Changes in amortised cost 320
Portfolio Adjustments - Tax Credits(548)
Compensation and other changes (1,789)
Balance at 31 December 20247,005
Fair Value309 6,637
During the year, the Parent Company, following a documentary request received from the Agenzia delle Entrate on a portion of its portfolio, conducted and concluded a risk analysis on the reported positions (\"Risk Analysis\"). Taking into account the information received from the Agenzia delle Entrate and the activities carried out, also with the support of external consultants, a perimeter of receivables deemed risky was identified for which the Parent Company has pledged to the Agenzia delle Entrate not to use the instalments relating to the years 2024 and thereafter and to repay the overdue annual instalments where necessary.
The follow-up on the results that emerged from the Risk Analysis and shared with the Agenzia delle Entrate led to the adjustment of receivables in the portfolio for a total of \u20ac548 million, with the consequent recognition of charges, net of the release of \u20ac168 million of provisions for risks previously set aside, for a total of \u20ac380 million (of which \u20ac96 million referred to the year 2024) recognised in the item adjustments to receivables to reflect the waiver of the offsetting of the annual instalments for the year in question and subsequent years.
The Risk Analysis also resulted in the reversal of portions of receivables pertaining to years prior to 2024, totalling \u20ac57 million, plus penalties, which were booked under \"Other operating costs\".
Pursuant to the disclosure required by CONSOB Communication no. DEM/6064293 of 28 July 2006, the economic effects of the cancellation of receivables relating to years after 2024, in the amount of \u20ac284 million recognised under \"Adjustments on debt instruments, receivables and other assets\", and the economic effects of the reversal of \u20ac57 million recognised under \"Other operating costs\", totalling \u20ac341 million, were considered significant and non-recurring.
", "dimensions": { "concept": "ext:DisclosureOfTaxCreditLaw772020", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page486-cflshid_200878-tag273257": { "value": "
A11 \u2013 ASSETS FOR OUTWARD REINSURANCE (\u20ac324 million)
tab. A11 - Assets for outward reinsurance
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
GMM-VFAPAATotalGMM-VFAPAATotal
Asset for remaining coverage2452248170817770
Asset for incurred claims32447623325621
Total277473241934023391
Assets for outward reinsurance amounted to \u20ac324 million at 31 December 2024; the balance mainly includes \u20ac279 million for the Present Value of Cash Flows, \u20ac15 million for the Financial Risk Adjustment and \u20ac30 million for the Contractual Service Margin. The balance at 31 December 2024 increased by approximately \u20ac91 million mainly as a result of the increase in the present value of cash flows and the reduction in payables to reinsurers recognised in the reserve for remaining coverage and the increase in receivables from reinsurers recognised as assets for claims incurred.
The following table presents the reconciliation of business by residual cover and claims incurred related to outward reinsurance measured by the GMM method:
tab. A11.1 - Assets/(liabilities) for GMM outward reinsurance
Description(\u20acm)Asset for remaining coverageAsset for incurred claimsTotal
Excluding the loss recovery componentLoss recovery component
\u00a0
Assets for outward reinsurance171 -22193
Liabilities for outward reinsurance----
\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount at 1 January171-22193
Reinsurance premiums paid(51)--(51)
\u00a0\u00a0\u00a0\u00a0\u00a0
Amounts recoverable from reinsurers\u00a0\u00a0\u00a0\u00a0
Recovery of incurred claims and other insurance expenses(2)-4441
Losses and loss recovery on onerous contracts0--0
Changes in assets for incurred claims--11
\u00a0\u00a0\u00a0\u00a0\u00a0
Effects of changes in default risk by reinsurers0-00
\u00a0\u00a0\u00a0\u00a0\u00a0
Result of insurance services(53)-45(8)
\u00a0\u00a0\u00a0\u00a0\u00a0
Investment components and premium refunds8--8
Net financial income/expenses3-03
\u00a0\u00a0\u00a0\u00a0\u00a0
Total changes recognised in the Statement of profit or loss and OCI(43)-453
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash flows\u00a0\u00a0\u00a0\u00a0
Premiums paid net of amounts not related to claims recovered by reinsurers119--119
Amount of claims recovered by reinsurers(2)-(35)(37)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount at 31 December245-32277
\u00a0\u00a0\u00a0\u00a0\u00a0
Assets for outward reinsurance245-32277
Liabilities for outward reinsurance----
Again with regard to assets for outward reinsurance measured by the GMM method, a reconciliation is provided below, broken down by the elements underlying the measurement:
tab. A11.2 - GMM reinsurance assets/(liabilities) - Dynamics of underlying elements of measurement \u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Present value of cash flows\u00a0Adjustment for non-financial risksContractual service marginTotal
Assets for outward reinsurance1601320193
Liabilities for outward reinsurance\u00a0-\u00a0-\u00a0-\u00a0\u00a0-
Net carrying amount at 1 January 1601320193
\u00a0Changes in current services\u00a0\u00a0\u00a0\u00a0
Contractual service margin recognised in the statement of profit or loss--(8)(8)
Change for overdue non-financial risks-(4)-(4)
Adjustments based on past experience5-(3)2
Changes in estimates that alter the contractual service margin(17)(0)\u00a0\u00a0170
Effects of contracts initially recognised in the reference period (9)540
Adjustment of CSM with recoveries related to the initial recognition of onerous underlying insurance contracts--00
Change in cash flows of outward reinsurance from onerous underlying insurance contracts--(0)(0)
Changes in past services\u00a0\u00a0
Adjustments to assets for incurred claims\u00a010-\u00a01
Effects of changes in default risk of reinsurers\u00a00\u00a0-\u00a0\u00a0-\u00a0\u00a00
Result of insurance services(20)210(8)
Net financial income/expenses8019
Effects associated with exchange rate changes\u00a02\u00a0-\u00a0-\u00a0\u00a02
Total changes recognised in the Statement of profit or loss and OCI(10)2113
Premiums paid net of amounts not related to claims recovered by reinsurers119--119
Amounts recovered from reinsurers\u00a0(37)--\u00a0\u00a0(37)
\u00a0Net carrying amount at 31 December\u00a0232\u00a015\u00a0\u00a030277
\u00a0Assets for outward reinsurance\u00a0232\u00a015\u00a0\u00a030277
Liabilities for outward reinsurance\u00a0-\u00a0-\u00a0-\u00a0\u00a0-
The following table presents a reconciliation of business by residual cover and by claims incurred related to outward reinsurance measured by the PAA method:
tab. A11.3 - Assets/(liabilities) for PAA outward reinsurance\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Asset for remaining coverageAsset for incurred claimsTotal
Excluding the loss recovery componentLoss recovery componentPresent value of cash flowsAdjustment for non-financial risk
\u00a0
Assets for outward reinsurance6 2 31 1 40
Liabilities for outward reinsurance- - - - -
\u00a0
Net carrying amount at the beginning of the period6231140
\u00a0
Reinsurance premiums paid(103)- - - (103)
\u00a0\u00a0\u00a0\u00a0
Amounts recoverable from reinsurers
Recovery of incurred claims and other insurance expenses15 - 61 - 76
Losses and loss recovery on onerous contracts- (1)- - (1)
Changes in assets for incurred claims- - 6 (0)5
\u00a0-
Effects of changes in default risk by reinsurers- - 0 - 0
\u00a0
Result of insurance services(89)(1)67(0)(23)
\u00a0\u00a0\u00a0\u00a0
Net financial revenue/costs related to outward reinsurance- - 1 - 1
\u00a0
Total changes recognised in the Statement of profit or loss and OCI(89)(1)67(0)(23)
\u00a0
Cash flows
Premiums paid net of amounts not related to claims recovered by reinsurers98 - - - 98
Amount of claims recovered by reinsurers(14)- (55)- (69)
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Net carrying amount at 31 December 2143147
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Assets for outward reinsurance2 1 43 1 47
Liabilities for outward reinsurance- - - - -
Finally, the following table shows the increase in outward reinsurance business broken down according to the type of event that generated it:
tab. A11.4 - Outward reinsurance held and initially recognised in the reporting period
Description(\u20acm)Originated contracts\u00a0Contracts acquired in business combinations\u00a0Contracts transferred by third partiesTotal
Contracts without loss recovery componentContracts with loss recovery component\u00a0Contracts without loss recovery componentContracts with loss recovery component\u00a0Contracts without loss recovery componentContracts with loss recovery component
\u00a0
Estimate of the present value of future cash outflows\u00a0
Cash flows related to the acquisition of insurance contracts0 - - - - - 0
Amount of claims and other directly attributable costs88 - - - - - 88
\u00a0
Estimate of the present value of future cash inflows(79)- - - - - (79)
\u00a0
Estimate of adjustment for non-financial risks(5)- - - - - (5)
\u00a0
Contractual service margin(4)- - - - - (4)
\u00a0
\u00a0
Increase in business for new outward reinsurance(0)-\u00a0--\u00a0--(0)
LIABILITIES
B5 \u2013 LIABILITIES UNDER INSURANCE CONTRACTS (\u20ac162,408 million)
tab. B5 - Liabilities under insurance contracts
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
GMM-VFAPAATotalGMM-VFAPAATotal
Liability for remaining coverage161,3172161,319154,106(8)154,0987,221
Present value of future cash flows145,2162145,218137,600(8)137,5927,626
Adjustment for non-financial risk2,372-2,3722,763-2,763(392)
Contractual service margin13,730-13,73013,743-13,743(13)
Liability for incurred claims7823071,0899802611,240(151)
Present value of future cash flows7802961,0759782491,226(151)
Adjustment for non-financial risk21214212140
Total162,099310162,408155,086252155,3387,070
GMM: General Measurement Model
VFA: Variable Fee Approach
PAA: Premium Allocation Approach
This item refers to liabilities within the scope of the Group's Insurance Services, and includes:
\u2022the Liability for remaining coverage of \u20ac161,319 million includes the Contractual Service Margin (CSM) of \u20ac13,730 million, the present value of future cash flows of \u20ac145,216 million, and the Adjustment for non-financial risk of \u20ac2,372 million;
\u2022the Liability for incurred claims of \u20ac1,089 million.
The following table presents a reconciliation of the liability for residual cover and incurred claims of insurance contracts measured according to the GMM or VFA methods:
tab.B5.1 - Liabilities/(assets) for insurance contracts_GMM or VFA\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Liability for remaining coverage \u00a0Liability for incurred claimsTotal
Excluding loss componentLoss component\u00a0
\u00a0\u00a0\u00a0\u00a0
Liabilities under insurance contracts154,098 8 980 155,086
Assets for insurance contracts- - - -
\u00a0\u00a0
Net carrying amount at 1 January154,0988\u00a0980155,086
\u00a0
Insurance revenue(2,309)- - (2,309)
\u00a0
Costs for insurance services\u00a0
Incurred claims and other directly attributable costs- - 753 753
Changes in the liability for incurred claims- - (197)(197)
Losses and related recoveries on onerous contracts- 3 - 3
Amortisation of contract acquisition costs 238 - - 238
\u00a0
Result of insurance services(2,071)3\u00a0556(1,513)
\u00a0\u00a0\u00a0\u00a0
Investment components and premium repayments(16,380)- 16,380 -
Financial costs/revenue relating to insurance contracts issued7,667 6 2 7,675
\u00a0\u00a0
Total changes recognised in the Statement of profit or loss and OCI(10,785)8 \u00a016,9396,162
\u00a0\u00a0\u00a0
Cash flows\u00a0
Awards received18,297 - - 18,297
Payments related to contract acquisition costs(307)- - (307)
Paid claims and other cash outflows(3)- (17,136)(17,139)
\u00a0\u00a0
\u00a0\u00a0\u00a0
Net carrying amount at 31 December161,30017\u00a0782162,099
\u00a0\u00a0\u00a0
Liabilities under insurance contracts161,300 17 782 162,099
Assets for insurance contracts----
The value of insurance liabilities increased during the year mainly as a result of inflows during the period, partially offset by the effect of outflows related to liquidations, and as a result of positive market trends that generated capital gains. The liability for remaining coverage includes the balance of Assets related to the acquisition of insurance contracts, which amounted to \u20ac2.76 million at 31 December 2024. This amount will be fully released by 31 December 2029.
Again, with reference to insurance liabilities measured using the GMM or VFA methods, a reconciliation is provided below, broken down by underlying measurement elements:
tab. B.5.2 - Liabilities/(assets) under insurance contracts_GMM\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0\u00a0Present value of future cash flows\u00a0Adjustment for non-financial risk\u00a0Contractual service marginTotal\u00a0
Liabilities under insurance contracts138,578 2,765 13,743 155,086
Assets for insurance contracts\u00a0- - - - \u00a0
Net carrying amount at 1 January138,5782,76513,743155,086
\u00a0Changes in current services\u00a0\u00a0\u00a0\u00a0
Contractual service margin recognised in the statement of profit or loss- - (1,458)(1,458)
Change for overdue non-financial risks- (64)- (64)
Adjustments based on past experience\u00a0875 - (484)390 \u00a0\u00a0\u00a0
Changes in future services-
Changes in contractual service margin915 (491)(423)(0)
Losses on groups of onerous contracts and related recoveries(0)0 - 0
Effects of contracts initially recognised in the period \u00a0(968)165 807 3
Changes in past services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Adjustments to the liability for incurred claims(196)0 - (195)
Result of insurance services625(391)(1,559)(1,325)
\u00a0Financial costs/revenue\u00a06,130 (1)1,546 \u00a07,675 \u00a0\u00a0\u00a0
\u00a0Total changes recognised in the Statement of profit or loss and OCI6,755(391)(13)\u00a06,351\u00a0
Cash flows-
Awards received18,298 - - 18,298
Payments related to contract acquisition costs(307)- - (307)
Paid claims and other cash outflows\u00a0(17,329)- - (17,329)\u00a0
\u00a0Net carrying amount at 31 December145,9952,37413,730\u00a0162,099
\u00a0Liabilities under insurance contracts145,995 2,374 13,730 \u00a0162,099
Assets for insurance contracts- - - -
The present value of future cash flows increased by \u20ac7,417 million from the value recorded at the end of 2023. The change is mainly attributable to the result from financial activities in the amount of \u20ac6,130 million, actual cash flows in the
amount of \u20ac662 million, and adjustments to future cash flows that make up the liability as a result of experience accrued in the amount of \u20ac625 million.
The component of Adjustment for non-financial risk decreased by \u20ac391 million compared to the balance at 31 December 2023. This was mainly due to the release of this component for the period in the amount of \u20ac64 million and the change in the Group's exposure to non-financial risks following lapses recorded in the period, which resulted in a revision of estimates for future services in the amount of \u20ac491 million, partially offset by the effect of new production in the amount of \u20ac165 million.
The contractual service margin recorded a pre-release growth of \u20ac1,446 million, primarily related to the contribution of new production in the period of \u20ac807 million, partially offset by the contribution on future margins of \u20ac423 million. The contractual service margin also increased due to the positive market performance, which generated growth in the fair value of the underlying assets that was more than proportional to the growth in the related liabilities, generating a benefit of \u20ac1,546 million.
The release of the Contractual service margin for the period amounted to \u20ac1,458 million, of which \u20ac169 million related to the additional release.
The Group expects to release the Contractual Service Margin, at 31 December 2024, in future years as depicted below:
tab. B5.3 Contractual service margin - GMM contracts
Description(\u20acm)Insurance contracts issued\u00a0Reinsurance contracts held
1 year or less 1,26011
1 - 2 years1,1907
2 - 3 years1,1325
3 - 4 years1,0733
4 - 5 years1,0203
5 - 10 years3,9141
Over 10 years4,1421
Below is a reconciliation of the liability for residual cover and incurred claims of insurance contracts measured according to the PAA method:
tab. B5.4 Liabilities/(assets) for PAA insurance contracts
Description(\u20acm)Liability for remaining coverage \u00a0Liability for incurred claimsTotal
Excluding loss componentLoss component\u00a0Present value of cash flowsAdjustment for non-financial risk
\u00a0
Liabilities under insurance contracts(26)17 249 12 252
Assets for insurance contracts--\u00a0---
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount at 1 January(26)17\u00a024912252
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Insurance revenue(542)- - - (542)
\u00a0\u00a0
Costs for insurance services\u00a0
Incurred claims and other directly attributable costs23 - 312 - 335
Changes in the liability for incurred claims- - 43 (0)43
Losses and related recoveries on onerous contracts- 1 - - 1
Amortisation of contract acquisition costs 59 - - - 59
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Result of insurance services(460)1\u00a0355(0)(105)
\u00a0\u00a0
Investment components and premium repayments- - - - -
Financial costs/revenue relating to insurance contracts issued- - 5 - 5
Effects associated with exchange rate changes- - - - -
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total changes recognised in the Statement of profit or loss and OCI(460)1\u00a0360(0)(100)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Cash flows\u00a0
Awards received553 - - - 553
Payments related to contract acquisition costs(60)- - - (60)
Paid claims and other cash outflows(23)- (313)- (336)
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Net carrying amount at 31 December (16)18\u00a029612310
Liabilities under insurance contracts(16)18 296 12 310
Assets for insurance contracts- - - - -
With regard to the liability for insurance contracts measured using the AAP method, this increased by approximately \u20ac58 million, mainly as a result of placements during the financial year, a portion of which will be attributable to the next financial year.
For the sake of full disclosure, details of the increase in liabilities arising from insurance contracts, broken down according to the type of event that generated them, are provided below.
tab. B 5.5 - Insurance contracts issued and initially recognised in the reporting period \u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Originated contracts\u00a0Contracts acquired in business combinations\u00a0Contracts transferred by third partiesTotal
Onerous contractsNon-onerous contracts\u00a0Onerous contractsNon-onerous contracts\u00a0Onerous contractsNon-onerous contracts
\u00a0\u00a0\u00a0\u00a0\u00a0
Estimate of the present value of future cash outflows\u00a0\u00a0\u00a0
Contract acquisition costs- (369)- - - - (369)
Amount of claims and other directly attributable costs- (16,595)- - - - (16,595)
\u00a0
Estimate of the present value of future cash inflows- 16,065 - - - - 16,065
\u00a0
Estimate of adjustment for non-financial risks- 144 - - - - 144
\u00a0
Contractual service margin- 753 - - - - 753
\u00a0
\u00a0\u00a0\u00a0\u00a0
Increase in liability for new insurance contracts issued- (3)\u00a0- - \u00a0- - (3)
Finally, the table below represents the dynamics of the Contractual Service Margin of insurance contracts issued broken down by contracts existing at the time of transition to IFRS 17, and insurance contracts issued and initially recognised in the reporting period:
tab. B5.6 Dynamics of insurance revenue and contractual service margin of insurance contracts issued broken down by contracts existing at the time of transition to IFRS 17
Description(\u20acm) New contracts and contracts measured on the transition date with full retroactive application method Contracts measured on the transition date using the modified retroactive application method Contracts measured on the transition date using the fair value method Carve-out contracts Total
\u00a0
Contractual service margin - Openingbalance117-8913,53713,743
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Changes in current services\u00a0\u00a0\u00a0\u00a0\u00a0
Contractual service margin recognised in the statement of profit or loss for services provided(19)-(45)(1,394)(1,458)
Changes in future services\u00a0\u00a0\u00a0\u00a0\u00a0
Changes in estimates changing the contractual service margin10 - (1)(922)(913)
Effects of contracts initially recognised in the reporting period86 - 0 724 810
Financial revenue/costs3-31,5401,546
Total changes recognised in the statement of profit or loss and statement of comprehensive income80-(43)(52)(14)
Contractual service margin - Closingbalance124-12113,48513,730
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page486-cflshid_200878-tag273256": { "value": "
A11 \u2013 ASSETS FOR OUTWARD REINSURANCE (\u20ac324 million)
tab. A11 - Assets for outward reinsurance
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
GMM-VFAPAATotalGMM-VFAPAATotal
Asset for remaining coverage2452248170817770
Asset for incurred claims32447623325621
Total277473241934023391
Assets for outward reinsurance amounted to \u20ac324 million at 31 December 2024; the balance mainly includes \u20ac279 million for the Present Value of Cash Flows, \u20ac15 million for the Financial Risk Adjustment and \u20ac30 million for the Contractual Service Margin. The balance at 31 December 2024 increased by approximately \u20ac91 million mainly as a result of the increase in the present value of cash flows and the reduction in payables to reinsurers recognised in the reserve for remaining coverage and the increase in receivables from reinsurers recognised as assets for claims incurred.
Finally, the following table shows the increase in outward reinsurance business broken down according to the type of event that generated it:
tab. A11.4 - Outward reinsurance held and initially recognised in the reporting period
Description(\u20acm)Originated contracts\u00a0Contracts acquired in business combinations\u00a0Contracts transferred by third partiesTotal
Contracts without loss recovery componentContracts with loss recovery component\u00a0Contracts without loss recovery componentContracts with loss recovery component\u00a0Contracts without loss recovery componentContracts with loss recovery component
\u00a0
Estimate of the present value of future cash outflows\u00a0
Cash flows related to the acquisition of insurance contracts0 - - - - - 0
Amount of claims and other directly attributable costs88 - - - - - 88
\u00a0
Estimate of the present value of future cash inflows(79)- - - - - (79)
\u00a0
Estimate of adjustment for non-financial risks(5)- - - - - (5)
\u00a0
Contractual service margin(4)- - - - - (4)
\u00a0
\u00a0
Increase in business for new outward reinsurance(0)-\u00a0--\u00a0--(0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page490-cflshid_203480-tag273258": { "value": "
A12 - CASH AND DEPOSITS ATTRIBUTABLE TO BANCOPOSTA (\u20ac4,290 million)
tab. A12 - Cash and deposits attributable to BancoPosta\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Cash and cash equivalents in hand4,157 3,909 248
Bank deposits133 762 (628)
Total4,290 4,671 (380)
The cash and cash equivalents on hand are derived from deposits made in postal current accounts and postal savings products (subscription of postal savings bonds and payments into post office savings books), or from advances withdrawn from the State Treasury to guarantee the operations of post offices. These funds, which are held at post offices (\u20ac1,482 million) and at service310 companies (\u20ac2,675 million), may not be used for purposes other than to repay obligations contracted in the transactions described above.
A13 \u2013 CASH AND CASH EQUIVALENTS (\u20ac4,680 million)
tab. A13 - Cash and cash equivalents\u00a0\u00a0\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Bank deposits and amounts held at the Italian Treasury4,285 3,270 1,016
Deposits with the MEF346 873 (528)
Cash and cash equivalents in hand49 68 (19)
Total4,680 4,211 469
At 31 December 2024, the balance of cash and cash equivalents includes restricted cash of approximately \u20ac2,693 million, including \u20ac2,629 million in liquidity covering technical provisions for the insurance business, \u20ac32 million in liquidity to be returned to principals as part of the management of collections and payments of the subsidiary LIS Pay, \u20ac14 million restricted as a result of judicial measures relating to disputes of various kinds and \u20ac17 million for cash received on delivery and other restrictions.
The decrease in deposits with the MEF compared to the previous year is mainly due to the different allocation of loans, in order to optimise returns on deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page490-cflshid_203480-tag273259": { "value": "
A12 - CASH AND DEPOSITS ATTRIBUTABLE TO BANCOPOSTA (\u20ac4,290 million)
tab. A12 - Cash and deposits attributable to BancoPosta\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Cash and cash equivalents in hand4,157 3,909 248
Bank deposits133 762 (628)
Total4,290 4,671 (380)
The cash and cash equivalents on hand are derived from deposits made in postal current accounts and postal savings products (subscription of postal savings bonds and payments into post office savings books), or from advances withdrawn from the State Treasury to guarantee the operations of post offices. These funds, which are held at post offices (\u20ac1,482 million) and at service310 companies (\u20ac2,675 million), may not be used for purposes other than to repay obligations contracted in the transactions described above.
", "dimensions": { "concept": "ext:DisclosureOfCashAndDepositsBancoPosta", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page490-cflshid_203480-tag273260": { "value": "
A13 \u2013 CASH AND CASH EQUIVALENTS (\u20ac4,680 million)
tab. A13 - Cash and cash equivalents\u00a0\u00a0\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Bank deposits and amounts held at the Italian Treasury4,285 3,270 1,016
Deposits with the MEF346 873 (528)
Cash and cash equivalents in hand49 68 (19)
Total4,680 4,211 469
At 31 December 2024, the balance of cash and cash equivalents includes restricted cash of approximately \u20ac2,693 million, including \u20ac2,629 million in liquidity covering technical provisions for the insurance business, \u20ac32 million in liquidity to be returned to principals as part of the management of collections and payments of the subsidiary LIS Pay, \u20ac14 million restricted as a result of judicial measures relating to disputes of various kinds and \u20ac17 million for cash received on delivery and other restrictions.
The decrease in deposits with the MEF compared to the previous year is mainly due to the different allocation of loans, in order to optimise returns on deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page492-cflshid_204505-tag273261": { "value": "
EQUITY
B1 \u2013 EQUITY (\u20ac11,709 million)
The following table shows a reconciliation of the Parent Company's equity and net profit/(loss) for the year with the consolidated amounts:
tab. B1 - Reconciliation of equity\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Equity at 31.12.2024 Changes in equityNet profit/(loss) for 2024Equity at 31.12.2023
Financial statements of Poste Italiane SpA6,746 (789)1,882 5,653
Undistributed profit (loss) of consolidated companies (*)11,262 - 1,621 9,640
Investments accounted for using the equity method188 4 22 162
Balance of valuation reserves of investee companies(83)52 - (135)
First-time adoption of IFRS 17(306)0 (16)(290)
Effects from corporate actions(476)- (39)(436)
Derecognition of infra-group dividends(6,073)- (1,461)(4,612)
Derecognition of value adjustments of consolidated investments561 - (12)573
Amortisation/Impairment of goodwill(156)- - (156)
Purchase Price Allocation Adjustments(18)- (7)(10)
Impairments of disposal groups held for sale(40)- - (40)
Recognition of liabilities for call options(165)- 6 (171)
Other consolidation adjustments143 (1)(2)145
Equity attributable to owners of the Parent11,583 (733)1,994 10,322
Equity attributable to non-controlling interests107 2 - 106
(excluding profit/(loss))\u00a0
Net profit/(loss) attributable to non-controlling interests19 (11)19 11
Equity attributable to non-controlling interests127 (9)19 117
TOTAL CONSOLIDATED EQUITY11,709 (742)2,013 10,439
(*) Does not include the result of consolidated UCITS funds held entirely by Poste Vita
At 31 December 2024, earnings per share amounted to \u20ac1.540 (\u20ac1.483 at 31 December 2023), calculated as the ratio between the profit for the period attributable to the Group of \u20ac1,994 million and the weighted average number of ordinary shares outstanding.
B2 - SHARE CAPITAL (\u20ac1,306 million)
Poste Italiane SpA's share capital consists of 1,306,110,000 no-par value ordinary shares, of which Cassa Depositi e Prestiti SpA (CDP) holds 35% and the Ministry of the Economy and Finance holds 29.3%, while the remaining shares are held by institutional and retail investors.
At 31 December 2024, the Company held 11,492,604 treasury shares (equal to approximately 0.880% of the share capital) with a total value of approximately \u20ac109 million. All the shares in issue are fully subscribed and paid up. No preferred stocks have been issued.
B3 \u2013 SHAREHOLDERS TRANSACTIONS
As approved by the Shareholders' Meeting of 31 May 2024, on 24 June 2024, the Parent Company distributed dividends of \u20ac729 million (dividend per share equal to \u20ac0.563) as the balance for 2023, taking into account the interim dividend of \u20ac307 million (dividend per share equal to \u20ac0.237) already paid in November 2023. On 6 November 2024, the Poste
Italiane's Board of Directors resolved to advance part of the ordinary dividend for 2024 as an interim dividend. The interim dividend of \u20ac427 million was distributed on 20 November 2024 (unit dividend of \u20ac0.33).
B4 \u2013 RESERVES (\u20ac1,531 million)
tab. B4 - Reserves\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Legal reserveBancoPosta RFC reserveEquity instruments - perpetual hybrid bondsFair value reserve Cash flow hedge reserveReserve for insurance contracts issued and outward reinsuranceTranslation reserveReserve for investees accounted for using the equity methodIncentive plans reserveTotal
Balance at 1 January 2024299 1,210 800 (5,062)(297)4,102 (0)4 27 1,083
\u00a0
Increase/(decrease) in fair value during the year- - - 1,808 111 (1,318)- - - 601
Tax effect of changes in fair value- - - (570)(32)406 - - - (196)
Transfers to profit or loss from realisation- - - 127 (48)- - - - 79
Tax effect of transfers to profit or loss- - - (39)14 - - - - (25)
Increase/(decrease) for expected losses- - - (21)- - - - - (21)
Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method- - - - - - - 4 - 4
Other changes- - - - - - 0 - - 0
\u00a0
Gains/(losses) recognised in equity- - - 1,305 45 (912)0 4 - 443
\u00a0
Incentive plans- - - - - - - - 5 5
Other changes- - - - - - - 0 - 0
\u00a0
Balance at 31 December 2024299 1,210 800 (3,757)(252)3,190 0 9 32 1,531
The reserve for equity instruments-perpetual hybrid bonds includes the issue of the perpetual hybrid bond for an amount of \u20ac800 million.
The fair value reserve regards changes in the value of financial assets at fair value through other comprehensive income. The increase of \u20ac1,808 in fair value million during 2024 reflects:
\u2022a net increase of \u20ac593 million in financial assets attributable to the Group's Financial Services segment;
\u2022a net increase of \u20ac1,304 million in financial assets attributable to the Group's Insurance Services segment;
\u2022a net decrease of \u20ac88 million in financial assets attributable to the Group's Postal and Business Services segment;
\u2022a net decrease of \u20ac1 million in financial assets attributable to the Postepay Services segment.
The fair value reserve takes into account the portion related to insurance contracts measured with the VFA model, which showed a negative balance of \u20ac3,336 million at 31 December 2024 (including the expected credit losses on financial instruments related to the Separately Managed Accounts). Changes in the VFA fair value reserve are shown below:
Description
(\u20acm)VFA Fair value reserve
Balance at 1 January 2024(4,234)
Net change in fair value1,198
Effect related to market operations100
Taxation(400)
Balance at 31 December 2024(3,336)
\u00a0The cash flow hedge reserve, attributable to the Parent Company, reflects changes in the fair value of the effective portion of cash flow hedges. In 2024, positive changes in fair value totalling \u20ac111 million related entirely to the net positive change in the value of derivative financial instruments of Financial Services.
The reserve for insurance contracts issued and outward reinsurance includes the change in the fair value of instruments within the Group's Insurance Services, attributable to policyholders and allocated to insurance liabilities as a result of the adoption of the OCI option on the IFRS 17 liability portfolio, with the intention of aligning the financial and mirroring effects between the OCI reserve and the effects on the Statement of profit or loss.
The Incentive Plans reserve includes the estimate of the valuations for the year relating to the long-term \"Performance Share LTIP\" and \"Deliver\" incentive plans and the MBO short-term incentive plan, carried out on the basis of the provisions of IFRS 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page492-cflshid_204925-tag273262": { "value": "At 31 December 2024, earnings per share amounted to \u20ac1.540 (\u20ac1.483 at 31 December 2023), calculated as the ratio between the profit for the period attributable to the Group of \u20ac1,994 million and the weighted average number of ordinary shares outstanding", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page492-cflshid_204969-tag273223": { "value": "Poste Italiane SpA's share capital consists of 1,306,110,000 no-par value ordinary shares, of which Cassa Depositi e Prestiti SpA (CDP) holds 35% and the Ministry of the Economy and Finance holds 29.3%, while the remaining shares are held by institutional and retail investors.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page492-cflshid_204517-tag273263": { "value": "
B3 \u2013 SHAREHOLDERS TRANSACTIONS
As approved by the Shareholders' Meeting of 31 May 2024, on 24 June 2024, the Parent Company distributed dividends of \u20ac729 million (dividend per share equal to \u20ac0.563) as the balance for 2023, taking into account the interim dividend of \u20ac307 million (dividend per share equal to \u20ac0.237) already paid in November 2023. On 6 November 2024, the Poste
Italiane's Board of Directors resolved to advance part of the ordinary dividend for 2024 as an interim dividend. The interim dividend of \u20ac427 million was distributed on 20 November 2024 (unit dividend of \u20ac0.33)", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page492-cflshid_205079-tag273312": { "value": "0.563", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page493-cflshid_205128-tag273264": { "value": "
B4 \u2013 RESERVES (\u20ac1,531 million)
tab. B4 - Reserves\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Legal reserveBancoPosta RFC reserveEquity instruments - perpetual hybrid bondsFair value reserve Cash flow hedge reserveReserve for insurance contracts issued and outward reinsuranceTranslation reserveReserve for investees accounted for using the equity methodIncentive plans reserveTotal
Balance at 1 January 2024299 1,210 800 (5,062)(297)4,102 (0)4 27 1,083
\u00a0
Increase/(decrease) in fair value during the year- - - 1,808 111 (1,318)- - - 601
Tax effect of changes in fair value- - - (570)(32)406 - - - (196)
Transfers to profit or loss from realisation- - - 127 (48)- - - - 79
Tax effect of transfers to profit or loss- - - (39)14 - - - - (25)
Increase/(decrease) for expected losses- - - (21)- - - - - (21)
Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method- - - - - - - 4 - 4
Other changes- - - - - - 0 - - 0
\u00a0
Gains/(losses) recognised in equity- - - 1,305 45 (912)0 4 - 443
\u00a0
Incentive plans- - - - - - - - 5 5
Other changes- - - - - - - 0 - 0
\u00a0
Balance at 31 December 2024299 1,210 800 (3,757)(252)3,190 0 9 32 1,531
The reserve for equity instruments-perpetual hybrid bonds includes the issue of the perpetual hybrid bond for an amount of \u20ac800 million.
The fair value reserve regards changes in the value of financial assets at fair value through other comprehensive income. The increase of \u20ac1,808 in fair value million during 2024 reflects:
\u2022a net increase of \u20ac593 million in financial assets attributable to the Group's Financial Services segment;
\u2022a net increase of \u20ac1,304 million in financial assets attributable to the Group's Insurance Services segment;
\u2022a net decrease of \u20ac88 million in financial assets attributable to the Group's Postal and Business Services segment;
\u2022a net decrease of \u20ac1 million in financial assets attributable to the Postepay Services segment.
The fair value reserve takes into account the portion related to insurance contracts measured with the VFA model, which showed a negative balance of \u20ac3,336 million at 31 December 2024 (including the expected credit losses on financial instruments related to the Separately Managed Accounts). Changes in the VFA fair value reserve are shown below:
Description
(\u20acm)VFA Fair value reserve
Balance at 1 January 2024(4,234)
Net change in fair value1,198
Effect related to market operations100
Taxation(400)
Balance at 31 December 2024(3,336)
\u00a0The cash flow hedge reserve, attributable to the Parent Company, reflects changes in the fair value of the effective portion of cash flow hedges. In 2024, positive changes in fair value totalling \u20ac111 million related entirely to the net positive change in the value of derivative financial instruments of Financial Services.
The reserve for insurance contracts issued and outward reinsurance includes the change in the fair value of instruments within the Group's Insurance Services, attributable to policyholders and allocated to insurance liabilities as a result of the adoption of the OCI option on the IFRS 17 liability portfolio, with the intention of aligning the financial and mirroring effects between the OCI reserve and the effects on the Statement of profit or loss.
The Incentive Plans reserve includes the estimate of the valuations for the year relating to the long-term \"Performance Share LTIP\" and \"Deliver\" incentive plans and the MBO short-term incentive plan, carried out on the basis of the provisions of IFRS 2", "dimensions": { "concept": "ext:DisclosureOfReservesAndOtherEquityInterest", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page501-cflshid_210419-tag273265": { "value": "B6 - PROVISIONS FOR RISKS AND CHARGES (\u20ac1,083 million)
Movements are as follows:
Description(\u20acm)Balance at 01.01.2024ProvisionsFinance costsTransfers to profit or lossUsesChange in scope of consolidationBalance at 31.12.2024
Provisions for operational risks102 6 - (18)(7)- \u00a083
Provisions for disputes with third parties248 32 3 (34)(37)- 211
Provisions for disputes with staff (1)38 8 - (1)(10)- 34
Provisions for personnel expenses 141 149 - (28)(102)0 159
Provisions for early retirement incentives285 128 - - (167)- 246
Provisions for operational risks - tax credits Law no. 77/2020400 - - (168)- - 232
Provisions for taxation/social security contributions23 0 0 (2)(0)0 21
Other provisions for risks and charges99 13 - (9)(7)- 96 \u00a0
Total1,336 337 3 (260)(332)0 1,083 \u00a0
Overall analysis of provisions:\u00a0
- non-current portion782 526
- current portion554 557
1,336 1,083
(1) Net provisions for Personnel expenses amount to \u20ac4 million. Service costs (legal assistance) total \u20ac3 million.
Specifically:
\u2022Provisions for operational risks, which mainly relate to liabilities arising from BancoPosta's operations, mainly reflect risks related to the distribution of postal savings products issued in past years, estimated risks for charges and expenses to be incurred as a result of foreclosures suffered by BancoPosta mainly in its capacity as a third party, impairments and adjustments to income from previous years and fraud. Movements during the year primarily regard updated estimates of liabilities and uses to cover liabilities settled.
\u2022Provisions for disputes with third parties regard the present value of expected liabilities deriving from different types of legal and out-of-court disputes with suppliers and third parties, the related legal expenses, and penalties and indemnities payable to customers. Movements during the year primarily regard updated estimates of liabilities and uses to cover liabilities settled.
\u2022Provisions for disputes with staff regard liabilities that may arise following labour litigation and disputes of various types. The changes in the year refer to the update of the estimate of the liabilities and the related legal expenses, taking account of both the overall value of negative outcomes in terms of litigation.
\u2022Provisions for personnel expenses are made to cover expected liabilities arising in relation to the cost of labour (commercial incentives and other sundry items), which are certain or likely to occur but whose estimated amount is subject to change. They have increased during the year to reflect the estimated value of new liabilities (\u20ac149 million) and decreased as a result of past contingent liabilities that failed to materialise (\u20ac28 million) and settled disputes (\u20ac102 million).
\u2022Provisions for early retirement incentives reflect the estimated costs to be incurred as a result of the Company's binding commitment to pay early retirement incentives on a voluntary basis, under the current redundancy scheme agreed with the labour unions for a determinate number of employees who will leave the Company by 31 December 2026. The provisions made at 31 December 2023 were utilised for \u20ac167 million.
\u2022The provision for tax credits Law no. 77/2020 is established to cover probable liabilities in connection with preventive seizure proceedings as well as additional residual risks on investments made in tax credits pursuant to Law no. 77/2020. In particular, as part of the actions aimed at combating tax fraud perpetrated by third parties through the
monetisation of tax credits, starting from the end of the 2021 financial year, a number of Public Prosecutors' Offices have implemented preventive seizures which, in some cases, have concerned tax credits acquired by Poste Italiane (some of which are subject to subsequent release from seizure already in the course of 2022). In continuity with past years, the Parent Company continues the operational process aimed at analysing the potential economic, financial and equity risks to which it could be exposed in the event that, following legal proceedings involving third parties, it is ascertained that part of the tax credits acquired over time are the result of fraudulent conduct perpetrated by the aforementioned third parties. In particular, a legal and accounting analysis was conducted on these positions in order to comprehensively assess the potential risks and determine the related accounting impacts. On the basis of the analyses performed of all facts and circumstances known at the date of preparation of these financial statements, including, inter alia, the requests for information received from the Authorities (Public Prosecutor's Office and Agenzia delle Entrate) and the measures issued by the same, together with the commitments undertaken by the company, as well as the actions undertaken by the same to see its interests protected, a provision was determined, also with the support of external consultants, to cover the residual risk (including the asset risk on seizures) not included in the Risk Analysis, amounting to \u20ac232 million.
\u2022Provisions for taxation/social security contributions have been made to cover potential future tax and social security liabilities.
\u2022Other provisions for risks and charges cover probable liabilities of various type, including: estimated liabilities deriving from the risk that specific legal actions undertaken in order to reverse seizures of the Parent Company's assets may be unable to recover the related amounts, claims for rent arrears on properties used free of charge by the Parent Company, claims for payment of accrued interest expense due to certain suppliers and frauds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page502-cflshid_211319-tag273266": { "value": "
B7 \u2013 EMPLOYEE TERMINATION BENEFITS (\u20ac577 million)
The following movements in employee termination benefits took place in 2024:
tab. B7 - Movements in provisions for employee termination benefits \u00a0\u00a0
(\u20acm) FY 2024
Balance at 1 January\u00a0637
Change in scope\u00a00
Current service cost2
Interest component21
Effect of actuarial (gains)/losses(7)
Uses for the year(76)\u00a0
Balance at 31 December 2024577
The current service cost is recognised in personnel expenses, whilst the interest component is recognised in finance costs.
tab. B7.1 - Actuarial gains and losses \u00a0
\u00a031.12.2024
Employee termination benefits
Change in financial assumptions(4)
Other experience-related adjustments(3)
Total(7)
The sensitivity of employee termination benefits to changes in the principal actuarial assumptions is analysed below.
tab. B7.2 - Sensitivity analysis\u00a0
\u00a031.12.2024
Employee termination benefits
\u00a0
Inflation rate +0.25%584
Inflation rate -0.25%571
Discount rate +0.25%568
Discount rate -0.25%587
Turnover rate +0.25%578
Turnover rate -0.25%577
The following table provides further information in relation to employee termination benefits.
tab. B7.3 - Other information \u00a0
\u00a031.12.2024
Expected service cost\u00a02.9
Average duration of defined benefit plan7.8
Average employee turnover per annum2.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page504-cflshid_212033-tag273267": { "value": "B8 - FINANCIAL LIABILITIES (\u20ac94,085 million)
tab. B8 - Financial liabilities
\u00a0Balance at 31.12.24Balance at 31.12.2023\u00a0
Description(\u20acm)Non-currentliabilitiesCurrent liabilitiesTotalNon-currentliabilitiesCurrent liabilitiesTotalChanges
\u00a0\u00a0\u00a0
Financial liabilities at amortised cost7,15184,90292,0538,98485,09894,082(2,029)
Financial liabilities at FVTPL16221651683171(6)
Derivative financial instruments1,3974701,8671,091471,138729
Financial liabilities vs Subsidiaries000-22(2)
Total 8,71185,37494,085\u00a010,24385,15095,393(1,308)
of which Financial Activities5,56473,70979,2737,57174,00981,581(2,308)
of which Insurance Activities10957468210852160523
Of which Postal and Business Activities 3,0323283,3602,5568143,370(10)
of which Postepay Services Activities710,76310,771810,27510,283487
Financial liabilities by operating segment break down as follows.
FINANCIAL ACTIVITIES
tab. B8.1 - Financial liabilities - Financial Services\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Description(\u20acm)Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
Financial liabilities at amortised cost4,166 73,751 77,917 6,480 73,962 80,443 (2,527)
Postal current accounts- 63,013 63,013 - 61,908 61,908 1,104
Loans4,166 2,039 6,205 6,480 1,736 8,217 (2,011)
MEF account held at the Treasury- 5,367 5,367 - 5,371 5,371 (4)
Other financial liabilities- 3,332 3,332 0 4,946 4,946 (1,614)
Derivative financial instruments1,397 (41)1,356 1,091 47 1,138 218
Total 5,564 73,710 79,273 7,571 74,009 81,581 (2,308)
Financial liabilities at amortised cost
Postal current accounts
They represent BancoPosta's direct deposits, and include interest accrued at 31 December 2024, which was settled with customers in January 2025. The increase in this item compared to 31 December 2023 is mainly due to the increase in public administration stocks.
Loans
At 31 December 2024, outstanding liabilities of \u20ac7,365 million relate to repurchase agreements entered into by the Parent Company with major financial institutions and Central Counterparties, amounting to a total nominal value of \u20ac7,739 million. \u20ac5,904 million of this amount regards Long-Term Repos and \u20ac1,461 million to ordinary borrowing operations, the resources from both invested in Italian fixed income government securities and as funding for deposits used as collateral. The decrease in the item compared to 31 December 2023 is due to repayments on maturity and early repayment of repurchase agreements.Finally, financial assets and liabilities relating to repurchase agreements managed through the Central Counterparty that meet the requirements of IAS 32 are offset. The effect of netting at 31 December 2024, already included in the exposure to net balances, amounted to \u20ac1,160 million (\u20ac2,337 million at 31 December 2023).
The fair value311 of the repurchase agreements in question at 31 December 2024 is \u20ac6,103 million.
MEF account held at the Treasury
tab. B8.1.1 - MEF account held at the Treasury\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm)Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
Balance of cash flows for advances- 5,254 5,254 - 5,168 5,168 86
Balance of cash flows from management of postal savings- (69)(69)- 30 30 (99)
Amounts payable due to theft- 159 159 - 157 157 2
Amounts payable for operational risks- 23 23 - 16 16 7
Total - 5,367 5,367 - 5,371 5,371 (4)
The balance of cash flows for advances, represents the net amount payable as a result of advances from the MEF to meet the cash requirements of BancoPosta. These break down as follows:
tab. B8.1.2 - Balance of cash flows for advances\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm)Non-current liabilitiesCurrent liabilitiesTotal\u00a0Non-current liabilitiesCurrent liabilitiesTotalChanges
Net advances- 5,253 5,253 - 5,167 5,167 86
MEF postal current accounts and other payables- 670 670 - 670 670 0
Ministry of Justice - Orders for payment- 1 1 - 1 1 0
MEF - State pensions- (670)(670)- (670)(670)0
Total- 5,254 5,254 \u00a0- 5,168 5,168 86
\u00a0
The balance of cash flows from the management of postal savings, amounting to a positive \u20ac69 million, represents the balance of withdrawals less deposits during the last two days of the year and cleared early in the following year. The balance at 31 December 2024 consists of \u20ac31 million payable to Cassa Depositi e Prestiti, and \u20ac100 million receivable from the MEF for Interest-bearing Postal Certificates issued on its behalf.
Amounts payable due to thefts from Post Offices of \u20ac159 million regard the Company's liability to the MEF on behalf of the Italian Treasury for losses resulting from theft and fraud. This liability derives from cash withdrawals from the Treasury to make up for the losses resulting from these criminal acts, in order to ensure that post offices can continue to operate.
Amounts payable for operational risks for \u20ac23 million regard the portion of advances obtained to fund the operations of BancoPosta, in relation to which asset under recovery is certain or probable.
Other financial liabilities
Other financial liabilities have a fair value that approximates to their carrying amount.
tab. B8.1.3 - Other financial liabilities - Financial Services \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0 Balance at 31.12.2024 Balance at 31.12.2023 \u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities \u00a0Total \u00a0Changes
Domestic and international money transfers - 959 959 - 1,071 1,071 (112)
Guarantee deposits - 1,538 1,538 - 2,831 2,831 (1,293)
Cheques to be credited to savings books - 129 129 - 230 230 (101)
Endorsed cheques - 273 273 - 408 408 (135)
Amounts to be credited to customers - 114 114 - 83 83 31
Other amounts payable to third parties - 84 84 - 139 139 (56)
Other items in process - 235 235 - 183 183 52
Others - - - 0 - 0 (0)
Total - 3,332 3,332 0 4,946 4,946 (1,614)
Guarantee deposits refer for \u20ac1,533 million to amounts received from counterparties for interest rate swap transactions (collateral provided by specific Credit Support Annexes) and for \u20ac5 million to amounts received from counterparties for repo transactions (collateral provided by specific Global Master Repurchase Agreements). The decrease in this item compared to 31 December 2023 is mainly due to the reduction of fair value hedge derivatives following early extinguishment transactions and the decrease in the interest rate curve.
Derivative financial instruments
Movements in derivative financial instruments during 2024 are described in note A6 \u2013 Financial assets.
INSURANCE ACTIVITIES
tab. B8.2 - Financial liabilities - Insurance Services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Description(\u20acm)Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
Financial liabilities at amortised cost\u00a010 \u00a058 \u00a068 10 49 59 9
Loans10 0 10 10 0 10 0
Lease payables0 1 1 0 1 1 0
Other financial liabilities- 57 57 - 48 48 8
Financial liabilities at FVTPL98 5 103 98 3 101 3
Derivative financial instruments- 511 511 - - - 511
Total 109 574 682 108 52 160 523
The insurance business includes a 10-year subordinated bond issued by Net Insurance in 2021 with a nominal value of \u20ac12.5 million (fair value at 31 December 2024 of \u20ac11.2 million).
The increase in this item, compared to 31 December 2023, amounting to \u20ac523 million, is almost entirely attributable to the change in trading derivative financial instruments related to foreign currency forward transactions following the line-by-line consolidation of the consolidated UCITS funds, following the completion of the \"Multi-Asset Project\" (for further details, please refer to Section 2.8 - Basis of consolidation and Note A6 - Financial assets).
POSTAL AND BUSINESS ACTIVITIES
tab. B8.3 - Financial liabilities - Postal and Business Services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Description(\u20acm)Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
Financial liabilities at amortised cost2,968 328 3,296 2,486 814 3,300 (4)
Loans2,012 6 2,017 1,446 502 1,948 69
Bonds499 0 499 498 500 998 (499)
Due to financial institutions1,513 6 1,519 948 2 950 568
Lease payables953 308 1,261 1,037 293 1,330 (70)
Other financial liabilities4 14 18 3 19 22 (4)
Financial liabilities at FVTPL64 - 64 70 - 70 (6)
Total 3,032 328 3,360 2,556 814 3,370 (10)
Financial liabilities at amortised cost
Loans
Loans are unsecured and are not subject to financial covenants, which would require sector companies to comply with financial ratios or maintain a certain minimum rating. For the EIB financings and the CEB financing, a minimum rating level of BBB- (or equivalent) is to be maintained by Moody's and S&P for the EIB (BB+ in the EIB contract signed in July 2024) and by at least two of the three rating agencies for Poste Italiane for CEB. In the event of a rating loss, this is without prejudice to the right of both banks to request additional collateral or an increase in the margin. If no agreement is reached, immediate early repayment of the loans may be demanded. Standard negative pledge provisions do apply, however312.
Bonds
The item Bonds refers to the residual nominal value of \u20ac500 million of the senior unsecured loan issued by Poste Italiane on 10 December 2020 in two tranches, placed in public form to institutional investors as part of the \u20ac2.5 billion Euro Medium Term Notes (EMTN) programme deposited with the Luxembourg Stock Exchange. The first tranche of \u20ac500 million was repaid on 10 December 2024313 while the second tranche of \u20ac500 million matures on 10 December 2028, with an issue price below par of \u20ac99.758, a fixed annual coupon of 0.50% and an effective yield to maturity of 0.531%. At 31 December 2024, the fair value314 of the loan was \u20ac457 millionDue to financial institutions
tab. B8.3.1 - Due to financial institutions \u00a0\u00a0
\u00a0 Balance at 31.12.2024 Balance at 31.12.2023 \u00a0 Changes
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total \u00a0
EIB fixed rate loan maturing 12/03/26 173 - 173 173 - 173 -
EIB fixed rate loan maturing 16/10/26 400 - 400 400 - 400 -
EIB fixed rate loan maturing 02/05/28 100 - 100 100 - 100 -
EIB fixed rate loan maturing 19/05/28 150 - 150 150 - 150 -
EIB variable rate loan maturing 28/11/31 450 - 450 - - - 450
CEB variable rate loan maturing 28/12/30 125 - 125 125 - 125 -
CEB variable rate loan maturing 25/01/31 115 - 115 - - - 115
Other payables and accrued interest - 6 6 - 2 2 4
Total1,51361,5199482950569
TV: variable rate loan. TF: Fixed rate loan
At 31 December 2024, no committed and uncommitted credit lines were used for short-term financing.
On 25 January 2024, the second tranche of \u20ac115 million of the medium-/long-term credit line signed with CEB315 was disbursed in 2023 for a total of \u20ac250 million, with interest at a variable rate (6-month Euribor rate plus a spread), with repayment in constant principal amounts after a four-year grace period and maturity on 25 December 2031. in addition, on 11 July 2024, a new loan of \u20ac450 million was signed with the EIB. The loan disbursed on 28 November 2024 provides interest at a variable rate (6-month Euribor plus a spread) and matures 28 November 2031.
At 31 December 2024, the fair value316 of the five EIB financings is \u20ac1,273 million and the fair value of the two CEB financings is \u20ac247 million.
Lease payables
Lease liabilities at 31 December 2024 amount to \u20ac1,261 million. For more details on the change in this item, see Note A4 - Right-of-use assets.
POSTEPAY SERVICES ACTIVITIES
tab. 8.4 - Financial liabilities - Postepay Operations \u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0 Balance at 31.12.2024 Balance at 31.12.2023 \u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total Changes
\u00a0\u00a0\u00a0
Financial liabilities at amortised cost7 10,763 10,771 8 10,275 10,283 487
Lease payables7 1 9 8 1 9 (0)
Other financial liabilities- 10,762 10,762 - 10,274 10,274 488
Management of prepaid cards and other EMI items - 10,543 10,543 - 10,039 10,039 505
Amounts to be credited to customers - 23 23 - 60 60 (37)
RAV, F23, F24 and road tax - 155 155 - 93 93 62
Others - 38 38 - 81 81 (43)
Total 7 10,763 10,771 8 10,275 10,283 487
The change in this item, compared to 31 December 2023, is mainly attributable to the increase in financial liabilities for the management of prepaid cards.
NET DEBT/(FUNDS)
The following table provides an analysis of the net debt/(funds) at 31 December 2024, broken down by type of operations:
\u00a0
Balance at 31.12.2024(\u20acm) Mail, parcels & distribution Financial Services Insurance Services \u00a0Postepay Services \u00a0Eliminations \u00a0Consolidated of which related parties
Financial liabilities 4,86691,25694910,879(13,865)94,085
Financial liabilities at amortised cost 3,29679,0046810,771(1,087)92,051137
Postal current accounts -64,100--(1,087)63,013-
Bonds 499-10--509-
Due to financial institutions 1,5196,205---7,724-
Lease payables 1,261019-1,2717
MEF account held at the Treasury -5,367---5,3675,367
Other financial liabilities 183,3325710,762-14,169130
Financial liabilities at FVTPL 64-103--167-
Derivative financial instruments -1,356511--1,867219
Intersegment financial liabilities 1,50610,897267108(12,778)--
Liabilities under insurance contracts --162,410-(1)162,408-
Financial assets (1,121)(81,404)(163,134)(11,640)12,761(244,538)
Financial instruments at amortised cost (12)(44,232)(2,224)(285)-(46,753)(13,026)
Financial instruments at FVTOCI (559)(33,676)(107,496)(6)-(141,737)-
Financial instruments at FVTPL (0)(34)(53,264)(1)-(53,299)(22)
Derivative financial instruments (0)(2,679)(69)--(2,748)-
Intersegment financial assets (549)(782)(81)(11,349)12,761--
Tax credits Law no. 77/2020 (282)(6,723)---(7,005)-
Assets for outward reinsurance --(324)--(324)-
Net debt/(net financial surplus)3,4633,129(99)(761)(1,105)4,627
Cash and deposits attributable to BancoPosta -(4,290)---(4,290)
Cash and cash equivalents (617)(394)(4,631)(126)1,087(4,680)(387)
Net debt/(funds)2,846(1,555)(4,730)(887)(18)(4,344)\u00a0
Balance at 31.12.2023(\u20acm) \u00a0 Mail, Parcels & Distribution \u00a0 Financial Services Insurance Services Postepay Services\u00a0Eliminations Consolidated of which related parties
Financial liabilities 5,01793,07642910,478(13,606)95,393\u00a0
Financial liabilities at amortised cost 3,30081,4465910,283(1,004)94,0845,532
Postal current accounts 062,913--(1,004)61,9080
Bonds 998-10--1,008-
Due to financial institutions 9508,217---9,167-
Lease payables 1,330019-1,3419
MEF account held at the Treasury -5,371---5,3715,371
Other financial liabilities 224,9464810,274-15,290152
Financial liabilities at FVTPL 70-101--171-
Derivative financial instruments 01,138---1,138201
Intersegment financial liabilities 1,64610,492269195(12,602)--
Liabilities under insurance contracts --155,339-(1)155,338-
Financial assets (1,205)(80,636)(156,394)(11,507)12,582(237,159)
Financial instruments at amortised cost (9)(42,673)(2,123)(299)(0)(45,103)(11,877)
Financial instruments at FVTOCI (636)(33,100)(105,852)(7)-(139,594)-
Financial instruments at FVTPL (9)(26)(48,170)(1)-(48,205)(22)
Derivative financial instruments (0)(4,257)---(4,257)(167)
Intersegment financial assets (552)(581)(249)(11,201)12,582--
Tax credits Law no. 77/2020 (407)(7,912)---(8,318)
Assets for outward reinsurance \u00a0-\u00a0-\u00a0(233)\u00a0-\u00a0-\u00a0(233)\u00a0-\u00a0
Net debt/(net financial surplus) 3,405\u00a04,528\u00a0(859)\u00a0(1,028)\u00a0(1,025)\u00a05,021\u00a0\u00a0
Cash and deposits attributable to BancoPosta -\u00a0(4,671)\u00a0-\u00a0-\u00a0-\u00a0(4,671)\u00a0-
Cash and cash equivalents (650)(940)(3,561)(65)1,004(4,211)(874)
Net debt/(funds)2,755(1,082)(4,420)(1,093)(21)(3,861)\u00a0
Total net debt/(funds) at 31 December 2024 showed funds of \u20ac4,344 million, an improvement of \u20ac483 million from 31 December 2023 (funds of \u20ac3,861 million). The change during the period is attributable to the positive effect from operations of \u20ac2,699 million (of which \u20ac2,013 million attributable to profit for the year and \u20ac929 million to depreciation and amortisation for the year) and the positive valuation effects for the year of approximately \u20ac680 million from investments classified in the FVTOCI category, partially offset by the negative effect from the change in working capital and taxes of approximately \u20ac461 million, investments of \u20ac966 million, dividend payments totalling \u20ac1,165 million (of which \u20ac427 million related to the interim ordinary dividend planned for the financial year 2024) and other decreases totalling \u20ac303 million, mainly attributable to the increase in financial lease liabilities falling under IFRS 16.
An analysis of the Net debt/(funds) of the Mail, Parcels and Distribution segment at 31 December 2024, in accordance with ESMA recommendation 32-382-1138, is provided below:
ESMA financial debt \u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0At 31.12.2024\u00a0At 31.12.2023
\u00a0\u00a0\u00a0
A. Cash and cash equivalents \u00a0(617)(650)
B. Cash equivalents \u00a0--
C. Other current financial assets \u00a0(9)\u00a0(6)
D. Liquidity (A + B + C) \u00a0(626)\u00a0(656)
E. Current financial debt (including debt instruments, but excluding the current portion of non-current financial debt) \u00a0323813
F. Current portion of the non-current financial payable \u00a05\u00a01
G. Current financial debt (E + F) \u00a0328\u00a0814
H. Net current financial debt (G + D) \u00a0(298)\u00a0158
I. Non-current financial debt (excluding current portion and debt instruments) \u00a02,5332,058
J. Debt instruments \u00a0499498
K. Trade payables and other non-current payables \u00a011\u00a015
L. Non-current financial debt (I + J + K) \u00a03,043\u00a02,571
M. Total financial debt (H + L) \u00a02,745\u00a02,729
Reconciliation of financial debt ESMA \u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0At 31.12.2024\u00a0At 31.12.2023
M. Total financial debt (H + L) \u00a02,745\u00a02,729
Non-current financial assets \u00a0(562)(647)
K. Trade payables and other non-current payables (11)(15)
Tax credits Law no. 77/2020 \u00a0(282)\u00a0(407)
Net debt/(funds) \u00a01,890\u00a01,661
Intersegment financial receivables and borrowings \u00a0957\u00a01,094
Net debt/(funds) including intersegment transactions \u00a02,846\u00a02,755
For information regarding the Poste Group's credit lines and available liquidity at 31 December 2024, reference should be made to note 4.6 - Risk management - Financial risks - Liquidity risk.
Changes in liabilities arising from financing activities
The following reconciliation of financial liabilities is provided in accordance with IAS 7, following the amendments introduced by EU Regulation 1990/2017 of 6 November 2017.
tab. B8.5- Changes in liabilities arising from financing activities \u00a0\u00a0
Description(\u20acm) Balance at 31.12.2023 Net cash flow from/(for) financing activities Net cash flow from/(for) operating activities Non-cash flows Balance at 31.12.2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Loans 10,175 65 (3,216)1,209 8,233
Bonds 1,008 (500)- 1 509
Due to financial institutions 9,167 565 (3,216)1,209 7,724
\u00a0
Lease payables 1,341 (307)- 237 1,271
\u00a0\u00a0\u00a0
Other financial liabilities 15,290 6 (1,080)(48)14,169
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total 26,803 (236)(4,296)1,399 23,672
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page504-cflshid_212033-tag273268": { "value": "
Loans
At 31 December 2024, outstanding liabilities of \u20ac7,365 million relate to repurchase agreements entered into by the Parent Company with major financial institutions and Central Counterparties, amounting to a total nominal value of \u20ac7,739 million. \u20ac5,904 million of this amount regards Long-Term Repos and \u20ac1,461 million to ordinary borrowing operations, the resources from both invested in Italian fixed income government securities and as funding for deposits used as collateral. The decrease in the item compared to 31 December 2023 is due to repayments on maturity and early repayment of repurchase agreements.Finally, financial assets and liabilities relating to repurchase agreements managed through the Central Counterparty that meet the requirements of IAS 32 are offset. The effect of netting at 31 December 2024, already included in the exposure to net balances, amounted to \u20ac1,160 million (\u20ac2,337 million at 31 December 2023).The fair value311 of the repurchase agreements in question at 31 December 2024 is \u20ac6,103 million
Financial liabilities at amortised cost
Loans
Loans are unsecured and are not subject to financial covenants, which would require sector companies to comply with financial ratios or maintain a certain minimum rating. For the EIB financings and the CEB financing, a minimum rating level of BBB- (or equivalent) is to be maintained by Moody's and S&P for the EIB (BB+ in the EIB contract signed in July 2024) and by at least two of the three rating agencies for Poste Italiane for CEB. In the event of a rating loss, this is without prejudice to the right of both banks to request additional collateral or an increase in the margin. If no agreement is reached, immediate early repayment of the loans may be demanded. Standard negative pledge provisions do apply, however312.
Bonds
The item Bonds refers to the residual nominal value of \u20ac500 million of the senior unsecured loan issued by Poste Italiane on 10 December 2020 in two tranches, placed in public form to institutional investors as part of the \u20ac2.5 billion Euro Medium Term Notes (EMTN) programme deposited with the Luxembourg Stock Exchange. The first tranche of \u20ac500 million was repaid on 10 December 2024313 while the second tranche of \u20ac500 million matures on 10 December 2028, with an issue price below par of \u20ac99.758, a fixed annual coupon of 0.50% and an effective yield to maturity of 0.531%. At 31 December 2024, the fair value314 of the loan was \u20ac457 millionDue to financial institutions
tab. B8.3.1 - Due to financial institutions \u00a0\u00a0
\u00a0 Balance at 31.12.2024 Balance at 31.12.2023 \u00a0 Changes
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total \u00a0
EIB fixed rate loan maturing 12/03/26 173 - 173 173 - 173 -
EIB fixed rate loan maturing 16/10/26 400 - 400 400 - 400 -
EIB fixed rate loan maturing 02/05/28 100 - 100 100 - 100 -
EIB fixed rate loan maturing 19/05/28 150 - 150 150 - 150 -
EIB variable rate loan maturing 28/11/31 450 - 450 - - - 450
CEB variable rate loan maturing 28/12/30 125 - 125 125 - 125 -
CEB variable rate loan maturing 25/01/31 115 - 115 - - - 115
Other payables and accrued interest - 6 6 - 2 2 4
Total1,51361,5199482950569
TV: variable rate loan. TF: Fixed rate loan
At 31 December 2024, no committed and uncommitted credit lines were used for short-term financing.
On 25 January 2024, the second tranche of \u20ac115 million of the medium-/long-term credit line signed with CEB315 was disbursed in 2023 for a total of \u20ac250 million, with interest at a variable rate (6-month Euribor rate plus a spread), with repayment in constant principal amounts after a four-year grace period and maturity on 25 December 2031. in addition, on 11 July 2024, a new loan of \u20ac450 million was signed with the EIB. The loan disbursed on 28 November 2024 provides interest at a variable rate (6-month Euribor plus a spread) and matures 28 November 2031.
At 31 December 2024, the fair value316 of the five EIB financings is \u20ac1,273 million and the fair value of the two CEB financings is \u20ac247 million", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page507-cflshid_214484-tag273269": { "value": "
Bonds
The item Bonds refers to the residual nominal value of \u20ac500 million of the senior unsecured loan issued by Poste Italiane on 10 December 2020 in two tranches, placed in public form to institutional investors as part of the \u20ac2.5 billion Euro Medium Term Notes (EMTN) programme deposited with the Luxembourg Stock Exchange. The first tranche of \u20ac500 million was repaid on 10 December 2024313 while the second tranche of \u20ac500 million matures on 10 December 2028, with an issue price below par of \u20ac99.758, a fixed annual coupon of 0.50% and an effective yield to maturity of 0.531%. At 31 December 2024, the fair value314 of the loan was \u20ac457 million", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page512-cflshid_218488-tag273270": { "value": "
B9 - TRADE PAYABLES (\u20ac2,097 million)
tab. B9 - Trade payables \u00a0\u00a0\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Due to suppliers1,722 1,625 97
Contract liabilities317 563 (247)
Due to subsidiaries- 3 (3)
Due to associates59 61 (1)
Total2,097 2,252 (155)
Due to suppliers
tab. B9.1 - Due to suppliers\u00a0\u00a0\u00a0
Description(\u20acm)Balance at 31.12.2024Balance at 31.12.2023Changes
Italian suppliers1,508 1,384 124
Foreign suppliers82 106 (24)
Overseas counterparties (1)132 135 (3)
Total1,722 1,625 97
(1)The amount due to overseas counterparties regards fees payable to overseas postal operators and companies in return for postal and telegraphic services receivedContract liabilities
tab. B9.2 - Movements in contract liabilities\u00a0\u00a0
Description(\u20acm)Balance at 01.01.2024ReclassificationsChange due to recognition of revenue for periodOther changes\u00a0Balance at 31.12.2024\u00a0
Prepayments and advances from customers445--(263)183
Liabilities for volume discounts0---0
Liabilities for fees to be refunded43-14-58
Other contract liabilities75-1-76\u00a0
Total563-16(263)317
Prepayments and advances from customers relate mainly to amounts received from customers for services to be rendered and listed below:
tab. B9.2.1 - Prepayments and advances from customers\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0Balance at 31.12.2024Balance at 31.12.2023Changes
\u00a0
\u00a0
Prepayments from overseas counterparties127179(52)
Advances for Publishing from PCM[tab. A8.1]-195(195)
Advances for shipments4359(16)
Advances for other services1313(0)
\u00a0
Total\u00a0183445(263)
The decrease compared to 31 December 2023 is due mainly to the offsetting of payables for advances received with receivables for refunds of publisher tariff subsidies, following the release of the related collections (see Note A8 - Trade receivables).
Liabilities for fees to be refunded represent the estimated liability linked to the refund of fees on loan products sold after 1 January 2018, under the terms of which the related fees must be refunded if the customer opts for early cancellation of the agreement.
Other contract liabilities primarily regard Postamat and \"Postepay Evolution\" card fees collected in advance", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page513-cflshid_219008-tag273273": { "value": "
B10 - OTHER LIABILITIES (\u20ac4,175 million)
tab. B10 - Other liabilities\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total Changes
Due to staff14685699106826927
Social security payables1342844116434450(10)
Other taxes payable1,8178122,6291,8269132,739(110)
Sundry payables5016421455199254(40)
Accrued liabilities and deferred income 1306219215056207(14)
Total2,0242,1514,1752,0582,2854,343(167)
Due to staff
These items primarily regard accrued amounts that have yet to be paid at 31 December 2024. The breakdown is as follows:
tab. B10.1 - Due to staff \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total Changes
\u00a0\u00a0\u00a0
Fourteenth month salaries -208208- 211211(3)
Incentives 14373387103723825
Accrued vacation pay -3737- 4343(6)
Other payables to staff -6666- 555511
\u00a0\u00a0\u00a0
Total 14685699106826927
Social security payables
tab. B10.2 - Social security payables \u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Description(\u20acm) Non-current liabilities Current liabilities Total \u00a0 Non-current liabilities Current liabilities Total \u00a0 Changes
\u00a0\u00a0\u00a0
INPS 13233252333334(10)
Pension funds -8888-87871
INAIL 1141515015(0)
Other agencies (0)1313(0)1515(2)
\u00a0\u00a0\u00a0
Total 13428441\u00a016434450\u00a0(10)
Other taxes payable
tab. B10.3 - Other taxes payable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
\u00a0\u00a0\u00a0
Stamp duty payable1,817801,8971,8261321,958(61)
Tax due on insurance provisions-466466-496496(30)
Withholding tax on employees' and consultants' salaries-8888-9494(6)
VAT payable-3333-232310
Substitute tax-33-4040(37)
Withholding tax on postal current accounts-7878-74744
Other taxes due-6464-555510
\u00a0\u00a0\u00a0
Total1,8178122,6291,8269132,739(110)
Specifically:
\u2022The stamp duty payable includes the balance due to the Treasury for the tax paid virtually in the 2024 financial year. The non-current portion of the stamp duty mainly relates to the amount accrued at 31 December 2024 on Interest-bearing Postal Certificates outstanding and on Class III and V insurance policies pursuant to the new law referred to in Note A9 \u2013 Other receivables and assets.
\u2022Tax due on insurance provisions relates to Poste Vita SpA and is described in note A9 - Other receivables and assets.
Sundry payables
tab. B10.4 - Sundry payables\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
\u00a0\u00a0\u00a0
Sundry payables attributable to BancoPosta-1717-3314
Guarantee deposits50616017(11)
Other payables4514719239195234(42)
\u00a0\u00a0\u00a0
Total5016421455199254(40)
Accrued liabilities and deferred income
Accrued liabilities and deferred income include deferred income of \u20ac113 million for the non-repayable grant received in advance from the Parent Company for the implementation of the \"Polis Project - House of Digital Services\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page513-cflshid_219008-tag273272": { "value": "
B10 - OTHER LIABILITIES (\u20ac4,175 million)
tab. B10 - Other liabilities\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total Changes
Due to staff14685699106826927
Social security payables1342844116434450(10)
Other taxes payable1,8178122,6291,8269132,739(110)
Sundry payables5016421455199254(40)
Accrued liabilities and deferred income 1306219215056207(14)
Total2,0242,1514,1752,0582,2854,343(167)
Due to staff
These items primarily regard accrued amounts that have yet to be paid at 31 December 2024. The breakdown is as follows:
tab. B10.1 - Due to staff \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total Changes
\u00a0\u00a0\u00a0
Fourteenth month salaries -208208- 211211(3)
Incentives 14373387103723825
Accrued vacation pay -3737- 4343(6)
Other payables to staff -6666- 555511
\u00a0\u00a0\u00a0
Total 14685699106826927
Social security payables
tab. B10.2 - Social security payables \u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Description(\u20acm) Non-current liabilities Current liabilities Total \u00a0 Non-current liabilities Current liabilities Total \u00a0 Changes
\u00a0\u00a0\u00a0
INPS 13233252333334(10)
Pension funds -8888-87871
INAIL 1141515015(0)
Other agencies (0)1313(0)1515(2)
\u00a0\u00a0\u00a0
Total 13428441\u00a016434450\u00a0(10)
Other taxes payable
tab. B10.3 - Other taxes payable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
\u00a0\u00a0\u00a0
Stamp duty payable1,817801,8971,8261321,958(61)
Tax due on insurance provisions-466466-496496(30)
Withholding tax on employees' and consultants' salaries-8888-9494(6)
VAT payable-3333-232310
Substitute tax-33-4040(37)
Withholding tax on postal current accounts-7878-74744
Other taxes due-6464-555510
\u00a0\u00a0\u00a0
Total1,8178122,6291,8269132,739(110)
Specifically:
\u2022The stamp duty payable includes the balance due to the Treasury for the tax paid virtually in the 2024 financial year. The non-current portion of the stamp duty mainly relates to the amount accrued at 31 December 2024 on Interest-bearing Postal Certificates outstanding and on Class III and V insurance policies pursuant to the new law referred to in Note A9 \u2013 Other receivables and assets.
\u2022Tax due on insurance provisions relates to Poste Vita SpA and is described in note A9 - Other receivables and assets.
Sundry payables
tab. B10.4 - Sundry payables\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
\u00a0\u00a0\u00a0
Sundry payables attributable to BancoPosta-1717-3314
Guarantee deposits50616017(11)
Other payables4514719239195234(42)
\u00a0\u00a0\u00a0
Total5016421455199254(40)
Accrued liabilities and deferred income
Accrued liabilities and deferred income include deferred income of \u20ac113 million for the non-repayable grant received in advance from the Parent Company for the implementation of the \"Polis Project - House of Digital Services\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page513-cflshid_219008-tag273271": { "value": "
B10 - OTHER LIABILITIES (\u20ac4,175 million)
tab. B10 - Other liabilities\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total Changes
Due to staff14685699106826927
Social security payables1342844116434450(10)
Other taxes payable1,8178122,6291,8269132,739(110)
Sundry payables5016421455199254(40)
Accrued liabilities and deferred income 1306219215056207(14)
Total2,0242,1514,1752,0582,2854,343(167)
Due to staff
These items primarily regard accrued amounts that have yet to be paid at 31 December 2024. The breakdown is as follows:
tab. B10.1 - Due to staff \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilities Current liabilities Total Non-current liabilities Current liabilities Total Changes
\u00a0\u00a0\u00a0
Fourteenth month salaries -208208- 211211(3)
Incentives 14373387103723825
Accrued vacation pay -3737- 4343(6)
Other payables to staff -6666- 555511
\u00a0\u00a0\u00a0
Total 14685699106826927
Social security payables
tab. B10.2 - Social security payables \u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Description(\u20acm) Non-current liabilities Current liabilities Total \u00a0 Non-current liabilities Current liabilities Total \u00a0 Changes
\u00a0\u00a0\u00a0
INPS 13233252333334(10)
Pension funds -8888-87871
INAIL 1141515015(0)
Other agencies (0)1313(0)1515(2)
\u00a0\u00a0\u00a0
Total 13428441\u00a016434450\u00a0(10)
Other taxes payable
tab. B10.3 - Other taxes payable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
\u00a0\u00a0\u00a0
Stamp duty payable1,817801,8971,8261321,958(61)
Tax due on insurance provisions-466466-496496(30)
Withholding tax on employees' and consultants' salaries-8888-9494(6)
VAT payable-3333-232310
Substitute tax-33-4040(37)
Withholding tax on postal current accounts-7878-74744
Other taxes due-6464-555510
\u00a0\u00a0\u00a0
Total1,8178122,6291,8269132,739(110)
Specifically:
\u2022The stamp duty payable includes the balance due to the Treasury for the tax paid virtually in the 2024 financial year. The non-current portion of the stamp duty mainly relates to the amount accrued at 31 December 2024 on Interest-bearing Postal Certificates outstanding and on Class III and V insurance policies pursuant to the new law referred to in Note A9 \u2013 Other receivables and assets.
\u2022Tax due on insurance provisions relates to Poste Vita SpA and is described in note A9 - Other receivables and assets.
Sundry payables
tab. B10.4 - Sundry payables\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023\u00a0
Description(\u20acm) Non-current liabilitiesCurrent liabilitiesTotalNon-current liabilitiesCurrent liabilitiesTotalChanges
\u00a0\u00a0\u00a0
Sundry payables attributable to BancoPosta-1717-3314
Guarantee deposits50616017(11)
Other payables4514719239195234(42)
\u00a0\u00a0\u00a0
Total5016421455199254(40)
Accrued liabilities and deferred income
Accrued liabilities and deferred income include deferred income of \u20ac113 million for the non-repayable grant received in advance from the Parent Company for the implementation of the \"Polis Project - House of Digital Services\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page516-cflshid_221140-tag273274": { "value": "
C1 \u2013 REVENUE FROM MAIL, PARCELS AND OTHER (\u20ac3,843 million)
This item breaks down as follows:
tab. C1 - Revenue from Mail, Parcels & other\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0
Mail 1,8031,75350
Parcels 1,5861,395191
Other revenue 137281(145)
\u00a0
Total external revenue3,5263,42996
\u00a0
Universal Service compensation 262262-
Publisher tariff subsidies 55551
\u00a0
Total revenue3,8433,74697
of which Revenue from contracts with customers3,4183,120298
recognised at a point in time337376(39)
recognised over time3,0812,744337
External revenue showed an increase compared to the financial year 2023 of \u20ac97 million mainly due to parcel revenue of \u20ac191 million, supported by a steady acceleration of the Business to Exchange (B2X) component in terms of higher shipments and higher revenue in the Mail segment of \u20ac50 million. This increase is mitigated by the decrease in other revenue, as the 2023 financial year had benefited from the capital gain of approximately \u20ac109 million from the sale of the controlling interest in sennder Italia.
Universal Service compensation relates to amounts paid by the MEF to cover the costs of fulfilling the USO. Annual compensation, amounting to \u20ac262 million, is established in the Contratto di Programma (Service Contract) for 2020-2024, which took effect on 1 January 2020.
Publisher tariff subsidies317 relate to the amount receivable by Poste Italiane from the Presidenza del Consiglio dei Ministri - Dipartimento dell'Editoria (Cabinet Office - Publishing department) as compensation for the discounts applied to publishers and non-profit organisations when sending mail. The compensation is determined on the basis of the tariffs set in the decree issued by the Ministry of Enterprise and Made in Italy (former MiSE) in agreement with the Ministry of the Economy and Finance, on 21 October 2010 and Law Decree 63 of 18 May 2012, as converted into Law 103 of 16 July 2012. With AGCom Resolution 454/22/CONS of 30 December 2022, the new universal basic tariffs of the subsidised publishing products included in the Universal Service were defined. The Resolution provided for a gradual increase in the basic tariffs with a consequent increase in the compensation received by Poste Italiane per item sent at a subsidised rate. The amount of the subsidies granted by the Company is covered by the State Budget.
C2 \u2013 NET REVENUE FROM FINANCIAL SERVICES (\u20ac5,521 million)
Net revenue from financial services regard services provided mainly within the Parent Company's BancoPosta RFC and the subsidiary BancoPosta Fondi SGR.
This item breaks down as follows:
tab. C2 - Revenue from Financial Services\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)\u00a0FY 2024FY 2023Changes
\u00a0
Revenue from financial services5,8745,516357
Income from financial activities247271(24)
Other operating income77(0)
Expenses from financial activities(607)(566)(41)
Total\u00a05,5215,229292
of which Revenue from contracts with customers2,6682,64324
recognised at a point in time223231(8)
recognised over time2,4442,41232
Revenue from Financial Services breaks down as follows:
tab. C2.1 - Revenue from financial services\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0
\u00a0\u00a0
Income from investment of postal current account deposits and free cash2,9962,702294
Fees for collection of postal savings deposits1,7251,740(15)
Other revenue from current account services4274260
Distribution of loan products21615759
Commissions on payment of bills by payment slip193208(15)
Mutual fund management fees18114338
Income from delegated services8991(1)
Money transfers1717(0)
Other2932(3)
Total5,8745,516357
Revenue from financial services showed an increase compared to the financial year 2023, mainly due to income from the use of postal current account deposits and free cash and the remuneration of postal savings deposits.
Specifically:
\u2022Income from investment of postal current account deposits and free cash breaks down as follows:
tab. C2.1.1 - Income from investment of postal current account deposits and free cash\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from investments in securities2,2841,962322
Interest income on securities at FVOCI97093635
Interest income on securities at amortised cost83378053
Interest income (expense) on asset swaps of FVH on securities at FVOCI and AC332171161
Interest income on repurchase agreements977027
Interest income (expense) on asset swaps of CFH on securities at FVOCI and AC52547
\u00a0\u00a0Income from deposits held with the MEF408\u00a0446\u00a0(38)
Remuneration of current account deposits (deposited with the MEF)406441(35)
Differential on derivatives stabilising returns25(3)
\u00a0\u00a0Income from investments in tax credits318\u00a0309\u00a010
Interest income on tax credits at AC31830910
Portion of interest income on own liquidity (finance income)(14)(15)0
Other income(0)0-
Total2,9962,702294
The increase in the item in question compared to the previous year is mainly attributable to income from investments in securities.
Income from investments in securities relates to interest earned on investment of deposits paid into postal current accounts by private customers. The amount of income includes the impact of the interest rate hedge. The increase in this item compared to financial year 2023 is mainly due to the higher profitability of both the new securities that entered the portfolio in financial year 2024 and those subject to the broader restructuring of fair value hedges as described in Note A6 - Financial assets and the simultaneous positive effect produced by the start-up of fair value hedges already present in the portfolio.
Income from investments in tax credits relates to interest accrued during the year on the investments described in Note A10 - Tax Credits Law no. 77/2020.
Income from deposits held with the MEF primarily represents accrued interest for the year on amounts deposited at Public Administration entities, remunerated at a variable rate as described in Note A6 - Financial assets.
\u2022Fees for the collection of postal savings deposits relates to the provision and redemption of Interest-bearing Postal Certificates and payments into and withdrawals from Postal Savings Books provided by Poste Italiane SpA on behalf of Cassa Depositi e Prestiti. This item reflects the fees accrued as of the date under the new Postal Savings Agreement valid for the three-year period 2024-2026, effective as of 1 January 2024.
\u2022Revenue from current account services mainly included commissions for account maintenance fees, commissions for collection services, online and over-the-counter transfers and fees, and commissions for reporting services performed for customers.
\u2022Revenue from the distribution of loan products relates to commissions received by the Parent Company on the placement of personal loans and mortgages on behalf of third parties.
Income from financial activities breaks down as follows:
tab. C2.2 - Income from financial activities\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial instruments at FVTOCI\u00a0105164(59)
Realised gains105164(59)
Income from financial instruments at amortised cost\u00a0834835
Realised gains83\u00a04835
Income from financial instruments at FVTPL880
Fair value gains871
Realised gains- \u00a01(1)\u00a0\u00a0
Foreign exchange gains633
Fair value gains211
Realised gains4\u00a022
Other income45\u00a048(3)
Total247271(24)
The decrease in Other income from financial activities, compared to the previous year, was mainly due to lower realised gains on financial instruments at FVTOCI, partially offset by higher realised gains on financial instruments at Amortised cost (of which \u20ac20 million from the early extinguishment of repurchase agreements).
Expenses from financial activities breaks down as follows:
tab. C2.3 - Expenses from financial activities\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024\u00a0FY 2023Changes
Interest expense \u00a0500505(5)
in customers' deposits2242195
on repurchase agreements17012842
on guarantee deposits106158(52)
Expense from financial instruments at FVTOCI\u00a0705416
Realised losses70\u00a05416
Expenses from financial instruments at amortised cost28- 28
Realised losses28\u00a0- 28
Expenses from financial instruments at FVTPL47(3)
Fair value losses44-
Realised losses03(3)
Expenses from cash value hedges\u00a0303
Fair value losses303
Expenses from fair value hedges\u00a01- 1
Fair value losses1\u00a0- 1
Total\u00a060756641
Expenses from financial activities increased compared to the year 2023 mainly due to higher interest on repurchase agreements and higher losses on the realisation of financial instruments at FVTOCI at Amortised Cost, partially offset by a decrease in interest on guarantee deposits related to the restructuring dynamics of the fair value hedge derivatives portfolio described in Note A6 - Financial assets.
C3 \u2013 NET REVENUE FROM INSURANCE SERVICES (\u20ac1,640 million)
tab. C3 - Net revenue from Insurance Services \u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Revenue from insurance contracts issued2,8242,550274
Costs arising from insurance contracts issued(1,234)(1,058)(176)
Revenue/(costs) from outward reinsurance(32)(15)(17)
Income and (expenses) from financial activities and other income/expenses6,4306,458(27)
Net financial (costs)/revenue relating to insurance contracts issued(6,358)(6,373)14
Net financial revenue/(costs) related to outward reinsurance1055
Total1,6401,56773
Net income from insurance services increased from \u20ac1,567 million to \u20ac1,640 million compared to 2023, mainly due to the higher release of the Contractual Service Margin (CSM) recognised during the period: \u20ac1,458 million compared to \u20ac1,285 million in the comparative year.
The breakdown of revenue from insurance contracts and costs arising from insurance contracts is shown below.
The breakdown of revenue from insurance contracts issued is as follows:
tab. C3.1 - Revenue from insurance contracts issued
Description(\u20acm)FY 2024FY 2023Changes
Contracts measured according to GMM and VFA2,3092,137172
\u00a0
Change in liability for remaining coverage 2,0731,923149
Incurred claims and other insurance service costs expected55151634
Changes in the adjustment for non-financial risks64120(56)
Contractual service margin recognised in the statement of profit or loss for services provided1,4581,285173
Other amounts(1)2(3)
\u00a0
Acquisition costs of recovered insurance contracts23621422
\u00a0
Contracts measured according to the PAA514413102
\u00a0
Total2,8242,550274
At the end of the reporting period, insurance revenue from contracts measured upon transition to IFRS 17 using the Fair Value Approach amounted to \u20ac61 million, for carve-out318 contracts amounted to \u20ac2,025 million, with the remainder relating to revenue from new contracts recognised in the period and contracts for which the Full Retrospective Approach was adopted. Details of Costs from insurance contracts issued are as follows:
The breakdown of Costs from insurance contracts issued is as follows:
tab. C3.2 - Costs from insurance contracts issued
Description(\u20acm)FY 2024FY 2023Changes
Contracts measured according to GMM and VFA79670394
\u00a0
Incurred claims and other directly attributable costs753346407
Changes in the liability for incurred claims(197)146(343)
Losses on onerous contracts and recovery of such losses4(3)7
Amortisation of acquisition costs of insurance contracts23821424
Other(2)(1)(1)
\u00a0
Contracts measured according to the PAA43835583
\u00a0
Total1,2341,058176
The breakdown of revenue/(costs) from outward reinsurance is as follows:
tab. C3.3 - Revenue/(costs) from outward reinsurance\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Outward reinsurance measured under GMM(56)(48)(9)
\u00a0
Change in assets for remaining coverage (56)(48)(9)
Amount of claims and other recoverable costs expected(45)(35)(10)
Changes in the adjustment for non-financial risks(4)(4)0
Contractual service margin recognised in the statement of profit or loss for services received(8)(6)(2)
Other1(3)3
\u00a0
Other costs directly attributable to outward reinsurance000
\u00a0
Outward reinsurance measured under PAA(103)(41)(62)
\u00a0
Total costs from outward reinsurance(160)(89)(71)
\u00a0
Effects of changes in default risk by reinsurers000
Amount of claims and other expenses recovered00(0)
Changes in the asset for incurred claims47389
Other recoveries12(1)
\u00a0
Revenue from outward reinsurance measured under PAA803346
\u00a0
Total(32)(15)(16)
The breakdown of Income and (Expenses) from financial activities and other income/expenses is as follows:
tab. C3.4 - Income and (expenses) from financial activities and other income/expenses\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial activities and other income7,8836,982900
Expenses from financial activities and other expenses(1,452)\u00a0(525)(928)
Total6,4306,458(27)
Income and (expenses) from financial activities and other income/expenses were substantially in line with the previous year. The increase in Income from financial activities and other income, offset by the increase in Expenses
from financial activities and other expenses are due to the line-by-line consolidation of the new UCITS Funds, which entails a look-through presentation of the same with a presentation of the individual assets and liabilities composing them, while previously the effect deriving from the delta NAV of the individual Funds was synthetically presented (for further details, see Note A6 - Financial assets and paragraph 2.8 - Basis of consolidation).
These gains and losses, related almost entirely to the investments included in the separately managed accounts, were almost entirely relegated to policyholders through the mirroring mechanism and included in the item \"Net financial (costs)/revenue related to insurance contracts issued\".
tab. C3.4.1 - Income from financial activities and other income\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial instruments at FVPL\u00a04,2843,600684
Interest1,007553454
Fair value gains2,8782,893(15)
Realised gains392154238
Dividends7\u00a0- 7
Income from financial instruments at FVTOCI3,2553,21738
Interest3,2363,20234
Realised gains18153
Dividends000
Income from financial instruments at amortised cost761
Interest761
Foreign exchange gains131- 131
Fair value gains35- 35
Realised gains96- 96
Other income206\u00a016046
Total7,8836,982900
tab. C3.4.2 - Expenses from financial activities and other expenses\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0Expense from financial instruments at FVPL 624469154
Realised losses356181175
Fair value losses 265289(23)
Interest1- 1
Dividends\u00a01- 1
Expense from financial instruments at FVOCI834637
Interest00(0)
Realised losses834637
Expenses from financial instruments at amortised cost1- 1
Interest1- 1
Foreign exchange losses748- 748
Fair value losses555- 555
Losses realised193- 193
Impairment losses/(reversals of impairment losses) due to credit risk(15)7(22)
Other expenses12\u00a039\u00a0\u00a0\u00a0
Total1,452525928
Tab C3.5 - Net financial (costs)/revenue relating to insurance contracts issued \u00a0
Description(\u20acm)FY 2024FY 2023Changes
Change in fair value of underlying assets of contracts valued under VFA(6,333)(6,359)26
Accrued interest(18)(12)(6)
Effects of changes in interest rates and other financial assumptions(7)(1)(6)
Effects of exchange rate changes00-
Other00-
Total(6,358)(6,373)(12)
tab. C3.6 - Net financial revenue/(costs) related to outward reinsurance\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Accrued interest1054
Effects of changes in interest rates and other financial assumptions101
Effects of exchange rate changes00-
Other00-
Total1055
C4 \u2013 REVENUE FROM POSTEPAY SERVICES (\u20ac1,923 million)
This item breaks down as follows:
tab. C4 - Revenue from Postepay ServicesDescription(\u20acm)\u00a0FY 2024\u00a0FY 2023\u00a0Changes
Electronic money68562362
Fees for issue and use of prepaid cards402409(7)
Acquiring fees1046044
Other fees17915425
Mobile326327(2)
Payment services49447321
Payment Slips29428014
Money transfers1551478
Commissions for processing tax payments using forms F23/F244446(2)
Other products and services0(0)0
Revenue from energy services 415157258
Other operating income 46(2)
Total\u00a01,9231,586337
of which Revenue from contracts with customers1,9221,306616
recognised at a point in time695438257
recognised over time1,227868359
These consist of revenue from e-money products and payment services, revenue from mobile telephony services and revenue from the energy segment, which are mainly generated by PostePay SpA and its direct subsidiaries.
Revenue from Postepay Service increased by \u20ac337 million year-on-year due to the positive contribution of all segments, in particular the energy business for \u20ac258 million.
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The breakdown of revenue from insurance contracts and costs arising from insurance contracts is shown below.
The breakdown of revenue from insurance contracts issued is as follows:
tab. C3.1 - Revenue from insurance contracts issued
Description(\u20acm)FY 2024FY 2023Changes
Contracts measured according to GMM and VFA2,3092,137172
\u00a0
Change in liability for remaining coverage 2,0731,923149
Incurred claims and other insurance service costs expected55151634
Changes in the adjustment for non-financial risks64120(56)
Contractual service margin recognised in the statement of profit or loss for services provided1,4581,285173
Other amounts(1)2(3)
\u00a0
Acquisition costs of recovered insurance contracts23621422
\u00a0
Contracts measured according to the PAA514413102
\u00a0
Total2,8242,550274
At the end of the reporting period, insurance revenue from contracts measured upon transition to IFRS 17 using the Fair Value Approach amounted to \u20ac61 million, for carve-out318 contracts amounted to \u20ac2,025 million, with the remainder relating to revenue from new contracts recognised in the period and contracts for which the Full Retrospective Approach was adopted", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page524-cflshid_225988-tag273277": { "value": "
C5 - COST OF GOODS AND SERVICES (\u20ac3,717 million)
tab. C5 - Cost of goods and services\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Service costs 3,2882,906382
Raw, ancillary and consumable materials and goods for resale39930396
Lease expense19416331
Allocation of costs directly attributable to insurance contracts(165)(135)(30)
Total3,7173,237479
Costs of goods and services (adjusted by costs directly attributable to insurance contracts) increased by a total of \u20ac479 million compared to 2023. The change is mainly attributable to higher costs related to the purchase of raw materials, system charges and the transport of electricity and gas and the international inflationary scenario, as well as the incurring of variable costs to support the parcels and payments business.
Service costs
tab. C5.1 - Service costs\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0\u00a0\u00a0\u00a0
\u00a0
Transport of mail, parcels and forms 1,2501,146104
Credit and debit card fees and charges38532263
Outsourcing fees and external service charges30228121
Routine maintenance and technical assistance26524718
Mobile telecommunication services for customers176182(6)
Personnel services1481416
Energy and water consumption16410163
Electricity and gas transmission1243490
Advertising and promotions987820
Cleaning, waste disposal and security9195(4)
Exchange of mail and telegraphy53449
Asset management fees 50437
Transport of cash4857(9)
Telecommunications and data transmission services3340(7)
Consultants' fees and legal expenses22193
Electronic document management, printing and enveloping services1010(0)
Remuneration and expenses of Statutory Auditors220
Other68662
Total3,2882,906382
The rise in service costs was mainly due to the increase in costs for electricity and gas transmission in the energy segment, costs for energy and water consumption, costs for logistics and delivery services related to the parcels segment, and credit/debit card fees and charges.
Lease expense
tab. C5.2 - Lease expense\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0
Equipment hire and software licences14911336
Real estate leases and ancillary costs2733(6)
Vehicle leases44(0)
Other lease expense14130
\u00a0
Total19416331
Raw, ancillary and consumable materials and goods for resale
tab. C5.3 - Raw, ancillary and consumable materials and goods for resale\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0Electricity and gas costs21411599
Consumables, advertising materials and goods for resale103109(6)
Fuels and lubricants6768(2)
Electronic money card15150
Printing of postage and revenue stamps56(1)
SIM cards and scratch cards111
Change in inventories of work in progress, semi-finished and finished goods and goods for resale4(8)12
Change in inventories of raw, ancillary and consumable materials 211
Change in property held for sale(12)(7)(6)
Others13(3)
\u00a0Total39930396
The increase compared to the financial year 2023 was mainly affected by higher costs in the energy segment.
Finally, it should be noted that of the total costs for raw, ancillary and consumable materials and goods for resale, about \u20ac2 million refer to costs incurred during the year by Postepay SpA and Poste Air Cargo SpA for the purchase of environmental certificates for the supply of electricity and natural gas.
C6 - PERSONNEL EXPENSES (\u20ac5,135 million)
Personnel expenses include the cost of personnel seconded to other organisations. The recovery of such expenses is posted to Other operating income. Personnel expenses break down as follows:
tab. C6 - Personnel expenses\u00a0
Description(\u20acm)NoteFY 2024FY 2023Changes
Wages and salaries\u00a04,0874,07610
Social security contributions1,1691,15712
Employee termination benefits: supplementary pension funds and INPS2402382
Provisions for early retirement incentives[tab. B6]128159(31)
Share-based payments16124
Early retirement incentives712(4)
Agency staff541
Remuneration and expenses paid to Directors550
Net provisions (reversals) for disputes with staff [tab. B6]410(5)
Employee termination benefits: current service cost [tab. B7]23(0)
Amounts recovered from staff due to disputes(3)(3)0
Other personnel expenses/(cost recoveries)(23)(29)6
Allocation of costs directly attributable to insurance contracts(503)(473)(30)
Total\u00a05,1355,170(35)
Personnel expenses (adjusted for costs directly attributable to insurance contracts) decreased by \u20ac35 million compared to 2023, mainly due to lower provisions for early retirement incentives. The change in the ordinary cost component is related to the increase in the unit cost, which is attributable to the increase in the contractual minimums triggered in July 2023 (provided for in the collective labour agreement signed on 23 June 2021), to the portion of the one-off payment made
in September 2024 (provided for in the new collective labour agreement signed on 23 July 2024) and to the variable component linked to results.
Net provisions for disputes with staff and provisions for restructuring charges are described in note B6 \u2013 Provisions for risks and charges.
The following table shows the Group's average and year-end headcount:
tab. C6.1 - Number of employees\u00a0\u00a0\u00a0
\u00a0\u00a0AverageYear end
Unit \u00a0FY 2024FY 202331.12.2431.12.23
Executives735 692 738 688
Middle managers15,556 15,338 15,654 15,279
Operational staff86,202 88,540 84,981 86,349
Back-office staff6,312 6,334 8,137 6,475
Total employees on permanent contracts (*)108,805 110,904109,510 108,791
(*) Figures expressed in full time equivalent terms
Furthermore, taking account of personnel on flexible contracts, the average number of full-time equivalent personnel in the year is 119,117, of which 90 relating to agency staff/project contracts (in 2023: 119,310, of which 85 related to agency staff/ project contracts).
C7 - DEPRECIATION, AMORTISATION AND IMPAIRMENTS (\u20ac855 million)
This item breaks down as follows:
tab. C7 - Depreciation, amortisation and impairments\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Amortisation and impairments of intangible assets\u00a038736621
Depreciation of right-of-use assets28127110
Impairments/recoveries/adjustments of rights of use211
Depreciation of property, plant and equipment25523916
Impairments/recoveries/adjustments of property, plant and equipment33(0)
Depreciation of investment property11(0)
Allocation of costs directly attributable to insurance contracts(75)(72)(3)
Total85581144
Depreciation, amortisation and impairments (adjusted for costs directly attributable to insurance contracts) showed an increase of \u20ac44 million compared to 2023. The increase is attributable to higher amortisation on intangible assets (\u20ac21 million) for investments in software applications that have become available for use, as well as higher depreciation of property, plant and equipment (\u20ac16 million) and right-of-use assets (\u20ac10 million).
C8 - CAPITALISED COSTS AND EXPENSES (\u20ac67 million)
The item breaks down as follows:
tab. C8 - Capitalised costs and expenses\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0
Intangible assets:56542
Personnel expenses42393
Cost of goods and services1314(2)
Depreciation and amortisation110
Property, plant and machinery:11210
Cost of goods and services1129
\u00a0
Total675612
C9 - OTHER OPERATING COSTS (\u20ac318 million)
Other operating costs break down as follows:
tab. C9 - Other operating costs\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023 Changes
Municipal property tax, urban waste tax and other taxes and duties\u00a0109113(4)
Contribution to the Life Insurance Guarantee Fund74- 74
Reversal of tax credits for years prior to 202457- 57
Operational risk events2628(3)
Thefts 642
Loss of BancoPosta assets, net of recoveries 835
Other operating losses of BancoPosta1121(10)
Capital losses431
Net provisions for risks and charges made/(released)(9)81(91)
for disputes with third parties (2)(12)10
for operational risks(11)(1)(10)
for other risks and charges 411(7)
for taxation03(3)
for risks on tax credit - Law no. 77/2020- 80(80)
Other current costs7071(1)
Allocation of costs directly attributable to insurance contracts(13)(22)9
Total31827542
Other operating costs (adjusted for costs directly attributable to insurance contracts) increased by \u20ac42 million compared with the previous year, primarily due to the effect of the contribution to the Life Insurance Guarantee Fund319 totalling \u20ac74 million (of which \u20ac58 million for insurance companies operating in the Group's life business and \u20ac16 million for the Parent Company, Poste Italiane SpA, within BancoPosta) and higher charges for the repayment of instalments relating to years prior to 2024 totalling \u20ac57 million in connection with the risk analysis of tax credits (for which reference should be made to note A10 - Tax credits Law no. 77/2020) partially offset by lower net accruals for provisions for risks and charges
C11 \u2013 FINANCE INCOME (\u20ac209 million) AND COSTS (\u20ac120 million)
Income and Costs incurred on financial instruments relate to assets other than those in which deposits collected by BancoPosta and the financial and insurance businesses are invested.
Finance costs
tab. C11.1 - Finance costs
Description(\u20acm)FY 2024FY 2023Changes
Finance costs on financial liabilities 523814
on lease payables 33285
on due to financial institutions16610
on bonds35(2)
from derivative financial instruments 00(0)
Sundry costs on financial assets34(1)
Realised losses on financial instruments at FVOCI33(1)
Losses from valuation on financial instruments at FVTPL- 0(0)
Expenses from financial liabilities at FVTPL651
Finance costs on provisions for employee termination benefits and pension plans2126(5)
Finance costs on provisions for risks 34(2)
Other finance costs 3134(3)
Foreign exchange losses48(4)
Total1201191
For the purposes of reconciliation with the statement of cash flows, in 2024 finance costs after foreign exchange losses amounted to \u20ac116 million (\u20ac110 million in 2023).
C12 - INCOME TAX EXPENSE (\u20ac658 million)
tab. C12 - Income tax expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
IRESIRAPOtherTotalIRESIRAPOtherTotal
\u00a0\u00a0\u00a0\u00a0
Current tax expense585 179 2 766 597 148 2 746 20
Deferred tax assets(72)3 (0)(69)(3)1 - (2)(67)
Deferred tax liabilities(39)0 - (39)43 7 - 50 (89)
\u00a0\u00a0\u00a0\u00a0
Total474 182 2 658 637 156 2 794 (136)
With regard to the deductibility of losses related to the failure to offset tax credits, the allocation of risk provisions on tax credits and the charges resulting from sharing the Risk Analysis with the Agenzia delle Entrate (see also Note A10 - Tax credits Law no. 77/2020), on 22 November 2024, the Agenzia delle Entrate's response was received to the risk communication of 14 November 2024 submitted by the Parent Company; the response received confirmed the deductibility for IRES purposes of the charges related to the tax credits recognised in the 2022, 2023 and 2024 financial statements, resulting in the recognition of lower taxes amounting to \u20ac229 million, including taxes related to previous years.
Below is the reconciliation of the Parent Company's theoretical IRES tax rate and the effective tax rate of 24.64%:
\u00a0tab. C12.1 - Reconciliation between theoretical and effective IRES rate
Description(\u20acm)FY 2024FY 2023
TaxImpact %TaxImpact %
Profit before tax2,671 \u00a02,727 \u00a0
\u00a0\u00a0\u00a0\u00a0
Theoretical tax charge641 24.0%655 24.0%
\u00a0\u00a0
Effect of increases/(decreases) on theoretical tax charge\u00a0\u00a0\u00a0
Realised gains on investments- 0.00%(25)-0.92%
Non-deductible out-of-period losses 5 0.17%8 0.30%
Net provisions for risks and charges and impairment of receivables3 0.10%23 0.83%
Realignment of tax bases and carrying amounts and taxation for previous years(172)-6.43%(11)-0.39%
Other differences(1)-0.02%(11)-0.40%
IRAP Italian companies182 6.82%155 5.69%
Effective tax charge658 24.64%794 29.11%
The item \"realignment of tax bases and carrying amounts and taxation for previous years\" includes items related to the deductibility of charges related to the Parent Company's failure to offset tax credits related to prior years.
Current tax expense
tab. C12.2 - Movements in current tax assets/(liabilities)\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Current tax expense
IRESIRAPForeign companiesTotal
Assets/(Liabilities)Assets/(Liabilities)Assets/(Liabilities)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 8 (30)(1)(23)
\u00a0\u00a0\u00a0\u00a0
Payments685 178 3 866
\u00a0\u00a0\u00a0\u00a0
Provisions to profit or loss(585)(179)(2)(766)
\u00a0\u00a0\u00a0\u00a0
Provisions to equity(4)(0)- (4)
\u00a0\u00a0\u00a0\u00a0
Other 59 (0)0 58
\u00a0\u00a0\u00a0\u00a0
Balance at 31 December163 (31)(1)132
of which:\u00a0\u00a0\u00a0\u00a0
Current tax assets188 9 0 197
Current tax liabilities(25)(40)(1)(65)
Under IAS 12 \u2013 Income Taxes, IRES and IRAP credits are offset against the corresponding current tax liabilities, when applied by the same tax authority to the same taxable entity, which has a legally enforceable right to offset and intends to exercise this right.
In addition to the IRES and IRAP provisions for the year 2024 net of advance payments and receivables from the previous year and for withholding taxes, current tax assets (liabilities) at 31 December 2024 include:
\u2022residual assets for substitute tax of approximately \u20ac110 million related to transactions for the redemption of goodwill and other intangible assets carried out by the Parent Company (\u20ac20 million) and PostePay S.p.A. (\u20ac90 million);
\u2022assets totalling \u20ac42 million related to the deductibility of prior years' expenses referring to tax credits and the tax recognition of negative income components arising from the management of postal current account balances, which will become offsettable after the submission of the relevant supplementary tax returns;
\u2022residual assets of \u20ac10 million related to the Parent Company's adhesion to the Patent Box regime for the 2018-2019 financial years;
\u2022assets totalling a residual \u20ac9 million recognised as a result of the responses received to two petitions filed with the Agenzia delle Entrate concerning the tax effects of implementation of IFRS 9 and 15.
Deferred tax assets and liabilities
tab. C12.3 - Deferred taxes\u00a0\u00a0
Description(\u20acm)Balance at 31 December 2024 Balance at 31 December 2023Changes
Deferred tax assets\u00a01,997 \u00a02,109 (111)
Deferred tax liabilities(897)(900)4
Total\u00a01,101 1,208 (108)
Movements in deferred tax assets and liabilities are shown below:
tab. C12.4 - Movements in deferred tax assets and liabilities\u00a0
Description(\u20acm)FY 2024
Balance at 1 January\u00a01,208
Net income/(expense) recognised in profit or loss\u00a0108
Net income/(expense) recognised in equity(214)
Change in scope of consolidation and other(1)
Balance at 31 December\u00a01,101
of which:\u00a0
deferred tax assets1,997
deferred tax liabilities(897)
The following table shows movements in deferred tax assets and liabilities, broken down according to the events that generated such movements:
tab. C12.5 - Movements in deferred tax assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Property, plant and equipment and intangible assetsFinancial assets and liabilitiesProvisions to cover expected lossesProvisions for risks and chargesInsurance assets and liabilitiesOtherTotal
Balance at 1 January 202449 601 97 218 939 206 2,109
Income/(expense) recognised in profit or loss(8)(0)13 64 (9)8 69
Income/(expense) recognised in equity- (173)(7)- 1 (0)(179)
Change in scope of consolidation and other(2)(0)(8)(2)(1)12 (1)
Balance at 31 December 202439 427 95 280 931 226 1,997
tab. C12.6 - Movements in deferred tax liabilities\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Financial assets and liabilitiesIntangible assetsOtherTotal
Balance at 1 January 2024751 64 86 900
\u00a0
Expense/(income) recognised in profit or loss(35)(4)(1)(39)
Expense/(income) recognised in equity35 - (0)35
\u00a0
Balance at 31 December 2024751 60 85 897
Movements in deferred tax assets and liabilities recognised directly in equity during the year are as follows:
tab. C12.7 - Deferred taxes recognised in equity
Description(\u20acm)FY 2024
Fair value reserve for financial assets at FVTOCI\u00a0(609)
Reserve for insurance contracts issued and outward reinsurance406
Cash flow hedge reserve for hedging derivatives(18)
Actuarial gains/(losses) on employee termination benefits0
Other changes7
Total\u00a0(214)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page524-cflshid_225988-tag273276": { "value": "
C5 - COST OF GOODS AND SERVICES (\u20ac3,717 million)
tab. C5 - Cost of goods and services\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Service costs 3,2882,906382
Raw, ancillary and consumable materials and goods for resale39930396
Lease expense19416331
Allocation of costs directly attributable to insurance contracts(165)(135)(30)
Total3,7173,237479
Costs of goods and services (adjusted by costs directly attributable to insurance contracts) increased by a total of \u20ac479 million compared to 2023. The change is mainly attributable to higher costs related to the purchase of raw materials, system charges and the transport of electricity and gas and the international inflationary scenario, as well as the incurring of variable costs to support the parcels and payments business.
Service costs
tab. C5.1 - Service costs\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0\u00a0\u00a0\u00a0
\u00a0
Transport of mail, parcels and forms 1,2501,146104
Credit and debit card fees and charges38532263
Outsourcing fees and external service charges30228121
Routine maintenance and technical assistance26524718
Mobile telecommunication services for customers176182(6)
Personnel services1481416
Energy and water consumption16410163
Electricity and gas transmission1243490
Advertising and promotions987820
Cleaning, waste disposal and security9195(4)
Exchange of mail and telegraphy53449
Asset management fees 50437
Transport of cash4857(9)
Telecommunications and data transmission services3340(7)
Consultants' fees and legal expenses22193
Electronic document management, printing and enveloping services1010(0)
Remuneration and expenses of Statutory Auditors220
Other68662
Total3,2882,906382
The rise in service costs was mainly due to the increase in costs for electricity and gas transmission in the energy segment, costs for energy and water consumption, costs for logistics and delivery services related to the parcels segment, and credit/debit card fees and charges.
Lease expense
tab. C5.2 - Lease expense\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0
Equipment hire and software licences14911336
Real estate leases and ancillary costs2733(6)
Vehicle leases44(0)
Other lease expense14130
\u00a0
Total19416331
Raw, ancillary and consumable materials and goods for resale
tab. C5.3 - Raw, ancillary and consumable materials and goods for resale\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
\u00a0Electricity and gas costs21411599
Consumables, advertising materials and goods for resale103109(6)
Fuels and lubricants6768(2)
Electronic money card15150
Printing of postage and revenue stamps56(1)
SIM cards and scratch cards111
Change in inventories of work in progress, semi-finished and finished goods and goods for resale4(8)12
Change in inventories of raw, ancillary and consumable materials 211
Change in property held for sale(12)(7)(6)
Others13(3)
\u00a0Total39930396
The increase compared to the financial year 2023 was mainly affected by higher costs in the energy segment.
Finally, it should be noted that of the total costs for raw, ancillary and consumable materials and goods for resale, about \u20ac2 million refer to costs incurred during the year by Postepay SpA and Poste Air Cargo SpA for the purchase of environmental certificates for the supply of electricity and natural gas", "dimensions": { "concept": "ext:DisclosureOfGoodsAndServicesExpenses", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page527-cflshid_227805-tag273311": { "value": "
tab. C6.1 - Number of employees\u00a0\u00a0\u00a0
\u00a0\u00a0AverageYear end
Unit \u00a0FY 2024FY 202331.12.2431.12.23
Executives735 692 738 688
Middle managers15,556 15,338 15,654 15,279
Operational staff86,202 88,540 84,981 86,349
Back-office staff6,312 6,334 8,137 6,475
Total employees on permanent contracts (*)108,805 110,904109,510 108,791
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page527-cflshid_227805-tag273278": { "value": "
C7 - DEPRECIATION, AMORTISATION AND IMPAIRMENTS (\u20ac855 million)
This item breaks down as follows:
tab. C7 - Depreciation, amortisation and impairments\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Amortisation and impairments of intangible assets\u00a038736621
Depreciation of right-of-use assets28127110
Impairments/recoveries/adjustments of rights of use211
Depreciation of property, plant and equipment25523916
Impairments/recoveries/adjustments of property, plant and equipment33(0)
Depreciation of investment property11(0)
Allocation of costs directly attributable to insurance contracts(75)(72)(3)
Total85581144
Depreciation, amortisation and impairments (adjusted for costs directly attributable to insurance contracts) showed an increase of \u20ac44 million compared to 2023. The increase is attributable to higher amortisation on intangible assets (\u20ac21 million) for investments in software applications that have become available for use, as well as higher depreciation of property, plant and equipment (\u20ac16 million) and right-of-use assets (\u20ac10 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page529-cflshid_228509-tag273279": { "value": "C9 - OTHER OPERATING COSTS (\u20ac318 million)
Other operating costs break down as follows:
tab. C9 - Other operating costs\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023 Changes
Municipal property tax, urban waste tax and other taxes and duties\u00a0109113(4)
Contribution to the Life Insurance Guarantee Fund74- 74
Reversal of tax credits for years prior to 202457- 57
Operational risk events2628(3)
Thefts 642
Loss of BancoPosta assets, net of recoveries 835
Other operating losses of BancoPosta1121(10)
Capital losses431
Net provisions for risks and charges made/(released)(9)81(91)
for disputes with third parties (2)(12)10
for operational risks(11)(1)(10)
for other risks and charges 411(7)
for taxation03(3)
for risks on tax credit - Law no. 77/2020- 80(80)
Other current costs7071(1)
Allocation of costs directly attributable to insurance contracts(13)(22)9
Total31827542
Other operating costs (adjusted for costs directly attributable to insurance contracts) increased by \u20ac42 million compared with the previous year, primarily due to the effect of the contribution to the Life Insurance Guarantee Fund319 totalling \u20ac74 million (of which \u20ac58 million for insurance companies operating in the Group's life business and \u20ac16 million for the Parent Company, Poste Italiane SpA, within BancoPosta) and higher charges for the repayment of instalments relating to years prior to 2024 totalling \u20ac57 million in connection with the risk analysis of tax credits (for which reference should be made to note A10 - Tax credits Law no. 77/2020) partially offset by lower net accruals for provisions for risks and charges", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page530-cflshid_229124-tag273280": { "value": "
C10 \u2013 IMPAIRMENT LOSSES/(REVERSALS OF IMPAIRMENT LOSSES) ON DEBT INSTRUMENTS, RECEIVABLES AND OTHER ASSETS (\u20ac424 million)
C10 - Impairment losses/(Reversals of impairment losses) on debt instruments, receivables and
other assets\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Impairment losses/(reversals of impairment losses) on tax credits Law no. 77/2020\u00a038032348
Impairment losses/(reversals of impairment losses) on tax credits Law no. 77/2020548- 548
Absorption in profit and loss Provision for tax credit risks (168)32(200)
Impairment losses/(reversals of impairment losses) on receivables and other assets (use of the provision for impairment)553223
Impairment losses/(reversals of impairment losses) on receivables and debt instruments from financial and insurance activities(11)7(18)
Impairment losses (reversal of impairment losses) on receivables(1)(0)(1)
Impairment losses/(reversals of impairment losses) on debt instruments at FVTOCI (5)3(8)
Impairment losses/(reversals of impairment losses) on debt instruments at amortised cost(5)4(9)
Total\u00a042471354
The item Impairment losses/(reversals of impairment losses) on debt instruments, receivables and other assets increased by \u20ac354 million compared to the year 2023, mainly due to the accounting effects related to the risk analysis on tax credits analytically described in Note A10 - Tax credits Law no. 77/2020.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page531-cflshid_229417-tag273283": { "value": "
C11 \u2013 FINANCE INCOME (\u20ac209 million) AND COSTS (\u20ac120 million)
Income and Costs incurred on financial instruments relate to assets other than those in which deposits collected by BancoPosta and the financial and insurance businesses are invested.
Finance costs
tab. C11.1 - Finance costs
Description(\u20acm)FY 2024FY 2023Changes
Finance costs on financial liabilities 523814
on lease payables 33285
on due to financial institutions16610
on bonds35(2)
from derivative financial instruments 00(0)
Sundry costs on financial assets34(1)
Realised losses on financial instruments at FVOCI33(1)
Losses from valuation on financial instruments at FVTPL- 0(0)
Expenses from financial liabilities at FVTPL651
Finance costs on provisions for employee termination benefits and pension plans2126(5)
Finance costs on provisions for risks 34(2)
Other finance costs 3134(3)
Foreign exchange losses48(4)
Total1201191
For the purposes of reconciliation with the statement of cash flows, in 2024 finance costs after foreign exchange losses amounted to \u20ac116 million (\u20ac110 million in 2023).
Finance income
tab. C11.2 - Finance income\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial instruments at FVTOCI \u00a05860(1)
Interest 58553
Accrued differentials on fair value hedges- 0(0)
Realised gains- 0(0)
Dividends04(4)
Other income\u00a00\u00a0- 0
Income from financial instruments at amortised cost5562(6)
Interest5562(6)
Income from financial liabilities at FVTPL\u00a0122\u00a0\u00a010
Income from financial instruments at FVPL\u00a0910(1)
Interest3- 3
Fair value gains59(4)
Realised gains1- 1
Accrued differentials on derivative financial instruments at FVPL0\u00a01(1)\u00a0\u00a0\u00a0
Income from valuation of cash flow hedges- 6(6)
Realised gains- 6(6)
Other finance income 693534
Remuneration of own liquid funds of Poste Italiane1415(0)
Interest on bank accounts31922
Finance income on discounted receivables12(0)
Late payment interest32302
Impairment of amounts due as late payment interest(31)(29)(2)
Other income22814
Foreign exchange gains\u00a058(3)
Total20918128
For the purposes of reconciliation with the statement of cash flows, in 2024 finance income after both realised gains, foreign exchange gains and dividends amounted to \u20ac204 million (\u20ac169 million in 2023).
Financial income increased by \u20ac28 million compared to the previous year, mainly due to higher interest on bank deposits as a result of the increase in interest rates recognised by major banks and higher liquidity deposited on bank accounts", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page531-cflshid_229417-tag273282": { "value": "
C11 \u2013 FINANCE INCOME (\u20ac209 million) AND COSTS (\u20ac120 million)
Income and Costs incurred on financial instruments relate to assets other than those in which deposits collected by BancoPosta and the financial and insurance businesses are invested.
Finance costs
tab. C11.1 - Finance costs
Description(\u20acm)FY 2024FY 2023Changes
Finance costs on financial liabilities 523814
on lease payables 33285
on due to financial institutions16610
on bonds35(2)
from derivative financial instruments 00(0)
Sundry costs on financial assets34(1)
Realised losses on financial instruments at FVOCI33(1)
Losses from valuation on financial instruments at FVTPL- 0(0)
Expenses from financial liabilities at FVTPL651
Finance costs on provisions for employee termination benefits and pension plans2126(5)
Finance costs on provisions for risks 34(2)
Other finance costs 3134(3)
Foreign exchange losses48(4)
Total1201191
For the purposes of reconciliation with the statement of cash flows, in 2024 finance costs after foreign exchange losses amounted to \u20ac116 million (\u20ac110 million in 2023).
Finance income
tab. C11.2 - Finance income\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial instruments at FVTOCI \u00a05860(1)
Interest 58553
Accrued differentials on fair value hedges- 0(0)
Realised gains- 0(0)
Dividends04(4)
Other income\u00a00\u00a0- 0
Income from financial instruments at amortised cost5562(6)
Interest5562(6)
Income from financial liabilities at FVTPL\u00a0122\u00a0\u00a010
Income from financial instruments at FVPL\u00a0910(1)
Interest3- 3
Fair value gains59(4)
Realised gains1- 1
Accrued differentials on derivative financial instruments at FVPL0\u00a01(1)\u00a0\u00a0\u00a0
Income from valuation of cash flow hedges- 6(6)
Realised gains- 6(6)
Other finance income 693534
Remuneration of own liquid funds of Poste Italiane1415(0)
Interest on bank accounts31922
Finance income on discounted receivables12(0)
Late payment interest32302
Impairment of amounts due as late payment interest(31)(29)(2)
Other income22814
Foreign exchange gains\u00a058(3)
Total20918128
For the purposes of reconciliation with the statement of cash flows, in 2024 finance income after both realised gains, foreign exchange gains and dividends amounted to \u20ac204 million (\u20ac169 million in 2023).
Financial income increased by \u20ac28 million compared to the previous year, mainly due to higher interest on bank deposits as a result of the increase in interest rates recognised by major banks and higher liquidity deposited on bank accounts", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page531-cflshid_229417-tag273281": { "value": "
C11 \u2013 FINANCE INCOME (\u20ac209 million) AND COSTS (\u20ac120 million)
Income and Costs incurred on financial instruments relate to assets other than those in which deposits collected by BancoPosta and the financial and insurance businesses are invested.
Finance costs
tab. C11.1 - Finance costs
Description(\u20acm)FY 2024FY 2023Changes
Finance costs on financial liabilities 523814
on lease payables 33285
on due to financial institutions16610
on bonds35(2)
from derivative financial instruments 00(0)
Sundry costs on financial assets34(1)
Realised losses on financial instruments at FVOCI33(1)
Losses from valuation on financial instruments at FVTPL- 0(0)
Expenses from financial liabilities at FVTPL651
Finance costs on provisions for employee termination benefits and pension plans2126(5)
Finance costs on provisions for risks 34(2)
Other finance costs 3134(3)
Foreign exchange losses48(4)
Total1201191
For the purposes of reconciliation with the statement of cash flows, in 2024 finance costs after foreign exchange losses amounted to \u20ac116 million (\u20ac110 million in 2023).
Finance income
tab. C11.2 - Finance income\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
Income from financial instruments at FVTOCI \u00a05860(1)
Interest 58553
Accrued differentials on fair value hedges- 0(0)
Realised gains- 0(0)
Dividends04(4)
Other income\u00a00\u00a0- 0
Income from financial instruments at amortised cost5562(6)
Interest5562(6)
Income from financial liabilities at FVTPL\u00a0122\u00a0\u00a010
Income from financial instruments at FVPL\u00a0910(1)
Interest3- 3
Fair value gains59(4)
Realised gains1- 1
Accrued differentials on derivative financial instruments at FVPL0\u00a01(1)\u00a0\u00a0\u00a0
Income from valuation of cash flow hedges- 6(6)
Realised gains- 6(6)
Other finance income 693534
Remuneration of own liquid funds of Poste Italiane1415(0)
Interest on bank accounts31922
Finance income on discounted receivables12(0)
Late payment interest32302
Impairment of amounts due as late payment interest(31)(29)(2)
Other income22814
Foreign exchange gains\u00a058(3)
Total20918128
For the purposes of reconciliation with the statement of cash flows, in 2024 finance income after both realised gains, foreign exchange gains and dividends amounted to \u20ac204 million (\u20ac169 million in 2023).
Financial income increased by \u20ac28 million compared to the previous year, mainly due to higher interest on bank deposits as a result of the increase in interest rates recognised by major banks and higher liquidity deposited on bank accounts", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page533-cflshid_230394-tag273285": { "value": "
C12 - INCOME TAX EXPENSE (\u20ac658 million)
tab. C12 - Income tax expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
IRESIRAPOtherTotalIRESIRAPOtherTotal
\u00a0\u00a0\u00a0\u00a0
Current tax expense585 179 2 766 597 148 2 746 20
Deferred tax assets(72)3 (0)(69)(3)1 - (2)(67)
Deferred tax liabilities(39)0 - (39)43 7 - 50 (89)
\u00a0\u00a0\u00a0\u00a0
Total474 182 2 658 637 156 2 794 (136)
With regard to the deductibility of losses related to the failure to offset tax credits, the allocation of risk provisions on tax credits and the charges resulting from sharing the Risk Analysis with the Agenzia delle Entrate (see also Note A10 - Tax credits Law no. 77/2020), on 22 November 2024, the Agenzia delle Entrate's response was received to the risk communication of 14 November 2024 submitted by the Parent Company; the response received confirmed the deductibility for IRES purposes of the charges related to the tax credits recognised in the 2022, 2023 and 2024 financial statements, resulting in the recognition of lower taxes amounting to \u20ac229 million, including taxes related to previous years.
Below is the reconciliation of the Parent Company's theoretical IRES tax rate and the effective tax rate of 24.64%:
\u00a0tab. C12.1 - Reconciliation between theoretical and effective IRES rate
Description(\u20acm)FY 2024FY 2023
TaxImpact %TaxImpact %
Profit before tax2,671 \u00a02,727 \u00a0
\u00a0\u00a0\u00a0\u00a0
Theoretical tax charge641 24.0%655 24.0%
\u00a0\u00a0
Effect of increases/(decreases) on theoretical tax charge\u00a0\u00a0\u00a0
Realised gains on investments- 0.00%(25)-0.92%
Non-deductible out-of-period losses 5 0.17%8 0.30%
Net provisions for risks and charges and impairment of receivables3 0.10%23 0.83%
Realignment of tax bases and carrying amounts and taxation for previous years(172)-6.43%(11)-0.39%
Other differences(1)-0.02%(11)-0.40%
IRAP Italian companies182 6.82%155 5.69%
Effective tax charge658 24.64%794 29.11%
The item \"realignment of tax bases and carrying amounts and taxation for previous years\" includes items related to the deductibility of charges related to the Parent Company's failure to offset tax credits related to prior years.
Current tax expense
tab. C12.2 - Movements in current tax assets/(liabilities)\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Current tax expense
IRESIRAPForeign companiesTotal
Assets/(Liabilities)Assets/(Liabilities)Assets/(Liabilities)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 8 (30)(1)(23)
\u00a0\u00a0\u00a0\u00a0
Payments685 178 3 866
\u00a0\u00a0\u00a0\u00a0
Provisions to profit or loss(585)(179)(2)(766)
\u00a0\u00a0\u00a0\u00a0
Provisions to equity(4)(0)- (4)
\u00a0\u00a0\u00a0\u00a0
Other 59 (0)0 58
\u00a0\u00a0\u00a0\u00a0
Balance at 31 December163 (31)(1)132
of which:\u00a0\u00a0\u00a0\u00a0
Current tax assets188 9 0 197
Current tax liabilities(25)(40)(1)(65)
Under IAS 12 \u2013 Income Taxes, IRES and IRAP credits are offset against the corresponding current tax liabilities, when applied by the same tax authority to the same taxable entity, which has a legally enforceable right to offset and intends to exercise this right.
In addition to the IRES and IRAP provisions for the year 2024 net of advance payments and receivables from the previous year and for withholding taxes, current tax assets (liabilities) at 31 December 2024 include:
\u2022residual assets for substitute tax of approximately \u20ac110 million related to transactions for the redemption of goodwill and other intangible assets carried out by the Parent Company (\u20ac20 million) and PostePay S.p.A. (\u20ac90 million);
\u2022assets totalling \u20ac42 million related to the deductibility of prior years' expenses referring to tax credits and the tax recognition of negative income components arising from the management of postal current account balances, which will become offsettable after the submission of the relevant supplementary tax returns;
\u2022residual assets of \u20ac10 million related to the Parent Company's adhesion to the Patent Box regime for the 2018-2019 financial years;
\u2022assets totalling a residual \u20ac9 million recognised as a result of the responses received to two petitions filed with the Agenzia delle Entrate concerning the tax effects of implementation of IFRS 9 and 15.
Deferred tax assets and liabilities
tab. C12.3 - Deferred taxes\u00a0\u00a0
Description(\u20acm)Balance at 31 December 2024 Balance at 31 December 2023Changes
Deferred tax assets\u00a01,997 \u00a02,109 (111)
Deferred tax liabilities(897)(900)4
Total\u00a01,101 1,208 (108)
Movements in deferred tax assets and liabilities are shown below:
tab. C12.4 - Movements in deferred tax assets and liabilities\u00a0
Description(\u20acm)FY 2024
Balance at 1 January\u00a01,208
Net income/(expense) recognised in profit or loss\u00a0108
Net income/(expense) recognised in equity(214)
Change in scope of consolidation and other(1)
Balance at 31 December\u00a01,101
of which:\u00a0
deferred tax assets1,997
deferred tax liabilities(897)
The following table shows movements in deferred tax assets and liabilities, broken down according to the events that generated such movements:
tab. C12.5 - Movements in deferred tax assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Property, plant and equipment and intangible assetsFinancial assets and liabilitiesProvisions to cover expected lossesProvisions for risks and chargesInsurance assets and liabilitiesOtherTotal
Balance at 1 January 202449 601 97 218 939 206 2,109
Income/(expense) recognised in profit or loss(8)(0)13 64 (9)8 69
Income/(expense) recognised in equity- (173)(7)- 1 (0)(179)
Change in scope of consolidation and other(2)(0)(8)(2)(1)12 (1)
Balance at 31 December 202439 427 95 280 931 226 1,997
tab. C12.6 - Movements in deferred tax liabilities\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Financial assets and liabilitiesIntangible assetsOtherTotal
Balance at 1 January 2024751 64 86 900
\u00a0
Expense/(income) recognised in profit or loss(35)(4)(1)(39)
Expense/(income) recognised in equity35 - (0)35
\u00a0
Balance at 31 December 2024751 60 85 897
Movements in deferred tax assets and liabilities recognised directly in equity during the year are as follows:
tab. C12.7 - Deferred taxes recognised in equity
Description(\u20acm)FY 2024
Fair value reserve for financial assets at FVTOCI\u00a0(609)
Reserve for insurance contracts issued and outward reinsurance406
Cash flow hedge reserve for hedging derivatives(18)
Actuarial gains/(losses) on employee termination benefits0
Other changes7
Total\u00a0(214)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page533-cflshid_230394-tag273284": { "value": "
C12 - INCOME TAX EXPENSE (\u20ac658 million)
tab. C12 - Income tax expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)FY 2024FY 2023Changes
IRESIRAPOtherTotalIRESIRAPOtherTotal
\u00a0\u00a0\u00a0\u00a0
Current tax expense585 179 2 766 597 148 2 746 20
Deferred tax assets(72)3 (0)(69)(3)1 - (2)(67)
Deferred tax liabilities(39)0 - (39)43 7 - 50 (89)
\u00a0\u00a0\u00a0\u00a0
Total474 182 2 658 637 156 2 794 (136)
With regard to the deductibility of losses related to the failure to offset tax credits, the allocation of risk provisions on tax credits and the charges resulting from sharing the Risk Analysis with the Agenzia delle Entrate (see also Note A10 - Tax credits Law no. 77/2020), on 22 November 2024, the Agenzia delle Entrate's response was received to the risk communication of 14 November 2024 submitted by the Parent Company; the response received confirmed the deductibility for IRES purposes of the charges related to the tax credits recognised in the 2022, 2023 and 2024 financial statements, resulting in the recognition of lower taxes amounting to \u20ac229 million, including taxes related to previous years.
Below is the reconciliation of the Parent Company's theoretical IRES tax rate and the effective tax rate of 24.64%:
\u00a0tab. C12.1 - Reconciliation between theoretical and effective IRES rate
Description(\u20acm)FY 2024FY 2023
TaxImpact %TaxImpact %
Profit before tax2,671 \u00a02,727 \u00a0
\u00a0\u00a0\u00a0\u00a0
Theoretical tax charge641 24.0%655 24.0%
\u00a0\u00a0
Effect of increases/(decreases) on theoretical tax charge\u00a0\u00a0\u00a0
Realised gains on investments- 0.00%(25)-0.92%
Non-deductible out-of-period losses 5 0.17%8 0.30%
Net provisions for risks and charges and impairment of receivables3 0.10%23 0.83%
Realignment of tax bases and carrying amounts and taxation for previous years(172)-6.43%(11)-0.39%
Other differences(1)-0.02%(11)-0.40%
IRAP Italian companies182 6.82%155 5.69%
Effective tax charge658 24.64%794 29.11%
The item \"realignment of tax bases and carrying amounts and taxation for previous years\" includes items related to the deductibility of charges related to the Parent Company's failure to offset tax credits related to prior years.
Current tax expense
tab. C12.2 - Movements in current tax assets/(liabilities)\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Current tax expense
IRESIRAPForeign companiesTotal
Assets/(Liabilities)Assets/(Liabilities)Assets/(Liabilities)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 8 (30)(1)(23)
\u00a0\u00a0\u00a0\u00a0
Payments685 178 3 866
\u00a0\u00a0\u00a0\u00a0
Provisions to profit or loss(585)(179)(2)(766)
\u00a0\u00a0\u00a0\u00a0
Provisions to equity(4)(0)- (4)
\u00a0\u00a0\u00a0\u00a0
Other 59 (0)0 58
\u00a0\u00a0\u00a0\u00a0
Balance at 31 December163 (31)(1)132
of which:\u00a0\u00a0\u00a0\u00a0
Current tax assets188 9 0 197
Current tax liabilities(25)(40)(1)(65)
Under IAS 12 \u2013 Income Taxes, IRES and IRAP credits are offset against the corresponding current tax liabilities, when applied by the same tax authority to the same taxable entity, which has a legally enforceable right to offset and intends to exercise this right.
In addition to the IRES and IRAP provisions for the year 2024 net of advance payments and receivables from the previous year and for withholding taxes, current tax assets (liabilities) at 31 December 2024 include:
\u2022residual assets for substitute tax of approximately \u20ac110 million related to transactions for the redemption of goodwill and other intangible assets carried out by the Parent Company (\u20ac20 million) and PostePay S.p.A. (\u20ac90 million);
\u2022assets totalling \u20ac42 million related to the deductibility of prior years' expenses referring to tax credits and the tax recognition of negative income components arising from the management of postal current account balances, which will become offsettable after the submission of the relevant supplementary tax returns;
\u2022residual assets of \u20ac10 million related to the Parent Company's adhesion to the Patent Box regime for the 2018-2019 financial years;
\u2022assets totalling a residual \u20ac9 million recognised as a result of the responses received to two petitions filed with the Agenzia delle Entrate concerning the tax effects of implementation of IFRS 9 and 15.
Deferred tax assets and liabilities
tab. C12.3 - Deferred taxes\u00a0\u00a0
Description(\u20acm)Balance at 31 December 2024 Balance at 31 December 2023Changes
Deferred tax assets\u00a01,997 \u00a02,109 (111)
Deferred tax liabilities(897)(900)4
Total\u00a01,101 1,208 (108)
Movements in deferred tax assets and liabilities are shown below:
tab. C12.4 - Movements in deferred tax assets and liabilities\u00a0
Description(\u20acm)FY 2024
Balance at 1 January\u00a01,208
Net income/(expense) recognised in profit or loss\u00a0108
Net income/(expense) recognised in equity(214)
Change in scope of consolidation and other(1)
Balance at 31 December\u00a01,101
of which:\u00a0
deferred tax assets1,997
deferred tax liabilities(897)
The following table shows movements in deferred tax assets and liabilities, broken down according to the events that generated such movements:
tab. C12.5 - Movements in deferred tax assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Property, plant and equipment and intangible assetsFinancial assets and liabilitiesProvisions to cover expected lossesProvisions for risks and chargesInsurance assets and liabilitiesOtherTotal
Balance at 1 January 202449 601 97 218 939 206 2,109
Income/(expense) recognised in profit or loss(8)(0)13 64 (9)8 69
Income/(expense) recognised in equity- (173)(7)- 1 (0)(179)
Change in scope of consolidation and other(2)(0)(8)(2)(1)12 (1)
Balance at 31 December 202439 427 95 280 931 226 1,997
tab. C12.6 - Movements in deferred tax liabilities\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Financial assets and liabilitiesIntangible assetsOtherTotal
Balance at 1 January 2024751 64 86 900
\u00a0
Expense/(income) recognised in profit or loss(35)(4)(1)(39)
Expense/(income) recognised in equity35 - (0)35
\u00a0
Balance at 31 December 2024751 60 85 897
Movements in deferred tax assets and liabilities recognised directly in equity during the year are as follows:
tab. C12.7 - Deferred taxes recognised in equity
Description(\u20acm)FY 2024
Fair value reserve for financial assets at FVTOCI\u00a0(609)
Reserve for insurance contracts issued and outward reinsurance406
Cash flow hedge reserve for hedging derivatives(18)
Actuarial gains/(losses) on employee termination benefits0
Other changes7
Total\u00a0(214)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page534-cflshid_231136-tag273286": { "value": "Current tax expense
tab. C12.2 - Movements in current tax assets/(liabilities)\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Current tax expense
IRESIRAPForeign companiesTotal
Assets/(Liabilities)Assets/(Liabilities)Assets/(Liabilities)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 8 (30)(1)(23)
\u00a0\u00a0\u00a0\u00a0
Payments685 178 3 866
\u00a0\u00a0\u00a0\u00a0
Provisions to profit or loss(585)(179)(2)(766)
\u00a0\u00a0\u00a0\u00a0
Provisions to equity(4)(0)- (4)
\u00a0\u00a0\u00a0\u00a0
Other 59 (0)0 58
\u00a0\u00a0\u00a0\u00a0
Balance at 31 December163 (31)(1)132
of which:\u00a0\u00a0\u00a0\u00a0
Current tax assets188 9 0 197
Current tax liabilities(25)(40)(1)(65)
Under IAS 12 \u2013 Income Taxes, IRES and IRAP credits are offset against the corresponding current tax liabilities, when applied by the same tax authority to the same taxable entity, which has a legally enforceable right to offset and intends to exercise this right.
In addition to the IRES and IRAP provisions for the year 2024 net of advance payments and receivables from the previous year and for withholding taxes, current tax assets (liabilities) at 31 December 2024 include:
\u2022residual assets for substitute tax of approximately \u20ac110 million related to transactions for the redemption of goodwill and other intangible assets carried out by the Parent Company (\u20ac20 million) and PostePay S.p.A. (\u20ac90 million);
\u2022assets totalling \u20ac42 million related to the deductibility of prior years' expenses referring to tax credits and the tax recognition of negative income components arising from the management of postal current account balances, which will become offsettable after the submission of the relevant supplementary tax returns;
\u2022residual assets of \u20ac10 million related to the Parent Company's adhesion to the Patent Box regime for the 2018-2019 financial years;
\u2022assets totalling a residual \u20ac9 million recognised as a result of the responses received to two petitions filed with the Agenzia delle Entrate concerning the tax effects of implementation of IFRS 9 and 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page536-cflshid_232512-tag273318": { "value": "
4.4 - OPERATING SEGMENTS
The identified operating segments, which are in line with the Group's strategic guidelines, are as follows:
\u2022Mail, Parcels & Distribution
\u2022Financial Services
\u2022Insurance Services
\u2022Postepay Services (previously Payments and Mobile)
For a description of the operating segments as well as the types of products and/or services from which each reportable segment derives its revenue, please refer to the \"Foreword\" section of this Annual Report.
The result for each segment is based on operating profit/(loss) and gains/losses on intermediation.
In order to provide an understanding of the energy business, included in the Postepay Services operating segment, according to an approach based on the net interest and other banking income, since the Group is not an energy producer, the values shown with an asterix include a management reclassification that provides for the presentation of revenue related to the energy business net of costs related to the purchase of raw materials and the transport of electricity and gas. Therefore, values that deviate from the accounting data are specially marked and reconciled with the figures in the accounting statements.
The following results, which are shown separately in accordance with the management view and with applicable accounting standards, should be read in light of the integration of the services offered by the distribution network within the businesses allocated to all four identified operating segments, also considering the obligation to carry out the Universal Postal Service.
Economic data by operating segment
FY 2024(\u20acm)Mail, Parcels & DistributionFinancial ServicesInsurance ServicesPostepay Services \u00a0Adjustments and eliminationsTotal
Net external revenue from ordinary activities3,843 5,521 1,640 1,585 (*)- 12,589 (*)
Net intersegment revenue from ordinary activities5,597 919 (160)274 \u00a0(6,631)-
Net operating revenue9,441 6,440 1,480 1,858 (*)(6,631)12,589 (*)
Total costs(9,678)(5,556)(109)(1,330)(*)6,630 (10,042)(*)
of which: Depreciation, amortisation and impairment(890)(0)(2)(35)\u00a074 (855)
of which: Other non-cash expenses(559)11 4 (18)\u00a0-(562)\u00a0
Operating profit/(loss)(237)884 1,371 529 \u00a0(0)2,546
Finance income/(costs)(37)(1)126 1 \u00a0- 89
(Impairment losses)/reversal of impairment losses on debt instruments, receivables and other assets13 0 1 0 \u00a0- 14
Profit/(Loss) on investments accounted for using the equity method2 20 - 0 \u00a0- 22
Intersegment finance income/(costs)4 18 (51)28 \u00a0(0)-
Taxes for the period168 (248)(414)(164)\u00a0- (658)
Profit/(loss) for the period(88)674 1,033 394 \u00a0(0)2,013
FY 2023(\u20acm)Mail, Parcels & DistributionFinancial ServicesInsurance ServicesPostepay Services \u00a0Adjustments and eliminationsTotal
Net external revenue from ordinary activities3,746 5,229 1,567 1,447 (*)- 11,989 (*)
Net intersegment revenue from ordinary activities5,245 866 (148)264 \u00a0(6,227)-
Net operating revenue8,991 6,095 1,419 1,710 (*)(6,227)11,989 (*)
Total costs(9,033)(5,232)(59)(1,271)(*)6,227 (9,368)(*)
of which: Depreciation, amortisation and impairment(844)(0)(2)(36)\u00a071 (811)
of which: Other non-cash expenses(301)(3)(1)(24)\u00a0-(330)
Operating profit/(loss)(43)863 1,360 440 \u00a00 2,620
Finance income/(costs)(41)(1)102 2 \u00a0- 62
Impairment losses/(reversals of impairment losses) on financial assets25 0 (0)(0)\u00a0- 25
Profit/(Loss) on investments accounted for using the equity method2 18 - - \u00a0- 20
Intersegment finance income/(costs)8 13 (51)30 \u00a00 -
Income tax expense 2 (246)(417)(134)\u00a0- (794)
Net profit/(loss) for the year(46)647 994 338 \u00a00 1,933
Below is the reconciliation between the accounting figure and the management figure for the year under review and the comparative year:
\u00a02024\u00a02023
Description(\u20acm)\u00a0Postepay Services GroupPostepay Services Group
Net external revenue from ordinary activities Accounting data1,92312,9271,58612,128
Reclassification(338)(338)(140)(140)
Management data1,58512,5891,44711,989
Net intersegment revenue from ordinary activitiesAccounting data396\u00a0275\u00a0
Reclassification(122)\u00a0(11)\u00a0
Management data274\u00a0264\u00a0
Net operating revenueAccounting data2,31912,9271,86112,128
Reclassification(461)(338)(150)(140)
Management data1,85812,5891,71011,989
Total costsAccounting data1,79110,3811,4219,508
Reclassification(461)(338)(150)(140)
Management data1,33010,0421,2719,368
Statement of financial position data by operating segment
31 December 2024(\u20acm)Mail, Parcels & DistributionFinancial ServicesInsurance ServicesPostepay Services \u00a0Adjustments and eliminationsTotal
Assets13,002 97,170 171,879 12,972 \u00a0(17,925)277,098
Non-current assets10,112 73,221 147,668 740 \u00a0(3,697)228,045
Current assets2,890 23,949 24,161 12,231 \u00a0(14,228)49,003
Non-current assets and disposal groups held for sale - -50 - \u00a0- 50
Liabilities9,511 93,809 165,151 11,703 \u00a0(14,785)265,388
Non-current liabilities4,294 8,011 163,391 74 \u00a0(617)175,154
Current liabilities5,217 85,798 1,760 11,629 \u00a0(14,169)90,235
Other information\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Capital expenditure940 0 4 22 \u00a0(0)966
Investments accounted for using the equity method39 276 0 17 \u00a0- 332
31 December 2023(\u20acm)Mail, Parcels & DistributionFinancial ServicesInsurance ServicesPostepay Services \u00a0Adjustments and eliminationsTotal
Assets13,223 98,450 164,024 12,712 \u00a0(17,633)270,777
Non-current assets9,934 73,325 144,516 737 \u00a0(3,698)224,814
Current assets3,289 25,125 19,508 11,975 \u00a0(13,936)45,963
Non-current assets and disposal groups held for sale - - 50 - \u00a0- 50
Liabilities10,340 95,640 157,634 11,269 \u00a0(14,496)260,388
Non-current liabilities4,125 10,014 156,402 85 \u00a0(669)169,958
Current liabilities6,215 85,626 1,232 11,185 \u00a0(13,827)90,430
Other information\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Capital expenditure814 0 6 25 \u00a0- 845
Investments accounted for using the equity method27 267 - - \u00a0- 294
Disclosure about geographical segments, based on the geographical areas in which the various Group companies are based or the location of its customers, is of no material significance. At 31 December 2024, the entities consolidated on a line-by-line basis are mainly based in Italy and, on a residual and insignificant basis in China, Hong Kong and the United Kingdom320; customers are mainly located in Italy: revenue from foreign customers does not account for a significant percentage of total revenue. Assets include those deployed by the segment in the course of ordinary business activities and those that could be allocated to it for the performance of such activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page538-cflshid_234814-tag273287": { "value": "
4.5 - RELATED PARTY TRANSACTIONS
The Group include in external related parties the parent company MEF and its direct and indirect subsidiaries and associates. Related parties also include Poste Italiane SpA's key management personnel and the funds representing employment benefit plans for the personnel of BancoPosta RFC and its related parties. The state and public sector entities other than the MEF are not classified as related parties. Related party transactions do not include those deriving from financial assets and liabilities represented by instruments traded on organised markets.
Impact of related party transactions on the financial position and profit or loss
The impact of related party transactions on the financial position and profit or loss is shown below:
Impact of related party transactions on the financial position at 31 December 2024\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024
Description(\u20acm)Financial assetsTrade receivables Other assets Other receivablesCash and cash equivalentsFinancial liabilitiesTrade payablesOther liabilities
Subsidiaries
Casina Poste societ\u00e0 sportiva dilettantistica Srl\u00a0-0 - - - - -
Joint ventures
Locker Italia SpA -0 - - -00
Associates
Anima Holding Group -0 - - -7 -
Italia Camp Srl -0 - - - - -
Financit SpA -4 - - -19 -
Eurizon Capital Real Asset SGR - - - - -0 -
sennder Italia Srl -10 - -30(0)
Cronos Vita Assicurazioni SpA -0 - - - - -
N&TS Group Networks & Transactional Systems Group S.p.A. - - - -52 -
External related parties
MEF9,972296193465,44130
Cassa Depositi e Prestiti Group2,9252271 -030 -
Enel Group -21 - -0150
Eni Group -4 - - -8 -
Equitalia Group -0 - - - - -
Sace Group -0 - - - - -
Leonardo Group -0 - - -12 -
Montepaschi Group1291 -412700 -
Other external related parties20472 -11880
Provisions for doubtful receivables owing from external related parties(25)(5)(6)(0) - - -
Total13,021597163875,72813580
Impact of related party transactions on the financial position at 31 December 2023\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2023
Description(\u20acm)Financial assetsTrade receivables Other assets Other receivablesCash and cash equivalentsFinancial liabilitiesTrade payablesOther liabilities
Subsidiaries
Address Software Srl -0 - -010
Kipoint SpA -10 -220
Indabox -0 - -000
Associates
Anima Holding Group -0 - - -7 -
Italia Camp Srl -1 - - -0 -
Financit SpA -3 - - -17 -
Eurizon Capital Real Asset SGR - - - - -0 -
sennder Italia Srl -1 - - -36(0)
Cronos Vita Assicurazioni SpA -0 - - - - -
External related parties
MEF8,937370198735,37641
Cassa Depositi e Prestiti Group2,9132531 -024 -
Enel Group -27 - - -30
Eni Group -5 - - -3 -
Equitalia Group -1 - - - - -
Sace Group -0 - - - - -
Leonardo Group -0 - - -11 -
Montepaschi Group2242 -0351(0) -
Other external related parties20502 -4488
Provisions for doubtful receivables owing from external related parties(27)(32)(6)(0) - - -
Total12,066681178745,73411390
At 31 December 2024, total provisions for risks and charges made to cover probable liabilities arising from transactions with related parties external to the Group attributable to trading relations amounted to \u20ac48 million (\u20ac59 million at 31 December 2023).
At 31 December 2024, net provisions for risks and charges used to cover probable liabilities arising from transactions with related parties external to the Group attributable to trading relations amounted to about \u20ac0.04 million (\u20ac0.1 million at 31 December 2023).
Impact of related party transactions on profit or loss at 31 December 2024\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Balance at 31.12.2024
RevenueCosts
InvestmentsCurrent expenses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Revenue and income from Mail, Parcels and otherRevenue from PostePay ServicesRevenue from Financial ServicesNet revenue from insurance services Finance incomeProperty, plant and equipmentIntangible assetsCost of goods and servicesPersonnel expensesOther operating costsExpenses from financial activitiesImpairment losses/(reversals of impairment losses) on debt instruments, receivables and other assetsFinance costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Subsidiaries\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Casina Poste societ\u00e0 sportiva dilettantistica Srl0 - - - - - - - - - - - -
Joint ventures
Locker Italia SpA0 - - - -0(0) - - - -
Associates
Anima Holding Group2 - - - - - -10 - - - - -
Italia Camp Srl - - - - - - -0 - - - - -
Financit SpA29 - - - - - - - - - - - -
sennder Italia Srl0 - - - - - -252 - - - - -
Cronos Vita Assicurazioni SpA0 - - - - - - -(0) - - - -
N&TS Group Networks & Transactional Systems Group S.p.A. - - - - - - -3 - - - - -
External related parties
MEF83943466 -140 -(0) -3 -(2)0
Cassa Depositi e Prestiti Group2431,8021 -1429500 -(0)1
Enel Group36 -00 -2 -96 -0 -(0) -
Eni Group16 -0 - -1 -217 - - - - -
Equitalia Group2 - - - - - - - - - - - -
Sace Group1 - - - - - - - - - - - -
Leonardo Group0 - - - - -219 - - - - -
Montepaschi Group17 -11 - - - -0 -05 -0
Other external related parties88190 - -- -26752300
Total1,055652,2791141737207558(2)1
Impact of related party transactions on profit or loss in FY 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Balance at 31.12.2023
RevenueCosts
InvestmentsCurrent expenses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Revenue and income from Mail, Parcels and otherRevenue from Payments and MobileRevenue from Financial ServicesNet revenue from insurance services Finance incomeProperty, plant and equipmentIntangible assetsCost of goods and servicesPersonnel expensesOther operating costsExpenses from financial activitiesImpairment losses/(reversals of impairment losses) on debt instruments, receivables and other assetsFinance costs
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Subsidiaries\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Address Software Srl0 - - - - - -1(0) - - - -
Kipoint SpA1 - - - - - -3(0) - - -0
Associates
Anima Holding Group2 - - - - - -8 - - - - -
Indabox0 - - - -0 - - - - -
Italia Camp Srl - - - - -0(0) - - - -
Other SDA Group associates0 - - -(0) - - - - - - - -
Financit SpA30 - - - - - - -(0) - - - -
sennder Italia Srl0 - - - - - -122(0) - - -0
Cronos Vita Assicurazioni SpA0 - - - - - - -(0) - - - -
External related parties
MEF81746503 -15 - -1 -1 -(0)0
Cassa Depositi e Prestiti Group1931,81318 -826900 -(0)0
Enel Group37 -0 - -0 -18 - - - - -
Eni Group22 -0 - -0 -42 - - - - -
Equitalia Group2 - - - - - - - - - - - -
Sace Group0 - - - - - - - - - - - -
Leonardo Group0 - - - - -324 -0 - - -
Montepaschi Group17 -1 - - - -0 -07 -0
Other external related parties6050 - - - -20742500
Total1,007542,3171815\u00a086\u00a030874312(0)1
The tables also show transactions with subsidiaries that, due to their insignificance, are valued at equity and not consolidated on a line-by-line basis.
The nature of the Parent Company's principal related party transactions external to the Group is summarised below in order of relevance:
\u2022Amounts received from the MEF relate primarily to payment for carrying out the USO, the management of postal current accounts, as payment for delegated services, the franking of mail on credit, and for the integrated notification service.
\u2022Amounts received from CDP SpA primarily relate to payment for the collection of postal savings deposits.
\u2022Amounts received from the Enel Group primarily relate to payment for bulk mail shipments, unfranked mail, franking of mail on credit and postage paid mailing services. The costs incurred primarily relate to the supply of gas and electricity.
\u2022Amounts received from the ENI Group primarily regard payment for mail shipments. The costs incurred relate to the supply of gas and of fuel for motorcycles and vehicles.
\u2022Purchases from the Leonardo Group primarily relate to the supply, by Leonardo SpA, of equipment, maintenance and technical assistance for mechanised sorting equipment, and systems and IT assistance regarding the creation of document storage facilities, specialist consulting services and software maintenance, and the supply of software licences and of hardware.
\u2022Amounts received from the Monte dei Paschi di Siena group primarily regard payment for mail shipments.
Related party transactions have been carried out on terms equivalent to those prevailing in arm's length transactions between independent parties.
Impact of related party transactions or positions
The impact of related party transactions on the financial position, profit or loss and cash flows is shown in the following table:
Impact of related party transactions \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Total in financial statementsTotal related partiesImpact (%)Total in financial statementsTotal related partiesImpact (%)
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Financial position\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0
Financial assets244,53813,0215.3237,15912,0665.1
Trade receivables2,07859728.72,40768128.3
Other receivables and assets5,294160.35,135170.3
Cash and cash equivalents4,6803878.34,21187420.8
Provisions for risks and charges1,083484.41,336594.4
Financial liabilities 94,0855,7286.195,3935,7346.0
Trade payables2,0971356.42,2521135.0
Other liabilities4,175801.94,343902.1
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0Balance at 31.12.2024Balance at 31.12.2023
Profit or loss\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0
Revenue from Mail, Parcels & other3,8431,05527.53,7461,00726.9
Net revenue from Financial Services5,5212,27141.15,2292,30544.1
Net revenue from insurance services1,64010.01,567181.2
Revenue from PostePay Services1,923653.41,586543.4
Cost of goods and services3,71772003,2373089.5
Personnel expenses5,135751.55,170741.4
Other operating costs31851.527531.2
Finance costs12010.611910.5
Finance income209146.9181158.1
\u00a0\u00a0\u00a0
Cash flows\u00a0
Net cash flow from /(for) operating activities2,901(841)n.a.1,4144,4200
Net cash flow from /(for) investing activities(986)(20)0.(994)(14)0
Net cash flow from/(for) financing activities and shareholder transactions(1,446)(733)0(1,192)(564)0
Key management personnel
Executives with strategic responsibilities are defined as the Directors and the General Manager, the members of the Board of Statutory Auditors and of the Supervisory Board, the heads of the functions reporting directly to the CEO and the General Manager who have the power and responsibility for the planning, management and control of the Parent Company's activities, the Head of Internal Control and the Manager in charge of preparing Poste Italiane's corporate accounting documents. The related remuneration, gross of expenses and social security contributions, of such key management personnel as defined above is as follows:
Remuneration of key management personnel \u00a0
Description(\u20acm)FY 2024FY 2023
Remuneration to be paid in short/medium term 2014
Post-employment benefits 11
Other benefits to be paid in longer term 1(1)
Share-based payments 65
Total2819
Remuneration and expenses of Statutory Auditors\u00a0\u00a0\u00a0
Description(\u20ack)\u00a0Balance at 31.12.2024Balance at 31.12.2023
\u00a0
\u00a0
Remuneration1,7111,439
Expenses9377
\u00a0
Total\u00a01,8041,516
The remuneration paid to members of the Parent Company's Supervisory Board for 2024 amounts to approximately \u20ac96 thousand. In determining the remuneration, the amounts paid to managers of Poste Italiane who are members of the Supervisory Board is not taken into account, as this remuneration is passed on to the employer.
No loans were granted to key management personnel during the period and, at 31 December 2024, Group companies do not report receivables in respect of loans granted to key management personnel.
Transactions with personnel pensions funds
The Parent Company and the subsidiaries that apply the National Collective Labour Agreement are members of the Fondoposte Pension Fund, the national supplementary pension fund for Poste Italiane personnel, established on 31 July 2002 as a non-profit entity. The Fund's officers and boards are the General Meeting of delegates, the Board of Directors, the Chairman and Deputy Chairman of the Board of Directors and Board of Statutory Auditors. Representation of members on the above boards is shared equally between the companies and the workers that are members of the Fund. The participation of members in the running of the Fund is guaranteed by the fact that they directly elect the delegates to send to the Shareholders' Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page543-cflshid_240246-tag273288": { "value": "
Key management personnel
Executives with strategic responsibilities are defined as the Directors and the General Manager, the members of the Board of Statutory Auditors and of the Supervisory Board, the heads of the functions reporting directly to the CEO and the General Manager who have the power and responsibility for the planning, management and control of the Parent Company's activities, the Head of Internal Control and the Manager in charge of preparing Poste Italiane's corporate accounting documents. The related remuneration, gross of expenses and social security contributions, of such key management personnel as defined above is as follows
Remuneration and expenses of Statutory Auditors\u00a0\u00a0\u00a0
Description(\u20ack)\u00a0Balance at 31.12.2024Balance at 31.12.2023
\u00a0
\u00a0
Remuneration1,7111,439
Expenses9377
\u00a0
Total\u00a01,8041,516
The remuneration paid to members of the Parent Company's Supervisory Board for 2024 amounts to approximately \u20ac96 thousand. In determining the remuneration, the amounts paid to managers of Poste Italiane who are members of the Supervisory Board is not taken into account, as this remuneration is passed on to the employer.
No loans were granted to key management personnel during the period and, at 31 December 2024, Group companies do not report receivables in respect of loans granted to key management personnel", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page545-cflshid_241643-tag273289": { "value": "4.6 RISK MANAGEMENT
INTRODUCTION
The note \"Risk management\" presents information on the Poste Italiane Group's exposure to risks of various kinds and includes a discussion of financial risks (pursuant to IFRS 7 -Financial Instruments: Disclosures), risks of an insurance nature (pursuant to the new IFRS 17 -Insurance Contracts) as well as other risks for which it is deemed appropriate/necessary to provide information, also taking into account the recommendations published by ESMA and Consob321 during the year.
In this section, qualitative information on the objectives, policies and processes adopted by the Group for risk measurement and management is provided in a separate section from the quantitative information required by the above-mentioned principles.
QUALITATIVE INFORMATION
Financial risk
Within the Parent Company, the management of lending and risk hedging operations relating to BancoPosta RFC and Poste Italiane are entrusted to BancoPosta Fondi SpA SGR, while finance activities, relating to treasury and medium/long-term funding operations, including on the capital market, as well as extraordinary and subsidised finance initiatives, are entrusted to the Administration, Finance and Control function.
Management of the Group's financial transactions and of the associated risk profiles relates mainly to the operations of Poste Italiane SpA and the Poste Vita insurance group.
\u2022Poste Italiane SpA's financial transactions primarily relate to BancoPosta's operations, asset financing and liquidity investment.
BancoPosta RFC's operations consist in the active management of liquidity generated by postal current account deposits, carried out in the name of BancoPosta but subject to statutory restrictions, and collections and payments on behalf of third parties. The funds raised by private customers on postal current accounts must be used in euro area government securities and, for a portion not exceeding 50% of the funds raised, in other securities backed by the Italian government guarantee322, whilst deposits by Public Administration entities are deposited with the MEF. Moreover, within the 50% of deposits from private customers that can be invested in Italian government-guaranteed securities, BancoPosta RFC may use up to a maximum of 30% of that portion to purchase tax credits transferable pursuant to Law Decree no. 34/2020 (the so-called Decreto Rilancio) and subsequent amendments and additions, or other tax credits transferable pursuant to current legislation323.
The investment profile is based on the constant monitoring of habits of current account holders and the use of a statistical/econometric model that forecasts the interest rates and maturities typical of postal current accounts. Accordingly, the portfolio composition aims to replicate the financial structure of postal current accounts by private customers. Management of the relationship between the structure of deposits and investments is handled through an appropriate Asset & Liability Management system. The above-mentioned model is thus the general reference for the investments, in order to limit exposure to interest rate risk and liquidity risks. The prudential requirements introduced by the third revision of the Bank of Italy Circular 285/2013 require Bancoposta to apply the same regulations applicable
to banks in terms of its controls, establishing that its operations are to be conducted in accordance with the Consolidated Law on Banking (TUB) and the Consolidated Law on Finance (TUF). BancoPosta RFC is, therefore, required to establish a system of internal controls in line with the provisions of Circular 285324, which, among other things, requires definition of a Risk Appetite Framework (RAF325), the containment of risks within the limits set by the RAF, protection of the value of assets and against losses, and identification of material transactions to be subject to prior examination by the risk control function.
BancoPosta's capital structure, which is subject to the prudential provisions introduced with the 3rd update of Bank of Italy Circular 285/2013, is solid due to the CET1 ratio, which, at 31 December 2024, was 19.4% and the Total Capital Ratio, which, at 31 December 2024, was 22.7%. The Leverage Ratio amounted to 3.3%326 at year-end, up slightly compared to 31 December 2023 as a result of the decrease in assets on the balance sheet, including adjustments for leverage purposes.
By contrast, operations not covered by BancoPosta RFC, primarily relating to management of the Parent Company's own liquidity, are carried out in accordance with investment guidelines, which require the Company to invest in instruments such as government securities, high-quality corporate or bank bonds, term bank deposits and tax credits. Liquidity is also deposited in postal current accounts, subject to the same requirements applied to the investment of deposits by private current account holders.
\u2022Financial instruments held by insurance companies in the Poste Vita Group, primarily relate to investments designed to cover its contractual obligations to policyholders on traditional build-up life policies and unit-linked policies. For these types of products, therefore, the financial results recorded not only change the value of financial assets, but also have an impact on insurance liabilities. Other investments in financial instruments regard investment of the insurance companies' free capital.
As regards life business, in particular for the subsidiary Poste Vita SpA, traditional Life policies, classified under Class I and V, primarily include products whose benefits are revalued based on the return generated through the management of pools of financial assets, which are separately identifiable in accounting terms only, within the company's assets (Separately managed accounts). In the case of policies sold in previous years, the Company has guaranteed a minimum return payable at maturity on such products (at 31 December 2024, this minimum return at maturity on existing policies ranged between 0% and 2%). Valuation gains and losses are retroceded to policyholders and recognised in the Statement of profit or loss and/or in a special reserve recognised in the Statement of Comprehensive Income, net of the over-hedging component. The recognition technique, referred to as mirroring, provides that the component to be reversed to policyholders is identified through the analysis of the income generated by the securities portfolio related to the Separately Managed Accounts (as more fully specified in Section 2.5 - Material information on accounting standards - Insurance contracts and Assets for outward reinsurance).
As anticipated, the economic effect of financial risks on investments impacts both the pure investment component, i.e. the financial assets backing the insurance liabilities, and the insurance liability itself, as there is a financial component in the valuation. These effects may be partly passed on to the policyholders. This absorption is generally based on the level and structure of guarantees of minimum returns and the profit-sharing mechanisms of Separately Managed Accounts for the policyholder. The Company determines the sustainability of minimum returns through periodic analyses using an internal financial-actuarial (Asset-Liability Management) model which simulates, for each Separately Managed Account, the change in value of the financial assets and the expected returns, as well as the
relevant impacts on insurance liabilities, under a \"central scenario\" (based on current financial and commercial assumptions) and under stress and other scenarios based on different sets of assumptions. This model makes it possible to manage the risks assumed by Poste Vita SpA on a quantitative basis, thereby fostering reduced earnings volatility and optimal allocation of financial resources.
Unit-linked products, relating to Class III insurance products, regard policies where the premium is invested in mutual investment funds. The Company Poste Vita constantly monitors the evolution of the risk profile of individual products.
The investment policies of the insurance companies Poste Assicura, Net Insurance and Net Insurance Life, which are characterised by businesses that do not envisage a direct correlation between the products placed and financial investments, are aimed at preserving the Group's capital solidity, as outlined in the framework resolution approved by the Board of Directors of Poste Vita on 21 June 2024. Periodic analyses are carried out on the macroeconomic context, the market trends of the different asset classes and the related impact on the integrated asset-liability management, which is aimed at the optimal management to cover claims.
Within the above context, balanced financial management and monitoring of the main risk/return profiles are carried out and ensured by dedicated organisational structures that operate separately and independently. In addition, specific processes are in place governing the assumption and management of and control over financial risks, including the progressive introduction of appropriate information systems.
In this regard, on 12 December 2024, the Board of Directors of Poste Italiane SpA adopted a revised version of the Guidelines for Internal Control and Risk Management System (SCIGR), which contains integrated guidelines for Poste Italiane SpA's Internal Control and Risk Management System.
From an organisational viewpoint, the model consists of:
\u2022the Control and Risk Committee, established in 2015 within the Board, which has the task of supporting, through an appropriate investigative, proposal-making and advisory activity, the evaluations and decisions of the Board of Directors on the internal control and risk management system and on the approval of the relative periodic financial and non-financial reports.
\u2022the Financial and Insurance Services Committee, established on 19 March 2018, with the aim of overseeing the process of developing the products and services distributed by BancoPosta, in order to take a uniform, integrated view of the entire offering and to monitor the performance of the financial investments in which private customer deposits are invested.
\u2022the BancoPosta Risk Management function, responsible for measuring and controlling risk and respect for the principle of ensuring the organisational separation of risk assessment from risk management activities;
\u2022an Investment Committee established at the Group's insurance company, Poste Vita SpA, which, based on analyses by the relevant functions, provides advice to senior management on the development, implementation and oversight of investment strategy;
\u2022appropriate functions established within the Parent Company and the subsidiaries providing financial and insurance services (BancoPosta Fondi SGR SpA and Poste Vita SpA) that perform Risk Measurement and Control activities, ensuring the organisational separation of risk assessment from risk management activities; the results of these activities are examined by the relevant advisory Committees, which are responsible for carrying out an integrated assessment of the main risk profiles;
\u2022the Investment Committee of the insurance companies Net Insurance and Net Insurance Life, which is entrusted with investment-related tasks, as well as the verification and monitoring of the companies' compliance with investment policies, guidelines and recommendations;
\u2022the Internal Control Risk and Related Parties Committee of insurance companies Net Insurance and Net Insurance Life, set up in order to strengthen the control and risk management system, assists the Board of Directors in evaluations and decisions relating to the internal control and risk management system.
In constructing the Risk Model used by BancoPosta RFC, account was also taken of the existing prudential supervisory standards for banks and the specific instructions for BancoPosta, published by the Bank of Italy on 27 May 2014 with the third revision of Circular 285 of 17 December 2013.
The financial risks to which the Poste Italiane Group as a whole is exposed are broken down into the types of risk indicated below. The sensitivity analyses performed on individual risks at the reporting date of this Annual Report, described at a theoretical level below, are common to all operating segments, unless otherwise indicated in the context of insurance operations.
\u2022Market risk, defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market prices. Market risk comprises three types of risk:
oFair value interest rate risk: the risk that the value of a financial instrument fluctuates as a result of movements in market interest rates. The analyses conducted on said type of risk refer mainly to the effects of changes in interest rates on the price of fixed rate financial instruments or variable rate financial instruments converted to fixed rate via cash flow hedges and, to a lesser degree, the effects of changes in interest rates on the fixed components of variable rate financial instruments or fixed rate financial instruments converted to variable rate via fair value hedges. The impact of these effects is directly related to the financial instrument's duration. The sensitivity analysis to the interest rate risk of the positions concerned was calculated as a result of a hypothetical parallel shift in the market rate curve of +/- 100 bps, providing a baseline reference that can be used to appreciate potential changes in fair value in the event of interest rate fluctuations.
oPrice risk: the risk that the value of a financial instrument fluctuates as a result of market price movements, deriving from factors specific to the individual instrument or the issuer, and factors that influence all instruments traded on the market. The analyses conducted refer to financial assets classified as measured at fair value through other comprehensive income (\"FVTOCI\") or measured at fair value through profit or loss (\"FVTPL\"), and certain derivative financial instruments where changes in value are recognised in profit or loss. The sensitivity analysis took into account positions potentially exposed to the highest fluctuations in value. Financial statement balances have been subjected to a stress test, based on actual volatility during the year, considered to be representative of potential market movements. In its insurance operations, the Group considered a sensitivity analysis represented by a parallel shift in the price curve of +/-25% to be more representative of its risk exposure, in line with the approach adopted in 2023.
oForeign Exchange Risk - the risk that the value of a financial instrument fluctuates as a result of changes in exchange rates for currencies other than the functional currency. Sensitivity analysis of the items subject to foreign exchange risk was based on the most significant positions, assuming a stress scenario determined by the levels of exchange rate volatility applicable to each foreign currency position. The test applies an exchange rate movement based on volatility during the year, which was considered to be representative of potential market movements.
\u2022Spread risk: the risk relates to the potential fall in the value of bonds held, following a deterioration in the creditworthiness of issuers. This is due to the importance that the impact of the spread of returns on government securities had on the fair value of eurozone government and corporate securities, reflecting the market's perception of the credit rating of issuers. The value of the portfolio of bonds issued or guaranteed by the Italian government is much more sensitive to the credit risk associated with the Italian Republic than to changes in so-called risk-free interest rates. This is due to the fact that changes in credit spreads are not hedged and regard the entire securities portfolio, meaning both the fixed and variable rate components. In this latter case, in fact, fair value derivatives, used to convert variable rate instruments, hedge only the risk-free interest rate risk and not credit risk. This means that a
change in the credit spread has an equal impact on both fixed and variable instruments. In terms of potential impact on results, only a worsening scenario of the stress conditions, i.e. a parallel shift in the yield curve of Italian government bonds of +100 bps, was deemed more significant. For insurance operations, since the portfolio is also diversified over securities belonging to the corporate sector, stresses are applied and evaluated separately between the purely government and private issue portfolios.
\u2022Credit risk: defined as the risk of default of one of the counterparties to which there is an exposure, with the exception of equities and units of mutual investment funds. For more detailed information on the inputs, assumptions and estimation techniques used to calculate Expected Credit Losses (ECL), please see Section \"2.6 - Use of estimates - Impairment and stage allocation for financial instruments\".
\u2022Liquidity risk Liquidity risk: defined as the risk that an entity may have difficulties in raising sufficient funds, at market conditions, to meet its obligations deriving from financial instruments. In order to minimise this risk, the Poste Italiane Group applies a financial policy based on diversification of the various forms of short-term and long-term borrowings and counterparties; availability of relevant lines of credit in terms of amounts and the number of banks; gradual and consistent distribution of the maturities of medium/long-term borrowings; and use of dedicated analytical models to monitor the maturities of assets and liabilities.
\u2022Cash flow interest rate risk - this is defined as the uncertainty related to the generation of future cash flows, due to interest rate fluctuations. It may result from the misalignment - in terms of rate types, indexation methods and maturities - of financial assets and liabilities that tend to remain in place until their contractual and/or expected maturity (so-called banking book) that, as such, generate economic effects in terms of net interest income, reflecting on the income results of future periods. The following analysis refers to the uncertainty over future cash flows generated by variable rate instruments and variable rate instruments created through fair value hedges following fluctuations in market interest rates. Sensitivity to cash flow interest rate risk relating to these instruments is calculated by assuming a parallel shift in the yield curve of +/- 100 bps.
\u2022Cash flow inflation rate risk: this is defined as the uncertainty related to future cash flows due to changes in the rate of inflation observed in the market.
Insurance risks
This type of risk emerges as a consequence of the placement, by insurance companies belonging to the Group, of products that fall under the definition of insurance contracts. These contracts have conditions, such as technical bases adopted, premium calculation, lapse conditions, etc., which bring out risks typical of the insurance business.
In order to combine strategic and business objectives with those of profitability and quality of the risks assumed, as well as mitigating the exposure to said typical risks, in the process of assuming risks, the Group has defined an underwriting policy which provides for the following:
\u2022the development of products consistent with the needs and characteristics of the various customer segments;
\u2022the assumption of risks for the management of which there are adequate supporting skills and resources;
\u2022the assumption of risks consistent with the Risk Strategy and Risk Appetite;
\u2022the elimination or non-renewal, where possible, of \"accepted\" risks that are not consistent with the Risk Appetite Framework and/or that imply situations where the limits established by the specific guidelines of the Group are exceeded;
\u2022the underwriting of risks that ensure adequate mitigation techniques, in particular consistency between reinsurance treaties underwritten, product characteristics (e.g. guarantees covered, contract duration) and portfolio mix;
\u2022the adequacy of procedures and control systems to ensure the completeness, relevance and accuracy of the accounting and statistical data used for risk pricing/analysis purposes;
\u2022the evaluation, when designing a new product and/or a new commercial initiative, of the following aspects:
oadequate reinsurance structures;
oassumption limits;
ocontractual clauses (possibility of splitting the premium, possibility of tacit renewal, withdrawal in the event of a claim, etc.);
oexpenses (for the acquisition, management and administration of contracts including claims settlement expenses, etc.);
ochanges (in terms of risk and concentration) to the portfolio mix that the issuance of the new product may entail;
oassessment of the impact of non-payment of premiums (e.g. impossibility of recovering expenses and commissions) with relative repercussions on solvency.
In the risk assuming phase, the Group must therefore undertake to guarantee the sufficiency of the premiums collected with respect to the future commitments made to policyholders and the costs of managing and acquiring contracts, developing the skills and professionalism of the parties involved in product definition, assumption of risks and, more generally, of all parties involved in the underwriting process.
The Group must also guarantee ever-increasing quality standards in the management of underwriting activities in order to avoid reputational losses and anti-selection phenomena.
The underwriting policy is aimed at strengthening the Group's market position, increasing its share in the various insurance lines in which it operates by developing a profitable risk portfolio.
As a result of the assumption of risks typical of the insurance business, types of exposures emerge that are significant for the Group and for which specific monitoring and containment activities need to be implemented. Specifically:
\u2022Lapse risk: insurance contracts may theoretically contain implicit options such as lapse options, guaranteed minimum return options and/or annuity conversion options. These options give the policyholder the right or the ability to obtain profits or changes in the relationship that result in a risk being borne by the company, assuming a risk other than the insurance risk associated with taking out the contract. In the specific case of the Poste Italiane Group, for almost all the products in its portfolio, no penalties are envisaged in the event of lapse by the policyholder, so that this risk becomes significant in the event of mass lapses, which cannot be foreseen and are concentrated in specific, excessively short time periods that would not allow for easy management of potential redemptions in the portfolio. This would entail a significant monetary outlay for the companies belonging to the Group, which would find themselves in the situation of having to dispose of assets to cover their liabilities, with the possible realisation of potential capital losses in the event of unfavourable market situations, as well as to use their cash and cash equivalents to cover the contractually guaranteed minimum levels. It is stressed that, considering the historical trend observed to date, the probability of this hypothesis occurring is considered remote (lapse rate for 2024 of approximately 6.6%), and furthermore, any adverse event would be covered by specific reinsurance contracts to cover mass lapse phenomena. The aforementioned phenomenon has a greater impact on the portfolios associated with the Separately Managed Accounts, for which any impairment of securities would entail a loss in the current year and a carry-over effect on future returns, resulting in a significant reduction that could compromise the sound and prudent management of the company, as well as the dynamics of short- and medium-term funding. In the current context of economic uncertainty, an increase in the rate at which customers are exercising the policy lapse option can be observed in the Italian market. This phenomenon in the policy portfolio of the subsidiary Poste Vita remains well below the level observed in the market; however, the characteristics of Multi-class products placed in recent years, which envisage a gradual transfer of investments to the target unit-linked unit chosen by the customer, will lead to a gradual increase in the stock of reserves pertaining to Class III products, which have historically shown a higher lapse rate than traditional build-up products. In light of this consideration, the lapse risk was considered significant by the Group, so a sensitivity
analysis was performed on this risk equal to the instantaneous +10% of the lapse rate of investment products. Considering the portfolio structure of the Group's companies, the decision was taken to apply only an incremental lapse stress scenario, i.e. only the worst-case scenario for the Poste Italiane Group;
\u2022Provisioning risk: referring to the risk that technical provisions are not sufficient to meet obligations to policyholders and damaged parties. This insufficiency may be due to incorrect estimates by the Company and/or changes in the general environment. This risk was considered significant for the P&C business managed by the Group, and a sensitivity analysis was performed to measure exposure under scenarios involving a +/-2% change in the loss ratio327.
\u2022Concentration risk: represents the risk that the business is excessively concentrated only on certain types of risk, products, customers and geographical areas and is therefore not adequately diversified. The Group assesses its exposure to this risk differentially between life and P&C business, evaluating the concentration based on the types of products placed.
The expected evolution of the portfolio and the different degree of risk of the products distributed required the adoption of a careful reinsurance policy, aimed at mitigating the risks to which the Group is exposed.
The reinsurance strategy adopted by Poste Assicura, based mainly on a non-proportional approach, makes it possible to:
\u2022Mitigate risks, stabilising the variability of insurance business results and ensuring the technical balance of the portfolio.
\u2022Mitigate risks arising from peak exposures or catastrophic events.
\u2022Support the development of underwriting activities.
\u2022Strengthen the Company's financial soundness, in terms of capital allocation and optimisation.
In particular, reinsurance treaties were entered into with market operators of primary standing, with non-proportional cover in the form of \"excess loss\" (per risk and/or per event) separately for the various ministerial lines, to cover all Poste Assicura's risks (Retail and Employee Benefits) such as: risks included in the accident, health, fire and other property damage, third-party liability, and \"catastrophic risks\" such as earthquake or pandemic. For all risks relating to health guarantees (excluding those arising from the Credit Protection line), the reinsurance policy provides for an additional \"quota share\" treaty328. For some accident and credit protection risks, the risk-attaching proportional treaties329, underwritten during the Company's start-up phase, remain in force.
Poste Assicura defines, on a case-by-case basis, the share of risk and the reinsurance structure deemed most appropriate in relation to the characteristics of the risk in question.
With reference to companies in the Net Group, the expected growth of the portfolio and the different degrees of risk associated with the products distributed has required the companies to adopt a highly prudent approach to reinsurance. The reinsurance strategy, based mainly on a proportional approach, but also on some non-proportional covers (especially for hail, suretyship and, to a lesser extent, other insurance lines), makes it possible to:
\u2022mitigate unfavourable technical trends and risks arising from peak exposures;
\u2022optimise reinsurance structures with a view to risk transfer and, if possible, also improve overall costs in economic and capital allocation terms;
\u2022streamline reinsurance structures from a management point of view
\u2022mitigate risks, stabilising the variability of insurance business results;
\u2022stabilise the Solvency Ratio.
The Group assesses the exposure of the insurance business under stress scenarios in order to verify the solvency of companies even under adverse market conditions, also in line with the Solvency II regulatory framework.
Other non-significant insurance risks
From a technical point of view, one of the main risk factors characterising life underwriting risk is mortality risk, i.e. any risk related to the randomness of the life span of policyholders. Particular attention is paid in selling pure life insurance policies, an area where procedures set underwriting limits to the capital and the age of the policyholder. In terms of \"pure life\" insured amounts the Group's insurance companies transfer their risks to reinsurers in keeping with the nature of the products sold and conservation levels adequate to the companies' capital structure.
For products with the capital sum subject to positive risk, such as term life insurance, this risk has negative consequences if the actual frequency of death exceeds the death probabilities realistically calculated (second order technical bases).
For products with the capital sum subject to negative risk, such as annuities, there are negative consequences when actual death frequencies are lower than the death probabilities realistically calculated (longevity risk).
That said, at 31 December 2024, mortality risk is considered to be of modest significance for the Group, considering the characteristics of the products offered, although this risk represents almost the entire life underwriting risk for Net Insurance Life SpA. The only area where this risk is somewhat significant is term life insurance. With reference to these products, a comparison is periodically made between actual deaths and those predicted by the demographic bases adopted for pricing. On the basis of the above, for risk management purposes, it was decided not to subject mortality risk to sensitivity analysis, but to continuous monitoring over time in order to identify any changes in its significance in the context of the Poste Italiane Group.
The longevity risk is also limited, being represented by a small share of insurance exposures to class IV (Long Term Care policies). In fact, for most Life insurance products the probability of annuity conversion is very close to zero, as historical experience shows that policyholders never use the annuity conversion option. Pension products, in particular, still account for a limited share of insurance liabilities. In addition, for these products, the Group may, if certain conditions materialise, change the demographic base and the composition by sex used to calculate the annuity rates.
Pricing risk is defined as the risk of incurring losses due to inappropriate pricing of the insurance products sold, for example: inappropriate choice of technical bases (demographic or financial), incorrect valuation of the options implicit in the products, and/or incorrect valuation of the parameters for calculating loadings for expenses. As the products placed by the Group mostly relate to insurance contracts issued by Poste Vita SpA, i.e. mixed and whole-life policies with mostly cash value build-up features, accumulating in accordance with a technical rate of zero, the technical basis adopted does not affect premium calculation (and/or the insured capital). There is nearly no pricing risk associated with the choice between technical bases in the Poste Italiane Group's portfolio, except for the term life insurance products discussed above.
Insurance risks in the P&C business include:
Underwriting risk: this is the risk arising from the commitments entered into by the underwriting of insurance contracts, taking into account all the risks covered and the procedures used in the conduct of business. This risk can be subdivided into provisioning risk, already mentioned in the previous section, and pricing risk arising from the underwriting of insurance contracts and associated with the events covered, the processes followed for underwriting and selecting risks, the processes followed for pricing, and the unfavourable trend in the actual loss ratio compared to the estimated one.
Early termination risk: this risk refers to the possibility of the policyholder's early termination of the contract resulting in a claim for reimbursement of the premium. This dynamic, unlike what is shown above for the lapse risk, does not depend
directly on economic dynamics and the dynamic behaviour of policyholders, and is therefore less related to the current economic condition. The specific risk of early repayment is not assessed at the Poste Italiane Group level as a significant risk because:
\u2022it depends solely on the willingness to pay off insurance policies on mortgages and loans early, and does not depend directly on market income dynamics;
\u2022it is limited to a portfolio considered non-material, as this business is residual for the Group.
Finally, catastrophe risk, which represents the risk of loss resulting from extreme or exceptional events, including major epidemics covered by insurance, is considered by the Group as not significant.
\u00a0
Operational risk
Operational risk refers to the risk of losses resulting from inadequate or failed internal processes, people and systems, or from external events. This category of risk includes losses resulting from fraud, human error, business disruption, systems failures, breach of contracts and natural disasters. Operational risk includes legal risk, but not strategic and reputational risks.
To protect against this form of risk, BancoPosta RFC has formalised a methodological and organisational framework to identify, measure and manage the operational risk related to its products/processes.
The framework, which is based on an integrated (qualitative and quantitative) measurement model, makes it possible to monitor and manage risk on an increasingly informed basis.
In 2024, activities continued to refine the operational risk management framework, with the aim of making the process of recording operational losses, monitoring and reporting more efficient and mitigating such risks by cross-functional working groups. Support has also been provided to the specialist units and the owner of the process of analysing and assessing IT risk, in keeping with the approach adopted in 2023 and the monitoring of IT risk remedial plans has been enhanced. In the area of cyber risks, adjustments were made to internal regulations in connection with Regulation (EU) 2022/2554 (Digital Operational Resilience Act, \"DORA\").
Other activities carried out in 2024 include the assessment of the risk profile associated with BancoPosta RFC asset assignment and outsourcing operations and the refinement of the model for ex-ante assessments of the risk profile associated with the innovation of the BancoPosta offering and/or specific project initiatives.
At 31 December 2024, the risk map prepared in accordance with the aforementioned framework shows the type of operational risks BancoPosta RFC's products are exposed to. In particular:
Event typeNumber of types
\u00a0\u00a0
Internal fraud27
External fraud44
Employee practices and workplace safety8
Customers, products and business practices38
Damage caused by external events4
Business disruption and system failure8
Execution, delivery and process management105
Total at 31 December 2024234
For each type of mapped risk, the related sources of risk (internal losses, external losses, scenario analysis and risk indicators) have been recorded and classified in order to construct complete inputs for the integrated measurement model.
Systematic measurement of the mapped risks has enabled the prioritization of mitigation initiatives and the attribution of responsibilities in order to contain any future impact.
The insurance companies belonging to the Group have also drawn up and finalised their own framework for identifying, assessing and managing operational risks. The adopted approach reflects the specific nature of the processes and operational risk events typical of an insurance company. The process of assessing operational risk exposure is carried out in keeping with the related solvency requirements, and involves both qualitative and quantitative analysis, conducted through a structured process for identifying internal losses and assessing potential risks in terms of frequency, impact and mitigation. The exposure to risks is, on the whole, in line with the previous year, and the main types of operating losses are related to customer litigation expenses.
Finally, also for the PostePay Services Sector, relating to the management of payments and e-money services, the Group has adopted internal procedures aimed at ensuring adequate levels of prevention and monitoring, in particular to address the main source of operational risk attributable to the fraudulent use of payment cards.
Energy business risks
In the energy business, the subsidiary PostePay is exposed to the following risks, which were appropriately mitigated at the balance sheet date:
\u2022Price risk this is the risk generated by any difference in price levels between the selling and buying position, managed through physical purchases of commodities at a fixed price, for which the Company has availed itself of the own use exemption;
\u2022Volume risk: generated by the difference between the actual consumption of the sales portfolio and the notional initially planned, managed and supplied. The risk is managed through careful forecasting of sales volumes and pricing of the risks themselves;
\u2022Counterparty risk: defined as the risk arising from a supplier's failure to fulfil its contractual obligations to supply the physical commodity. This risk is managed through a process of assessing the creditworthiness of counterparties;
\u2022Credit risk defined as the risk arising from a customer's failure to fulfil its payment obligations. This risk is managed through input credit check processes (ex-ante assessment of creditworthiness), credit management and recovery.
For the proper management of the above-mentioned risks, a special governance and monitoring structure has been established within the subsidiary PostePay. The management and operational process of applying the governance principles requires that each risk subject to assessment is monitored using Key Risk Indicators. Verification of the extent of these risks and the effectiveness of any mitigation actions taken is entrusted to a committee of a managerial and advisory nature, the Control and Risk Operating Committee dedicated to the energy business.
Reputational risk
The main element of reputational risk to which the Group is, by its nature, exposed is linked to market performance and primarily associated with the placement of postal savings products and investment products issued by third-party entities (bonds, certificates and real estate funds) or by Group companies (insurance policies issued by the subsidiary, Poste Vita SpA, and mutual funds managed by BancoPosta Fondi SpA SGR).
Climate change risks
The Poste Italiane Group is aware of its importance in terms of extensive coverage of the territory in which it operates and of the risks to which it is exposed. In an attempt to counter these risks, considering the potential economic impacts of climate change risks, the Group:
\u2022aims to reduce its environmental impact and contribute to the low-carbon transition of the country's economy; and
\u2022adopts a responsible approach in carrying out its activities.
For the proper handling of environmental issues, a specific internal board committee has been set up. The role of the Sustainability Committee is to assist the Board of Directors which approves the sustainability guidelines and strategies, by supporting it in evaluating and deciding on environmental, social and governance factors.
The Poste Italiane Group's approach to climate risk is reported extensively in the specific section of the Sustainability Reporting within the Report on Operations on the management of risks and opportunities related to climate change, to which reference should be made for a complete discussion, as well as in Note 2.7 - Climate change and the macroeconomic environment of these financial statements.
QUANTITATIVE INFORMATION OF THE POSTE ITALIANE GROUP
Quantitative information on exposure to risks of various kinds is provided separately by operating segment.
FINANCIAL ACTIVITIES
Fair value interest rate risk
Financial activities - Fair value interest rate risk
\u00a0\u00a031 December 202331 December 2024
Description(\u20acm)Risk exposureRisk exposureEquity reserves before taxation
NominalFair valueNominalFair value+100bps-100bps
\u00a0\u00a0\u00a0
Financial assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets at FVTOCI34,89233,10033,82833,676(1,201)1,246
Derivative financial instruments - - 452352(64)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial liabilities \u00a0\u00a0\u00a0\u00a0
Derivative financial instruments - - 150(1)18(23)
Total 34,89233,10034,43033,678(1,131)1,159
Financial assets at fair value through other comprehensive income that are relevant to the risk in question relate to fixed-income government securities held primarily by BancoPosta RFC, including: fixed rate securities with a nominal value of \u20ac13,376 million, variable rate securities swapped to fixed rate positions via interest rate swaps for cash flow hedges with a nominal value of \u20ac6,674 million, variable rate securities with a nominal value of \u20ac1,538 million (including \u20ac879 million in inflation-indexed securities) and fixed or variable rate securities (originally indexed to inflation) swapped to variable rate positions by means of fair value hedge derivatives with a nominal value of \u20ac12,240 million (including \u20ac2,697 million in forward starts).
Derivative financial instruments which are relevant to the risk in question relate to forward sales of government bonds with a nominal value of \u20ac602 million, classified as cash flow hedges, entered into by BancoPosta RFC.
At 31 December 2024, with reference to the interest rate risk exposure determined by the average financial duration of the portfolios330, the duration of BancoPosta's overall investments went from 5.06 to 5.74.
Price risk
Financial Activities - Price Risk\u00a0\u00a0\u00a0
\u00a031 December 202331 December 2024
Description(\u20acm)Risk exposureRisk exposureProfit/(Loss) before tax
+ Vol 260 days- Vol 260 days
Financial assets\u00a0\u00a0\u00a0\u00a0
Financial assets at FVTPL26346(6)
Derivative financial instruments(3)(8)(5)5
Total24261(1)
Financial assets at fair value through profit or loss exposed to price risk relate to shares held by BancoPosta RFC, totalling \u20ac34 million consisting of Visa Incorporated preferred shares. For the purpose of the sensitivity analysis, the equities are matched with the corresponding amount of the Class A shares, considering the volatility of the shares listed on the NYSE.
In the area of Derivative financial instruments, price risk mainly relates to the forward sale contract for 95,000 of Visa Incorporated ordinary shares entered into by the Parent Company.
Foreign exchange risk
Financial Activities - Currency Risk \u00a0\u00a0\u00a0\u00a0\u00a0
\u00a031 December 202331 December 2024
Description(\u20acm)Position in USDPosition in EuroPosition in USDPosition in EuroProfit/(Loss) before tax
\u00a0NotionalNotionalNotionalNotional+ Vol 260 days- Vol 260 days
Financial assets\u00a0\u00a0\u00a0\u00a0
Financial assets at FVTPL292635342(2)
Derivative financial instruments(3)(3)(9) (8) (2)2
Total 262427260(0)
At 31 December 2024, the financial assets exposed to the risk in question refer to an equity investment held by BancoPosta RFC in Visa (\u20ac34 million), as well as a derivative contract on Visa Incorporated ordinary shares entered into by the Parent Company.
Spread risk
The 2024 financial year was characterised by a reduction in yields on Italian government bonds (the 10-year BTP fell from 3.7% to 3.52%), which brought the BTP-Bund spread to 116 basis points compared to 168 last year. These movements led to an increase in the price of securities.
The result of the sensitivity analysis331 to spread risk carried out at 31 December 2024 is shown below, limited to the financial assets subject to the risk in question in the context of financial activities:
Financial activities - Spread risk on fair value\u00a0
31 December 202331 December 2024
Description(\u20acm)Risk exposureRisk exposureEquity reserves before taxation
NominalFair valueNominalFair value+100bps
\u00a0\u00a0\u00a0
Financial assets \u00a0\u00a0\u00a0
Financial assets at FVTOCI34,89233,10033,82833,676(3,347)
Financial assets at FVTPL - - - - -
Derivative financial instruments - -452356
Financial liabilities \u00a0\u00a0\u00a0
Derivative financial instruments - -150(1)19
Total 34,89233,10034,43033,678(3,272)
The portfolio of Financial assets at fair value through other comprehensive income held almost entirely by BancoPosta RFC has undergone an overall net increase in fair value of approximately \u20ac845 million: this change was recognised in the profit or loss for \u20ac252 million for the part relating to the change in the fair value of securities hedged against interest rate risk, whilst the change in the fair value of unhedged securities and the spread risk component (not hedged) was reflected in equity for \u20ac593 million.
For the purposes of full disclosure, a movement in the spread would have no accounting effect on financial assets measured at amortised cost, but would only impact unrealised gains and losses. In other words, fixed income instruments measured at amortised cost attributable entirely to BancoPosta, which at 31 December 2024 amounted to \u20ac31,108 million (nominal value of \u20ac30,886 million) and have a fair value of \u20ac29,647 million, would be reduced in fair value by approximately \u20ac2.8 billion following an increase in the spread of 100 bps, with the change not reflected in the accounts.
Changes in the spread do not impact the capital requirements of BancoPosta RFC, as the fair value reserve is not part of Own Funds considered for supervisory purposes.
Credit risk
Information on credit risk exposure is presented in the following section only for financial assets other than trade and other receivables and assets subject to impairment provisions, for which information is provided in Note A8 - Trade receivables and Note A9 - Other receivables and assets.
Exposure to credit risk
The following table shows the credit risk exposure of Financial assets related to the financial sector for which the general impairment model is used for the application of the impairment provisions. The analysis shows the exposure by financial asset class by stages. The amounts refer to the gross carrying amount (amortised cost before ECL), unless otherwise indicated, and do not take into account guarantees or other credit enhancements.
Financial Activities - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)from AAA to AA-from A+ to BBB-from BB+ to CNot ratedHedge accounting effectsTotal
Stage 1Stage 2Stage 1Stage 2Stage 1Stage 2
2024\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount9 -44,920 - - -\u00a0\u00a044,929
Provision to cover expected losses - -(17) - - -\u00a0\u00a0(17)
Total amortised cost at 31 December 20249 -44,903 - - -403(1,082)44,232
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -34,531 - - -\u00a0\u00a034,531
Provision to cover expected losses - OCI - -(14) - - -\u00a0\u00a0(14)
Fair value at 31 December 2024 - -33,676 - - -\u00a0-33,676
2023\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount - -44,289 - - -\u00a0\u00a044,289
Provision to cover expected losses - -(23) - - -\u00a0\u00a0(23)
Total amortised cost at 31 December 2023 - -44,266 - - -351(1,944)42,673
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -35,544 - - -\u00a0\u00a035,544
Provision to cover expected losses - OCI - -(19) - - -\u00a0\u00a0(19)
Fair value at 31 December 2023 - -33,100 - - -\u00a0\u00a033,100
The Financial assets at amortised cost that are relevant to the risk in question refer only to Bancoposta RFC and relate mainly to:
\u2022fixed income instruments with a gross carrying amount of \u20ac32,203 million, down by a total of \u20ac13 million for the related impairment provision and approximately \u20ac1,082 million to reflect the effects of fair value hedges;
\u2022financial receivables for MEF deposit for a gross carrying amount of \u20ac9,972 million, down by a total of \u20ac4 million of the related impairment provision.
Financial assets at fair value through other comprehensive income that are relevant to the risk under review refer exclusively to fixed income instruments held by entities belonging to the financial sector.
The following table shows the counterparty concentration of credit risk by financial asset class.
Financial Activities - Credit risk - Credit risk concentration
Description(\u20acm)\u00a0\u00a0\u00a031.12.202431.12.2023
\u00a0\u00a0\u00a0Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
Financial assets at amortised cost44,929(17)44,289(23)
Sovereign39,273(16)38,405(21)
Corporate5,044(1)4,937(2)
Banking 612 -946 -
Financial assets at FVTOCI34,531(14)35,544(19)
Sovereign34,531(14)35,544(19)
Corporate - - - -
Banking - - - -
Total\u00a0\u00a0\u00a079,460(30)79,833(42)
Collateral held and other credit enhancements
In order to mitigate credit risk, the Poste Italiane Group adopts credit and counterparty risk mitigation tools in its financial operations. In particular, with reference to BancoPosta RFC, counterparty risk is mitigated, with respect to hedging derivative contracts and repurchase agreements, by entering into master netting agreements and requesting collateral in cash or government securities; with respect to credit risk, there are also government guarantees on certain securities.
At 31 December 2024, the Group does not hold financial assets secured by guarantees or other risk mitigation instruments for which no loss provisions have been made (except for the temporary use of liquidity in repurchase agreements).
In the context of financial operations, the main types of credit risk mitigation instruments are detailed below.
Fixed income instruments
Debt instruments held by the financial segment secured by guarantees or other credit risk mitigation instruments are bonds issued by CDP SpA guaranteed by the Italian State and subscribed by BancoPosta RFC, amounting to a nominal value of \u20ac3,000 million at 31 December 2024. These are recognised as financial assets measured at amortised cost and, in determining the expected credit losses, account was taken of the PD of the Italian Republic.
Derivative financial instruments and repurchase agreements
In order to limit the counterparty risk exposure, BancoPosta RFC has concluded standard ISDA master agreements (with attached CSA), and GMRAs which govern the collateralisation of derivative transactions and repurchase agreements respectively.
In addition, in order to mitigate counterparty risk and gain easier access to the market, from December 2017, BancoPosta RFC has entered into repurchase agreements with the Central Counterparty, the Cassa di Compensazione e Garanzia. As of 2021, certain derivatives entered into by Bancoposta RFC through bilateral contracts will be routed to a Qualified Central Counterparty for centralised clearing through the services provided by a clearing broker.
The calculation of positions in derivatives and repurchase agreements and the related risk mitigation instruments are illustrated in \"Note 4.12 Additional information - Offsetting financial assets and liabilities\", to which reference should be made.
ECL measurement
The following tables show, for Financial assets belonging to the financial sector, the reconciliation between the opening
and closing balances of the ECL provisions required by IFRS 9.
Financial activities - Credit risk - Details of the provision to cover expected losses on financial instruments
Description(\u20acm)Financial assets at amortised cost \u00a0Financial assets at FVOCI
Stage 1 Total\u00a0Stage 1 Total
Balance at 01 January 202423231919
- -
Impairment of securities / receivables held at the beginning of the period - - - -
Reversal of securities / receivables held at the beginning of the period (5)(5)(4)(4)
Impairment of securities / receivables purchased/paid in the period1122
Reversal for write-off - - - -
Reversal due to sale / collection(1)(1)(3)(3)
Balance at 31 December 20241717\u00a01414
At 31 December 2024, the estimated expected losses on Financial assets at amortised cost amounted to approximately \u20ac17 million, the provision decreased by approximately \u20ac6 million compared to 31 December 2023; the provision mainly relates to expected losses calculated on Fixed income instruments.
The provision to cover expected losses on Financial assets at fair value through other comprehensive income amounted to roughly \u20ac14 million at 31 December 2024. This provision, which refers entirely to expected losses calculated on fixed income instruments in the portfolio, decreased by approximately \u20ac5 million compared to 31 December 2023.
Liquidity risk
The following tables compare financial liabilities and assets belonging to the financial sector and outstanding at 31 December 2024.
Liquidity risk - Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0
Financial liabilities35,70517,32326,27779,30437,39119,43126,29083,112
Trade payables99 - -9973 - -73
Other liabilities2111,728 -1,9392341,75601,990
Total Liabilities36,01519,05126,27781,34237,69721,18726,29085,174
In the presentation of financial liabilities, expected cash outflows are broken down by maturity and payables for postal current accounts are represented on the basis of the statistic/econometric model that forecasts the interest rates and maturities typical of postal current accounts. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2024.
Liquidity risk - Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets 18,58618,79976,634114,01919,86619,15576,154115,175
\u00a0\u00a0\u00a0 - -
Trade receivables551 - -551588 - -588
\u00a0\u00a0\u00a0\u00a0 -
Other receivables and assets7951,72302,5186031,75202,356
\u00a0\u00a0\u00a0\u00a0 -
Tax credits Law no. 77/20201,8334,1531,4627,4471,7014,9052,2418,847
\u00a0\u00a0\u00a0\u00a0 -
Cash and deposits attributable to BancoPosta4,290 - -4,2904,671 - -4,671
Cash and cash equivalents (*)394 - -394940 - -940
Total Assets 26,44924,67478,096129,21928,36825,81278,396132,576
(*) shown before elimination of liquidity
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by interest receivable. Held-to-maturity and available-for-sale financial assets include financial instruments held by BancoPosta RFC and to a residual degree by the company BancoPosta Fondi SpA SGR, shown on the basis of expected cash flows, consisting of principal and interest paid at the various payment dates.
In terms of BancoPosta RFC's specific operations, the liquidity risk regards current account deposits and prepaid cards332, the related investment of the deposits in Eurozone government securities and/or securities guaranteed by the Italian government, and the margins on derivative transactions, as well as tax credits acquired in relation to Decreto Rilancio no. 34/2020 (then converted with Law no. 77 of 17 July 2020). The potential risk derives from a mismatch between the maturities of investments in securities and those of liabilities, represented by current accounts where the funds are available on demand, thus compromising the ability to meet its obligations to current account holders. Any potential mismatch between assets and liabilities is monitored via comparison of the maturity schedule for assets with the statistical model of the performance of current account deposits, in accordance with the various likely maturity schedules and assuming the progressive total withdrawal of deposits over a period of twenty-three years for retail customers, six years for business customers, ten years for PostePay cards and six years for Public Administration customers.
Lastly, for the proper evaluation of the liquidity risk, it is appropriate to take into account that investments in \"euro-government bonds\", if unencumbered, may be assimilated with highly liquid assets; these securities can be used as collateral in interbank repurchase agreements to obtain short-term financing (normally carried out in BancoPosta).
For the purposes of effective risk management, there are also uncommitted revocable credit lines available for BancoPosta RFC's overnight operations, a three-year committed credit line granted by Cassa Depositi e Prestiti for repurchase agreement transactions up to a maximum of \u20ac3 billion, undrawn at 31 December 2024 and, finally, for intraday interbank transactions, BancoPosta RFC can access an intraday advance from the Bank of Italy and secured by securities with a nominal value of \u20ac2,900 million, undrawn at 31 December 2024.
Additional liquidity needs can be met by resorting to credit lines stipulated by the Parent Company, for details of which please refer to the section on liquidity risk of postal and business operations.
Based on the above information, the existing credit lines and the loans are adequate to meet financing requirements expected to date.
Cash flow interest rate risk
Financial activities - Cash flow interest rate risk\u00a0\u00a0
31 December 202331 December 2024
Description(\u20acm)Risk exposureRisk exposureProfit/(Loss) before tax
NominalNominal+100 bps-100 bps
Financial assets \u00a0\u00a0\u00a0
Financial assets at amortised cost16,61620,487205(205)
Financial assets at FVTOCI8,90511,105111(111)
Financial assets at FVTPL - - - -
\u00a0\u00a0\u00a0
Cash and deposits attributable to BancoPosta7621331(1)
Cash and cash equivalents8753473(3)
\u00a0\u00a0\u00a0
Financial liabilities\u00a0\u00a0\u00a0
Loans(3,996)(2,225)(22)22
Other financial liabilities (2,831)(1,538)(15)15
\u00a0\u00a0\u00a0
Total 20,33028,309283(283)
With respect to Financial assets, cash flow interest rate risk primarily relates to:
\u2022Financial receivables at amortised cost represented by:
oguarantee deposits lent as collateral for liabilities for derivative financial instruments and repurchase agreements held by BancoPosta RFC and for the liquidity reserve deposited with CC&G for any intraday margining with a total nominal value of \u20ac1,187 million;
oinvestment by the Parent Company of the funds deriving from the current account deposits of Public Administration entities in the following: deposits with the MEF, with a nominal value of \u20ac9,972 million;
\u2022fixed-income government securities held by BancoPosta RFC, of which \u20ac9,327 million classified as Financial assets at amortised cost and \u20ac11,105 million classified as Financial assets at fair value through other comprehensive income. In particular, variable rate securities with a total nominal value of \u20ac650 million, fixed rate securities converted to variable rate positions by entering into fair value hedge derivative contracts with a total nominal value of \u20ac17,212 million (of which \u20ac2,351 million in securities whose fair value hedges begin to produce their effects in the 12 months following the period under review) and securities with a total nominal value of \u20ac2,570 million with an inflation-linked yield, subject to fair value hedges, bank deposits held by BancoPosta RFC, including \u20ac346 million for the deposit held with the MEF on the operating current account known as the \"Buffer\" account.
In the area of Financial liabilities, the risk in question relates to loans for repurchase agreements put in place by the Parent Company and guarantee deposits referable exclusively to the Parent Company.
Cash flow inflation risk
At 31 December 2024, cash flow inflation risk relates to inflation-linked government securities not subject to cash flow hedges or fair value hedges, held entirely by BancoPosta RFC for a nominal amount of \u20ac1,025 million (\u20ac1,301 million at 31 December 2023). The results of the sensitivity analyses performed on these securities do not show any significant effects on the pre-tax result.
INSURANCE ACTIVITIES
In relation to insurance liabilities, given the way in which they are determined, it is not practicable to identify which component of the unit of account is exposed to individual risks of a financial nature, also in relation to the concept of mutuality that governs the products issued by the Group (for the definition of \"mutuality\", see Section 2.5 - Material information on accounting standards - Insurance contracts and Assets for outward reinsurance). For this reason, the Group's exposure to risks is represented by the totality of its insurance liabilities, which are therefore subjected to individual stresses, assessing their overall impacts.
Following the line-by-line consolidation of the Multi-Asset Funds (for further details, please refer to Section 2.8 - Basis of consolidation), the risk exposure of these investments is presented in line with how the Group manages these investments and how the information is provided internally to senior management, i.e., based on the fair value of the net risk exposure corresponding to the NAV of the Funds. Therefore, the information on the Funds' exposure to risks is provided, consistent with the previous year, considering the group of assets and liabilities as a whole.
Fair value interest rate risk
Insurance activities - Fair value interest rate risk
Description(\u20acm)\u00a0\u00a0
31 December 202331 December 2024
NominalFair valueNominalFair value
Financial assets114,434146,477114,893155,398
Financial assets at FVTOCI114,434105,847114,893107,492
Financial assets at FVTPL\u00a040,630\u00a047,906
Insurance liabilities\u00a0155,338\u00a0162,408
In terms of financial assets recognised at fair value through other comprehensive income, the risk in question primarily relates to:
\u2022fixed income government bonds held by Poste Vita SpA, totalling \u20ac87,679 million; of this amount, \u20ac84,382 million is used to cover Class I and V policies linked to separately managed accounts, \u20ac1,893 million relates to the company's free capital and \u20ac1,404 million to securities linked to Class I insurance investment products (specific assets);
\u2022non-government debt securities held by Poste Vita SpA for a total fair value of \u20ac18,934 million, used mainly to meet obligations towards policyholders;
\u2022the remainder relates to approximately \u20ac879 million in investments in fixed income instruments, both government and corporate exposures made by the other companies in the sector.
Financial assets at fair value through profit or loss, which are relevant to the risk in question, are primarily used to cover commitments to policyholders. They relate to a portion of the investments used in fixed income instruments totalling \u20ac5,181 million, of which \u20ac5,171 million related to Poste Vita, and to the position in Other investments totalling \u20ac47,061 million, consisting mainly of units in Class III funds and multi-asset funds linked to Separately Managed Accounts. Finally, the remaining \u20ac22 million is represented by the bond issued by Cassa Depositi e Prestiti as a private placement.
The Insurance liabilities relevant to the risk in question relate to commitments for insurance contracts placed by companies belonging to the sector, amounting to \u20ac162,408 million.
With respect to Class I and Class V policies sold by Poste Vita SpA, the duration of the matching assets went from 6.27 at 31 December 2023 to 6.39 at 31 December 2024, whilst the duration of the liabilities went from 7.45 to 7.29 (assessment
of the duration was carried out using the new Coherent Duration method333. The financial instruments intended to cover the technical provisions for Class III policies have maturities that match those of the liabilities.
Below is the result of the sensitivity analysis performed at 31 December 2024 on the assets and liabilities exposed to the risk in question.
Insurance activities - Stress Effects of Fair value interest rate risk
Description(\u20acm)Change in value
+100bps-100bps
Contractual service margin(59)(429)
Profit/(Loss) before tax18(43)
Equity reserves before taxation(126)142
The results of the sensitivities334 in summary show that:
\u2022as a result of the increase in the interest rate curve, a negative change in the Contractual Service Margin of \u20ac59 million would be generated due to an increase in the coverage unit; an increase in the pre-tax result of \u20ac18 million arising from the higher release of the Contractual Service Margin determined by the increase in the coverage unit, only partly offset by the financial result335; and finally, a negative change in Equity Reserves of \u20ac126 million generated by the decrease in the fair value of FVOCI securities not retroceded to policyholders.
\u2022as a result of the decrease in the interest rate curve, a negative change of \u20ac429 million in the contractual service margin would be generated due to a reduction in commissions on assets under management; a negative impact of \u20ac43 million on pre-tax profit due to the lower release of the contractual service margin as a result of the reduction in the coverage unit, partially offset by the financial result; and finally a positive change of \u20ac142 million in Equity Reserves generated by the increase in the fair value of FVOCI securities not retroceded to policyholders
Price risk
Insurance activities - Price Risk\u00a0
Description(\u20acm)Risk exposure
31 December 202331 December 2024
\u00a0
\u00a0\u00a0
Financial assets40,78545,830
\u00a0
Financial assets at FVTPL40,78545,830
\u00a0
Insurance liabilities154,560161,017
\u00a0\u00a0\u00a0
Financial assets at fair value through profit or loss, exposed to the risk in question refer to:
\u2022investments in units of mutual investment funds held by Poste Vita SpA, with a fair value of \u20ac45,289 million, including approximately \u20ac24,163 million used to cover Class I policies, approximately \u20ac16,973 million used to cover Class III policies and \u20ac4,153 million relating to the free capital;
\u2022equity instruments held by Poste Vita SpA, totalling \u20ac541 million, used to cover Class I policies linked to separately managed accounts and to cover Class III policies.
Insurance liabilities exposed to the risk in question refer exclusively to insurance contracts placed by Poste Vita SpA for a total amount of \u20ac161,017 million.
Below is the result of the sensitivity analysis performed at 31 December 2024 on the instruments exposed to the risk in question:
Insurance activities - Stress effects of Price Risk
Description(\u20acm)Change in value
+25%-25%
Contractual service margin235(265)
Profit/(Loss) before tax33(35)
Equity reserves before taxation - -
The results of the sensitivities show that:
\u2022in the scenario characterised by the increase in the value of market prices, the sensitivity results show an increase in the contractual service margin of about \u20ac235 million as a result of the increase in income generated by assets, only partially offset by the higher value of liabilities, as well as an increase in pre-tax result of about \u20ac33 million as a result of the combined effect of the higher release of the contractual service margin (due to the increase in stock) and the increase in the fair value of FVOCI securities for the portion not retroceded to policyholders;
\u2022the opposite scenario, i.e. characterised by a decrease in the value of market prices, would entail a decrease in the contractual service margin of approximately \u20ac265 million as a result of the simultaneous decrease in income generated by assets, only partially offset by the reduction in value observed on liabilities, and a decrease in pre-tax result of approximately \u20ac35 million as a result of the combined effect of the lower release of the contractual service margin (due to the reduction in stock) and the decrease in the fair value of FVOCI securities for the portion not retroceded to policyholders.
Foreign exchange risk
Insurance activities - Currency Risk \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a031 December 202331 December 2024
Description(\u20acm)Position in USDPosition in EuroPosition in USDPosition in EuroProfit/(Loss) before tax
+ Vol 260 days- Vol 260 days
Financial assets
Financial assets at FVTPL106951211167(7)
Total106951211167(7)
In the area of insurance operations, the Financial assets exposed to the risk in question refer exclusively to units in US dollar mutual funds held by Poste Vita SpA.
Spread risk
Since the portfolio is diversified between government and corporate securities, the spread risk analysis for insurance operations was performed separately between securities related to government issuers and securities related to private issues.
Insurance activities - Government spread risk on fair value
Description(\u20acm)Risk exposure
31 December 202331 December 2024
NominalFair valueNominalFair value
\u00a0\u00a0
Financial assets 94,00799,02195,105106,349
Financial assets at FVTOCI94,00786,66395,10588,346
Financial assets at FVTPL\u00a012,358\u00a018,003
Insurance liabilities\u00a0155,338\u00a0162,408
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
In the period under review, the portfolio of Financial assets at fair value through other comprehensive income exposed to this risk, referring exclusively to fixed-income government bonds, amounted to \u20ac88,346 million.
Financial assets at fair value through profit or loss exposed to the risk in question, amounting to a fair value of about \u20ac18,003 million, mainly refer to units of mutual funds held by Poste Vita SpA.
Insurance liabilities exposed to risk amount to approximately \u20ac162,408 million.
Insurance activities - Government spread risk on fair value
Description(\u20acm)Change in value
+100bps
Contractual service margin(126)
Profit/(Loss) before tax7
Equity reserves before taxation(86)
The results of the sensitivities336 show a negative change in the contractual service margin of approximately \u20ac126 million due to capital losses impacting the returns of the underlying assets related to the portfolios of the Separately Managed Accounts; a positive pre-tax result effect of \u20ac7 million, mainly attributable to the higher release of the contractual service margin determined by the increase in the coverage unit, partially offset by the reduction in the pre-release value of the contractual service margin; and, lastly, a negative change in Equity Reserves of \u20ac86 million, generated by the reduction in the fair value of FVOCI instruments not retroceded to policyholders, which represent the majority of stressed securities.
Insurance activities - Corporate spread risk on fair value
Description(\u20acm)Risk exposure
31 December 202331 December 2024
NominalFair valueNominalFair value
\u00a0\u00a0
Financial assets 20,42759,80019,78867,226
Financial assets at FVTOCI20,42719,18419,78819,146
Financial assets at FVTPL\u00a040,616\u00a048,080
Insurance liabilities\u00a0155,338\u00a0162,408
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
The portfolio of financial assets at fair value through other comprehensive income exposed to this risk amounted to approximately \u20ac19,146 million, exclusively related to corporate bond exposures.
Financial assets at fair value through profit or loss exposed to risk amounted to about \u20ac48,080 million, of which \u20ac43,393 million related to mutual funds held by Poste Vita SpA, \u20ac4,665 million to exposures in debt securities issued by corporate counterparties, and \u20ac22 million to bonds issued by Cassa Depositi e PrestitInsurance liabilities exposed to risk amount to approximately \u20ac162,408 million.
Insurance activities - Corporate spread risk on fair value
Description(\u20acm)Change in value
+100bps
Contractual service margin(13)
Profit/(Loss) before tax(6)
Equity reserves before taxation(13)
The results of the sensitivities337 lead to a negative change in the contractual service margin of about \u20ac13 million, due to capital losses impacting the returns of the underlying assets; a reduction in the pre-tax result of \u20ac6 million and, finally, a negative change of \u20ac13 million in Equity Reserves, generated by the reduction in the fair value of FVOCI securities that was not retroceded to policyholders.
Credit risk
Information on credit risk exposure is presented in the following section only for financial assets other than trade and other receivables and assets subject to impairment provisions, for which information is provided in Note A8 - Trade receivables and Note A9 - Other receivables and assets.
Exposure to credit risk
The following table presents an analysis of the risk exposure at 31 December 2024 of Financial assets belonging to the insurance segment for which the general deterioration model is used. The analysis shows the exposure by financial asset class by stages. The amounts refer to the gross carrying amount (amortised cost before ECL), unless otherwise indicated, and do not take into account guarantees or other credit enhancements
Insurance Activities - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)from AAA to AA-from A+ to BBB-from BB+ to CNot ratedHedge accounting effectsTotal
Stage 1Stage 2Stage 1Stage 2Stage 1Stage 2Stage 3
2024\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount201 -2,021 -20-\u00a0\u00a02,224
Provision to cover expected losses(0) -(1) -(0)(0)-\u00a0\u00a0(1)
Total amortised cost at 31 December 2024201 -2,020 -20-1 -2,224
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount14,589 -95,140682,39191-\u00a0\u00a0112,279
Provision to cover expected losses - OCI(1) -(32)(1)(5)(1)-\u00a0\u00a0(39)
Fair value at 31 December 202414,019 -90,982642,33788-\u00a0 -107,491
2023\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount133 -1,988 -20-\u00a0\u00a02,124
Provision to cover expected losses(0) -(1) -(0)(0)-\u00a0\u00a0(1)
Total amortised cost at 31 December 2023133 -1,987 -20-\u00a0\u00a02,123
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount13,486 -95,73546202,640124\u00a0112,051
Provision to cover expected losses - OCI(1) -(44)(0)(0)(8)(2)\u00a0\u00a0(55)
Fair value at 31 December 202313,103 -90,07244202,493114 - -105,847
Financial assets at amortised cost, which are recognised at risk, refer exclusively to fixed income instruments in the free assets held by companies belonging to the insurance sector with a gross carrying amount of \u20ac2,161 million, decreased by a total of \u20ac1 million to account for the related impairment provision.
Financial assets at fair value through other comprehensive income that are relevant to the risk under comment relate exclusively to fixed income instruments with a gross carrying amount of \u20ac112,279 million.
The following table shows the counterparty concentration of credit risk by financial asset class. Amounts refer to the gross carrying amount. Of the provision to cover expected losses on financial instruments at fair value in other comprehensive income, an amount of approximately \u20ac38 million was retroceded to policyholders.
Insurance activities - Credit risk - Credit risk concentration
Description(\u20acm)\u00a0\u00a0\u00a031.12.202431.12.2023
\u00a0\u00a0\u00a0Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
Financial assets at amortised cost2,224(1)2,124(1)
Sovereign2,091(1)2,050(1)
Corporate124(0)64(0)
Banking10(0)9(0)
Financial assets at FVTOCI112,279(39)112,051(55)
Sovereign88,828(27)88,892(38)
Corporate16,880(10)16,270(14)
Banking6,571(2)6,889(3)
Total\u00a0\u00a0\u00a0114,503(40)114,175(56)
ECL measurement
The following tables show, for each accounting category, the reconciliation between the opening and closing balances of the provisions required by IFRS 9 to cover expected losses related exclusively to the free capital of companies in the sector.
At the end of the reporting period, the estimated expected losses on financial instruments at FVOCI amounted to approximately \u20ac39 million, of which \u20ac38 million was passed on to policyholders. This provision decreased by approximately \u20ac16 million compared to 31 December 2023, mainly as a result of sales in the period. The net exposure following the reversal to policyholders is \u20ac1 million.
Lastly, with regard to financial instruments at amortised cost, at 31 December 2024 the estimated expected losses amounted to approximately \u20ac1 million and did not change significantly compared to 31 December 2023.
Insurance activities - Credit risk - Details of the provision to cover expected losses on financial instruments
Description(\u20acm)Financial assets at amortised cost \u00a0Financial assets at FVOCI
Stage 1 Total\u00a0Stage 1 Total
Balance at 01 January 20241111
- -
Impairment of securities / receivables held at the beginning of the period -00
Reversal of securities / receivables held at the beginning of the period (0)(0)(0)(0)
Impairment of securities / receivables purchased/paid in the period - -00
Reversal for write-off - -(0)(0)
Reversal due to sale / collection(0)(0) - -
Balance at 31 December 202411\u00a011
Collateral held and other credit enhancements
In order to mitigate the exposure to credit risk, the Poste Vita Group invests in, among other things, corporate bonds that are guaranteed in order to mitigate the overall exposure to credit risk.
At 31 December 2024, the insurance Group does not hold financial instruments secured by guarantees or other credit risk mitigation instruments for which a loss coverage provision has been recognised.
Within the insurance business, the main types of financial instruments backed by guarantees or other credit risk mitigation instruments are bonds held by the Poste Vita Group, with a nominal amount of \u20ac6,919 million at 31 December 2024. In these cases, the guarantee covers 100% of the nominal value of the securities. The guarantees securing these financial instruments are as follows:
-corporate bonds backed by personal guarantees provided the parent company or another associate, amounting to a nominal value of \u20ac5,824 million;
-covered bonds backed by property mortgages, primarily property mortgages, amounting to a nominal value of \u20ac318 million;
-bonds guaranteed by sovereign states, amounting to a nominal value of \u20ac775 million.
In the case of instruments backed by personal guarantees provided by a sovereign state or one or more companies, expected losses are calculated on the basis of the credit rating of the guarantor. With regard to covered securities, the determination of the provision to cover expected losses was made taking into account not only the rating of the issuing institution, but also the type of underlying security.
Exposure to credit risk - insurance components
The following table presents an analysis of the risk exposure in question at 31 December 2024, by counterparty rating class, generated as a result of the placement of outstanding insurance and reinsurance contracts.
Insurance activities - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0(\u20acm)
Descriptionfrom AAA to AA-from A+ to BBB-from BB+ to CNot ratedTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2024\u00a0
Assets for outward reinsurance\u00a0\u00a0\u00a0\u00a0324
Net receivables from reinsurers10 - - -10
\u00a0
Insurance liabilities\u00a0\u00a0\u00a0\u00a0162,408
Due from policyholders - - -128128
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2023\u00a0
Assets for outward reinsurance\u00a0\u00a0\u00a0\u00a0233
Net receivables from reinsurers - - - - -
\u00a0
Insurance liabilities\u00a0\u00a0\u00a0\u00a0155,338
Due from policyholders - - -170170
Assets for outward reinsurance that are relevant to the risk in question refer to the component of the item relating to the net exposure to reinsurers, which is included in the valuation. These receivables are not subject to impairment as the credit or debit balance is used to offset the payment or collection of reinsurance items. The reinsurance structure has very tight deadlines, annual at most, so the possibility of balances remaining unpaid for a period longer than 12 months is remote. Moreover, since these receivables are related to contracts falling under IFRS 17, they are not to be impaired as required by IFRS 9. At 31 December 2024, the balance of these net receivables was \u20ac10 million.
The insurance liabilities that are taken into account in the valuation of this risk refer to the component relating to receivables from policyholders. Receivables from policyholders relate to contracts issued at the reporting date for which the customer has not yet paid the premium. As with net receivables from reinsurers, this type of receivable also arises as a result of insurance contracts, and therefore does not have to be subject to impairment testing as required by IFRS 9. In any case, the Group performs recoverability analyses of the receivable in question, and in fact a full write-down of the receivable is made if it is more than six months old.
Liquidity risk
The following tables compare the financial liabilities and assets belonging to the insurance segment and outstanding at 31 December 2024.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Insurance activities - Liquidity Risk \u2013 Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Within 12 monthsBetween 1 and 2 yearsBetween 2 and 3 yearsBetween 3 and 4 yearsBetween 4 and 5 yearsOver 5 yearsTotal
2024\u00a0\u00a0
Flows from Poste Vita group's policies7,759 5,977 4,696 7,065 5,055 174,420 204,972 \u00a0
Financial liabilities56 0 1 0 0 11 68 \u00a0
Trade payables105 - - - - - 105 \u00a0
Other liabilities604 4 - 1 - 94 704 \u00a0
Total at 31 December 20248,5245,9824,6967,0665,055174,525205,848\u00a0
2023\u00a0
Flows from Poste Vita group's policies10,574 9,053 8,543 8,523 9,930 175,196 221,818 \u00a0
Financial liabilities59 0 0 - - - 59
Trade payables41 - - - - - 41 \u00a0
Other liabilities702 3 - - - 74 778 \u00a0
Total at 31 December 202311,3759,0568,5438,5239,930175,270222,697
Projected cash outflows are broken down by maturity in the presentation of financial liabilities. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2024. The commitments of the Group insurance companies are represented in the item \"Portfolio flow from Poste Vita group's policies\".
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Insurance activities - Liquidity Risk - Assets
Description(\u20acm)Within 12 monthsBetween 1 and 2 yearsBetween 2 and 3 yearsBetween 3 and 4 yearsBetween 4 and 5 yearsOver 5 yearsTotal
2024\u00a0\u00a0
Financial assets 21,633 12,774 14,743 13,445 10,769 182,866 256,230 \u00a0
Trade receivables0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- 0 \u00a0
Other receivables and assets175 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,187 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,361
Cash and cash equivalents (*)4,631 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- 4,631 \u00a0
Total at 31 December 2024 26,439 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,774 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,743 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,445 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,769 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0185,052 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0263,223 \u00a0
2023\u00a0
Financial assets 19,132 13,159 11,588 13,843 12,861 173,474 244,057
Trade receivables2 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- 2
Other receivables and assets134 - - - - 2,280 2,414
Cash and cash equivalents (*)3,561 3,561 \u00a0
Total at 31 December 2023 22,830 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,159 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,588 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,843 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,861 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0175,754 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0250,035
*Exposed to their liquidity elimination
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by main interest receivable. Held-to-maturity and available-for-sale financial assets include financial instruments held by the Group's insurance companies, shown on the basis of expected cash flows, consisting of principal and interest paid at the various payment dates.
The liquidity risk stemming from Class I and V policies issued by Poste Vita SpA is mainly of relevance in the analysis in question. For said reason, for the purposes of the analysis of the liquidity risk profile, for the policies sold by Poste Vita SpA, the company performs Asset/liability management (ALM) analysis to manage assets effectively in relation to its obligations to policyholders, and also develops projections of the effects deriving from financial market shocks (asset dynamics) and of the behaviour of policyholders (liability dynamics).
At 31 December 2024, there were uncommitted credit lines for unsecured loans of about \u20ac5 million, of which about \u20ac2 million were drawn down.
Additional liquidity needs can be met by resorting to credit lines stipulated by the Parent Company, for details of which please refer to the section on liquidity risk of postal and business operations.
Based on the above information, the existing credit lines and the loans are adequate to meet financing requirements expected to date.
For the purposes of liquidity risk disclosure, the table of amounts payable on request and the balance sheet value of insurance contracts issued and outward reinsurance that constitute liabilities with lapse clauses is also shown:
Amounts payable on request
Description(\u20acm)31 December 2024
Amounts payable on requestCarrying amount
Insurance contracts issued with direct participation features161,424159,059
Investment contracts issued with discretionary participation features - -
Investment contracts issued without discretionary participation features162164
Outward reinsurance - -
Cash flow interest rate risk
Insurance activities - Cash flow interest rate risk\u00a0\u00a0
31 December 202331 December 2024
Description(\u20acm)Risk exposureRisk exposureProfit/(Loss) before tax
NominalNominal+100 bps-100 bps
Financial assets \u00a0\u00a0\u00a0
Financial assets at FVTOCI3,3322,1972(2)
Financial assets at FVTPL112911(1)
Cash and deposits attributable to BancoPosta - - -
Cash and cash equivalents2,8523,75714(14)
Total 6,2966,04516(16)
Within Financial assets, Cash flow interest rate risk mainly relates to fixed income instruments at fair value in other comprehensive income and variable rate bank deposits held by companies within the insurance segment:
\u2022a portion of the investment portfolio held by Poste Vita SpA, with a total nominal value of \u20ac2,136 million;
\u2022a portion of the investment portfolio held by Poste Assicura SpA, with a total nominal value of \u20ac51 million;
With regard to insurance liabilities, the risk exposure is not deemed to be significant.
Cash flow inflation risk
Cash flow inflation risk\u00a0\u00a0\u00a0\u00a0
\u00a031 December 2023\u00a031 December 2024
Description(\u20acm)Risk exposureRisk exposureProfit/(Loss) before tax
NominalCarrying amountNominalCarrying amount+100bps-100bps
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets at amortised cost729172930(0)
\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets at FVTOCI6,6767,8935,3646,7151(1)
\u00a0\u00a0\u00a0\u00a0\u00a0
Total 6,7487,9845,4366,8081(1)
At 31 December 2024, the cash flow inflation rate risk relates to inflation-indexed government bonds. Of the total nominal value, securities totalling \u20ac5,390 million are held by Poste Vita SpA and securities totalling \u20ac40 million by Poste Assicura SpA.
With regard to insurance liabilities, the risk exposure is not deemed to be significant.
Lapse risk
For the purpose of the sensitivity analysis at 31 December 2024 on the lapse risk, insurance liabilities exposed to value fluctuations were taken into account and subjected to a stress of a 10% increase in the lapse rate. The exposures to this risk are shown below:
Insurance activities - Lapse risk
Description(\u20acm)31 December 202331 December 2024
Risk exposureRisk exposureContractual service marginProfit/(Loss) before taxEquity reserves before taxation
Fair valueFair value+10%+10%+10%
Insurance liabilities154,560161,017(374)(4) -
The sensitivity analysis shows that a possible 10% increase in the lapse rate would generate a negative change in the Contractual Service Margin of \u20ac374 million, mainly attributable to the reduction in the duration of liabilities due to higher outflows, and a negative change in the pre-tax result of \u20ac4 million, mainly attributable to the lower release of the CSM resulting from the reduction in stock.
With regard to the effects net of reinsurance mitigation, these are substantially in line with what is presented in the table since the existing cover is not activated in the event of a 10% increase in the lapse rate.
With regard to the investment in Cronos Vita, which is recognised in the statement of financial position at its acquisition value, as defined by IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, please refer to paragraph A14 - Non-current assets and disposal groups held for sale.
Provisioning risk
For the purpose of the sensitivity analysis at 31 December 2024 of the provisioning risk, insurance liabilities exposed to value fluctuations were taken into account and subjected to a variability stress, calculated with reference to possible changes in the loss ratio of an increase/decrease of 2%. Below are the exposures and this risk both gross and net of the mitigation effect related to reinsurance:
Insurance activities - Gross reinsurance provisioning risk
Description(\u20acm)31 December 202331 December 2024
Risk exposureRisk exposureContractual service marginProfit/(Loss) before taxEquity reserves before taxation
Fair valueFair value+2%-2%+2%-2%+2%-2%
Insurance liabilities499587(1)2(2)31(0)
\u00a0
Insurance activities - Net reinsurance provisioning risk
Description(\u20acm)31 December 202331 December 2024
Risk exposureRisk exposureContractual service marginProfit/(Loss) before taxEquity reserves before taxation
Fair valueFair value+2%-2%+2%-2%+2%-2%
Insurance liabilities409450(0)1(2)31(0)
Concentration risk
As regards Life business, the products currently placed have fairly standardised characteristics and relatively low minimum guarantees for the majority of the portfolio that are not consolidated year by year. The geographical distribution of these products is homogeneous throughout the country as a result of the widespread distribution network. The Group's product portfolio is still particularly concentrated in traditional build-up products. On the basis of these considerations, the risk of Life business concentration is medium.
Below is a representation of the concentration of Life business at 31 December 2024 by product type, where it can be seen that the highest concentration of risks relates to build-up products (separately managed accounts).
Insurance activities - Concentration Risk - Life
Product type31 December 2024
Products linked to Separately Managed Accounts89%
Protection products0%
Index/unit-linked products10%
With regard to P&C business, the products currently placed by the Group have fairly standardised characteristics. The geographical distribution of these products is homogeneous throughout the country as a result of the widespread distribution network. The product portfolio is mainly concentrated on health products (Medical Expenses and Income Protection Line of business). On the basis of these considerations, the risk of P&C business concentration is medium.
Below is a breakdown of gross funding at 31 December 2024 by product type, from which it can be seen that the highest concentration of risks relates to products belonging to the \"modular\" line and the \"Welfare\" segment, the latter referring to collective policies taken out with corporate customers (Employee Benefits).
Insurance activities - Concentration Risk - P&C
Product type31 December 2024
Property & Personal Protection Line & Modular34%
Third-party networks10%
Payment protection line9%
Salary-backed loans6%
Life/P&C integration4%
Welfare and other management38%
Claims development
Below is information on the development of undiscounted claims, both in terms of cumulative amount paid at the date and in terms of ultimate cost values338, gross and net of reinsurance.
The table below shows the development of cumulative paid claims and ultimate cost by year of generation.
Insurance activities - Claims development before reinsurance
Claims/TimesAccumulated paid claims and other directly attributable costs paid (A)
Year T-9Year T-8Year T-7Year T-6Year T-5Year T-4Year T-3Year T-2Year T-1Year TTotal
1. At the end of the year of occurrence(28)(20)(16)(19)(13)(13)(101)(122)(174)(216)\u00a0
2. One year later(52)(38)(28)(30)(23)(113)(175)(215)(282)\u00a0\u00a0
3. Two years later(57)(42)(30)(32)(113)(121)(189)(235)\u00a0\u00a0\u00a0
4. Three years later(58)(42)(31)(72)(115)(123)(195)\u00a0\u00a0\u00a0\u00a0
5. Four years later(57)(42)(59)(71)(116)(125)\u00a0\u00a0\u00a0\u00a0\u00a0
6. Five years later(56)(64)(59)(72)(117)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
7. Six years later(77)(63)(58)(73)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
8. Seven years later(76)(63)(59)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
9. Eight years later(75)(63)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
10. Nine years later(76)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total (76) (63) (59) (73) (117) (125) (195) (235) (282) (216) (1,440)
Claims/TimesEstimated ultimate cumulative claims cost (amount before reinsurance and undiscounted) (B)
Year T-9Year T-8Year T-7Year T-6Year T-5Year T-4Year T-3Year T-2Year T-1Year TTotal
1. At the end of the year of occurrence(58)(31)(20)(21)(13)(13)(201)(256)(346)(426)\u00a0
2. One year later(83)(52)(32)(32)(23)(143)(217)(271)(349)\u00a0\u00a0
3. Two years later(89)(54)(34)(34)(129)(137)(211)(267)\u00a0\u00a0\u00a0
4. Three years later(75)(52)(33)(79)(124)(133)(206)\u00a0\u00a0\u00a0\u00a0
5. Four years later(73)(47)(65)(75)(121)(132)\u00a0\u00a0\u00a0\u00a0\u00a0
6. Five years later(71)(69)(61)(74)(121)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
7. Six years later(96)(66)(60)(74)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
8. Seven years later(93)(66)(59)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
9. Eight years later(95)(63)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
10. Nine years later(69)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total (69) (63) (59) (74) (121) (132) (206) (267) (349) (426) (1,766)
C. Gross liability for incurred claims - T to T-9 (B - A) 6 (0)(0)(1)(4)(7)(12)(32)(67)(210)(326)
D. Gross undiscounted liability for incurred claims - years prior to T-9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)
E. Discount effect\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011
F. Effect of adjustment for non-financial risks\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14)
G. Gross liability for incurred claims of insurance contracts issued\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(330)
Cumulative paid claims, at 31 December 2024, amounted to \u20ac1,440 million, of which more than 50% related to claims occurring between 2021 and 2024Cumulative paid claims, including the ultimate cost estimate, amounted to \u20ac1,766 million at 31 December 2024, of which more than 60% related to claims occurring between 2021 and 2024.
At the balance sheet date, approximately 80% of cumulative claims including the ultimate cost estimate had been settled. In fact, the closing balance of the undiscounted liability for remaining coverage at 31 December 2024 amounts to \u20ac326339 million. This amount remains set aside to support commitments to policyholders for future years and relates, for approximately 64%, to claims incurred during the financial year 2024.
The discount effect on these expected future cash flows amounts to \u20ac11 million, while the adjustment for non-financial risk amounts to approximately \u20ac14 million.
Insurance activities - Claims development net of reinsurance
Claims/TimesAccumulated paid claims and other directly attributable costs paid net of reinsurance (A)
Year T-9Year T-8Year T-7Year T-6Year T-5Year T-4Year T-3Year T-2Year T-1Year TTotal
1. At the end of the year of occurrence(20)(7)(5)(10)(1)(5)(86)(111)(155)(158)\u00a0
2. One year later(35)(14)(8)(14)(5)(92)(150)(198)(230)\u00a0\u00a0
3. Two years later(37)(15)(8)(15)(83)(98)(162)(213)\u00a0\u00a0\u00a0
4. Three years later(37)(15)(9)(43)(84)(99)(164)\u00a0\u00a0\u00a0\u00a0
5. Four years later(37)(15)(29)(43)(85)(99)\u00a0\u00a0\u00a0\u00a0\u00a0
6. Five years later(35)(31)(29)(43)(85)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
7. Six years later(50)(31)(29)(43)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
8. Seven years later(49)(31)(29)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
9. Eight years later(49)(31)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
10. Nine years later(49)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(49)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(31)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(43)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(85)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(99)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(164)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(213)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(230)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(158)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,102)
Claims/TimesEstimated ultimate cumulative claims cost (amount net of reinsurance and undiscounted) (B)
Year T-9Year T-8Year T-7Year T-6Year T-5Year T-4Year T-3Year T-2Year T-1Year TTotal
1. At the end of the year of occurrence(38)(14)(7)(12)(1)(5)(181)(244)(299)(327)\u00a0
2. One year later(52)(23)(10)(15)(5)(118)(189)(253)(290)\u00a0\u00a0
3. Two years later(53)(21)(10)(16)(95)(112)(183)(243)\u00a0\u00a0\u00a0
4. Three years later(37)(17)(10)(48)(91)(108)(175)\u00a0\u00a0\u00a0\u00a0
5. Four years later(42)(15)(32)(45)(89)(105)\u00a0\u00a0\u00a0\u00a0\u00a0
6. Five years later(41)(33)(30)(44)(88)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
7. Six years later(59)(32)(29)(43)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
8. Seven years later(55)(33)(29)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
9. Eight years later(58)(31)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
10. Nine years later(43)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(43)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(31)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(43)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(88)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(105)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(175)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(243)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(290)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(327)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,375)
C. Net undiscounted liability for incurred claims - accident year T to T-9 (Total B - Total A) 6 0 0 (0)(2)(6)(11)(31)(60)(170)(273)
D. Net undiscounted liability for incurred claims - years prior to T-9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0)
E. Discount effect\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
F. Effect of adjustment for non-financial risks\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03
G. Net liability for incurred claims of insurance contracts issued\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(260)
POSTAL AND BUSINESS ACTIVITIES
Fair value interest rate risk
\u00a031 December 202331 December 2024
Description(\u20acm)Risk exposureRisk exposureEquity reserves before taxation
NominalFair valueNominalFair value+100bps-100bps
Financial assets\u00a0
Financial assets at FVTOCI11099110102(3)3
Total 11099110102(3)3
Within the framework of postal and business operations, the risk exposure in question relates to Financial assets at fair value through other comprehensive income represented by fixed-income government bonds held by the Parent Company.
Price risk
Postal and business operations - Price risk\u00a0\u00a0\u00a0\u00a0
\u00a031 December 2023\u00a031 December 2024
Description(\u20acm)Risk exposureRisk exposureEquity reserves before taxation
\u00a0\u00a0+ Vol 260 days- Vol 260 days
Financial assets\u00a0\u00a0
Financial assets at FVTOCI345\u00a024970(70)
Total 34524970(70)
Financial assets at fair value through other comprehensive income refer to Nexi shares held by Poste Italiane SpA and recorded at \u20ac249 million. For further information on the corporate transaction, please refer to section 3.2 Events after the end of the reporting date of 31 December 2024.
The Parent Company holds additional shares in Moneyfarm, sennderTechnologies GmbH, Milkman and Scalapay Limited, which are also classified as Financial assets at fair value through other comprehensive income, not subject to sensitivity in the above table.
Foreign exchange risk
Postal and business operations - Currency Risk\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a031 December 202331 December 2024
Description(\u20acm)Position in GBPPosition in EuroPosition in GBPPosition in EuroEquity reserves before taxation
+ Vol 260 days- Vol 260 days
Financial assets
Financial assets at FVTOCI485547562(2)
Total485547562(2)
At 31 December 2024, the risk in question related exclusively to an investment held by the Parent Company in Moneyfarm.
In addition, foreign exchange risk referring to the net receivable/(payable) position in SDRs, a synthetic currency resulting from the weighted average of the exchange rates of four major currencies (the Euro, US dollar, British pound and Japanese yen) held by Poste Italiane SpA and used worldwide to settle debts and credits among postal operators is shown below.
\u00a031 December 202331 December 2024
Description(\u20acm)Position in DSPPosition in EuroPosition in DSPPosition in EuroProfit/(Loss) before tax
+ Vol 260 days- Vol 260 days
\u00a0\u00a0\u00a0
Current assets in SDRs7794881073(3)
Current liabilities in SDRs(67)(82)(64)(78)(2)2
\u00a0\u00a0
Total101224291(1)
Lastly, it should be noted that the Poste Italiane Group is subject to translation currency risk, which is the exchange rate risk associated with the conversion into euro of items relating to investments in companies whose functional currency is not the euro. For details on these companies, please refer to the section \"Scope of consolidation and highlights of investments\".
At 31 December 2024, however, a significant change in exchange rates would not have a material impact on the Group's consolidated financial statements.
Spread risk
The following is the result of the analysis of sensitivity340 to spread risk carried out at 31 December 2024 limited to the Financial assets at FVTOCI involving fixed-income government bonds
Postal and business operations - Fair Value Spread Risk\u00a0
31 December 202331 December 2024
Description(\u20acm)Risk exposureRisk exposureEquity reserves before taxation
NominalFair valueNominalFair value+100bps
\u00a0\u00a0\u00a0
Financial assets \u00a0\u00a0\u00a0\u00a0
Financial assets at FVTOCI11099110102(3)
Total 11099110102(3)
Credit risk
Information on credit risk exposure is presented in the following section only for financial assets other than trade and other receivables and assets subject to impairment provisions, for which information is provided in Note A8 - Trade receivables and Note A9 - Other receivables and assets.
Exposure to credit risk
The table below provides an analysis of the exposure at 31 December 2024 of the Financial assets pertaining to the Postal and Business sector for which the General impairment model is used. The analysis shows the exposure by financial asset class by stages. The amounts refer to the gross carrying amount (amortised cost before ECL), unless otherwise indicated, and do not take into account guarantees or other credit enhancements.
Postal and business operations - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)from AAA to AA-from A+ to BBB-from BB+ to CNot ratedHedge accounting effectsTotal
Stage 1Stage 2Stage 1Stage 2Stage 1Stage 2
2024\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount - -21 - - -\u00a0\u00a021
Provision to cover expected losses - -(20) - - -\u00a0\u00a0(20)
Total amortised cost at 31 December 2024 - -1 - - -4\u00a06
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -103 - - -\u00a0\u00a0103
Fair value at 31 December 2024 - -102 - - -\u00a0\u00a0102
2023\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount - -20 - - -\u00a0\u00a020
Provision to cover expected losses - -(20) - - -\u00a0\u00a0(20)
Total amortised cost at 31 December 2023 - -(0) - - -4\u00a04
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -101 - - -\u00a0\u00a0101
Fair value at 31 December 2023 - -99 - - -\u00a0\u00a099
The financial assets that are relevant to the risk in question refer to financial receivables held by the Parent Company and measured at amortised cost for a gross carrying amount of approximately \u20ac21 million, almost entirely written down; as well as fixed income instruments measured at fair value through other comprehensive income for a carrying amount of \u20ac102 million.
The following table shows an analysis of credit risk concentration by financial asset class based on the counterparty.
Poste Italiane Group - Credit risk - Credit risk concentration\u00a0
Description(\u20acm)\u00a0\u00a0\u00a031.12.202431.12.2023
\u00a0\u00a0\u00a0Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
Financial assets at amortised cost21(20)20(20)
Corporate21(20)20(20)
Financial assets at FVTOCI103(0)101 -
Sovereign103(0)101 -
Total\u00a0\u00a0\u00a0124(20)121(20)
ECL measurement
At 31 December 2024, estimated expected losses on financial instruments relate almost exclusively to financial receivables at amortised cost for approximately \u20ac20 million. The provision remained unchanged from 31 December 2023.
Liquidity risk
The following tables present a comparison of the financial liabilities and assets of the Postal and business segment at 31 December 2023.
Liquidity risk - Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0
Financial liabilities3282,0769553,3598252,2193043,348
\u00a0\u00a0\u00a0\u00a0
Trade payables1,471 - -1,4711,749- -1,749
\u00a0\u00a0\u00a0\u00a0
Other liabilities1,25119601,4471,26422411,489
\u00a0\u00a0\u00a0\u00a0
Total Liabilities3,0502,2729556,2773,8382,4433056,586
Projected cash outflows are broken down by maturity in the table above. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2023.
Liquidity risk - Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.2024\u00a031.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal\u00a0Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets 8111312221222125
Trade receivables1,3302 -1,3321,6582 -1,660
\u00a0\u00a0\u00a0\u00a0
Other receivables and assets34929123913203716373
\u00a0\u00a0\u00a0\u00a0
Tax credits Law no. 77/2020 - -26526559273137469
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents (*)617 - -617650 - -650
Total Assets 2,3051422802,726\u00a02,6884341553,277
(*) shown before elimination of liquidity
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by main interest receivable. Held-to-maturity and available-for-sale financial assets include financial instruments held by the Parent Company, shown on the basis of expected cash flows, consisting of principal and interest paid at the various payment dates.
The committed and uncommitted credit lines available to the Group companies belonging to the operating segment in question, and the related uses are summarised in the table below.
Description(\u20acm)Balance at 31.12.2024\u00a0Balance at 31.12.2023
\u00a0\u00a0\u00a0\u00a0
Committed credit lines2,7502,450
Short-term loans 2,7502,450
\u00a0
Uncommitted credit lines2,2252,162
Short-term loans 910960
Current account overdrafts185185
Unsecured loans1,1301,017
\u00a0
Total4,975\u00a04,612
\u00a0
Uncommitted uses675554
Short-term loans -0
Unsecured loans 675554
\u00a0
Total675\u00a0554
No collateral has been provided to secure the credit lines obtained.
At 31 December 2024, the Parent Company had an EMTN - Euro Medium Term Note program of \u20ac2.5 billion in place, thanks to which the Group can raise an additional \u20ac2 billion on the capital market.
As part of this programme, the first tranche with a nominal value of \u20ac500 million of the senior unsecured loan issued by Poste Italiane on 10 December 2020 was repaid in December 2024.
The existing credit lines and the loans are adequate to meet financing requirements expected to date.
Cash flow interest rate risk
Within Financial assets belonging to the postal and commercial sector, the cash flow interest rate risk relates to variable rate bank deposits held by the Parent Company for about \u20ac324 million (\u20ac75 million at 31 December 2023), while under Financial liabilities it relates to the variable rate CEB financing taken out by the Parent Company for \u20ac240 million and the variable rate EIB financing for \u20ac450 million. The sensitivity analyses performed at 31 December 2024 do not show any significant effects on the pre-tax result.
POSTEPAY SERVICES ACTIVITIES
Foreign exchange risk
Within the Postepay services segment, the Financial assets exposed to the risk under comment relate to the investment held by Postepay in Volant\u00e9 (\u20ac6 million at 31 December 2024 and \u20ac7 million at 31 December 2023) and the convertible loan issued by Volant\u00e9 subscribed in 2024 by Postepay and recognised in financial assets at fair value through profit or loss for approximately \u20ac1 million. The sensitivity analyses performed did not reveal any significant effects on the company's pre-tax profit or equity reserves.
Credit risk
See Note A8 - Trade receivables and Note A9 - Other receivables and assets for information on credit risk exposure on trade receivables and other receivables and assets subject to impairment provisions.
The financial assets exposed to risk at 31 December 2024 relate to financial receivables from corporate counterparties, measured at amortised cost, in the A+/BB- rating category for a gross carrying amount of approximately \u20ac15 million and stage 1, and in the BB+/C rating category and stage 1 for a gross carrying amount of approximately \u20ac7 million. At 31 December 2024, the estimated expected losses on these financial instruments were not significant.
Liquidity risk
The tables below show the comparison of financial liabilities and assets falling within the Postepay services segment and outstanding at 31 December 2024.
Liquidity risk - Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0
Financial liabilities10,7627 -10,77010,2758 -10,282
\u00a0\u00a0\u00a0\u00a0
Trade payables422 - -422390 - -390
\u00a0\u00a0\u00a0\u00a0
Other liabilities891091842085
\u00a0\u00a0\u00a0\u00a0
Total Liabilities11,2749011,28210,74810010,757
Projected cash outflows are broken down by maturity in the table above. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2024.
Liquidity risk - Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.2024\u00a031.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal\u00a0Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets 2910 -2912990 -299
Trade receivables195 - -195155 - -155
\u00a0\u00a0\u00a0\u00a0
Other receivables and assets562 -58562 -58
\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents (*)126 - -12665 - -65
Total Assets 6682 -670\u00a05752 -577
(*) Exposed before liquidity elimination
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by main interest receivable.
At 31 December 2024, the companies in this segment also had credit lines of about \u20ac35 million for unsecured loans, of which around \u20ac5 million drawn down.
Additional liquidity needs can be met by resorting to credit lines stipulated by the Parent Company, for details of which please refer to the section on liquidity risk of postal and business operations.
No collateral has been provided to secure the credit lines obtained.
The existing credit lines and the loans are adequate to meet financing requirements expected to date.
Cash flow interest rate risk
As part of the Postepay services business, the financial assets exposed to the risk in question relate entirely to variable rate bank deposits held by LIS Pay with a nominal value, at 31 December 2024, of approximately \u20ac79 million. The sensitivity analyses performed show that as a result of a parallel shift of +/- 100 bps in the interest rate, the impact on the pre-tax result would be positive in both cases by approximately \u20ac3 million and \u20ac2 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page556-cflshid_248073-tag273290": { "value": "
Foreign exchange risk
Financial Activities - Currency Risk \u00a0\u00a0\u00a0\u00a0\u00a0
\u00a031 December 202331 December 2024
Description(\u20acm)Position in USDPosition in EuroPosition in USDPosition in EuroProfit/(Loss) before tax
\u00a0NotionalNotionalNotionalNotional+ Vol 260 days- Vol 260 days
Financial assets\u00a0\u00a0\u00a0\u00a0
Financial assets at FVTPL292635342(2)
Derivative financial instruments(3)(3)(9) (8) (2)2
Total 262427260(0)
At 31 December 2024, the financial assets exposed to the risk in question refer to an equity investment held by BancoPosta RFC in Visa (\u20ac34 million), as well as a derivative contract on Visa Incorporated ordinary shares entered into by the Parent Company.
Foreign exchange risk
Insurance activities - Currency Risk \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a031 December 202331 December 2024
Description(\u20acm)Position in USDPosition in EuroPosition in USDPosition in EuroProfit/(Loss) before tax
+ Vol 260 days- Vol 260 days
Financial assets
Financial assets at FVTPL106951211167(7)
Total106951211167(7)
In the area of insurance operations, the Financial assets exposed to the risk in question refer exclusively to units in US dollar mutual funds held by Poste Vita SpAForeign exchange risk
Postal and business operations - Currency Risk\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a031 December 202331 December 2024
Description(\u20acm)Position in GBPPosition in EuroPosition in GBPPosition in EuroEquity reserves before taxation
+ Vol 260 days- Vol 260 days
Financial assets
Financial assets at FVTOCI485547562(2)
Total485547562(2)
At 31 December 2024, the risk in question related exclusively to an investment held by the Parent Company in Moneyfarm.
In addition, foreign exchange risk referring to the net receivable/(payable) position in SDRs, a synthetic currency resulting from the weighted average of the exchange rates of four major currencies (the Euro, US dollar, British pound and Japanese yen) held by Poste Italiane SpA and used worldwide to settle debts and credits among postal operators is shown below.
\u00a031 December 202331 December 2024
Description(\u20acm)Position in DSPPosition in EuroPosition in DSPPosition in EuroProfit/(Loss) before tax
+ Vol 260 days- Vol 260 days
\u00a0\u00a0\u00a0
Current assets in SDRs7794881073(3)
Current liabilities in SDRs(67)(82)(64)(78)(2)2
\u00a0\u00a0
Total101224291(1)
Lastly, it should be noted that the Poste Italiane Group is subject to translation currency risk, which is the exchange rate risk associated with the conversion into euro of items relating to investments in companies whose functional currency is not the euro. For details on these companies, please refer to the section \"Scope of consolidation and highlights of investments\".
At 31 December 2024, however, a significant change in exchange rates would not have a material impact on the Group's consolidated financial statements
Foreign exchange risk
Within the Postepay services segment, the Financial assets exposed to the risk under comment relate to the investment held by Postepay in Volant\u00e9 (\u20ac6 million at 31 December 2024 and \u20ac7 million at 31 December 2023) and the convertible loan issued by Volant\u00e9 subscribed in 2024 by Postepay and recognised in financial assets at fair value through profit or loss for approximately \u20ac1 million. The sensitivity analyses performed did not reveal any significant effects on the company's pre-tax profit or equity reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page557-cflshid_248592-tag273291": { "value": "
Credit risk
Information on credit risk exposure is presented in the following section only for financial assets other than trade and other receivables and assets subject to impairment provisions, for which information is provided in Note A8 - Trade receivables and Note A9 - Other receivables and assets.
Exposure to credit risk
The following table shows the credit risk exposure of Financial assets related to the financial sector for which the general impairment model is used for the application of the impairment provisions. The analysis shows the exposure by financial asset class by stages. The amounts refer to the gross carrying amount (amortised cost before ECL), unless otherwise indicated, and do not take into account guarantees or other credit enhancements
Financial Activities - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)from AAA to AA-from A+ to BBB-from BB+ to CNot ratedHedge accounting effectsTotal
Stage 1Stage 2Stage 1Stage 2Stage 1Stage 2
2024\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount9 -44,920 - - -\u00a0\u00a044,929
Provision to cover expected losses - -(17) - - -\u00a0\u00a0(17)
Total amortised cost at 31 December 20249 -44,903 - - -403(1,082)44,232
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -34,531 - - -\u00a0\u00a034,531
Provision to cover expected losses - OCI - -(14) - - -\u00a0\u00a0(14)
Fair value at 31 December 2024 - -33,676 - - -\u00a0-33,676
2023\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount - -44,289 - - -\u00a0\u00a044,289
Provision to cover expected losses - -(23) - - -\u00a0\u00a0(23)
Total amortised cost at 31 December 2023 - -44,266 - - -351(1,944)42,673
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -35,544 - - -\u00a0\u00a035,544
Provision to cover expected losses - OCI - -(19) - - -\u00a0\u00a0(19)
Fair value at 31 December 2023 - -33,100 - - -\u00a0\u00a033,100
The Financial assets at amortised cost that are relevant to the risk in question refer only to Bancoposta RFC and relate mainly to:
\u2022fixed income instruments with a gross carrying amount of \u20ac32,203 million, down by a total of \u20ac13 million for the related impairment provision and approximately \u20ac1,082 million to reflect the effects of fair value hedges;
\u2022financial receivables for MEF deposit for a gross carrying amount of \u20ac9,972 million, down by a total of \u20ac4 million of the related impairment provision.
Financial assets at fair value through other comprehensive income that are relevant to the risk under review refer exclusively to fixed income instruments held by entities belonging to the financial sector.
The following table shows the counterparty concentration of credit risk by financial asset class.
Financial Activities - Credit risk - Credit risk concentration
Description(\u20acm)\u00a0\u00a0\u00a031.12.202431.12.2023
\u00a0\u00a0\u00a0Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
Financial assets at amortised cost44,929(17)44,289(23)
Sovereign39,273(16)38,405(21)
Corporate5,044(1)4,937(2)
Banking 612 -946 -
Financial assets at FVTOCI34,531(14)35,544(19)
Sovereign34,531(14)35,544(19)
Corporate - - - -
Banking - - - -
Total\u00a0\u00a0\u00a079,460(30)79,833(42)
Collateral held and other credit enhancements
In order to mitigate credit risk, the Poste Italiane Group adopts credit and counterparty risk mitigation tools in its financial operations. In particular, with reference to BancoPosta RFC, counterparty risk is mitigated, with respect to hedging derivative contracts and repurchase agreements, by entering into master netting agreements and requesting collateral in cash or government securities; with respect to credit risk, there are also government guarantees on certain securities.
At 31 December 2024, the Group does not hold financial assets secured by guarantees or other risk mitigation instruments for which no loss provisions have been made (except for the temporary use of liquidity in repurchase agreements).
In the context of financial operations, the main types of credit risk mitigation instruments are detailed below.
Fixed income instruments
Debt instruments held by the financial segment secured by guarantees or other credit risk mitigation instruments are bonds issued by CDP SpA guaranteed by the Italian State and subscribed by BancoPosta RFC, amounting to a nominal value of \u20ac3,000 million at 31 December 2024. These are recognised as financial assets measured at amortised cost and, in determining the expected credit losses, account was taken of the PD of the Italian Republic.
Derivative financial instruments and repurchase agreements
In order to limit the counterparty risk exposure, BancoPosta RFC has concluded standard ISDA master agreements (with attached CSA), and GMRAs which govern the collateralisation of derivative transactions and repurchase agreements respectively.
In addition, in order to mitigate counterparty risk and gain easier access to the market, from December 2017, BancoPosta RFC has entered into repurchase agreements with the Central Counterparty, the Cassa di Compensazione e Garanzia. As of 2021, certain derivatives entered into by Bancoposta RFC through bilateral contracts will be routed to a Qualified Central Counterparty for centralised clearing through the services provided by a clearing broker.
The calculation of positions in derivatives and repurchase agreements and the related risk mitigation instruments are illustrated in \"Note 4.12 Additional information - Offsetting financial assets and liabilities\", to which reference should be made.
ECL measurement
The following tables show, for Financial assets belonging to the financial sector, the reconciliation between the opening
and closing balances of the ECL provisions required by IFRS 9.
Financial activities - Credit risk - Details of the provision to cover expected losses on financial instruments
Description(\u20acm)Financial assets at amortised cost \u00a0Financial assets at FVOCI
Stage 1 Total\u00a0Stage 1 Total
Balance at 01 January 202423231919
- -
Impairment of securities / receivables held at the beginning of the period - - - -
Reversal of securities / receivables held at the beginning of the period (5)(5)(4)(4)
Impairment of securities / receivables purchased/paid in the period1122
Reversal for write-off - - - -
Reversal due to sale / collection(1)(1)(3)(3)
Balance at 31 December 20241717\u00a01414
At 31 December 2024, the estimated expected losses on Financial assets at amortised cost amounted to approximately \u20ac17 million, the provision decreased by approximately \u20ac6 million compared to 31 December 2023; the provision mainly relates to expected losses calculated on Fixed income instruments.
The provision to cover expected losses on Financial assets at fair value through other comprehensive income amounted to roughly \u20ac14 million at 31 December 2024. This provision, which refers entirely to expected losses calculated on fixed income instruments in the portfolio, decreased by approximately \u20ac5 million compared to 31 December 2023
Credit risk
Information on credit risk exposure is presented in the following section only for financial assets other than trade and other receivables and assets subject to impairment provisions, for which information is provided in Note A8 - Trade receivables and Note A9 - Other receivables and assets.
Exposure to credit risk
The following table presents an analysis of the risk exposure at 31 December 2024 of Financial assets belonging to the insurance segment for which the general deterioration model is used. The analysis shows the exposure by financial asset class by stages. The amounts refer to the gross carrying amount (amortised cost before ECL), unless otherwise indicated, and do not take into account guarantees or other credit enhancements.
Insurance Activities - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)from AAA to AA-from A+ to BBB-from BB+ to CNot ratedHedge accounting effectsTotal
Stage 1Stage 2Stage 1Stage 2Stage 1Stage 2Stage 3
2024\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount201 -2,021 -20-\u00a0\u00a02,224
Provision to cover expected losses(0) -(1) -(0)(0)-\u00a0\u00a0(1)
Total amortised cost at 31 December 2024201 -2,020 -20-1 -2,224
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount14,589 -95,140682,39191-\u00a0\u00a0112,279
Provision to cover expected losses - OCI(1) -(32)(1)(5)(1)-\u00a0\u00a0(39)
Fair value at 31 December 202414,019 -90,982642,33788-\u00a0 -107,491
2023\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount133 -1,988 -20-\u00a0\u00a02,124
Provision to cover expected losses(0) -(1) -(0)(0)-\u00a0\u00a0(1)
Total amortised cost at 31 December 2023133 -1,987 -20-\u00a0\u00a02,123
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount13,486 -95,73546202,640124\u00a0112,051
Provision to cover expected losses - OCI(1) -(44)(0)(0)(8)(2)\u00a0\u00a0(55)
Fair value at 31 December 202313,103 -90,07244202,493114 - -105,847
Financial assets at amortised cost, which are recognised at risk, refer exclusively to fixed income instruments in the free assets held by companies belonging to the insurance sector with a gross carrying amount of \u20ac2,161 million, decreased by a total of \u20ac1 million to account for the related impairment provision.
Financial assets at fair value through other comprehensive income that are relevant to the risk under comment relate exclusively to fixed income instruments with a gross carrying amount of \u20ac112,279 million.
The following table shows the counterparty concentration of credit risk by financial asset class. Amounts refer to the gross carrying amount. Of the provision to cover expected losses on financial instruments at fair value in other comprehensive income, an amount of approximately \u20ac38 million was retroceded to policyholders.
Insurance activities - Credit risk - Credit risk concentration
Description(\u20acm)\u00a0\u00a0\u00a031.12.202431.12.2023
\u00a0\u00a0\u00a0Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
Financial assets at amortised cost2,224(1)2,124(1)
Sovereign2,091(1)2,050(1)
Corporate124(0)64(0)
Banking10(0)9(0)
Financial assets at FVTOCI112,279(39)112,051(55)
Sovereign88,828(27)88,892(38)
Corporate16,880(10)16,270(14)
Banking6,571(2)6,889(3)
Total\u00a0\u00a0\u00a0114,503(40)114,175(56)
ECL measurement
The following tables show, for each accounting category, the reconciliation between the opening and closing balances of the provisions required by IFRS 9 to cover expected losses related exclusively to the free capital of companies in the sector.
At the end of the reporting period, the estimated expected losses on financial instruments at FVOCI amounted to approximately \u20ac39 million, of which \u20ac38 million was passed on to policyholders. This provision decreased by approximately \u20ac16 million compared to 31 December 2023, mainly as a result of sales in the period. The net exposure following the reversal to policyholders is \u20ac1 million.
Lastly, with regard to financial instruments at amortised cost, at 31 December 2024 the estimated expected losses amounted to approximately \u20ac1 million and did not change significantly compared to 31 December 2023.
Insurance activities - Credit risk - Details of the provision to cover expected losses on financial instruments
Description(\u20acm)Financial assets at amortised cost \u00a0Financial assets at FVOCI
Stage 1 Total\u00a0Stage 1 Total
Balance at 01 January 20241111
- -
Impairment of securities / receivables held at the beginning of the period -00
Reversal of securities / receivables held at the beginning of the period (0)(0)(0)(0)
Impairment of securities / receivables purchased/paid in the period - -00
Reversal for write-off - -(0)(0)
Reversal due to sale / collection(0)(0) - -
Balance at 31 December 202411\u00a011
Collateral held and other credit enhancements
In order to mitigate the exposure to credit risk, the Poste Vita Group invests in, among other things, corporate bonds that are guaranteed in order to mitigate the overall exposure to credit risk.
At 31 December 2024, the insurance Group does not hold financial instruments secured by guarantees or other credit risk mitigation instruments for which a loss coverage provision has been recognised.
Within the insurance business, the main types of financial instruments backed by guarantees or other credit risk mitigation instruments are bonds held by the Poste Vita Group, with a nominal amount of \u20ac6,919 million at 31 December 2024. In these cases, the guarantee covers 100% of the nominal value of the securities. The guarantees securing these financial instruments are as follows:
-corporate bonds backed by personal guarantees provided the parent company or another associate, amounting to a nominal value of \u20ac5,824 million;
-covered bonds backed by property mortgages, primarily property mortgages, amounting to a nominal value of \u20ac318 million;
-bonds guaranteed by sovereign states, amounting to a nominal value of \u20ac775 million.
In the case of instruments backed by personal guarantees provided by a sovereign state or one or more companies, expected losses are calculated on the basis of the credit rating of the guarantor. With regard to covered securities, the determination of the provision to cover expected losses was made taking into account not only the rating of the issuing institution, but also the type of underlying security.
Exposure to credit risk - insurance components
The following table presents an analysis of the risk exposure in question at 31 December 2024, by counterparty rating class, generated as a result of the placement of outstanding insurance and reinsurance contracts.
Insurance activities - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0(\u20acm)
Descriptionfrom AAA to AA-from A+ to BBB-from BB+ to CNot ratedTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2024\u00a0
Assets for outward reinsurance\u00a0\u00a0\u00a0\u00a0324
Net receivables from reinsurers10 - - -10
\u00a0
Insurance liabilities\u00a0\u00a0\u00a0\u00a0162,408
Due from policyholders - - -128128
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2023\u00a0
Assets for outward reinsurance\u00a0\u00a0\u00a0\u00a0233
Net receivables from reinsurers - - - - -
\u00a0
Insurance liabilities\u00a0\u00a0\u00a0\u00a0155,338
Due from policyholders - - -170170
Assets for outward reinsurance that are relevant to the risk in question refer to the component of the item relating to the net exposure to reinsurers, which is included in the valuation. These receivables are not subject to impairment as the credit or debit balance is used to offset the payment or collection of reinsurance items. The reinsurance structure has very tight deadlines, annual at most, so the possibility of balances remaining unpaid for a period longer than 12 months is remote. Moreover, since these receivables are related to contracts falling under IFRS 17, they are not to be impaired as required by IFRS 9. At 31 December 2024, the balance of these net receivables was \u20ac10 million.
The insurance liabilities that are taken into account in the valuation of this risk refer to the component relating to receivables from policyholders. Receivables from policyholders relate to contracts issued at the reporting date for which the customer has not yet paid the premium. As with net receivables from reinsurers, this type of receivable also arises as a result of insurance contracts, and therefore does not have to be subject to impairment testing as required by IFRS 9. In any case, the Group performs recoverability analyses of the receivable in question, and in fact a full write-down of the receivable is made if it is more than six months old
Credit risk
Information on credit risk exposure is presented in the following section only for financial assets other than trade and other receivables and assets subject to impairment provisions, for which information is provided in Note A8 - Trade receivables and Note A9 - Other receivables and assets.
Exposure to credit risk
The table below provides an analysis of the exposure at 31 December 2024 of the Financial assets pertaining to the Postal and Business sector for which the General impairment model is used. The analysis shows the exposure by financial asset class by stages. The amounts refer to the gross carrying amount (amortised cost before ECL), unless otherwise indicated, and do not take into account guarantees or other credit enhancements.
Postal and business operations - Credit Risk - Rating\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)from AAA to AA-from A+ to BBB-from BB+ to CNot ratedHedge accounting effectsTotal
Stage 1Stage 2Stage 1Stage 2Stage 1Stage 2
2024\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount - -21 - - -\u00a0\u00a021
Provision to cover expected losses - -(20) - - -\u00a0\u00a0(20)
Total amortised cost at 31 December 2024 - -1 - - -4\u00a06
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -103 - - -\u00a0\u00a0103
Fair value at 31 December 2024 - -102 - - -\u00a0\u00a0102
2023\u00a0
Financial assets at amortised cost\u00a0\u00a0\u00a0
Gross carrying amount - -20 - - -\u00a0\u00a020
Provision to cover expected losses - -(20) - - -\u00a0\u00a0(20)
Total amortised cost at 31 December 2023 - -(0) - - -4\u00a04
\u00a0
Financial assets at FVTOCI\u00a0
Gross carrying amount - -101 - - -\u00a0\u00a0101
Fair value at 31 December 2023 - -99 - - -\u00a0\u00a099
The financial assets that are relevant to the risk in question refer to financial receivables held by the Parent Company and measured at amortised cost for a gross carrying amount of approximately \u20ac21 million, almost entirely written down; as well as fixed income instruments measured at fair value through other comprehensive income for a carrying amount of \u20ac102 millionThe following table shows an analysis of credit risk concentration by financial asset class based on the counterparty.
Poste Italiane Group - Credit risk - Credit risk concentration\u00a0
Description(\u20acm)\u00a0\u00a0\u00a031.12.202431.12.2023
\u00a0\u00a0\u00a0Gross carrying amountProvision to cover expected lossesGross carrying amountProvision to cover expected losses
Financial assets at amortised cost21(20)20(20)
Corporate21(20)20(20)
Financial assets at FVTOCI103(0)101 -
Sovereign103(0)101 -
Total\u00a0\u00a0\u00a0124(20)121(20)
ECL measurement
At 31 December 2024, estimated expected losses on financial instruments relate almost exclusively to financial receivables at amortised cost for approximately \u20ac20 million. The provision remained unchanged from 31 December 2023
Credit risk
See Note A8 - Trade receivables and Note A9 - Other receivables and assets for information on credit risk exposure on trade receivables and other receivables and assets subject to impairment provisions.
The financial assets exposed to risk at 31 December 2024 relate to financial receivables from corporate counterparties, measured at amortised cost, in the A+/BB- rating category for a gross carrying amount of approximately \u20ac15 million and stage 1, and in the BB+/C rating category and stage 1 for a gross carrying amount of approximately \u20ac7 million. At 31 December 2024, the estimated expected losses on these financial instruments were not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page560-cflshid_250842-tag273292": { "value": "
Liquidity risk
The following tables compare financial liabilities and assets belonging to the financial sector and outstanding at 31 December 2024.
Liquidity risk - Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0
Financial liabilities35,70517,32326,27779,30437,39119,43126,29083,112
Trade payables99 - -9973 - -73
Other liabilities2111,728 -1,9392341,75601,990
Total Liabilities36,01519,05126,27781,34237,69721,18726,29085,174
In the presentation of financial liabilities, expected cash outflows are broken down by maturity and payables for postal current accounts are represented on the basis of the statistic/econometric model that forecasts the interest rates and maturities typical of postal current accounts. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2024.
Liquidity risk - Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets 18,58618,79976,634114,01919,86619,15576,154115,175
\u00a0\u00a0\u00a0 - -
Trade receivables551 - -551588 - -588
\u00a0\u00a0\u00a0\u00a0 -
Other receivables and assets7951,72302,5186031,75202,356
\u00a0\u00a0\u00a0\u00a0 -
Tax credits Law no. 77/20201,8334,1531,4627,4471,7014,9052,2418,847
\u00a0\u00a0\u00a0\u00a0 -
Cash and deposits attributable to BancoPosta4,290 - -4,2904,671 - -4,671
Cash and cash equivalents (*)394 - -394940 - -940
Total Assets 26,44924,67478,096129,21928,36825,81278,396132,576
(*) shown before elimination of liquidity
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by interest receivable. Held-to-maturity and available-for-sale financial assets include financial instruments held by BancoPosta RFC and to a residual degree by the company BancoPosta Fondi SpA SGR, shown on the basis of expected cash flows, consisting of principal and interest paid at the various payment dates.
In terms of BancoPosta RFC's specific operations, the liquidity risk regards current account deposits and prepaid cards332, the related investment of the deposits in Eurozone government securities and/or securities guaranteed by the Italian government, and the margins on derivative transactions, as well as tax credits acquired in relation to Decreto Rilancio no. 34/2020 (then converted with Law no. 77 of 17 July 2020). The potential risk derives from a mismatch between the maturities of investments in securities and those of liabilities, represented by current accounts where the funds are available on demand, thus compromising the ability to meet its obligations to current account holders. Any potential mismatch between assets and liabilities is monitored via comparison of the maturity schedule for assets with the statistical model of the performance of current account deposits, in accordance with the various likely maturity schedules and assuming the progressive total withdrawal of deposits over a period of twenty-three years for retail customers, six years for business customers, ten years for PostePay cards and six years for Public Administration customers.
Lastly, for the proper evaluation of the liquidity risk, it is appropriate to take into account that investments in \"euro-government bonds\", if unencumbered, may be assimilated with highly liquid assets; these securities can be used as collateral in interbank repurchase agreements to obtain short-term financing (normally carried out in BancoPosta).
For the purposes of effective risk management, there are also uncommitted revocable credit lines available for BancoPosta RFC's overnight operations, a three-year committed credit line granted by Cassa Depositi e Prestiti for repurchase agreement transactions up to a maximum of \u20ac3 billion, undrawn at 31 December 2024 and, finally, for intraday interbank transactions, BancoPosta RFC can access an intraday advance from the Bank of Italy and secured by securities with a nominal value of \u20ac2,900 million, undrawn at 31 December 2024.
Additional liquidity needs can be met by resorting to credit lines stipulated by the Parent Company, for details of which please refer to the section on liquidity risk of postal and business operations.
Based on the above information, the existing credit lines and the loans are adequate to meet financing requirements expected to date.
Liquidity risk
The following tables compare the financial liabilities and assets belonging to the insurance segment and outstanding at 31 December 2024.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Insurance activities - Liquidity Risk \u2013 Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Within 12 monthsBetween 1 and 2 yearsBetween 2 and 3 yearsBetween 3 and 4 yearsBetween 4 and 5 yearsOver 5 yearsTotal
2024\u00a0\u00a0
Flows from Poste Vita group's policies7,759 5,977 4,696 7,065 5,055 174,420 204,972 \u00a0
Financial liabilities56 0 1 0 0 11 68 \u00a0
Trade payables105 - - - - - 105 \u00a0
Other liabilities604 4 - 1 - 94 704 \u00a0
Total at 31 December 20248,5245,9824,6967,0665,055174,525205,848\u00a0
2023\u00a0
Flows from Poste Vita group's policies10,574 9,053 8,543 8,523 9,930 175,196 221,818 \u00a0
Financial liabilities59 0 0 - - - 59
Trade payables41 - - - - - 41 \u00a0
Other liabilities702 3 - - - 74 778 \u00a0
Total at 31 December 202311,3759,0568,5438,5239,930175,270222,697
Projected cash outflows are broken down by maturity in the presentation of financial liabilities. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2024. The commitments of the Group insurance companies are represented in the item \"Portfolio flow from Poste Vita group's policies\".
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Insurance activities - Liquidity Risk - Assets
Description(\u20acm)Within 12 monthsBetween 1 and 2 yearsBetween 2 and 3 yearsBetween 3 and 4 yearsBetween 4 and 5 yearsOver 5 yearsTotal
2024\u00a0\u00a0
Financial assets 21,633 12,774 14,743 13,445 10,769 182,866 256,230 \u00a0
Trade receivables0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- 0 \u00a0
Other receivables and assets175 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,187 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,361
Cash and cash equivalents (*)4,631 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- 4,631 \u00a0
Total at 31 December 2024 26,439 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,774 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,743 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,445 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,769 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0185,052 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0263,223 \u00a0
2023\u00a0
Financial assets 19,132 13,159 11,588 13,843 12,861 173,474 244,057
Trade receivables2 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- 2
Other receivables and assets134 - - - - 2,280 2,414
Cash and cash equivalents (*)3,561 3,561 \u00a0
Total at 31 December 2023 22,830 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,159 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,588 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,843 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,861 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0175,754 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0250,035
*Exposed to their liquidity elimination
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by main interest receivable. Held-to-maturity and available-for-sale financial assets include financial instruments held by the Group's insurance companies, shown on the basis of expected cash flows, consisting of principal and interest paid at the various payment dates.
The liquidity risk stemming from Class I and V policies issued by Poste Vita SpA is mainly of relevance in the analysis in question. For said reason, for the purposes of the analysis of the liquidity risk profile, for the policies sold by Poste Vita SpA, the company performs Asset/liability management (ALM) analysis to manage assets effectively in relation to its obligations to policyholders, and also develops projections of the effects deriving from financial market shocks (asset dynamics) and of the behaviour of policyholders (liability dynamics).
At 31 December 2024, there were uncommitted credit lines for unsecured loans of about \u20ac5 million, of which about \u20ac2 million were drawn down.
Additional liquidity needs can be met by resorting to credit lines stipulated by the Parent Company, for details of which please refer to the section on liquidity risk of postal and business operations.
Based on the above information, the existing credit lines and the loans are adequate to meet financing requirements expected to date.
For the purposes of liquidity risk disclosure, the table of amounts payable on request and the balance sheet value of insurance contracts issued and outward reinsurance that constitute liabilities with lapse clauses is also shown:
Amounts payable on request
Description(\u20acm)31 December 2024
Amounts payable on requestCarrying amount
Insurance contracts issued with direct participation features161,424159,059
Investment contracts issued with discretionary participation features - -
Investment contracts issued without discretionary participation features162164
Outward reinsurance - -
Liquidity risk
The following tables present a comparison of the financial liabilities and assets of the Postal and business segment at 31 December 2023.
Liquidity risk - Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0
Financial liabilities3282,0769553,3598252,2193043,348
\u00a0\u00a0\u00a0\u00a0
Trade payables1,471 - -1,4711,749- -1,749
\u00a0\u00a0\u00a0\u00a0
Other liabilities1,25119601,4471,26422411,489
\u00a0\u00a0\u00a0\u00a0
Total Liabilities3,0502,2729556,2773,8382,4433056,586
Projected cash outflows are broken down by maturity in the table above. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2023.
Liquidity risk - Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.2024\u00a031.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal\u00a0Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets 8111312221222125
Trade receivables1,3302 -1,3321,6582 -1,660
\u00a0\u00a0\u00a0\u00a0
Other receivables and assets34929123913203716373
\u00a0\u00a0\u00a0\u00a0
Tax credits Law no. 77/2020 - -26526559273137469
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents (*)617 - -617650 - -650
Total Assets 2,3051422802,726\u00a02,6884341553,277
(*) shown before elimination of liquidity
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by main interest receivable. Held-to-maturity and available-for-sale financial assets include financial instruments held by the Parent Company, shown on the basis of expected cash flows, consisting of principal and interest paid at the various payment dates.
The committed and uncommitted credit lines available to the Group companies belonging to the operating segment in question, and the related uses are summarised in the table below.
Description(\u20acm)Balance at 31.12.2024\u00a0Balance at 31.12.2023
\u00a0\u00a0\u00a0\u00a0
Committed credit lines2,7502,450
Short-term loans 2,7502,450
\u00a0
Uncommitted credit lines2,2252,162
Short-term loans 910960
Current account overdrafts185185
Unsecured loans1,1301,017
\u00a0
Total4,975\u00a04,612
\u00a0
Uncommitted uses675554
Short-term loans -0
Unsecured loans 675554
\u00a0
Total675\u00a0554
No collateral has been provided to secure the credit lines obtained.
At 31 December 2024, the Parent Company had an EMTN - Euro Medium Term Note program of \u20ac2.5 billion in place, thanks to which the Group can raise an additional \u20ac2 billion on the capital market.
As part of this programme, the first tranche with a nominal value of \u20ac500 million of the senior unsecured loan issued by Poste Italiane on 10 December 2020 was repaid in December 2024.
The existing credit lines and the loans are adequate to meet financing requirements expected to date.
Liquidity risk
The tables below show the comparison of financial liabilities and assets falling within the Postepay services segment and outstanding at 31 December 2024.
Liquidity risk - Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotalWithin 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0
Financial liabilities10,7627 -10,77010,2758 -10,282
\u00a0\u00a0\u00a0\u00a0
Trade payables422 - -422390 - -390
\u00a0\u00a0\u00a0\u00a0
Other liabilities891091842085
\u00a0\u00a0\u00a0\u00a0
Total Liabilities11,2749011,28210,74810010,757
Projected cash outflows are broken down by maturity in the table above. Repayments of principal at nominal value are increased by interest payments calculated, where applicable, on the basis of the yield curve applicable at 31 December 2024.
Liquidity risk - Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.2024\u00a031.12.2023
Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal\u00a0Within 12 monthsBetween 1 and 5 yearsOver 5 yearsTotal
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets 2910 -2912990 -299
Trade receivables195 - -195155 - -155
\u00a0\u00a0\u00a0\u00a0
Other receivables and assets562 -58562 -58
\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents (*)126 - -12665 - -65
Total Assets 6682 -670\u00a05752 -577
(*) Exposed before liquidity elimination
In the case of assets, cash inflows are broken down by maturity, shown at nominal value and increased, where applicable, by main interest receivable.
At 31 December 2024, the companies in this segment also had credit lines of about \u20ac35 million for unsecured loans, of which around \u20ac5 million drawn down.
Additional liquidity needs can be met by resorting to credit lines stipulated by the Parent Company, for details of which please refer to the section on liquidity risk of postal and business operations.
No collateral has been provided to secure the credit lines obtained.
The existing credit lines and the loans are adequate to meet financing requirements expected to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page562-cflshid_252404-tag273293": { "value": "
Cash flow inflation risk
At 31 December 2024, cash flow inflation risk relates to inflation-linked government securities not subject to cash flow hedges or fair value hedges, held entirely by BancoPosta RFC for a nominal amount of \u20ac1,025 million (\u20ac1,301 million at 31 December 2023). The results of the sensitivity analyses performed on these securities do not show any significant effects on the pre-tax result.
Cash flow inflation risk
Cash flow inflation risk\u00a0\u00a0\u00a0\u00a0
\u00a031 December 2023\u00a031 December 2024
Description(\u20acm)Risk exposureRisk exposureProfit/(Loss) before tax
NominalCarrying amountNominalCarrying amount+100bps-100bps
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets at amortised cost729172930(0)
\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets at FVTOCI6,6767,8935,3646,7151(1)
\u00a0\u00a0\u00a0\u00a0\u00a0
Total 6,7487,9845,4366,8081(1)
At 31 December 2024, the cash flow inflation rate risk relates to inflation-indexed government bonds. Of the total nominal value, securities totalling \u20ac5,390 million are held by Poste Vita SpA and securities totalling \u20ac40 million by Poste Assicura SpA.
With regard to insurance liabilities, the risk exposure is not deemed to be significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page588-cflshid_269453-tag273294": { "value": "4.7. FAIR VALUE OF FINANCIAL INSTRUMENTS
4.7.1 FAIR VALUE MEASUREMENT TECHNIQUES
The Poste Italiane Group has adopted a fair value policy, setting out the general principles and rules to be applied in determining fair value for the purposes of preparing the financial statements, conducting risk management assessments and supporting the market transactions carried out by the Finance departments of the various Group entities. The general principles for the fair value measurement of financial instruments have not changed with respect to 31 December 2023, except for the appropriate integration of the same in order to take into account the new exposure within the Poste Italiane Group's securities portfolio of the individual components of the consolidated Multi-asset Funds, whose components are measured in accordance with the techniques used to value them in line with the provisions of the Bank of Italy's Provision of 19 January 2015, as amended, setting forth the Regulations for Collective Asset Management. These general principles have been identified in compliance with the guidelines from the reference accounting standards and from the various Regulators (banking and insurance), ensuring uniformity in the valuation techniques adopted within the Group. The methods used have been revised, where necessary, to take into account developments in operational procedures and in market practices during the year.
In compliance with IFRS 13 - Fair Value Measurement, the following section provides information regarding the techniques used to measure the fair value of financial instruments within the Poste Italiane Group.
The assets and liabilities concerned (specifically assets and liabilities measured at fair value and measured at cost or amortised cost, for which fair value is required to be disclosed in the notes) are classified with reference to a hierarchy that reflects the materiality of the sources used for their valuation.
The hierarchy consists of the following 3 levels.
Level 1: this level is comprised of fair values determined with reference to unadjusted prices quoted in active markets for identical assets or liabilities to which the entity has access on the measurement date. For the Poste Italiane Group the following categories of financial instrument apply:
Bonds quoted on active markets:
\u2022Bonds issued by EU government bodies or non-government bodies: measurement is based on bid prices, according to a hierarchy of sources where the MTS (the wholesale electronic market for government securities) ranks first, MILA (Milan Stock Exchange) second, for bonds intended for retail customers, and the CBBT (Composite Bloomberg Bond Trader) third;
\u2022Financial liabilities: measurement is based on the ask prices quoted by CBBT (Composite Bloomberg Bond Trader).
Equity securities and ETFs (Exchange Traded Funds) listed on active markets: the valuation is made considering the price resulting from the last contract traded on the day on the relevant stock exchange.
Quoted open-end investment funds: measurement is based on the daily closing market price as provided by Bloomberg or the fund manager. Level 1 bond price quotations incorporate a credit risk component. Exchange rates published by the European Central Bank are used in determining the value of financial instruments denominated in currencies other than the euro.
Level 2: this level is comprised of fair values based on inputs other than Level 1 quoted market prices that are either directly or indirectly observable for the asset or liability341. For the Poste Italiane Group the following categories of financial instrument applyBonds either quoted on inactive markets or not at all:
\u2022Straight Italian and international government and non-government bonds: valuation is based on discounted cash flow techniques involving the computation of the present value of future cash flows, inputting rates from yield curves incorporating spreads reflecting credit risk that are based on spreads determined with reference to quoted and liquid benchmark securities issued by the issuer, or by other companies with similar characteristics to the issuer. Yield curves may be slightly adjusted to reflect liquidity risk relating to the absence of an active market.
\u2022Structured bonds: valuation is based on a building block approach, entailing decomposition of a structured position into its basic components: the bond and option components. The bond component is measured by discounting cash flows to present value in line with the approach applicable to straight bonds, as defined above. The option component - which considering the features of the bonds included in the portfolio of the Poste Italiane Group relates to interest rate risk - is measured in accordance with a standard closed form expression as with classical option valuation models with underlyings exposed to such risks.
Unquoted equities: this category may be included here provided it is possible to use the price of quoted equities of the same issuer as a benchmark. The price inferred in this manner would be adjusted through the application of the discount, quoted by primary market counterparties, which represents the implicit cost in the process to align the value of the unquoted shares to the quoted ones.
Unquoted open-end investment funds: measurement is based on the latest available NAV (Net Asset Value) as provided by Bloomberg or as determined by the fund manager.
Derivative financial instruments:
\u2022Interest Rate Swaps:
Plain vanilla interest rate swaps: valued using discounted cash flow techniques, involving the computation of the present value of future differentials between the receiver and payer legs of the swap. The construction of yield curves to estimate future cash flows indexed to market parameters (money market rates and/or inflation) and computation of the present value of future differentials are carried out using techniques commonly used in capital markets.
Interest rate swaps with an embedded option: valuation is based on a building block approach, entailing decomposition of a structured position into its basic components: the linear and option components. The linear component is measured using the discounted cash flow techniques described for plain vanilla interest rate swaps above. Using the financial derivatives held in the Poste Italiane portfolio as an example, the option component is derived from interest rate or inflation rate risks and is valued using a closed form expression, as with classical option valuation models with underlyings exposed to such risks.
\u2022Bond forwards: valuation is based on the present value of the differential between the forward price of the underlying instrument as of the measurement date and the settlement price.
\u2022Warrants: considering the features of the securities held, measurement is based on the local volatility model. In particular, considering that buyback agreements have been entered into with the counterparties that structured these warrants, and that such counterparties use valuation models consistent with those used by the Group, these instruments are measured on the basis of the bid price quoted by the counterparties.
\u2022Currency forwards: valuation is based on the differential between the reciprocal currency registered at the measurement date and the reciprocal currency fixed at the trade date.
The derivatives held in Poste Italiane's portfolio may be pledged as collateral and the fair value, consequently, need not be adjusted for counterparty risk. The yield curve used to compute present value is selected to be consistent with the manner in which cash collateral is remunerated. This approach is also followed for security in the form of pledged debt securities, given the limited level of credit risk inherent in the securities held as collateral by the Poste Italiane Group.
In the rare instances where collateral agreements do not substantially reduce counterparty risk, measurement takes place by discounting to present value the cash flows generated by the securities held as collateral, using as the input a yield curve that reflects the spread applicable to the issuer's credit risk. Alternatively, use is made of fair value to calculate the CVA/DVA (Credit Valuation Adjustment / Debit Valuation Adjustment), in relation to the main technical and financial characteristics of the agreements and the counterparty's probability of default.
Reverse Repos: are valued using discounted cash flow techniques involving the computation of future contractual cash flows. These instruments may also be used for collateral and in such cases fair value need not be adjusted for the counterparty's credit risk.
Fixed rate and variable rate loans: valuation is performed using discounted cash flowtechniques. The counterparty's credit spread is considered through:
\u2022use of the Italian government yield curve or the credit default swap (CDS) of the Italian Republic, in the case of Italian government agencies;
\u2022use of quoted CDS yield curves or, if not available, the adoption of \"synthetic\" CDS yield curves represented by the counterparty's rating, as constructed starting from the input data observable on the market;
\u2022use of yield curves based on the specific issuer's quoted bond prices.
Financial liabilities either quoted on inactive markets or not at all:
\u2022Straight bonds: these are measured by discounting their future cash flows using as input a yield curve reflecting the spread applicable to the issuer's credit risk;
\u2022Structured bonds: valuation is based on a building block approach, entailing decomposition of a structured position into its basic components: the bond and option components. The bond component is measured by discounting cash flows to present value in line with the approach applicable to straight bonds, as defined above. The option component, attributable to interest rate risk considering the features of the bonds included in the portfolio of the Poste Italiane Group, is measured in accordance with a standard closed form expression as with classical option valuation models with underlyings exposed to such risks.
\u2022Borrowings: these are measured by discounting their future cash flows using as input a yield curve reflecting the spread applicable to the credit risk.
\u2022Repurchase agreements: are valued using discounted cash flow techniques involving the computation of future contractual cash flows. Repos may also be used for collateral and in such cases fair value need not be adjusted for the counterparty's credit risk.
Level 3: this category includes the fair value measurement of assets and liabilities using inputs which cannot be observed, in addition to Level 2 inputs. For the Poste Italiane Group the following categories of financial instrument apply:
Fixed and variable rate loans: the measurement is carried out using discounted cash flow techniques. The counterparty's credit spread is set according to best practices, by using the probability of default and transition matrices created by external information providers and loss given default parameters determined by prudential regulations for banks or in accordance with market standards.
Closed-end unquoted funds: these include funds that invest mainly in unquoted instruments. Their fair value is determined by considering the latest NAV (Net Asset Value), available at least every six months, reported by the fund manager. This NAV is adjusted according to the capital calls and reimbursements announced by the managers which occurred between the latest NAV date and the valuation date.
Investment property (excluding former service accommodation) and inventories of properties held for sale: The fair value of both investment property and inventories has been determined mainly by discounting to present value the cash flows expected to be generated by the rental agreements and/or proceeds from sales, net of related costs. The process uses a discount rate that considers analytically the risks typical of the property.
Investment property (former service accommodation): the value of this investment property is determined on the basis of the applicable law (Law 560 of 24 December 1993), which sets the selling price in case of sale.
Unquoted shares: this category includes shares for which no price is observable directly or indirectly in the market. Measurement of these instruments is based on the price of quoted equities of the same issuer as a benchmark. The price inferred in this manner would be adjusted through the application of the discount implicit in the process to align the value of the unquoted shares to the quoted ones. In the specific case of equities relating to unlisted companies at the \"start-up\" phase, fair value is instead determined by considering the implicit valuation at the time of acquisition, adjusted by value adjustments to take account of any changes in price resulting from342 significant transactions observable on the market in the 12 months prior to the reporting date. Alternatively, and in the absence of significant transactions, the fair value of the share is determined using alternative methods (verification of financial data that can be inferred from the company's Business Plans if available and analysis of the company's performance, multiple market use, etc.).
Tax credits Law no. 77/2020: this category includes credits acquired with reference to the Decreto Rilancio no. 34/2020 (later converted into Law no. 77 of 17 July 2020) for which no directly or indirectly observable market prices are available. For this type of instrument, the method of determining fair value involves the application of the discounted cash flow valuation technique, which consists of discounting cash flows to maturity using the yield curve constructed by adding to the risk-free rate curve the extra yield calculated starting from the price at the date of purchase of the receivables. The spread remains fixed for the life of the instrument.
Forwards on unquoted equities: for these instruments, the valuation of the counterparty is recalculated by discounting the difference between the forward price of the equity security underlying the derivative updated to the valuation date and the settlement price.
Equity held in cooperative banks: this category includes shares that have been admitted to the Hi-MTF market (Vorvel) in light of Consob Communication no. 92492 of 1/10/2016 \"Recommendation on the distribution of financial instruments through a multilateral trading venue\" as well as following the changes introduced by Directive 2014/65/EU of 15 May 2014 (MiFID II) and EU Regulation no. 600/2014 (MiFIR). For these actions, the alternative model of \"Hi-MTF market transactions\" was adopted, which provides for:
-use the price of the last available transaction on the Hi-MTF market, provided there are at least two transactions per month over a 3-month horizon;
-application of a liquidity discount on the price equal to a maximum of between zero and the ratio between the value of the position held by the Group and the accumulated value of all transactions in the last 6 months, minus one.
Alternative and Level 3 Funds: this category includes quoted and unquoted open-ended funds that cannot be categorised as Level 2 and all alternative funds. The fair value of these Funds is represented by the NAV, based on the value of the underlying assets, adjusted if necessary on the basis of the internal control system
4.7.2 FAIR VALUE HIERARCHY
The following table shows an analysis of financial instruments measured at fair value at 31 December 2024, classified by level in the fair value hierarchy.
Fair value hierarchy\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial assets\u00a0\u00a0\u00a0\u00a0
Financial assets at FVTOCI134,832 6,679 225 141,737 136,848 2,447 299 139,594
Equity instruments249 - 217 467 345 0 204 549
Fixed income instruments134,583 6,679 8 141,270 136,503 2,447 95 139,046
Financial assets at FVTPL8,629 36,806 7,864 53,299 4,441 35,892 7,873 48,205
Receivables- 808 11 820 - - - -
Equity instruments540 1,328 17 1,886 482 3 27 512
Fixed income instruments5,109 22,920 0 28,029 2,440 120 3 2,564
Other investments2,980 11,749 7,835 22,564 1,519 35,768 7,843 45,129
Derivative financial instruments0 2,749 - 2,749 - 4,257 - 4,257
Total143,462 46,234 8,089 197,784 141,289 42,596 8,172 192,056
Financial liabilities
Financial liabilities at fair value----- - - -
Derivative financial instruments -(1,859)(8)(1,867)(0)(1,136)(3)(1,138)
Total -(1,859)(8)(1,867)(0)(1,136)(3)(1,138)
Transfers between levels 1 and 2, relating entirely to the Poste Vita insurance group, are shown below:
Transfers from Level 1 to Level 2 \u00a0\u00a0\u00a0
Description(\u20acm) From Level 1 to Level 2 From Level 2 to Level 1
Level 1 Level 2 Level 1 Level 2
Transfers of financial assets
Financial assets at FVTOCI (3,158)3,158404(404)
Equity instruments
Fixed income instruments (3,158)3,158404(404)
Other investments
Financial assets at FVTPL (169)1691,538(1,538)
Receivables
Equity instruments - - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- -
Fixed income instruments (2)242(42)
Other investments (167)1671,497(1,497)
\u00a0\u00a0
Net transfers from Level 1 to Level 2 (3,326)3,3261,942(1,942)
Reclassifications from level 1 to level 2 relate to financial instruments whose value, at 31 December 2024, is not observable in a liquid and active market, as defined in the Group's Fair Value Policy. Reclassifications from level 2 to level 1, on the other hand, relate to financial instruments whose value, at 31 December 2024, is observable in a liquid and active market.
Movements in level 3 during the year are shown below:
Changes in financial instruments - level 3\u00a0\u00a0\u00a0\u00a0
Description(\u20acm)Financial assets
Financial assets at FVTOCI Financial assets at FVTPL Derivative financial instrumentsTotal
Balance at 1 January 20242997,873 -8,172
Purchases/Issues01,009 -1,009
Sales/Extinguishment of initial accruals(2)(304) -(307)
Redemptions -(0) -(0)
Changes in fair value through profit or loss -3 -3
Changes in fair value through equity3 - -3
Transfers to profit or loss -0 -0
Gains/Losses in profit or loss due to sales - - - -
Transfers to level 3 -5 -5
Transfers to other levels(85)(713) -(798)
Changes in amortised cost01 -1
Write-off - - - -
Other changes (including accruals at end of period)9(9) - -
Change in scope - - - -
Balance at 31 December 20242257,864 -8,089
Financial instruments classified in level 3 are held primarily by Poste Vita SpA and, to a residual extent, by Poste Italiane SpA, PostePay SpA, Net Life and Net Insurance.
In the case of the Group's insurance company, instruments in level 3 regard funds that invest primarily in unquoted instruments, whose fair value measurement is based on the latest available NAV (Net Asset Value) as announced by the fund manager. This NAV is adjusted according to the capital calls and reimbursements announced by the managers and occurring between the latest NAV date and the measurement date. These financial instruments primarily consist of investments in private equity funds and, to a lesser extent, real estate funds associated entirely with Class I products related to separately managed accounts. Movements during the period regard the purchase of new investments, redemptions of units of unquoted close-end funds and changes in fair value during the period.
At 31 December 2024, in compliance with both the aforementioned Fair Value Guidelines of the Poste Italiane Group and additional requirements contained in the Supplementary Guidelines approved by the Board of Directors of the Poste Vita Company, the following were reclassified, with reference to the category in question:
-approximately \u20ac0.2 billion of Level 1 to Level 2 financial instruments related to listed open-ended funds (ETFs) that do not meet the liquidity criteria of the Technical Annex;
-approximately \u20ac1.5 billion of Level 2 to Level 1 financial instruments related to listed open-ended funds (ETFs) that meet the liquidity criteria of the Technical Annex;
- \u20ac0.7 billion of financial instruments from fair value level 3 to level 2 related mainly to class III UCITS funds that met the liquidity criteria at the measurement date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page588-cflshid_269453-tag273295": { "value": "
4.7.1 FAIR VALUE MEASUREMENT TECHNIQUES
The Poste Italiane Group has adopted a fair value policy, setting out the general principles and rules to be applied in determining fair value for the purposes of preparing the financial statements, conducting risk management assessments and supporting the market transactions carried out by the Finance departments of the various Group entities. The general principles for the fair value measurement of financial instruments have not changed with respect to 31 December 2023, except for the appropriate integration of the same in order to take into account the new exposure within the Poste Italiane Group's securities portfolio of the individual components of the consolidated Multi-asset Funds, whose components are measured in accordance with the techniques used to value them in line with the provisions of the Bank of Italy's Provision of 19 January 2015, as amended, setting forth the Regulations for Collective Asset Management. These general principles have been identified in compliance with the guidelines from the reference accounting standards and from the various Regulators (banking and insurance), ensuring uniformity in the valuation techniques adopted within the Group. The methods used have been revised, where necessary, to take into account developments in operational procedures and in market practices during the year.
In compliance with IFRS 13 - Fair Value Measurement, the following section provides information regarding the techniques used to measure the fair value of financial instruments within the Poste Italiane Group.
The assets and liabilities concerned (specifically assets and liabilities measured at fair value and measured at cost or amortised cost, for which fair value is required to be disclosed in the notes) are classified with reference to a hierarchy that reflects the materiality of the sources used for their valuation.
The hierarchy consists of the following 3 levels.
Level 1: this level is comprised of fair values determined with reference to unadjusted prices quoted in active markets for identical assets or liabilities to which the entity has access on the measurement date. For the Poste Italiane Group the following categories of financial instrument apply:
Bonds quoted on active markets:
\u2022Bonds issued by EU government bodies or non-government bodies: measurement is based on bid prices, according to a hierarchy of sources where the MTS (the wholesale electronic market for government securities) ranks first, MILA (Milan Stock Exchange) second, for bonds intended for retail customers, and the CBBT (Composite Bloomberg Bond Trader) third;
\u2022Financial liabilities: measurement is based on the ask prices quoted by CBBT (Composite Bloomberg Bond Trader).
Equity securities and ETFs (Exchange Traded Funds) listed on active markets: the valuation is made considering the price resulting from the last contract traded on the day on the relevant stock exchange.
Quoted open-end investment funds: measurement is based on the daily closing market price as provided by Bloomberg or the fund manager. Level 1 bond price quotations incorporate a credit risk component. Exchange rates published by the European Central Bank are used in determining the value of financial instruments denominated in currencies other than the euro.
Level 2: this level is comprised of fair values based on inputs other than Level 1 quoted market prices that are either directly or indirectly observable for the asset or liability341. For the Poste Italiane Group the following categories of financial instrument applyBonds either quoted on inactive markets or not at all:
\u2022Straight Italian and international government and non-government bonds: valuation is based on discounted cash flow techniques involving the computation of the present value of future cash flows, inputting rates from yield curves incorporating spreads reflecting credit risk that are based on spreads determined with reference to quoted and liquid benchmark securities issued by the issuer, or by other companies with similar characteristics to the issuer. Yield curves may be slightly adjusted to reflect liquidity risk relating to the absence of an active market.
\u2022Structured bonds: valuation is based on a building block approach, entailing decomposition of a structured position into its basic components: the bond and option components. The bond component is measured by discounting cash flows to present value in line with the approach applicable to straight bonds, as defined above. The option component - which considering the features of the bonds included in the portfolio of the Poste Italiane Group relates to interest rate risk - is measured in accordance with a standard closed form expression as with classical option valuation models with underlyings exposed to such risks.
Unquoted equities: this category may be included here provided it is possible to use the price of quoted equities of the same issuer as a benchmark. The price inferred in this manner would be adjusted through the application of the discount, quoted by primary market counterparties, which represents the implicit cost in the process to align the value of the unquoted shares to the quoted ones.
Unquoted open-end investment funds: measurement is based on the latest available NAV (Net Asset Value) as provided by Bloomberg or as determined by the fund manager.
Derivative financial instruments:
\u2022Interest Rate Swaps:
Plain vanilla interest rate swaps: valued using discounted cash flow techniques, involving the computation of the present value of future differentials between the receiver and payer legs of the swap. The construction of yield curves to estimate future cash flows indexed to market parameters (money market rates and/or inflation) and computation of the present value of future differentials are carried out using techniques commonly used in capital markets.
Interest rate swaps with an embedded option: valuation is based on a building block approach, entailing decomposition of a structured position into its basic components: the linear and option components. The linear component is measured using the discounted cash flow techniques described for plain vanilla interest rate swaps above. Using the financial derivatives held in the Poste Italiane portfolio as an example, the option component is derived from interest rate or inflation rate risks and is valued using a closed form expression, as with classical option valuation models with underlyings exposed to such risks.
\u2022Bond forwards: valuation is based on the present value of the differential between the forward price of the underlying instrument as of the measurement date and the settlement price.
\u2022Warrants: considering the features of the securities held, measurement is based on the local volatility model. In particular, considering that buyback agreements have been entered into with the counterparties that structured these warrants, and that such counterparties use valuation models consistent with those used by the Group, these instruments are measured on the basis of the bid price quoted by the counterparties.
\u2022Currency forwards: valuation is based on the differential between the reciprocal currency registered at the measurement date and the reciprocal currency fixed at the trade date
The derivatives held in Poste Italiane's portfolio may be pledged as collateral and the fair value, consequently, need not be adjusted for counterparty risk. The yield curve used to compute present value is selected to be consistent with the manner in which cash collateral is remunerated. This approach is also followed for security in the form of pledged debt securities, given the limited level of credit risk inherent in the securities held as collateral by the Poste Italiane Group.
In the rare instances where collateral agreements do not substantially reduce counterparty risk, measurement takes place by discounting to present value the cash flows generated by the securities held as collateral, using as the input a yield curve that reflects the spread applicable to the issuer's credit risk. Alternatively, use is made of fair value to calculate the CVA/DVA (Credit Valuation Adjustment / Debit Valuation Adjustment), in relation to the main technical and financial characteristics of the agreements and the counterparty's probability of default.
Reverse Repos: are valued using discounted cash flow techniques involving the computation of future contractual cash flows. These instruments may also be used for collateral and in such cases fair value need not be adjusted for the counterparty's credit risk.
Fixed rate and variable rate loans: valuation is performed using discounted cash flowtechniques. The counterparty's credit spread is considered through:
\u2022use of the Italian government yield curve or the credit default swap (CDS) of the Italian Republic, in the case of Italian government agencies;
\u2022use of quoted CDS yield curves or, if not available, the adoption of \"synthetic\" CDS yield curves represented by the counterparty's rating, as constructed starting from the input data observable on the market;
\u2022use of yield curves based on the specific issuer's quoted bond prices.
Financial liabilities either quoted on inactive markets or not at all:
\u2022Straight bonds: these are measured by discounting their future cash flows using as input a yield curve reflecting the spread applicable to the issuer's credit risk;
\u2022Structured bonds: valuation is based on a building block approach, entailing decomposition of a structured position into its basic components: the bond and option components. The bond component is measured by discounting cash flows to present value in line with the approach applicable to straight bonds, as defined above. The option component, attributable to interest rate risk considering the features of the bonds included in the portfolio of the Poste Italiane Group, is measured in accordance with a standard closed form expression as with classical option valuation models with underlyings exposed to such risks.
\u2022Borrowings: these are measured by discounting their future cash flows using as input a yield curve reflecting the spread applicable to the credit risk.
\u2022Repurchase agreements: are valued using discounted cash flow techniques involving the computation of future contractual cash flows. Repos may also be used for collateral and in such cases fair value need not be adjusted for the counterparty's credit risk.
Level 3: this category includes the fair value measurement of assets and liabilities using inputs which cannot be observed, in addition to Level 2 inputs. For the Poste Italiane Group the following categories of financial instrument apply:
Fixed and variable rate loans: the measurement is carried out using discounted cash flow techniques. The counterparty's credit spread is set according to best practices, by using the probability of default and transition matrices created by external information providers and loss given default parameters determined by prudential regulations for banks or in accordance with market standards.
Closed-end unquoted funds: these include funds that invest mainly in unquoted instruments. Their fair value is determined by considering the latest NAV (Net Asset Value), available at least every six months, reported by the fund manager. This NAV is adjusted according to the capital calls and reimbursements announced by the managers which occurred between the latest NAV date and the valuation date.
Investment property (excluding former service accommodation) and inventories of properties held for sale: The fair value of both investment property and inventories has been determined mainly by discounting to present value the cash flows expected to be generated by the rental agreements and/or proceeds from sales, net of related costs. The process uses a discount rate that considers analytically the risks typical of the property.
Investment property (former service accommodation): the value of this investment property is determined on the basis of the applicable law (Law 560 of 24 December 1993), which sets the selling price in case of sale.
Unquoted shares: this category includes shares for which no price is observable directly or indirectly in the market. Measurement of these instruments is based on the price of quoted equities of the same issuer as a benchmark. The price inferred in this manner would be adjusted through the application of the discount implicit in the process to align the value of the unquoted shares to the quoted ones. In the specific case of equities relating to unlisted companies at the \"start-up\" phase, fair value is instead determined by considering the implicit valuation at the time of acquisition, adjusted by value adjustments to take account of any changes in price resulting from342 significant transactions observable on the market in the 12 months prior to the reporting date. Alternatively, and in the absence of significant transactions, the fair value of the share is determined using alternative methods (verification of financial data that can be inferred from the company's Business Plans if available and analysis of the company's performance, multiple market use, etc.).
Tax credits Law no. 77/2020: this category includes credits acquired with reference to the Decreto Rilancio no. 34/2020 (later converted into Law no. 77 of 17 July 2020) for which no directly or indirectly observable market prices are available. For this type of instrument, the method of determining fair value involves the application of the discounted cash flow valuation technique, which consists of discounting cash flows to maturity using the yield curve constructed by adding to the risk-free rate curve the extra yield calculated starting from the price at the date of purchase of the receivables. The spread remains fixed for the life of the instrument.
Forwards on unquoted equities: for these instruments, the valuation of the counterparty is recalculated by discounting the difference between the forward price of the equity security underlying the derivative updated to the valuation date and the settlement price.
Equity held in cooperative banks: this category includes shares that have been admitted to the Hi-MTF market (Vorvel) in light of Consob Communication no. 92492 of 1/10/2016 \"Recommendation on the distribution of financial instruments through a multilateral trading venue\" as well as following the changes introduced by Directive 2014/65/EU of 15 May 2014 (MiFID II) and EU Regulation no. 600/2014 (MiFIR). For these actions, the alternative model of \"Hi-MTF market transactions\" was adopted, which provides for:
-use the price of the last available transaction on the Hi-MTF market, provided there are at least two transactions per month over a 3-month horizon;
-application of a liquidity discount on the price equal to a maximum of between zero and the ratio between the value of the position held by the Group and the accumulated value of all transactions in the last 6 months, minus oneAlternative and Level 3 Funds: this category includes quoted and unquoted open-ended funds that cannot be categorised as Level 2 and all alternative funds. The fair value of these Funds is represented by the NAV, based on the value of the underlying assets, adjusted if necessary on the basis of the internal control system", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page594-cflshid_273216-tag273296": { "value": "4.8. HEDGING TRANSACTIONS
The following is a description of the hedging policies implemented by the Poste Italiane Group divided between fair value hedges and cash flow hedges and to which the related accounting rules set forth in IFRS 9 - Financial Instruments to which Poste Italiane has transitioned with retroactive effect as of 1 January 2024 are applied, as better described in Section 2.4- Changes to accounting policies. The fair value hedges and cash flow hedges described below refer mainly to fixed income instruments or inflation-indexed securities held under BancoPosta operations.
Hedging transactions - Fair value hedges
Fair value hedges refer to the following types of hedged items:
-fixed income government bonds;
-inflation-indexed government bonds; and
-repurchase agreements.
In order to hedge the risks associated with these elements and described in the following paragraphs, the Poste Italiane Group enters into derivative financial transactions and assesses the effectiveness of the derivative designated in each hedging relationship in order to verify that the following effectiveness criteria are met:
\u2022the existence of an economic relationship between the hedging instrument and the hedged item;
\u2022the effect of credit risk does not prevail over the changes in value deriving from the economic relationship;
\u2022the hedge ratio used for hedge accounting purposes is the same as that used for risk management purposes.
These assessments are performed by the Group on an ongoing basis at each reporting date, or when there is a significant change in the drivers affecting individual hedging relationships.
The requirements of hedge effectiveness can be assessed by the Group on the basis of a qualitative assessment of the critical terms343 only in cases where the hedging instrument and the related hedged instrument are perfectly aligned and their fair values move speculatively in opposite directions.
In cases where the qualitative analysis reveals potential sources of ineffectiveness and consequently the critical terms approach is not applicable, the Group performs a quantitative assessment of the hedging relationship in order to identify, at source, all potential sources of ineffectiveness that could impact the valuation of the hedging relationship (hedge relationship).
In order to measure ineffectiveness at each reporting date, the Group uses the \"Dollar offset approach through the hypothetical derivative344\". This method consists of comparing the changes in fair value of the hedging instrument and the hedged item between the inception date of the hedging relationship and the reporting date. The hedged item considered for the use of the Dollar Offset method is the hypothetical derivative. The hypothetical derivative and the actual hedging instrument have a settlement date consistent with the hedge inception (spot or forward start) and differ solely in their spread which is considered, as already indicated, the main source of ineffectiveness345. The partial ineffectiveness of the hedge,
equal to the difference between the changes in value of the two derivatives (hypothetical and actual) represents the net effect of the hedge recognised separately in profit or loss.
The risk management strategy and how it is applied by type of hedged item are defined below.
Hedging transactions on fixed-income and inflation-linked government bonds
The Poste Italiane Group has a government bond portfolio \u2013 made up of fixed rate BTPs and inflation-linked BTPs \u2013 subject to movements in fair value due to changes in interest rates and in the inflation rate.
To limit the effects of interest rates on fair value, BancoPosta RFC enters into Over the Counter (OTC) interest rate swaps to hedge the fair value of the bonds held in the portfolio. The objective of these transactions is to have instruments that can offset changes in fair value of the portfolio due to interest rate fluctuations and the rate of inflation. The credit risk of the Italian Republic is not hedged and is set for the duration of the swap.
Full hedges and partial hedges are implemented, with the start date equal to the date of purchase of the instrument (swap spot start) and after the purchase of the instrument (swap forward start), respectively.
In addition to what has been reported in the previous paragraph on the methods used by the Group to verify the existence of the requirements of effectiveness of fair value hedges, it should be noted that the Group also carries out a prospective assessment of the hedge using different approaches depending on the characteristics of the derivative instrument. Specifically:
\u2022the \"Critical terms\" approach for swap spot starts, for which it has been determined at inception that the characteristics of the fixed leg make it possible to replicate exactly the fixed cash flows generated by the hedged item;
\u2022the \"Dollar offset through the hypothetical derivative\" approach for forward start swaps, for which the prospective effectiveness test is performed by calculating the hedge ratio between the change in fair value of the hypothetical derivative and the change in fair value of the actual derivative346.
Hedging on repurchase agreements
The Poste Italiane Group carries out transactions in repurchase agreements, on euro-government securities or with the guarantee of the Italian state for various purposes, including to invest in government securities, to meet liquidity needs arising from the dynamics of funding on current accounts, and to actively manage the treasury position and deposits as collateral for collateralisation transactions. These transactions are mainly fixed rate transactions and are therefore exposed to changes in fair value due to fluctuations in interest rates.
To limit the effects of interest rates on fair value, the Group enters into Over the Counter (OTC) interest rate swaps to hedge the fair value of the repurchase agreements held in the portfolio.
In addition to what is reported in the previous paragraph on the methods used by the Group to verify the existence of the effectiveness requirements of fair value hedges, it is specified that the Group also carries out a prospective hedge valuation adopting the \"Dollar offset through the hypothetical derivative\" approach, carried out by calculating the Hedge Ratio as the ratio between the change in the fair value of the hypothetical derivative and the change in the fair value of the effective derivative347
Effects of fair value hedging transactions on profit or loss and financial position
The following tables present the time distribution by contractual residual maturity of fair value hedging derivatives as well as the statement of financial position and profit or loss effects of this type of hedging transaction.
Time distribution based on remaining duration of fair value hedge contracts
\u00a0Maturity
Description(\u20acm)Up to 1 year\u00a01 - 5 years\u00a0Over 5 years Total
Fair value hedges - Interest rate risk\u00a0\u00a0
Interest rate swaps\u00a0\u00a0
Nominal- - 24,452 24,452
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Fair value hedges - Interest rate risk\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(\u20acm)NominalCarrying amount*Accumulated amount of fair value hedge adjustments on the hedged itemChange in value used to recognise ineffective portion of hedge Accumulated amount of fair value hedge adjustments on the hedged item in case of discontinuing
Hedged items\u00a0AssetsLiabilitiesAssetsLiabilities\u00a0\u00a0
\u00a0
Fixed income instruments, of which:\u00a0
at amortised cost\u00a011,392 - (1,082)- 207 (109)
at FVTOCI\u00a012,240 - - 252 (46)
Repurchase agreements\u00a0- - - - (38)-
Hedging instruments\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate swaps24,452 2,667 (806)\u00a0\u00a0(423)\u00a0
Profits/(losses) on hedging recognised in P&L\u00a0\u00a0\u00a0\u00a0(2) \u00a0
*Not including credit loss provisions
Hedging transactions \u2013 Cash flow hedges
Hedging transactions on inflation-linked government bonds and forecast transactions
To limit the exposure to interest rate risk deriving from the need to reinvest the cash generated by maturing bonds held in portfolio and the 10-year indexed component of returns on deposits with the MEF of Public Administration funding, BancoPosta RFC enters, if necessary, into forward purchases. In addition, to pursue the stabilisation of returns, forward sales are entered into. These derivatives qualify as cash flow hedges of forecast transactions.
In addition, the Group has a portfolio of inflation-linked BTPs subject to cash flow variability in relation to inflation.
To limit the effects of interest rates on cash flows deriving from the types of instruments described previously, the Group enters into OTC interest rate swaps or inflation swaps to hedge the cash flows of the bonds held in portfolio. The objective of these transactions is to stabilise until maturity the return of the instrument, regardless of movements of the variable parameter.
The Group evaluates the effectiveness of the designated derivative in every hedging relationship in the stabilisation of cash flow changes of the hedged instrument through a qualitative and quantitative test.
With regard to forecast transaction hedges, in cases where the qualitative analysis of critical terms reveals potential sources of ineffectiveness and, consequently, the critical terms approach is not applicable, the Group performs a quantitative assessment of the hedging relationship in order to intercept, at source, all potential sources of ineffectiveness that could impact the measurement of the hedge relationship.
In said context, in order to limit the ineffectiveness at each reporting date, the quantitative test involves the calculation of a hedge ratio defined as the ratio of the difference between the fair value of the forward transaction entered into with the
counterparty on the test and inception date and the present value of the difference between the theoretical forward price of the BTP calculated as of the test and inception date348.
For the purposes of the prospective hedge effectiveness test, the critical terms approach is applied, considering at inception the consistency between the hedging instrument and the hedged item on the basis of the qualitative characteristics of the contracts349.
With regard to the hedging of inflation-indexed securities, in cases where the qualitative analysis of the \"Critical terms\" reveals potential sources of ineffectiveness and consequently the \"Critical terms\" approach is not applicable, the Group performs a quantitative test by considering the ratio (Hedge Ratio) between the change in the fair value of the derivative actually entered into and the change in the fair value of the hypothetical derivative, occurring in the time interval between the date the transaction was entered into and the valuation date.
The hypothetical derivative and the actual derivative have the settlement date that matches the inception of the hedge and differ in terms of their fixed income component350. Moreover, for the derivatives used to hedge inflation-linked BTP, the fair value at the settlement date reflects also the interest accrued of the instrument accrued from the latest interest payment date to the date of settlement of the derivative. As such, both are considered the main sources of ineffectiveness.
The change in fair value of the actual derivative is recognised through equity, for the effective portion of the hedge, while the change in fair value of the ineffective portion is recognised through profit or loss.
For the purposes of the prospective hedge effectiveness test, different approaches have been applied, depending on the characteristics of the hedging swap. Specifically:
\u2022the \"Critical terms\" approach for derivatives for which it has been determined at inception that the characteristics of the indexed leg of the swap make it possible to replicate exactly the variable cash flows generated by the hedged item;
\u2022the \"Dollar offset through the hypothetical derivative\" approach for derivative contracts with a fixed rate applicable to a nominal amount growing constantly at six-month intervals until the derivative expires. For these contracts the prospective effectiveness test is performed by calculating the hedge ratio between the change in fair value of the hypothetical derivative and the change in fair value of the actual derivative351.
Effects of cash flow hedges on profit or loss and financial position
The following tables present the time distribution by contractual residual maturity of cash flow hedging derivatives, the effects on profit or loss and financial position of this type of hedging transactions, and the effects of cash flow hedges on other comprehensive income.
The average interest rate of the interest rate swaps shown represents the contractually expected average fixed rate of the hedging transaction by maturity band
Time distribution based on remaining duration of cash flow hedge contracts
\u00a0Maturity
Description(\u20acm)Up to 1 year1 - 5 yearsOver 5 years Total
Cash flow hedges - Interest rate risk\u00a0
\u00a0\u00a0
Forward sales\u00a0\u00a0
Nominal602 - - 602
Settlement price547 - - 547
Interest rate swaps\u00a0\u00a0
Nominal- 609 5,347 5,956
Average rate % - \u00a04.832%\u00a04.073%4.151%
Cash flow hedges - Rate risk \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(\u20acm)NominalCarrying amountChange in value used to recognise ineffective portion of hedge Cash flow hedges
Hedged items\u00a0AssetsLiabilities\u00a0Hedge reserveDiscontinued
Fixed income instruments, of which:\u00a0\u00a0\u00a0\u00a0
at FVTOCI\u00a06,674 - 26 \u00a0\u00a0\u00a0
Hedging instruments\u00a0\u00a0\u00a0\u00a0\u00a0
Forward purchases- - - - 42 - -
Forward sales602 3 (1)2 2 - -
Interest rate swaps5,956 9 (541)(28)(396)- -
Profits/(losses) on hedging recognised in P&L\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0
Impact on OCI of cash flow hedges - Rate risk\u00a0\u00a0
(\u20acm)Profits/(losses) on hedging recognised in OCI, period fair value (inc./dec.)Transfers to profit or loss:
Hedge accounting effectsDiscontinued
Fixed income instruments111 (48)-
Total111 (48)-
Reform of reference indices for determining interest rates
The reform of key interest rate benchmarks, called the \"InterBank Offered Rate (IBOR) Reform\", involved regulators in various jurisdictions around the world with the aim of replacing some interbank rates with risk-free alternative rates and preparing guidelines to update contract models.
Currently, the main benchmarks for the euro area are:
\u2022the Euro Short Term Rate - ESTR (administered by the European Central Bank and published as of 2 October 2019) which replaced the Euro OverNight Index Average (EONIA - no longer listed as of 1 January 2022) redefining it as ESTR plus 8.5 bps;\u2022the EURIBOR (administered by the European Money Market Institute), whose reform process ended in November 2019.
The Group has financial instruments indexed to both ESTR and EURIBOR. The latter continues to be quoted daily and the related cash flows continue to be traded with counterparties as usual. In relation to this parameter, there is therefore no uncertainty resulting from the IBOR reform on 31 December 2024. These instruments are subject to daily collateralisation remunerated at ESTR plus 8.5 bps (formerly EONIA).
In addition, the Group holds interest rate swaps designated as fair value hedges that have the variable \"leg\" indexed to the EURIBOR, with a nominal value of \u20ac24,452 million, held almost entirely by Bancoposta RFC. With particular reference to almost all of these instruments, the cash flows at 31 December 2024 are discounted at the EONIA rate defined as ESTR plus 8.5 bps and not at the ESTR rate as defined in the contracts in place with the counterparties.
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Hedging on repurchase agreements
The Poste Italiane Group carries out transactions in repurchase agreements, on euro-government securities or with the guarantee of the Italian state for various purposes, including to invest in government securities, to meet liquidity needs arising from the dynamics of funding on current accounts, and to actively manage the treasury position and deposits as collateral for collateralisation transactions. These transactions are mainly fixed rate transactions and are therefore exposed to changes in fair value due to fluctuations in interest rates.
To limit the effects of interest rates on fair value, the Group enters into Over the Counter (OTC) interest rate swaps to hedge the fair value of the repurchase agreements held in the portfolio.
In addition to what is reported in the previous paragraph on the methods used by the Group to verify the existence of the effectiveness requirements of fair value hedges, it is specified that the Group also carries out a prospective hedge valuation adopting the \"Dollar offset through the hypothetical derivative\" approach, carried out by calculating the Hedge Ratio as the ratio between the change in the fair value of the hypothetical derivative and the change in the fair value of the effective derivative347", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page599-cflshid_276379-tag273300": { "value": "
4.9. CONTINGENT LIABILITIES AND MAIN PROCEEDINGS PENDING WITH THE AUTHORITIES
CONTINGENT LIABILITIES
The following information is provided in accordance with accounting standard IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets.
At 31 December 2024, there were 63 judicial and extrajudicial disputes pending for which the risk of losing is assessed as possible. The total amounts involved in the claims stand at approximately \u20ac59 million, plus interest. The main outstanding disputes, of an individually insignificant amount, relate to litigation brought by third parties in various capacities.
It should be noted that the Group, in view of the number of disputes brought by third parties, makes an assessment on a probabilistic historical basis, for cases with individually non-significant claims, reflected in the provisions for risks and charges.
In the context of disputes where the risk of losing the case is considered possible, it should be noted that on 20 December 2024, the Agenzia delle Entrate notified SDA of an pre-assessment deed (\"Pre-assessment\") resulting from an audit carried out on certain business relationships referring to the 2018 tax year with certain companies supplying pick-up, transport and handling activities, contesting an alleged undue deduction of VAT for approximately \u20ac20 million, IRAP for approximately \u20ac2 million, plus penalties and interest. The purpose of the Pre-assessment deed is to establish a consultation with the company, which sent its observations on 14 February 2025, following which the Agenzia delle Entrate may proceed, within 120 days of the deadline for submitting them, with the filing or notification of a tax assessment notice.
Moreover, on 27 March 2024, the company SDA Express Courier was notified by the Economic and Financial Police Unit of the Guardia di Finanza (Finance Police), by order of the Public Prosecutor's Office of Rome, of a Search and Seizure Decree pursuant to Article 247 et seq. of the Italian Criminal Code, in order to acquire correspondence, contractual documents, invoices and accounting records relating to the relations in place with some commercial counterparties. The proceedings are still at the preliminary investigation stage.
Lastly, on 11 December 2024, the Company SDA Express Courier was notified by the Agenzia delle Entrate-Taxpayers' Division of an access and document acquisition report for the purpose of carrying out an audit aimed at verifying the correctness of certain business relationships and related invoicing for the tax periods from 2019 to 2020.
MAIN PROCEEDINGS PENDING WITH THE AUTHORITIES
Autorit\u00e0 per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority)
On 24 January 2024, AGCom notified PostePay of the opening of an investigation, having assessed, on a preliminary basis and pending PostePay's considerations, that there might be a risk that certain aspects of the Offer and of the related conduct (the \"Conduct\"), in particular the adoption of measures to limit the speed of Internet connection for certain customers in relation to the telephony offer \"PosteMobile Casa Web\", might potentially prove to be in conflict with the applicable regulatory framework.
On this point, the Company clarified how its conduct was and is in line with the applicable legislative and regulatory framework and with the provisions of both the mobile network access contract signed with its network service provider for the latter's protection, and the Conditions of Contract signed by end customers.
This being the case, PostePay, without acknowledging the validity of the allegations made and without acquiescing to the Authority's determinations, in the spirit of utmost care and attention to its customers and cooperation with the Authority, decided to submit, on 18 March 2024, a proposal for commitments, extended to customers who had subscribed to all PostePay offers on mobile radio technology with \"unlimited\" data traffic, then approved by the Authority on 30 July 2024 by Resolution 280/24/CONS,
The Company has already internally started the activities aimed at implementing its commitments within the planned time-frame.
Law Decree 201 of 6 December 2011, converted into Law 214 of 22 December 2011, transferred responsibility for regulation and supervision of the postal sector to the Italian Communications Authority (AGCom).
Following transposition into Italian law of the third European postal services directive (Directive 2008/6/EC), the so-called \"net avoided cost\" method has been applied in quantifying the cost of the universal service\"352.
In this regard, with reference to the audits carried out by the Authority for the years 2011 to 2016353, the Company had filed an appeal with the Regional Administrative Court, but subsequently justified a lack of interest, therefore the Regional Administrative Court, in November and December 2024, declared the relative appeals inadmissible due to the applicant's lack of interest. For the subsequent verifications carried out by the Authority, it should be noted that:
(i)On 18 December 2024, AGCom Resolution 505/24/CONS was published, which initiated the procedure to verify the net cost of the universal postal service, the quantification of the inequitable cost and the methods of its financing for the years 2022 and 2023. On 14 March 2025, Resolution AGCom 52/25/CONS was published, with which the Authority launched the public consultation whereby the burden of the universal postal service for the years 2022 and 2023 was quantified at \u20ac522 million and \u20ac736 million respectively.
(ii)On 14 March 2024, AGCom Resolution 62/24/CONS was published, concluding the procedure to verify the net cost of the universal postal service incurred by Poste Italiane for the years 2020 and 2021. In particular, the universal postal service charge for these years has been quantified at \u20ac585 and \u20ac480 million respectively. The Authority also established that the universal service charge for the years 2020 and 2021 is inequitable and that, for the same years, unlike with what was established in previous years, the necessary procedure will be initiated for assessing the injection of resources to the Compensation Fund referred to in article 10 of Legislative Decree no. 261/1999.
(iii)On 1 July 2021, AGCom Resolution 199/21/CONS was published, concluding the procedure to verify the net cost of the universal postal service incurred by Poste Italiane for the years 2017, 2018 and 2019. In particular, the universal postal service charge for these years has been quantified at \u20ac354.5, \u20ac334.5 and \u20ac175 million respectively. For the 2019 financial year, although the quantified charge (\u20ac175 million) is lower than the authorised offsets (\u20ac262 million), the
charge for the provision of the universal postal service over the entire period (i.e., the previous 2016-2019 Service Contract) is in any case higher than the offsets authorised by the European Commission. The Authority also established that the universal service charge for the years 2017, 2018 and 2019 is inequitable and that, for the same years, in continuity with what was established in previous years, the Compensation Fund referred to in article 10 of Legislative Decree no. 261/1999 is not established. On 22 September 2021, Poste Italiane filed an appeal against the aforementioned resolution with the Lazio Regional Administrative Court. The hearing on the merits of the challenge has yet to be scheduled.
Autorit\u00e0 Garante della Concorrenza e del Mercato (AGCM - the Italian Antitrust Authority)
On 3 October 2018, Poste Italiane proceeded to pay the fine of \u20ac23 million plus interest due to the Authority's ruling in January 2018, that Poste Italiane had abused its dominant market position in the period from 2014 to 2017 (proceedings A493), as per art. 102 of the TFEU. This did not constitute acceptance or admission of liability in relation to the alleged misconduct and does not affect the Company's right to defend its position through the appropriate channels. Poste Italiane challenged the above-mentioned measure before the Lazio Regional Administrative Court, which, with ruling no. 13477/2023, rejected the appeal. Poste Italiane appealed to the Council of State whose hearing on the merits is scheduled for 16 December 2025.
On 19 November 2019, the AGCM initiated proceedings PS/11563 against Poste Italiane in order to ascertain allegedly unfair commercial practice in the delivery of mail and, in particular, registered mail, in possible violation of Articles 20, 21 and 22 of the Consumer Code. In particular, according to some customers: i) the advertised features of the \"registered mail delivery\" service are not reflected in the service actually provided; ii) the advertising for the \"digital registered mail collection\" service does not make it clear that the service may no longer be free of charge in the near future and that, in any case, there are restrictions on its use, since it can only be accessed if the sender has authorised it. At the conclusion of the proceedings, by way of a measure notified on 15 September 2020, the Authority imposed an administrative fine of \u20ac5 million, payment of which was made on 5 January 2021. The Authority acknowledged that Poste had correctly complied with the provision. However, the company appealed to the Lazio Regional Administrative Court, which was not upheld, and appealed to the Council of State. The Council of State in its judgement no. 3175 of 5 April 2024 upheld the appeal limited to a reduction of the penalty by 50%. Following the repayment request submitted by the Company, the Authority resolved to grant approval for the return of approximately \u20ac2.5 million (plus legal interest) from MIMIT, as the difference between the penalty recalculated by the Authority and the sums already paid by Poste Italiane. The Ministry of Enterprise and Made in Italy (MIMIT) made the payment in August 2024.
On 6 April 2020, pursuant to art. 9, paragraph 3-bis of Law 192/98 and art. 14 of Law 287/90, AGCM initiated proceedings A539 against Poste Italiane, following a complaint by a third-party supplier that Poste Italiane had presumably imposed unjustifiably burdensome contractual clauses. In particular, following the termination of contractual relations in mid-2017, the supplier was not, in fact, able to otherwise offer the services it was providing on the market because of the obligation to comply with rules and organisational parameters considered such as to make the company structure excessively rigid, making it unsuitable to operate with parties other than Poste Italiane. At the conclusion of the proceedings, by way of a measure notified on 6 August 2021, the Authority imposed an administrative fine of more than \u20ac11 million for abuse of economic dependence, payment of which was made on 6 September 2021. Poste Italiane appealed against the above-mentioned measure before the Lazio Regional Administrative Court, which found that Poste Italiane's actions were lawful and annulled the sanction with ruling no. 10044/23 issued on 13 June 2023. AGCM appealed against the Lazio Regional Administrative Court's ruling on 10 October 2023, while Poste Italiane lodged a cross-appeal on 9 November 2023. The court merit is set for 17 July 2025.
By means of a measure adopted at a meeting held on 30 January 2024 and notified to Poste Italiane on 7 February 2024, the AGCM, without taking into account the exemption enjoyed by Poste Italiane from the application of Article 14 of Law
287/1990, initiated investigative proceedings against the Company in order to ascertain the existence of a possible breach of Article 8, paragraph 2-quater of the aforesaid Law. At the same time, the Authority initiated proceedings to verify the actual existence of the requirements for the adoption of precautionary measures pursuant to Article 14-bis of the same Law. Specifically, the Authority observed that Poste Italiane, through its subsidiary PostePay S.p.A., is active in the electricity and gas supply sector and has allegedly denied two of the latter's competing companies access - pursuant to Article 8, paragraph 2-quater of Law no. 287/90 - to the resources made available to PostePay, which it has exclusive access to as a result of its activities within the perimeter of the universal postal service. On 14 February, the Company filed its memorandum in the precautionary proceedings, contesting the Authority's approach and, in particular, the non-application of the provisions of Article 1, paragraph 6 of Law Decree no. 59/2021 as amended and supplemented, exempting Poste from the application of Article 8, paragraph 2-quater, of Law 287/1990 until 31 December 2026. On 2 April 2024, the AGCM notified Poste of Order no. 31138 by which it decided to adopt precautionary measures pursuant to Article 14-bis of Law no. 287/1990. The Company challenged the measure in court. The Council of State on 20 May 2024 upheld the appeal and cautiously suspended the effectiveness of the precautionary measures. At its meeting on 16 July 2024, the Authority passed the final decision notified to the Company on 19 July. The AGCM is of the opinion that there are no grounds to justify an absolute refusal such as the one opposed by Poste to the persons requesting access pursuant to Article 8, paragraph 2-quater, and that such refusal is not justified, since the exemption provided for in Article 1, paragraph 6 of Law Decree no. 59/2021 (the \"Polis Waiver\") does not extend to all Post Offices but only to those included in the Polis Project. According to the Authority, the access methods pursuant to Article 8, paragraph 2-quater must in any case be defined by Poste Italiane on the basis of the negotiating autonomy granted to it and on the basis of the information at its sole disposal, in order to reasonably and proportionately balance the conflicting needs related to access requests and the protection of other interests. For these reasons, Poste Italiane shall guarantee, to PostePay's competitors who so request, access pursuant to Article 8, paragraph 2-quater to all Post Offices not included in the Polis Project, according to modalities defined by Poste Italiane, which need not be identical to those guaranteed to PostePay. To this end, Poste Italiane must appoint a trustee (\"Monitoring Trustee\") responsible for monitoring compliance with the obligations set forth in Article 8, paragraph 2-quater, submitting the appointment to the Authority for approval, within sixty days from the notification of the measure. However, it is necessary to point out that Article 8, paragraph 2-quater was repealed by Law Decree no. 113 of 9 August 2024 (Article 10, paragraph 2), converted into Law no. 143 of 7 October 2024, with the consequent disappearance of the access obligations for Poste Italiane. In any event, in order to assert the legitimacy of its actions regardless of the effects of the repeal of the rule in question, on 18 October 2024 the Company challenged the provision before the Lazio Regional Administrative Court.
On 22 April 2024, the AGCM notified Poste Italiane of the notice of initiation of proceeding PS/12768 and the simultaneous request for information, in relation to certain anti-fraud messages that holders of BancoPosta and PostePay accounts, who use the services through the relevant Apps (installed on Android devices), allegedly received when accessing them, starting from the first days of April. According to the AGCM, the Company's conduct would constitute an aggressive or in any case unfair commercial practice, in that users would be \"induced\" to allow access to their data in a situation of undue conditioning, since failure to consent - after three accesses - would preclude them from continuing to use BancoPosta and PostePay services via the App. On 13 May 2024, Poste Italiane sent the AGCM a memorandum in which it replied to the request for information and to the objections contained in the writ. On 6 June 2024, the Company filed the integration of the previous defence memorandum and the commitment form containing the initiatives it undertakes to implement (subject to integration/amendment), on a voluntary basis, aimed at eliminating the Authority's alleged critical issues, without lending acquiescence to the objections raised in the proceedings. Some of the commitments presented were subsequently implemented by the Company, which, on 18 July 2024, replied to the second request for information on certain aspects that had emerged during the technical hearing with the Authority held on 18 June 2024 (e.g. on the subject of Bank of Italy controls and indications and the results of anti-fraud activities). On 10 September 2024, the Authority communicated to Poste Italiane the rejection of the commitments, deeming them \"unsuitable to remedy the aspects of possible unfairness
subject to investigation, insofar as they consist for the most part in merely informative measures, as such not responding to the critical issues contested at the time of the opening of the proceedings relating to the elements of aggressiveness, or in any case not resolving the objections formulated\" and extending the deadline for the conclusion of the proceedings by 60 days (18 November 2024). On 26 September, the Authority sent a further request for information to which Poste Italiane replied on 17 October. On 11 November 2024, Poste Italiane filed an application to reopen the obligations' sub-proceedings with the simultaneous submission of a further measure, which was rejected by the Authority.
On 9 August 2022, the Italian Antitrust Authority (\"AGCM\" or \"Authority\") - as a result of proceedings PS/11936 (\"Proceeding\") - notified PostePay of measure no. 30286 (\"Measure\"), in which it criticised the conduct of the Company, claiming that, for mobile telephony offers subscribed to at a flat fee, PostePay charges a consumption-based fee - more expensive than the ordinary one - when it is impossible to periodically renew the offer due to lack of sufficient credit \"in order to guarantee the continuity of the service\" without adequate information and without, therefore, a prior and informed consent of the consumer. Therefore, in the Authority's view, the conduct engaged in by PostePay would constitute a breach of Article 26, paragraph 1, letter f) of the Consumer Code.
As a result, the Company was ordered to pay an administrative fine.
Due, inter alia, to the partial and insufficient acknowledgement of the measures adopted by the Company, the refusal to examine the further measures proposed and the failure to accept the defence petitions submitted, the Company deemed it appropriate to lodge an appeal against the Measure before the Lazio Regional Administrative Court with an appeal filed on 28 October 2022. Therefore, the payment of the fine imposed was made by PostePay with express reservation of appeal and, in the event, of repayment of the amount paid in the event of annulment (total or partial) of the Measure by the Lazio Regional Administrative Court and/or the Council of State. The purpose of the appeal before the Lazio Regional Administrative Court is to obtain (i) as a preliminary step, the annulment of the measure, (ii) in the alternative, the annulment of the fine imposed or (iii) in the further alternative, its reduction to the minimum amount. The setting of the first trial hearing is pending.
On 7 November 2022, PostePay, while not lending any acquiescence to the Resolution, forwarded to AGCM the required compliance report, which illustrated the measures adopted by PostePay to overcome AGCM's objections, even though it had contested their grounds in the appeal pending before the Lazio Regional Administrative Court. On 2 December 2022, the Authority, having received a response from PostePay to its request for further information, informed PostePay after the Board meeting of 13 December 2022 that it had taken note of its compliance with the order.
Bank of Italy
On 20 July 2022, the Authority sent a notice to Poste Italiane SpA - BancoPosta RFC and PostePay concerning the manner in which the funds received by PostePay in respect of the issuance of electronic money should be managed. It should be noted that the Supervisory Provisions for EMI provide that such funding may be deposited with a bank authorised to operate in Italy, invested in qualified debt securities or particular units of harmonised mutual funds. Since the creation of PostePay, these sums are deposited in a postal current account (protection account) and contribute to the funds from private customers of Bancoposta RFC, which are invested in euro area government bonds. In this regard, the Authority initiated discussions with BancoPosta and PostePay in 2021, in view of the fact that BancoPosta was not deemed to be an entity that could be assimilated to the concept of \"credit institution\" under the relevant European legislation. The issue found a favourable conclusion with Law no. 207 of 30 December 2024 (2025 Budget Law), which introduced, among the activities that Poste Italiane SpA - BancoPosta RFC may carry out, the possibility of \"collecting sums of money received by electronic money institutions for the issuance of electronic money and by payment institutions for the provision of payment services referred to in Articles 114-quinquies.1 and 114-duodecies of the Consolidated Law on Banking\" (see Article 2, paragraph 1)(a-bis) of Presidential Decree no. 144/2001 \"Regulation containing rules on BancoPosta services\").
IVASS - Istituto per la Vigilanza sulle Assicurazioni (the insurance regulator)
With reference to the notice of objection for the alleged breach of article 183, paragraph 1, letter \"a\", of the Private Insurance Code, deriving from the alleged tardiness of the settlement of insurance benefits beyond the contractual deadline, notified to Poste Vita SpA on 27 February 2024 by the \"Sanctions and Settlements Service\" of IVASS, on 30 July 2024, IVASS notified the Company of the proposed application of an administrative fine of \u20ac0.08 million. With respect to this proposed fine, Poste Vita filed its observations within the time limits set forth in the industry regulations, and subsequently, on 13 December 2024, the Authority notified the sanctioning measure with which, at the conclusion of these proceedings, it imposed a fine of approximately \u20ac0.06 million. The fine in question has been paid and the company has decided to postpone with the lodging of an appeal.
In addition, on 1 August 2024, IVASS served Poste Vita with a notice of objection for the alleged breach of art. 183, paragraph 1, letter \"a\", of the Private Insurance Code (i.e. settlement of insurance benefits beyond the contractual deadline), for which \u20ac0.03 million was set aside. Poste Vita filed its counter-arguments within the deadlines provided for by the industry regulations; it is therefore waiting for IVASS's determinations.
Garante per la protezione dei dati personali (the Italian Data Protection Authority)
On 16 April 2024, the Garante per la protezione dei dati personali (GPDP) opened a preliminary investigation with a request for information in relation to the same event that led to the initiation of proceedings PS/12768 of ACGM, i.e. the anti-fraud messages received by BancoPosta and PostePay account holders, who use the services through the relevant apps installed on their Android devices, when accessing them from the first days of April 2024. After several requests for information and related replies, the last of which was sent in January 2025, aimed at providing the GPDP with both the regulatory basis and information on the processing of personal data of the BancoPosta and Postepay apps, carried out for anti-fraud purposes, the Authority's investigative activity continues.
In August 2023, the IT continuous monitoring units detected anomalies on the systems of the subsidiary Postel SpA and identified an event of compromise of some Domain Controllers, made possible through the use of various malware and the activation of a malicious code used to encrypt computers (ransomware). The execution of the ransomware, claimed by a cyber criminal group, disrupted the operation of some servers and several workstations spread across the country. Based on the provisions of the \"Data Breach Management\" procedure governing the activities of detecting, notifying and communicating personal data breaches in accordance with the provisions of EU Regulation 2016/679 (GDPR), the GDPR Team was convened and, within the timeframe set out in Articles 33 and 34 of the GDPR, the Company notified the Privacy Guarantor and all relevant stakeholders.
On 15 December 2023, the Garante per la Protezione dei Dati Personali (GPDP - Italian Data Protection Authority) notified Postel SpA of the commencement of proceedings for the adoption of measures and sanctions under Article 83 of the GDPR.
On 23 October 2024, the Company, after having filed its defence briefs and having been heard at a hearing in January 2024, decided to lend acquiescence to the measure of the GPDP, notified on 23 September 2024, which ordered it to pay a fine in the amount of \u20ac0.9 million within 30 days from the notification of the same, under penalty of the adoption of the consequent executive acts pursuant to Article 27 of Law no. 689/1981, without prejudice to the right to settle the dispute through the payment of an amount equal to half of the fine imposed, within the term set forth in Article 10, paragraph 3, of Legislative Decree no. 150 of 1.9.2011 provided for the lodging of the appeal. The Company availed itself of this right, waiving its objection to the measure and paying a fine reduced to \u20ac0.45 million.
Finally, the Company has taken steps to carry out all the necessary consequent actions and implement the security, organisational and technical measures indicated by the Italian Data Protection Authority in the Measure, which Postel acknowledged on 20 January 2025 to the Italian Data Protection Authority be sending the appropriate compliance report.
On 3 March 2025, Postel was informed that the file on the personal data breach had been closed, without prejudice in any case to the Authority's requirements with which the company must comply.
TAX DISPUTES
In November 2018, Consorzio Postemotori received notice of an order issued by the Criminal Court in Rome and of a precautionary seizure regarding the consortium, amounting to \u20ac4.6 million. On 13 May 2019, the G.U.P. (Preliminary judge) of the Ordinary Court of Rome downgraded the original charges, ordering the committal for trial only in relation to a portion of the charges relating to the passive invoicing transactions of a subcontractor and a tax consultant of one of the partners. in respect of the release request, on 24 December 2021, the Court of Rome issued an order for partial restitution of the sum of \u20ac0.3 million.
On 13 December 2024, the Criminal Court of Rome issued a ruling of first instance, from which it emerges that all charges to which the seizure refers have been dropped, and on 26 February 2025, the Guardia di Finanza - Nucleo Speciale Polizia Valutaria (Financial Police - Special Currency Unit) - notified the Consortium of the order to revoke the preventive seizure and return the residual amount due, credited to the Consortium's current account on 19 March 2025.
SOCIAL SECURITY DISPUTES
Since 2012 and until 31 December 2024, the Istituto Nazionale per la Previdenza Sociale (INPS, the National Institute of Social Security) office at Genoa Ponente and Roma Eur has issued Postel some payment orders, for a total amount payable of \u20ac25.48 million, with which the payment of contributions funding CIG (income support), CIGS (extraordinary income support), unemployment benefit and CUAF (family benefits) not covered by the contributions paid to IPOST was requested. Appeals against these requests were brought before the Court of Genoa.
On 20 and 21 February 2024, the Court of Cassation filed its judgements rejecting the first appeals brought by INPS and absorbing the cross-appeals brought by the Company. The Court stated that given the special and exclusive nature of the Ipost scheme - which is a self-contained social security and welfare system - nothing else is owed by the Company by way of social security and welfare contributions.
On 30 September 2024, the Company filed a self-protection petition with INPS with which it asked the Institute to comply with the final decision of the Supreme Court of Cassation in the aforementioned rulings, in addition to cancelling all the adjustment notes still present in the Company's social security file and any other deed referring to the CIG, CIGS and Mobility contributions, as well as the CUAF contributions for all periods prior to 1 January 2020.
On 8 October 2024, INPS announced that it had made the necessary adjustments to the social security classification of Postel and recalculated the adjustment notes issued to the Company on the social security file. The Company is currently verifying the changes in classification and the recalculation of the adjustment notes made by INPS in the social security file. On 19 December 2024, INPS, in execution of the aforementioned Court of Cassation rulings of 20 and 21 February 2024, repaid to the Company the sums paid, totalling \u20ac0.2 million.
With reference to the judgements already decided and those awaiting settlement, with regard to the judgement of 19 September 2019, the Court of Genoa confirmed the position by sentencing Postel to pay INPS, by way of CUAF contributions relating to the period from May 2011 to November 2012, the sum of \u20ac0.08 million, deeming that the higher sums claimed in the debit notices (amounting in total to approximately \u20ac4 million) were not due. By judgement of 21 May 2021, the Court of Appeal of Genoa dismissed the main appeal and the cross-appeal. INPS appealed in cassation and Postel joined the proceedings. On 26 January 2023, the Court of Cassation ordered the case to be remitted to the register for processing together with other appeals. The hearing before the Court of Cassation was held on 10 October 2023 and on 11 January 2024, the Court of Cassation declared that the appeal brought by INPS against the judgement published on 21 May 2021 was inadmissible because it was out of time, and ordered the Institute to reimburse the Company for its legal costs. On 11 July 2024, INPS lodged an appeal for revision against the latter judgement of the Supreme Court. The case was heard on 14 January 2025 and the Court reserved its decision.
Taking into account the judgements issued thus far, the reasons given and the latest claims brought by INPS, the Company has adjusted its provisions for risks", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page599-cflshid_276379-tag273299": { "value": "
4.9. CONTINGENT LIABILITIES AND MAIN PROCEEDINGS PENDING WITH THE AUTHORITIES
CONTINGENT LIABILITIES
The following information is provided in accordance with accounting standard IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets.
At 31 December 2024, there were 63 judicial and extrajudicial disputes pending for which the risk of losing is assessed as possible. The total amounts involved in the claims stand at approximately \u20ac59 million, plus interest. The main outstanding disputes, of an individually insignificant amount, relate to litigation brought by third parties in various capacities.
It should be noted that the Group, in view of the number of disputes brought by third parties, makes an assessment on a probabilistic historical basis, for cases with individually non-significant claims, reflected in the provisions for risks and charges.
In the context of disputes where the risk of losing the case is considered possible, it should be noted that on 20 December 2024, the Agenzia delle Entrate notified SDA of an pre-assessment deed (\"Pre-assessment\") resulting from an audit carried out on certain business relationships referring to the 2018 tax year with certain companies supplying pick-up, transport and handling activities, contesting an alleged undue deduction of VAT for approximately \u20ac20 million, IRAP for approximately \u20ac2 million, plus penalties and interest. The purpose of the Pre-assessment deed is to establish a consultation with the company, which sent its observations on 14 February 2025, following which the Agenzia delle Entrate may proceed, within 120 days of the deadline for submitting them, with the filing or notification of a tax assessment notice.
Moreover, on 27 March 2024, the company SDA Express Courier was notified by the Economic and Financial Police Unit of the Guardia di Finanza (Finance Police), by order of the Public Prosecutor's Office of Rome, of a Search and Seizure Decree pursuant to Article 247 et seq. of the Italian Criminal Code, in order to acquire correspondence, contractual documents, invoices and accounting records relating to the relations in place with some commercial counterparties. The proceedings are still at the preliminary investigation stage.
Lastly, on 11 December 2024, the Company SDA Express Courier was notified by the Agenzia delle Entrate-Taxpayers' Division of an access and document acquisition report for the purpose of carrying out an audit aimed at verifying the correctness of certain business relationships and related invoicing for the tax periods from 2019 to 2020.
MAIN PROCEEDINGS PENDING WITH THE AUTHORITIES
Autorit\u00e0 per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority)
On 24 January 2024, AGCom notified PostePay of the opening of an investigation, having assessed, on a preliminary basis and pending PostePay's considerations, that there might be a risk that certain aspects of the Offer and of the related conduct (the \"Conduct\"), in particular the adoption of measures to limit the speed of Internet connection for certain customers in relation to the telephony offer \"PosteMobile Casa Web\", might potentially prove to be in conflict with the applicable regulatory framework.
On this point, the Company clarified how its conduct was and is in line with the applicable legislative and regulatory framework and with the provisions of both the mobile network access contract signed with its network service provider for the latter's protection, and the Conditions of Contract signed by end customers.
This being the case, PostePay, without acknowledging the validity of the allegations made and without acquiescing to the Authority's determinations, in the spirit of utmost care and attention to its customers and cooperation with the Authority, decided to submit, on 18 March 2024, a proposal for commitments, extended to customers who had subscribed to all PostePay offers on mobile radio technology with \"unlimited\" data traffic, then approved by the Authority on 30 July 2024 by Resolution 280/24/CONS,
The Company has already internally started the activities aimed at implementing its commitments within the planned time-frame.
Law Decree 201 of 6 December 2011, converted into Law 214 of 22 December 2011, transferred responsibility for regulation and supervision of the postal sector to the Italian Communications Authority (AGCom).
Following transposition into Italian law of the third European postal services directive (Directive 2008/6/EC), the so-called \"net avoided cost\" method has been applied in quantifying the cost of the universal service\"352.
In this regard, with reference to the audits carried out by the Authority for the years 2011 to 2016353, the Company had filed an appeal with the Regional Administrative Court, but subsequently justified a lack of interest, therefore the Regional Administrative Court, in November and December 2024, declared the relative appeals inadmissible due to the applicant's lack of interest. For the subsequent verifications carried out by the Authority, it should be noted that:
(i)On 18 December 2024, AGCom Resolution 505/24/CONS was published, which initiated the procedure to verify the net cost of the universal postal service, the quantification of the inequitable cost and the methods of its financing for the years 2022 and 2023. On 14 March 2025, Resolution AGCom 52/25/CONS was published, with which the Authority launched the public consultation whereby the burden of the universal postal service for the years 2022 and 2023 was quantified at \u20ac522 million and \u20ac736 million respectively.
(ii)On 14 March 2024, AGCom Resolution 62/24/CONS was published, concluding the procedure to verify the net cost of the universal postal service incurred by Poste Italiane for the years 2020 and 2021. In particular, the universal postal service charge for these years has been quantified at \u20ac585 and \u20ac480 million respectively. The Authority also established that the universal service charge for the years 2020 and 2021 is inequitable and that, for the same years, unlike with what was established in previous years, the necessary procedure will be initiated for assessing the injection of resources to the Compensation Fund referred to in article 10 of Legislative Decree no. 261/1999.
(iii)On 1 July 2021, AGCom Resolution 199/21/CONS was published, concluding the procedure to verify the net cost of the universal postal service incurred by Poste Italiane for the years 2017, 2018 and 2019. In particular, the universal postal service charge for these years has been quantified at \u20ac354.5, \u20ac334.5 and \u20ac175 million respectively. For the 2019 financial year, although the quantified charge (\u20ac175 million) is lower than the authorised offsets (\u20ac262 million), the
charge for the provision of the universal postal service over the entire period (i.e., the previous 2016-2019 Service Contract) is in any case higher than the offsets authorised by the European Commission. The Authority also established that the universal service charge for the years 2017, 2018 and 2019 is inequitable and that, for the same years, in continuity with what was established in previous years, the Compensation Fund referred to in article 10 of Legislative Decree no. 261/1999 is not established. On 22 September 2021, Poste Italiane filed an appeal against the aforementioned resolution with the Lazio Regional Administrative Court. The hearing on the merits of the challenge has yet to be scheduled.
Autorit\u00e0 Garante della Concorrenza e del Mercato (AGCM - the Italian Antitrust Authority)
On 3 October 2018, Poste Italiane proceeded to pay the fine of \u20ac23 million plus interest due to the Authority's ruling in January 2018, that Poste Italiane had abused its dominant market position in the period from 2014 to 2017 (proceedings A493), as per art. 102 of the TFEU. This did not constitute acceptance or admission of liability in relation to the alleged misconduct and does not affect the Company's right to defend its position through the appropriate channels. Poste Italiane challenged the above-mentioned measure before the Lazio Regional Administrative Court, which, with ruling no. 13477/2023, rejected the appeal. Poste Italiane appealed to the Council of State whose hearing on the merits is scheduled for 16 December 2025.
On 19 November 2019, the AGCM initiated proceedings PS/11563 against Poste Italiane in order to ascertain allegedly unfair commercial practice in the delivery of mail and, in particular, registered mail, in possible violation of Articles 20, 21 and 22 of the Consumer Code. In particular, according to some customers: i) the advertised features of the \"registered mail delivery\" service are not reflected in the service actually provided; ii) the advertising for the \"digital registered mail collection\" service does not make it clear that the service may no longer be free of charge in the near future and that, in any case, there are restrictions on its use, since it can only be accessed if the sender has authorised it. At the conclusion of the proceedings, by way of a measure notified on 15 September 2020, the Authority imposed an administrative fine of \u20ac5 million, payment of which was made on 5 January 2021. The Authority acknowledged that Poste had correctly complied with the provision. However, the company appealed to the Lazio Regional Administrative Court, which was not upheld, and appealed to the Council of State. The Council of State in its judgement no. 3175 of 5 April 2024 upheld the appeal limited to a reduction of the penalty by 50%. Following the repayment request submitted by the Company, the Authority resolved to grant approval for the return of approximately \u20ac2.5 million (plus legal interest) from MIMIT, as the difference between the penalty recalculated by the Authority and the sums already paid by Poste Italiane. The Ministry of Enterprise and Made in Italy (MIMIT) made the payment in August 2024.
On 6 April 2020, pursuant to art. 9, paragraph 3-bis of Law 192/98 and art. 14 of Law 287/90, AGCM initiated proceedings A539 against Poste Italiane, following a complaint by a third-party supplier that Poste Italiane had presumably imposed unjustifiably burdensome contractual clauses. In particular, following the termination of contractual relations in mid-2017, the supplier was not, in fact, able to otherwise offer the services it was providing on the market because of the obligation to comply with rules and organisational parameters considered such as to make the company structure excessively rigid, making it unsuitable to operate with parties other than Poste Italiane. At the conclusion of the proceedings, by way of a measure notified on 6 August 2021, the Authority imposed an administrative fine of more than \u20ac11 million for abuse of economic dependence, payment of which was made on 6 September 2021. Poste Italiane appealed against the above-mentioned measure before the Lazio Regional Administrative Court, which found that Poste Italiane's actions were lawful and annulled the sanction with ruling no. 10044/23 issued on 13 June 2023. AGCM appealed against the Lazio Regional Administrative Court's ruling on 10 October 2023, while Poste Italiane lodged a cross-appeal on 9 November 2023. The court merit is set for 17 July 2025.
By means of a measure adopted at a meeting held on 30 January 2024 and notified to Poste Italiane on 7 February 2024, the AGCM, without taking into account the exemption enjoyed by Poste Italiane from the application of Article 14 of Law
287/1990, initiated investigative proceedings against the Company in order to ascertain the existence of a possible breach of Article 8, paragraph 2-quater of the aforesaid Law. At the same time, the Authority initiated proceedings to verify the actual existence of the requirements for the adoption of precautionary measures pursuant to Article 14-bis of the same Law. Specifically, the Authority observed that Poste Italiane, through its subsidiary PostePay S.p.A., is active in the electricity and gas supply sector and has allegedly denied two of the latter's competing companies access - pursuant to Article 8, paragraph 2-quater of Law no. 287/90 - to the resources made available to PostePay, which it has exclusive access to as a result of its activities within the perimeter of the universal postal service. On 14 February, the Company filed its memorandum in the precautionary proceedings, contesting the Authority's approach and, in particular, the non-application of the provisions of Article 1, paragraph 6 of Law Decree no. 59/2021 as amended and supplemented, exempting Poste from the application of Article 8, paragraph 2-quater, of Law 287/1990 until 31 December 2026. On 2 April 2024, the AGCM notified Poste of Order no. 31138 by which it decided to adopt precautionary measures pursuant to Article 14-bis of Law no. 287/1990. The Company challenged the measure in court. The Council of State on 20 May 2024 upheld the appeal and cautiously suspended the effectiveness of the precautionary measures. At its meeting on 16 July 2024, the Authority passed the final decision notified to the Company on 19 July. The AGCM is of the opinion that there are no grounds to justify an absolute refusal such as the one opposed by Poste to the persons requesting access pursuant to Article 8, paragraph 2-quater, and that such refusal is not justified, since the exemption provided for in Article 1, paragraph 6 of Law Decree no. 59/2021 (the \"Polis Waiver\") does not extend to all Post Offices but only to those included in the Polis Project. According to the Authority, the access methods pursuant to Article 8, paragraph 2-quater must in any case be defined by Poste Italiane on the basis of the negotiating autonomy granted to it and on the basis of the information at its sole disposal, in order to reasonably and proportionately balance the conflicting needs related to access requests and the protection of other interests. For these reasons, Poste Italiane shall guarantee, to PostePay's competitors who so request, access pursuant to Article 8, paragraph 2-quater to all Post Offices not included in the Polis Project, according to modalities defined by Poste Italiane, which need not be identical to those guaranteed to PostePay. To this end, Poste Italiane must appoint a trustee (\"Monitoring Trustee\") responsible for monitoring compliance with the obligations set forth in Article 8, paragraph 2-quater, submitting the appointment to the Authority for approval, within sixty days from the notification of the measure. However, it is necessary to point out that Article 8, paragraph 2-quater was repealed by Law Decree no. 113 of 9 August 2024 (Article 10, paragraph 2), converted into Law no. 143 of 7 October 2024, with the consequent disappearance of the access obligations for Poste Italiane. In any event, in order to assert the legitimacy of its actions regardless of the effects of the repeal of the rule in question, on 18 October 2024 the Company challenged the provision before the Lazio Regional Administrative Court.
On 22 April 2024, the AGCM notified Poste Italiane of the notice of initiation of proceeding PS/12768 and the simultaneous request for information, in relation to certain anti-fraud messages that holders of BancoPosta and PostePay accounts, who use the services through the relevant Apps (installed on Android devices), allegedly received when accessing them, starting from the first days of April. According to the AGCM, the Company's conduct would constitute an aggressive or in any case unfair commercial practice, in that users would be \"induced\" to allow access to their data in a situation of undue conditioning, since failure to consent - after three accesses - would preclude them from continuing to use BancoPosta and PostePay services via the App. On 13 May 2024, Poste Italiane sent the AGCM a memorandum in which it replied to the request for information and to the objections contained in the writ. On 6 June 2024, the Company filed the integration of the previous defence memorandum and the commitment form containing the initiatives it undertakes to implement (subject to integration/amendment), on a voluntary basis, aimed at eliminating the Authority's alleged critical issues, without lending acquiescence to the objections raised in the proceedings. Some of the commitments presented were subsequently implemented by the Company, which, on 18 July 2024, replied to the second request for information on certain aspects that had emerged during the technical hearing with the Authority held on 18 June 2024 (e.g. on the subject of Bank of Italy controls and indications and the results of anti-fraud activities). On 10 September 2024, the Authority communicated to Poste Italiane the rejection of the commitments, deeming them \"unsuitable to remedy the aspects of possible unfairness
subject to investigation, insofar as they consist for the most part in merely informative measures, as such not responding to the critical issues contested at the time of the opening of the proceedings relating to the elements of aggressiveness, or in any case not resolving the objections formulated\" and extending the deadline for the conclusion of the proceedings by 60 days (18 November 2024). On 26 September, the Authority sent a further request for information to which Poste Italiane replied on 17 October. On 11 November 2024, Poste Italiane filed an application to reopen the obligations' sub-proceedings with the simultaneous submission of a further measure, which was rejected by the Authority.
On 9 August 2022, the Italian Antitrust Authority (\"AGCM\" or \"Authority\") - as a result of proceedings PS/11936 (\"Proceeding\") - notified PostePay of measure no. 30286 (\"Measure\"), in which it criticised the conduct of the Company, claiming that, for mobile telephony offers subscribed to at a flat fee, PostePay charges a consumption-based fee - more expensive than the ordinary one - when it is impossible to periodically renew the offer due to lack of sufficient credit \"in order to guarantee the continuity of the service\" without adequate information and without, therefore, a prior and informed consent of the consumer. Therefore, in the Authority's view, the conduct engaged in by PostePay would constitute a breach of Article 26, paragraph 1, letter f) of the Consumer Code.
As a result, the Company was ordered to pay an administrative fine.
Due, inter alia, to the partial and insufficient acknowledgement of the measures adopted by the Company, the refusal to examine the further measures proposed and the failure to accept the defence petitions submitted, the Company deemed it appropriate to lodge an appeal against the Measure before the Lazio Regional Administrative Court with an appeal filed on 28 October 2022. Therefore, the payment of the fine imposed was made by PostePay with express reservation of appeal and, in the event, of repayment of the amount paid in the event of annulment (total or partial) of the Measure by the Lazio Regional Administrative Court and/or the Council of State. The purpose of the appeal before the Lazio Regional Administrative Court is to obtain (i) as a preliminary step, the annulment of the measure, (ii) in the alternative, the annulment of the fine imposed or (iii) in the further alternative, its reduction to the minimum amount. The setting of the first trial hearing is pending.
On 7 November 2022, PostePay, while not lending any acquiescence to the Resolution, forwarded to AGCM the required compliance report, which illustrated the measures adopted by PostePay to overcome AGCM's objections, even though it had contested their grounds in the appeal pending before the Lazio Regional Administrative Court. On 2 December 2022, the Authority, having received a response from PostePay to its request for further information, informed PostePay after the Board meeting of 13 December 2022 that it had taken note of its compliance with the order.
Bank of Italy
On 20 July 2022, the Authority sent a notice to Poste Italiane SpA - BancoPosta RFC and PostePay concerning the manner in which the funds received by PostePay in respect of the issuance of electronic money should be managed. It should be noted that the Supervisory Provisions for EMI provide that such funding may be deposited with a bank authorised to operate in Italy, invested in qualified debt securities or particular units of harmonised mutual funds. Since the creation of PostePay, these sums are deposited in a postal current account (protection account) and contribute to the funds from private customers of Bancoposta RFC, which are invested in euro area government bonds. In this regard, the Authority initiated discussions with BancoPosta and PostePay in 2021, in view of the fact that BancoPosta was not deemed to be an entity that could be assimilated to the concept of \"credit institution\" under the relevant European legislation. The issue found a favourable conclusion with Law no. 207 of 30 December 2024 (2025 Budget Law), which introduced, among the activities that Poste Italiane SpA - BancoPosta RFC may carry out, the possibility of \"collecting sums of money received by electronic money institutions for the issuance of electronic money and by payment institutions for the provision of payment services referred to in Articles 114-quinquies.1 and 114-duodecies of the Consolidated Law on Banking\" (see Article 2, paragraph 1)(a-bis) of Presidential Decree no. 144/2001 \"Regulation containing rules on BancoPosta services\").
IVASS - Istituto per la Vigilanza sulle Assicurazioni (the insurance regulator)
With reference to the notice of objection for the alleged breach of article 183, paragraph 1, letter \"a\", of the Private Insurance Code, deriving from the alleged tardiness of the settlement of insurance benefits beyond the contractual deadline, notified to Poste Vita SpA on 27 February 2024 by the \"Sanctions and Settlements Service\" of IVASS, on 30 July 2024, IVASS notified the Company of the proposed application of an administrative fine of \u20ac0.08 million. With respect to this proposed fine, Poste Vita filed its observations within the time limits set forth in the industry regulations, and subsequently, on 13 December 2024, the Authority notified the sanctioning measure with which, at the conclusion of these proceedings, it imposed a fine of approximately \u20ac0.06 million. The fine in question has been paid and the company has decided to postpone with the lodging of an appeal.
In addition, on 1 August 2024, IVASS served Poste Vita with a notice of objection for the alleged breach of art. 183, paragraph 1, letter \"a\", of the Private Insurance Code (i.e. settlement of insurance benefits beyond the contractual deadline), for which \u20ac0.03 million was set aside. Poste Vita filed its counter-arguments within the deadlines provided for by the industry regulations; it is therefore waiting for IVASS's determinations.
Garante per la protezione dei dati personali (the Italian Data Protection Authority)
On 16 April 2024, the Garante per la protezione dei dati personali (GPDP) opened a preliminary investigation with a request for information in relation to the same event that led to the initiation of proceedings PS/12768 of ACGM, i.e. the anti-fraud messages received by BancoPosta and PostePay account holders, who use the services through the relevant apps installed on their Android devices, when accessing them from the first days of April 2024. After several requests for information and related replies, the last of which was sent in January 2025, aimed at providing the GPDP with both the regulatory basis and information on the processing of personal data of the BancoPosta and Postepay apps, carried out for anti-fraud purposes, the Authority's investigative activity continues.
In August 2023, the IT continuous monitoring units detected anomalies on the systems of the subsidiary Postel SpA and identified an event of compromise of some Domain Controllers, made possible through the use of various malware and the activation of a malicious code used to encrypt computers (ransomware). The execution of the ransomware, claimed by a cyber criminal group, disrupted the operation of some servers and several workstations spread across the country. Based on the provisions of the \"Data Breach Management\" procedure governing the activities of detecting, notifying and communicating personal data breaches in accordance with the provisions of EU Regulation 2016/679 (GDPR), the GDPR Team was convened and, within the timeframe set out in Articles 33 and 34 of the GDPR, the Company notified the Privacy Guarantor and all relevant stakeholders.
On 15 December 2023, the Garante per la Protezione dei Dati Personali (GPDP - Italian Data Protection Authority) notified Postel SpA of the commencement of proceedings for the adoption of measures and sanctions under Article 83 of the GDPR.
On 23 October 2024, the Company, after having filed its defence briefs and having been heard at a hearing in January 2024, decided to lend acquiescence to the measure of the GPDP, notified on 23 September 2024, which ordered it to pay a fine in the amount of \u20ac0.9 million within 30 days from the notification of the same, under penalty of the adoption of the consequent executive acts pursuant to Article 27 of Law no. 689/1981, without prejudice to the right to settle the dispute through the payment of an amount equal to half of the fine imposed, within the term set forth in Article 10, paragraph 3, of Legislative Decree no. 150 of 1.9.2011 provided for the lodging of the appeal. The Company availed itself of this right, waiving its objection to the measure and paying a fine reduced to \u20ac0.45 million.
Finally, the Company has taken steps to carry out all the necessary consequent actions and implement the security, organisational and technical measures indicated by the Italian Data Protection Authority in the Measure, which Postel acknowledged on 20 January 2025 to the Italian Data Protection Authority be sending the appropriate compliance report.
On 3 March 2025, Postel was informed that the file on the personal data breach had been closed, without prejudice in any case to the Authority's requirements with which the company must comply.
TAX DISPUTES
In November 2018, Consorzio Postemotori received notice of an order issued by the Criminal Court in Rome and of a precautionary seizure regarding the consortium, amounting to \u20ac4.6 million. On 13 May 2019, the G.U.P. (Preliminary judge) of the Ordinary Court of Rome downgraded the original charges, ordering the committal for trial only in relation to a portion of the charges relating to the passive invoicing transactions of a subcontractor and a tax consultant of one of the partners. in respect of the release request, on 24 December 2021, the Court of Rome issued an order for partial restitution of the sum of \u20ac0.3 million.
On 13 December 2024, the Criminal Court of Rome issued a ruling of first instance, from which it emerges that all charges to which the seizure refers have been dropped, and on 26 February 2025, the Guardia di Finanza - Nucleo Speciale Polizia Valutaria (Financial Police - Special Currency Unit) - notified the Consortium of the order to revoke the preventive seizure and return the residual amount due, credited to the Consortium's current account on 19 March 2025.
SOCIAL SECURITY DISPUTES
Since 2012 and until 31 December 2024, the Istituto Nazionale per la Previdenza Sociale (INPS, the National Institute of Social Security) office at Genoa Ponente and Roma Eur has issued Postel some payment orders, for a total amount payable of \u20ac25.48 million, with which the payment of contributions funding CIG (income support), CIGS (extraordinary income support), unemployment benefit and CUAF (family benefits) not covered by the contributions paid to IPOST was requested. Appeals against these requests were brought before the Court of Genoa.
On 20 and 21 February 2024, the Court of Cassation filed its judgements rejecting the first appeals brought by INPS and absorbing the cross-appeals brought by the Company. The Court stated that given the special and exclusive nature of the Ipost scheme - which is a self-contained social security and welfare system - nothing else is owed by the Company by way of social security and welfare contributions.
On 30 September 2024, the Company filed a self-protection petition with INPS with which it asked the Institute to comply with the final decision of the Supreme Court of Cassation in the aforementioned rulings, in addition to cancelling all the adjustment notes still present in the Company's social security file and any other deed referring to the CIG, CIGS and Mobility contributions, as well as the CUAF contributions for all periods prior to 1 January 2020.
On 8 October 2024, INPS announced that it had made the necessary adjustments to the social security classification of Postel and recalculated the adjustment notes issued to the Company on the social security file. The Company is currently verifying the changes in classification and the recalculation of the adjustment notes made by INPS in the social security file. On 19 December 2024, INPS, in execution of the aforementioned Court of Cassation rulings of 20 and 21 February 2024, repaid to the Company the sums paid, totalling \u20ac0.2 million.
With reference to the judgements already decided and those awaiting settlement, with regard to the judgement of 19 September 2019, the Court of Genoa confirmed the position by sentencing Postel to pay INPS, by way of CUAF contributions relating to the period from May 2011 to November 2012, the sum of \u20ac0.08 million, deeming that the higher sums claimed in the debit notices (amounting in total to approximately \u20ac4 million) were not due. By judgement of 21 May 2021, the Court of Appeal of Genoa dismissed the main appeal and the cross-appeal. INPS appealed in cassation and Postel joined the proceedings. On 26 January 2023, the Court of Cassation ordered the case to be remitted to the register for processing together with other appeals. The hearing before the Court of Cassation was held on 10 October 2023 and on 11 January 2024, the Court of Cassation declared that the appeal brought by INPS against the judgement published on 21 May 2021 was inadmissible because it was out of time, and ordered the Institute to reimburse the Company for its legal costs. On 11 July 2024, INPS lodged an appeal for revision against the latter judgement of the Supreme Court. The case was heard on 14 January 2025 and the Court reserved its decision.
Taking into account the judgements issued thus far, the reasons given and the latest claims brought by INPS, the Company has adjusted its provisions for risks.
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4.9. CONTINGENT LIABILITIES AND MAIN PROCEEDINGS PENDING WITH THE AUTHORITIES
CONTINGENT LIABILITIES
The following information is provided in accordance with accounting standard IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets.
At 31 December 2024, there were 63 judicial and extrajudicial disputes pending for which the risk of losing is assessed as possible. The total amounts involved in the claims stand at approximately \u20ac59 million, plus interest. The main outstanding disputes, of an individually insignificant amount, relate to litigation brought by third parties in various capacities.
It should be noted that the Group, in view of the number of disputes brought by third parties, makes an assessment on a probabilistic historical basis, for cases with individually non-significant claims, reflected in the provisions for risks and charges.
In the context of disputes where the risk of losing the case is considered possible, it should be noted that on 20 December 2024, the Agenzia delle Entrate notified SDA of an pre-assessment deed (\"Pre-assessment\") resulting from an audit carried out on certain business relationships referring to the 2018 tax year with certain companies supplying pick-up, transport and handling activities, contesting an alleged undue deduction of VAT for approximately \u20ac20 million, IRAP for approximately \u20ac2 million, plus penalties and interest. The purpose of the Pre-assessment deed is to establish a consultation with the company, which sent its observations on 14 February 2025, following which the Agenzia delle Entrate may proceed, within 120 days of the deadline for submitting them, with the filing or notification of a tax assessment notice.
Moreover, on 27 March 2024, the company SDA Express Courier was notified by the Economic and Financial Police Unit of the Guardia di Finanza (Finance Police), by order of the Public Prosecutor's Office of Rome, of a Search and Seizure Decree pursuant to Article 247 et seq. of the Italian Criminal Code, in order to acquire correspondence, contractual documents, invoices and accounting records relating to the relations in place with some commercial counterparties. The proceedings are still at the preliminary investigation stage.
Lastly, on 11 December 2024, the Company SDA Express Courier was notified by the Agenzia delle Entrate-Taxpayers' Division of an access and document acquisition report for the purpose of carrying out an audit aimed at verifying the correctness of certain business relationships and related invoicing for the tax periods from 2019 to 2020.
MAIN PROCEEDINGS PENDING WITH THE AUTHORITIES
Autorit\u00e0 per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority)
On 24 January 2024, AGCom notified PostePay of the opening of an investigation, having assessed, on a preliminary basis and pending PostePay's considerations, that there might be a risk that certain aspects of the Offer and of the related conduct (the \"Conduct\"), in particular the adoption of measures to limit the speed of Internet connection for certain customers in relation to the telephony offer \"PosteMobile Casa Web\", might potentially prove to be in conflict with the applicable regulatory framework.
On this point, the Company clarified how its conduct was and is in line with the applicable legislative and regulatory framework and with the provisions of both the mobile network access contract signed with its network service provider for the latter's protection, and the Conditions of Contract signed by end customers.
This being the case, PostePay, without acknowledging the validity of the allegations made and without acquiescing to the Authority's determinations, in the spirit of utmost care and attention to its customers and cooperation with the Authority, decided to submit, on 18 March 2024, a proposal for commitments, extended to customers who had subscribed to all PostePay offers on mobile radio technology with \"unlimited\" data traffic, then approved by the Authority on 30 July 2024 by Resolution 280/24/CONS,
The Company has already internally started the activities aimed at implementing its commitments within the planned time-frame.
Law Decree 201 of 6 December 2011, converted into Law 214 of 22 December 2011, transferred responsibility for regulation and supervision of the postal sector to the Italian Communications Authority (AGCom).
Following transposition into Italian law of the third European postal services directive (Directive 2008/6/EC), the so-called \"net avoided cost\" method has been applied in quantifying the cost of the universal service\"352.
In this regard, with reference to the audits carried out by the Authority for the years 2011 to 2016353, the Company had filed an appeal with the Regional Administrative Court, but subsequently justified a lack of interest, therefore the Regional Administrative Court, in November and December 2024, declared the relative appeals inadmissible due to the applicant's lack of interest. For the subsequent verifications carried out by the Authority, it should be noted that:
(i)On 18 December 2024, AGCom Resolution 505/24/CONS was published, which initiated the procedure to verify the net cost of the universal postal service, the quantification of the inequitable cost and the methods of its financing for the years 2022 and 2023. On 14 March 2025, Resolution AGCom 52/25/CONS was published, with which the Authority launched the public consultation whereby the burden of the universal postal service for the years 2022 and 2023 was quantified at \u20ac522 million and \u20ac736 million respectively.
(ii)On 14 March 2024, AGCom Resolution 62/24/CONS was published, concluding the procedure to verify the net cost of the universal postal service incurred by Poste Italiane for the years 2020 and 2021. In particular, the universal postal service charge for these years has been quantified at \u20ac585 and \u20ac480 million respectively. The Authority also established that the universal service charge for the years 2020 and 2021 is inequitable and that, for the same years, unlike with what was established in previous years, the necessary procedure will be initiated for assessing the injection of resources to the Compensation Fund referred to in article 10 of Legislative Decree no. 261/1999.
(iii)On 1 July 2021, AGCom Resolution 199/21/CONS was published, concluding the procedure to verify the net cost of the universal postal service incurred by Poste Italiane for the years 2017, 2018 and 2019. In particular, the universal postal service charge for these years has been quantified at \u20ac354.5, \u20ac334.5 and \u20ac175 million respectively. For the 2019 financial year, although the quantified charge (\u20ac175 million) is lower than the authorised offsets (\u20ac262 million), the
charge for the provision of the universal postal service over the entire period (i.e., the previous 2016-2019 Service Contract) is in any case higher than the offsets authorised by the European Commission. The Authority also established that the universal service charge for the years 2017, 2018 and 2019 is inequitable and that, for the same years, in continuity with what was established in previous years, the Compensation Fund referred to in article 10 of Legislative Decree no. 261/1999 is not established. On 22 September 2021, Poste Italiane filed an appeal against the aforementioned resolution with the Lazio Regional Administrative Court. The hearing on the merits of the challenge has yet to be scheduled.
Autorit\u00e0 Garante della Concorrenza e del Mercato (AGCM - the Italian Antitrust Authority)
On 3 October 2018, Poste Italiane proceeded to pay the fine of \u20ac23 million plus interest due to the Authority's ruling in January 2018, that Poste Italiane had abused its dominant market position in the period from 2014 to 2017 (proceedings A493), as per art. 102 of the TFEU. This did not constitute acceptance or admission of liability in relation to the alleged misconduct and does not affect the Company's right to defend its position through the appropriate channels. Poste Italiane challenged the above-mentioned measure before the Lazio Regional Administrative Court, which, with ruling no. 13477/2023, rejected the appeal. Poste Italiane appealed to the Council of State whose hearing on the merits is scheduled for 16 December 2025.
On 19 November 2019, the AGCM initiated proceedings PS/11563 against Poste Italiane in order to ascertain allegedly unfair commercial practice in the delivery of mail and, in particular, registered mail, in possible violation of Articles 20, 21 and 22 of the Consumer Code. In particular, according to some customers: i) the advertised features of the \"registered mail delivery\" service are not reflected in the service actually provided; ii) the advertising for the \"digital registered mail collection\" service does not make it clear that the service may no longer be free of charge in the near future and that, in any case, there are restrictions on its use, since it can only be accessed if the sender has authorised it. At the conclusion of the proceedings, by way of a measure notified on 15 September 2020, the Authority imposed an administrative fine of \u20ac5 million, payment of which was made on 5 January 2021. The Authority acknowledged that Poste had correctly complied with the provision. However, the company appealed to the Lazio Regional Administrative Court, which was not upheld, and appealed to the Council of State. The Council of State in its judgement no. 3175 of 5 April 2024 upheld the appeal limited to a reduction of the penalty by 50%. Following the repayment request submitted by the Company, the Authority resolved to grant approval for the return of approximately \u20ac2.5 million (plus legal interest) from MIMIT, as the difference between the penalty recalculated by the Authority and the sums already paid by Poste Italiane. The Ministry of Enterprise and Made in Italy (MIMIT) made the payment in August 2024.
On 6 April 2020, pursuant to art. 9, paragraph 3-bis of Law 192/98 and art. 14 of Law 287/90, AGCM initiated proceedings A539 against Poste Italiane, following a complaint by a third-party supplier that Poste Italiane had presumably imposed unjustifiably burdensome contractual clauses. In particular, following the termination of contractual relations in mid-2017, the supplier was not, in fact, able to otherwise offer the services it was providing on the market because of the obligation to comply with rules and organisational parameters considered such as to make the company structure excessively rigid, making it unsuitable to operate with parties other than Poste Italiane. At the conclusion of the proceedings, by way of a measure notified on 6 August 2021, the Authority imposed an administrative fine of more than \u20ac11 million for abuse of economic dependence, payment of which was made on 6 September 2021. Poste Italiane appealed against the above-mentioned measure before the Lazio Regional Administrative Court, which found that Poste Italiane's actions were lawful and annulled the sanction with ruling no. 10044/23 issued on 13 June 2023. AGCM appealed against the Lazio Regional Administrative Court's ruling on 10 October 2023, while Poste Italiane lodged a cross-appeal on 9 November 2023. The court merit is set for 17 July 2025.
By means of a measure adopted at a meeting held on 30 January 2024 and notified to Poste Italiane on 7 February 2024, the AGCM, without taking into account the exemption enjoyed by Poste Italiane from the application of Article 14 of Law
287/1990, initiated investigative proceedings against the Company in order to ascertain the existence of a possible breach of Article 8, paragraph 2-quater of the aforesaid Law. At the same time, the Authority initiated proceedings to verify the actual existence of the requirements for the adoption of precautionary measures pursuant to Article 14-bis of the same Law. Specifically, the Authority observed that Poste Italiane, through its subsidiary PostePay S.p.A., is active in the electricity and gas supply sector and has allegedly denied two of the latter's competing companies access - pursuant to Article 8, paragraph 2-quater of Law no. 287/90 - to the resources made available to PostePay, which it has exclusive access to as a result of its activities within the perimeter of the universal postal service. On 14 February, the Company filed its memorandum in the precautionary proceedings, contesting the Authority's approach and, in particular, the non-application of the provisions of Article 1, paragraph 6 of Law Decree no. 59/2021 as amended and supplemented, exempting Poste from the application of Article 8, paragraph 2-quater, of Law 287/1990 until 31 December 2026. On 2 April 2024, the AGCM notified Poste of Order no. 31138 by which it decided to adopt precautionary measures pursuant to Article 14-bis of Law no. 287/1990. The Company challenged the measure in court. The Council of State on 20 May 2024 upheld the appeal and cautiously suspended the effectiveness of the precautionary measures. At its meeting on 16 July 2024, the Authority passed the final decision notified to the Company on 19 July. The AGCM is of the opinion that there are no grounds to justify an absolute refusal such as the one opposed by Poste to the persons requesting access pursuant to Article 8, paragraph 2-quater, and that such refusal is not justified, since the exemption provided for in Article 1, paragraph 6 of Law Decree no. 59/2021 (the \"Polis Waiver\") does not extend to all Post Offices but only to those included in the Polis Project. According to the Authority, the access methods pursuant to Article 8, paragraph 2-quater must in any case be defined by Poste Italiane on the basis of the negotiating autonomy granted to it and on the basis of the information at its sole disposal, in order to reasonably and proportionately balance the conflicting needs related to access requests and the protection of other interests. For these reasons, Poste Italiane shall guarantee, to PostePay's competitors who so request, access pursuant to Article 8, paragraph 2-quater to all Post Offices not included in the Polis Project, according to modalities defined by Poste Italiane, which need not be identical to those guaranteed to PostePay. To this end, Poste Italiane must appoint a trustee (\"Monitoring Trustee\") responsible for monitoring compliance with the obligations set forth in Article 8, paragraph 2-quater, submitting the appointment to the Authority for approval, within sixty days from the notification of the measure. However, it is necessary to point out that Article 8, paragraph 2-quater was repealed by Law Decree no. 113 of 9 August 2024 (Article 10, paragraph 2), converted into Law no. 143 of 7 October 2024, with the consequent disappearance of the access obligations for Poste Italiane. In any event, in order to assert the legitimacy of its actions regardless of the effects of the repeal of the rule in question, on 18 October 2024 the Company challenged the provision before the Lazio Regional Administrative Court.
On 22 April 2024, the AGCM notified Poste Italiane of the notice of initiation of proceeding PS/12768 and the simultaneous request for information, in relation to certain anti-fraud messages that holders of BancoPosta and PostePay accounts, who use the services through the relevant Apps (installed on Android devices), allegedly received when accessing them, starting from the first days of April. According to the AGCM, the Company's conduct would constitute an aggressive or in any case unfair commercial practice, in that users would be \"induced\" to allow access to their data in a situation of undue conditioning, since failure to consent - after three accesses - would preclude them from continuing to use BancoPosta and PostePay services via the App. On 13 May 2024, Poste Italiane sent the AGCM a memorandum in which it replied to the request for information and to the objections contained in the writ. On 6 June 2024, the Company filed the integration of the previous defence memorandum and the commitment form containing the initiatives it undertakes to implement (subject to integration/amendment), on a voluntary basis, aimed at eliminating the Authority's alleged critical issues, without lending acquiescence to the objections raised in the proceedings. Some of the commitments presented were subsequently implemented by the Company, which, on 18 July 2024, replied to the second request for information on certain aspects that had emerged during the technical hearing with the Authority held on 18 June 2024 (e.g. on the subject of Bank of Italy controls and indications and the results of anti-fraud activities). On 10 September 2024, the Authority communicated to Poste Italiane the rejection of the commitments, deeming them \"unsuitable to remedy the aspects of possible unfairness
subject to investigation, insofar as they consist for the most part in merely informative measures, as such not responding to the critical issues contested at the time of the opening of the proceedings relating to the elements of aggressiveness, or in any case not resolving the objections formulated\" and extending the deadline for the conclusion of the proceedings by 60 days (18 November 2024). On 26 September, the Authority sent a further request for information to which Poste Italiane replied on 17 October. On 11 November 2024, Poste Italiane filed an application to reopen the obligations' sub-proceedings with the simultaneous submission of a further measure, which was rejected by the Authority.
On 9 August 2022, the Italian Antitrust Authority (\"AGCM\" or \"Authority\") - as a result of proceedings PS/11936 (\"Proceeding\") - notified PostePay of measure no. 30286 (\"Measure\"), in which it criticised the conduct of the Company, claiming that, for mobile telephony offers subscribed to at a flat fee, PostePay charges a consumption-based fee - more expensive than the ordinary one - when it is impossible to periodically renew the offer due to lack of sufficient credit \"in order to guarantee the continuity of the service\" without adequate information and without, therefore, a prior and informed consent of the consumer. Therefore, in the Authority's view, the conduct engaged in by PostePay would constitute a breach of Article 26, paragraph 1, letter f) of the Consumer Code.
As a result, the Company was ordered to pay an administrative fine.
Due, inter alia, to the partial and insufficient acknowledgement of the measures adopted by the Company, the refusal to examine the further measures proposed and the failure to accept the defence petitions submitted, the Company deemed it appropriate to lodge an appeal against the Measure before the Lazio Regional Administrative Court with an appeal filed on 28 October 2022. Therefore, the payment of the fine imposed was made by PostePay with express reservation of appeal and, in the event, of repayment of the amount paid in the event of annulment (total or partial) of the Measure by the Lazio Regional Administrative Court and/or the Council of State. The purpose of the appeal before the Lazio Regional Administrative Court is to obtain (i) as a preliminary step, the annulment of the measure, (ii) in the alternative, the annulment of the fine imposed or (iii) in the further alternative, its reduction to the minimum amount. The setting of the first trial hearing is pending.
On 7 November 2022, PostePay, while not lending any acquiescence to the Resolution, forwarded to AGCM the required compliance report, which illustrated the measures adopted by PostePay to overcome AGCM's objections, even though it had contested their grounds in the appeal pending before the Lazio Regional Administrative Court. On 2 December 2022, the Authority, having received a response from PostePay to its request for further information, informed PostePay after the Board meeting of 13 December 2022 that it had taken note of its compliance with the order.
Bank of Italy
On 20 July 2022, the Authority sent a notice to Poste Italiane SpA - BancoPosta RFC and PostePay concerning the manner in which the funds received by PostePay in respect of the issuance of electronic money should be managed. It should be noted that the Supervisory Provisions for EMI provide that such funding may be deposited with a bank authorised to operate in Italy, invested in qualified debt securities or particular units of harmonised mutual funds. Since the creation of PostePay, these sums are deposited in a postal current account (protection account) and contribute to the funds from private customers of Bancoposta RFC, which are invested in euro area government bonds. In this regard, the Authority initiated discussions with BancoPosta and PostePay in 2021, in view of the fact that BancoPosta was not deemed to be an entity that could be assimilated to the concept of \"credit institution\" under the relevant European legislation. The issue found a favourable conclusion with Law no. 207 of 30 December 2024 (2025 Budget Law), which introduced, among the activities that Poste Italiane SpA - BancoPosta RFC may carry out, the possibility of \"collecting sums of money received by electronic money institutions for the issuance of electronic money and by payment institutions for the provision of payment services referred to in Articles 114-quinquies.1 and 114-duodecies of the Consolidated Law on Banking\" (see Article 2, paragraph 1)(a-bis) of Presidential Decree no. 144/2001 \"Regulation containing rules on BancoPosta services\").
IVASS - Istituto per la Vigilanza sulle Assicurazioni (the insurance regulator)
With reference to the notice of objection for the alleged breach of article 183, paragraph 1, letter \"a\", of the Private Insurance Code, deriving from the alleged tardiness of the settlement of insurance benefits beyond the contractual deadline, notified to Poste Vita SpA on 27 February 2024 by the \"Sanctions and Settlements Service\" of IVASS, on 30 July 2024, IVASS notified the Company of the proposed application of an administrative fine of \u20ac0.08 million. With respect to this proposed fine, Poste Vita filed its observations within the time limits set forth in the industry regulations, and subsequently, on 13 December 2024, the Authority notified the sanctioning measure with which, at the conclusion of these proceedings, it imposed a fine of approximately \u20ac0.06 million. The fine in question has been paid and the company has decided to postpone with the lodging of an appeal.
In addition, on 1 August 2024, IVASS served Poste Vita with a notice of objection for the alleged breach of art. 183, paragraph 1, letter \"a\", of the Private Insurance Code (i.e. settlement of insurance benefits beyond the contractual deadline), for which \u20ac0.03 million was set aside. Poste Vita filed its counter-arguments within the deadlines provided for by the industry regulations; it is therefore waiting for IVASS's determinations.
Garante per la protezione dei dati personali (the Italian Data Protection Authority)
On 16 April 2024, the Garante per la protezione dei dati personali (GPDP) opened a preliminary investigation with a request for information in relation to the same event that led to the initiation of proceedings PS/12768 of ACGM, i.e. the anti-fraud messages received by BancoPosta and PostePay account holders, who use the services through the relevant apps installed on their Android devices, when accessing them from the first days of April 2024. After several requests for information and related replies, the last of which was sent in January 2025, aimed at providing the GPDP with both the regulatory basis and information on the processing of personal data of the BancoPosta and Postepay apps, carried out for anti-fraud purposes, the Authority's investigative activity continues.
In August 2023, the IT continuous monitoring units detected anomalies on the systems of the subsidiary Postel SpA and identified an event of compromise of some Domain Controllers, made possible through the use of various malware and the activation of a malicious code used to encrypt computers (ransomware). The execution of the ransomware, claimed by a cyber criminal group, disrupted the operation of some servers and several workstations spread across the country. Based on the provisions of the \"Data Breach Management\" procedure governing the activities of detecting, notifying and communicating personal data breaches in accordance with the provisions of EU Regulation 2016/679 (GDPR), the GDPR Team was convened and, within the timeframe set out in Articles 33 and 34 of the GDPR, the Company notified the Privacy Guarantor and all relevant stakeholders.
On 15 December 2023, the Garante per la Protezione dei Dati Personali (GPDP - Italian Data Protection Authority) notified Postel SpA of the commencement of proceedings for the adoption of measures and sanctions under Article 83 of the GDPR.
On 23 October 2024, the Company, after having filed its defence briefs and having been heard at a hearing in January 2024, decided to lend acquiescence to the measure of the GPDP, notified on 23 September 2024, which ordered it to pay a fine in the amount of \u20ac0.9 million within 30 days from the notification of the same, under penalty of the adoption of the consequent executive acts pursuant to Article 27 of Law no. 689/1981, without prejudice to the right to settle the dispute through the payment of an amount equal to half of the fine imposed, within the term set forth in Article 10, paragraph 3, of Legislative Decree no. 150 of 1.9.2011 provided for the lodging of the appeal. The Company availed itself of this right, waiving its objection to the measure and paying a fine reduced to \u20ac0.45 million.
Finally, the Company has taken steps to carry out all the necessary consequent actions and implement the security, organisational and technical measures indicated by the Italian Data Protection Authority in the Measure, which Postel acknowledged on 20 January 2025 to the Italian Data Protection Authority be sending the appropriate compliance report.
On 3 March 2025, Postel was informed that the file on the personal data breach had been closed, without prejudice in any case to the Authority's requirements with which the company must comply.
TAX DISPUTES
In November 2018, Consorzio Postemotori received notice of an order issued by the Criminal Court in Rome and of a precautionary seizure regarding the consortium, amounting to \u20ac4.6 million. On 13 May 2019, the G.U.P. (Preliminary judge) of the Ordinary Court of Rome downgraded the original charges, ordering the committal for trial only in relation to a portion of the charges relating to the passive invoicing transactions of a subcontractor and a tax consultant of one of the partners. in respect of the release request, on 24 December 2021, the Court of Rome issued an order for partial restitution of the sum of \u20ac0.3 million.
On 13 December 2024, the Criminal Court of Rome issued a ruling of first instance, from which it emerges that all charges to which the seizure refers have been dropped, and on 26 February 2025, the Guardia di Finanza - Nucleo Speciale Polizia Valutaria (Financial Police - Special Currency Unit) - notified the Consortium of the order to revoke the preventive seizure and return the residual amount due, credited to the Consortium's current account on 19 March 2025.
SOCIAL SECURITY DISPUTES
Since 2012 and until 31 December 2024, the Istituto Nazionale per la Previdenza Sociale (INPS, the National Institute of Social Security) office at Genoa Ponente and Roma Eur has issued Postel some payment orders, for a total amount payable of \u20ac25.48 million, with which the payment of contributions funding CIG (income support), CIGS (extraordinary income support), unemployment benefit and CUAF (family benefits) not covered by the contributions paid to IPOST was requested. Appeals against these requests were brought before the Court of Genoa.
On 20 and 21 February 2024, the Court of Cassation filed its judgements rejecting the first appeals brought by INPS and absorbing the cross-appeals brought by the Company. The Court stated that given the special and exclusive nature of the Ipost scheme - which is a self-contained social security and welfare system - nothing else is owed by the Company by way of social security and welfare contributions.
On 30 September 2024, the Company filed a self-protection petition with INPS with which it asked the Institute to comply with the final decision of the Supreme Court of Cassation in the aforementioned rulings, in addition to cancelling all the adjustment notes still present in the Company's social security file and any other deed referring to the CIG, CIGS and Mobility contributions, as well as the CUAF contributions for all periods prior to 1 January 2020.
On 8 October 2024, INPS announced that it had made the necessary adjustments to the social security classification of Postel and recalculated the adjustment notes issued to the Company on the social security file. The Company is currently verifying the changes in classification and the recalculation of the adjustment notes made by INPS in the social security file. On 19 December 2024, INPS, in execution of the aforementioned Court of Cassation rulings of 20 and 21 February 2024, repaid to the Company the sums paid, totalling \u20ac0.2 million.
With reference to the judgements already decided and those awaiting settlement, with regard to the judgement of 19 September 2019, the Court of Genoa confirmed the position by sentencing Postel to pay INPS, by way of CUAF contributions relating to the period from May 2011 to November 2012, the sum of \u20ac0.08 million, deeming that the higher sums claimed in the debit notices (amounting in total to approximately \u20ac4 million) were not due. By judgement of 21 May 2021, the Court of Appeal of Genoa dismissed the main appeal and the cross-appeal. INPS appealed in cassation and Postel joined the proceedings. On 26 January 2023, the Court of Cassation ordered the case to be remitted to the register for processing together with other appeals. The hearing before the Court of Cassation was held on 10 October 2023 and on 11 January 2024, the Court of Cassation declared that the appeal brought by INPS against the judgement published on 21 May 2021 was inadmissible because it was out of time, and ordered the Institute to reimburse the Company for its legal costs. On 11 July 2024, INPS lodged an appeal for revision against the latter judgement of the Supreme Court. The case was heard on 14 January 2025 and the Court reserved its decision.
Taking into account the judgements issued thus far, the reasons given and the latest claims brought by INPS, the Company has adjusted its provisions for risks.
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Pursuant to CONSOB Communication no. DEM/6064293 of 28 July 2006, the effects arising from significant non-recurring events and transactions recognised by the Parent Company and by the Poste Italiane Group in 2024 related to the risk analysis on tax credits (see in this regard Note A10 - Tax credits Law no. 77/2020), amounted to a total of \u20ac341 million as detailed below:
\u2022derecognition of tax credits relating to years after 2024 in the amount of \u20ac284 million recognised under \"Adjustments on debt instruments, receivables and other assets'\"
\u2022charges of \u20ac57 million recognised in \"Other operating costs\" related to the repayment of portions of receivables pertaining to years prior to 2024", "dimensions": { "concept": "ext:DisclosureOfNonRecurringSignificantEventsAndTransactions", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page607-cflshid_281206-tag273302": { "value": "
4.11. EXCEPTIONAL AND/OR UNUSUAL TRANSACTIONS
Under the definition provided by the CONSOB ruling of 28 July 2006, the Poste Italiane Group did not conduct any exceptional and/or unusual transactions354 in 2024", "dimensions": { "concept": "ext:DisclosureOfUnusualEventsAndTransactions", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page607-cflshid_281206-tag273303": { "value": "
4.12. ADDITIONAL INFORMATION
This note represents an area in which qualitative/quantitative information is provided on issues residually required by accounting standards, not specifically dealt with in the previous notes.
OFFSETTING FINANCIAL ASSETS AND LIABILITIES
In compliance with IFRS 7 \u2013 Financial instruments: Disclosures, this section provides details of financial assets and liabilities that are subject to master netting agreements or similar arrangements, regardless of whether the financial instruments have been offset in keeping with paragraph 42 of IAS 32355.
In particular, the disclosures in question concern the following positions relating to Poste Italiane SpA at 31 December 2024:
\u2022derivative assets and liabilities and related collateral, represented both by cash and government securities;
\u2022repurchase agreements and reverse repurchase agreements and the related collateral, represented both by cash and government securities.
The positions in question are subject to standard bilateral netting agreements that allow, in the event of the counterparty's default, the offsetting of debit and credit positions covered by ISDA contracts and repurchase agreements, for which GMRA agreements have been entered into.
Repurchase agreement positions managed through the Central Counterparty that meet the requirements of IAS 32 are shown net of offsetting.
In order to present the tables in compliance with the requirements of IFRS 7, repurchase agreements are shown at amortised cost, whilst derivative transactions are shown at fair value; the relevant financial guarantees are measured at fair value.
Financial assets offset in the financial statements or subject to framework master netting agreements or similar arrangements\u00a0
Technical forms(\u20acm)Gross amount of financial assets (*)(a)Amount of financial liabilities offset in financial statements(b)Financial assets, net(c=a-b)\u00a0Related amounts not subject to offset in the financial statements\u00a0Financial assets/(liabilities), net(f=c-d-e)
\u00a0\u00a0Collateral\u00a0
\u00a0\u00a0Financial instruments(d)Cash deposits provided/(received) as collateral(e)\u00a0
\u00a0\u00a0\u00a0
FY 2024
Financial assets BancoPosta RFC
Derivatives 2,679-2,6791,1221,49859
Repurchase agreements 2,7261,1601,5661,560-6
Total at 31 December 20245,405 1,160 4,245 \u00a0\u00a02,682 1,498 \u00a065
FY 2023
Financial assets BancoPosta RFC
Derivatives 4,257-4,2571,0682,812377
Repurchase agreements 4,1062,3371,7691,769--
Total at 31 December 20238,3632,3376,0262,8372,812377
Financial liabilities offset in the financial statements or subject to master netting agreements or similar arrangements\u00a0\u00a0
Technical forms(\u20acm)Gross amount of financial liabilities(*)(a)Amount of financial assets offset in financial statements(b)Financial liabilities, net(c=a-b)Related amounts not subject to offset in the financial statements Financial assets/(liabilities), net(f=c-d-e)
Collateral
Financial instruments(d)Cash deposits provided/(received) as collateral(e)
\u00a0\u00a0\u00a0
FY 2024
Financial liabilities BancoPosta RFC
Derivatives 1,348-1,3481,12620814
Repurchase agreements 7,3651,1606,2056,104101-
Total at 31 December 20248,713 1,160 7,553 7,230 309 14
FY 2023
Financial liabilities BancoPosta RFC
Derivatives 1,136-1,1361,05383-
Repurchase agreements 10,5542,3378,2177,762455-
Total at 31 December 202311,690 2,337 9,353 8,815 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0538 -
* The gross amount of financial assets and liabilities includes the financial instruments subject to offsetting and those subject to master netting agreements or similar arrangements, regardless of whether the financial instruments have been offset.
TRANSFERS OF FINANCIAL ASSETS THAT ARE NOT DERECOGNISED
In accordance with IFRS 7 - Financial Instruments: Disclosures, this section provides additional information on the transfer of financial assets that are not derecognised (continuing involvement).
At 31 December 2024, these assets concern reverse repurchase agreements entered into with primary financial intermediaries and entirely attributable to the Parent Company.
Transfers of financial assets that are not derecognised
Description(\u20acm)Notes31 December 2024\u00a031 December 2023
Nominal valueCarrying amountFair value\u00a0Nominal valueCarrying amountFair value
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets BancoPosta RFC [A6]
Financial assets at amortised cost 5,440 5,588 5,323 6,679 6,822 6,291
Financial assets at FVTOCI 2,299 2,251 2,251 4,386 4,093 4,093
Financial liabilities BancoPosta RFC [B6]
Financial liabilities arising from repos (7,338)(7,365)(7,263)(10,559)(10,553)(10,332)
Total \u00a0401 474 311 \u00a0506 362 52
FINANCIAL ASSETS SUBJECT TO ENCUMBRANCES
This paragraph provides information on the nominal value and carrying amount of financial assets delivered to counterparties as collateral for repurchase agreements and interest rate swaps, and financial assets delivered to the Bank of Italy as collateral for intraday credit granted to the Parent Company and as collateral for SEPA Direct Debits.
Financial assets subject to encumbrances\u00a0
Description(\u20acm)31 December 202431 December 2023
Nominal valueCarrying amount\u00a0Nominal valueCarrying amount
\u00a0\u00a0\u00a0\u00a0
Financial assets BancoPosta RFC\u00a0\u00a0
\u00a0\u00a0
Financial assets at amortised cost\u00a0\u00a0
\u00a0\u00a0
Loans and receivables\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0801 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0801 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,224 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,224
Receivables used as collateral provided by CSAs193 193 83 83
Receivables used as collateral provided by GMRAs299 299 1,006 1,006
Receivables in the form of guarantee deposits (Clearing House margin requirements)214 214 89 89
Receivables in the form of guarantee deposits (OTC Clearing House)95 95 46 46
\u00a0\u00a0
Fixed income instruments\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,793 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,091 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,523 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,761
Securities involved in repurchase agreements5,440 5,588 6,679 6,822
Securities used as collateral provided by CSAs and GMRAs8 8 - -
Securities used as collateral for intraday credit from the Bank of Italy and for Sepa Direct Debits2,345 2,495 844 939
\u00a0\u00a0
Financial assets at FVTOCI\u00a0\u00a0
\u00a0\u00a0
Fixed income instruments\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,854 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,807 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,336 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,026
Securities involved in repurchase agreements2,299 2,251 4,386 4,093
Securities used as collateral provided by CSAs and GMRAs- - - -
Securities used as collateral for intraday credit from the Bank of Italy and for Sepa Direct Debits555 556 1,950 1,933
\u00a0\u00a0
Financial assets outside the ring-fence\u00a0\u00a0
\u00a0\u00a0
Financial assets at amortised cost\u00a0\u00a0
\u00a0\u00a0
Loans and receivables\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-
Receivables used as collateral provided by CSAs- - - -
Receivables used as collateral provided by GMRAs- - - -
\u00a0\u00a0
Financial assets at FVTOCI\u00a0\u00a0
\u00a0\u00a0
Fixed income instruments- - - -
Securities involved in repurchase agreements- - - -
\u00a0\u00a0
Total financial assets subject to encumbrances\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,448 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,699 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,083 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,011
At 31 December 2024, the Parent Company has received financial assets as collateral for repurchase agreements, having a notional value of \u20ac2,611 million and a fair value of \u20ac2,709 million.
In addition securities with a nominal value of \u20ac1,205 million are committed for repurchase agreements entered into with Cassa Compensazione e Garanzia in December 2024 and settled in early January 2025.
EXPOSURE TO SOVEREIGN DEBT
With regard to financial assets, as required by Communication DEM/11070007 of 28 July 2011, implementing Document 2011/266 published by the European Securities and Markets Authority (ESMA) and later amendments, the Group's exposure to sovereign debt at 31 December 2024356 is shown in the table below.
Poste Italiane Group - Exposure to sovereign debt\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Description31.12.2024\u00a0\u00a031.12.2023\u00a0\u00a0
(\u20acm)Nominal valueCarrying amountMarket ValueNominal valueCarrying amountMarket Value
\u00a0\u00a0\u00a0
Italy132,336130,486128,897133,977128,548126,362
Financial assets at amortised cost29,61930,04928,46029,75729,47527,289
Financial assets at FVTOCI102,431100,143100,143104,20799,06099,060
Financial assets at FVTPL286294294131313
\u00a0\u00a0\u00a0
Austria1,2561,2131,2131,0231,0031,003
Financial assets at amortised cost161717 - - -
Financial assets at FVTOCI1,0461,0181,0181,0231,0031,003
Financial assets at FVTPL194178178 - - -
\u00a0\u00a0\u00a0
Belgium5,6674,9224,9214,5453,9683,968
Financial assets at amortised cost898787131212
Financial assets at FVTOCI5,2934,5624,5624,5323,9563,956
Financial assets at FVTPL285272272 - - -
\u00a0\u00a0\u00a0
Brazil228205205 - - -
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI - - - - - -
Financial assets at FVTPL228205205 - - -
\u00a0\u00a0\u00a0
Finland9509069061,0261,0021,002
Financial assets at amortised cost201313 - - -
Financial assets at FVTOCI8287997991,0261,0021,002
Financial assets at FVTPL1029494 - - -
\u00a0\u00a0\u00a0
France9,0777,1027,0997,7806,2876,287
Financial assets at amortised cost1088077 - - -
Financial assets at FVTOCI7,9726,0666,0667,7806,2876,287
Financial assets at FVTPL997956956 - - -
\u00a0\u00a0\u00a0
Germany1,5671,5131,5131,1831,1331,133
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI8297837831,1831,1331,133
Financial assets at FVTPL738730730 - - -
\u00a0\u00a0\u00a0
Indonesia301303303 - - -
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI - - - - - -
Financial assets at FVTPL301303303 - - -
\u00a0\u00a0\u00a0
Ireland883804804811741741
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI834757757811741741
Financial assets at FVTPL494747 - - -
\u00a0\u00a0\u00a0
Mexico470425425 - - -
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI222 - - -
Financial assets at FVTPL468423423 - - -
\u00a0\u00a0\u00a0
Holland226206206328335335
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI909090328335335
Financial assets at FVTPL137115115 - - -
\u00a0\u00a0\u00a0
Poland234229229 - - -
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI222 - - -
Financial assets at FVTPL231227227 - - -
\u00a0\u00a0\u00a0
Portugal547473473458374374
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI408330330458374374
Financial assets at FVTPL139143143 - - -
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0
Romania235214214 - - -
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI - - - - - -
Financial assets at FVTPL235214214 - - -
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0
Spain5,8464,2764,2764,0452,6072,606
Financial assets at amortised cost333333
Financial assets at FVTOCI4,5743,1093,1094,0422,6042,604
Financial assets at FVTPL1,2691,1641,164 - - -
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0
South Africa252225225 - - -
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI - - - - - -
Financial assets at FVTPL252225225 - - -
\u00a0\u00a0\u00a0
USA2,4092,1712,171111100100
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI201194194111100100
Financial assets at FVTPL2,2081,9781,978 - - -
\u00a0\u00a0\u00a0
Other countries3,3413,1223,122202181181
Financial assets at amortised cost - - - - - -
Financial assets at FVTOCI365355355202181181
Financial assets at FVTPL2,9762,7672,767000
\u00a0\u00a0\u00a0
Total165,826158,795157,203155,489146,278144,092
Of the overall total of exposures to Other Countries (with a carrying amount of \u20ac3,265 million), about \u20ac42 million refer to bonds issued by countries characterised by significant macroeconomic and geopolitical uncertainty arising from the continuation of armed conflicts (Ukraine and Israel).
The carrying amount of government securities increased by \u20ac12,517 million in the period under review, of which \u20ac9,829 million related to securities held by the Multi-asset Funds (for a description of the transaction, see \"Section 2.8 - Basis of consolidation\" and \"A6 - Financial assets\".
UNCONSOLIDATED STRUCTURED ENTITIES
In order to make investments as consistent as possible with the risk-return profiles of the policies issued, ensuring management flexibility and efficiency, in certain cases Poste Vita SpA has purchased over 50% of the assets managed by certain investment funds. In these cases, tests have been performed in keeping with IFRS to determine the existence of control. The results of the tests on such funds suggest that the company does not exercise any control within the meaning of IFRS 10 \u2013 Consolidated Financial Statements. However, these Funds fall within the definition of unconsolidated structured entities: a structured entity is an entity designed in such a way as not to make voting rights the key factor in determining control over it, as in the case where voting rights refer solely to administrative activities and the relevant operations are managed on the basis of contractual arrangements.
Nature of the involvement in the unconsolidated structured entity\u00a0\u00a0\u00a0(\u20acm)
\u00a0\u00a0\u00a0% investmentNAV
ISIN - NameNature of entityActivity of the FundRef. dateAmount
QU0006738052 - Prima EU Private Debt Opportunity Fund Open-ended fund falling within the scope of Directive 2011/61/EU Investment in a mix of asset classes (corporate bonds, government bonds and equities). 100%30/09/2024526
IT0004937691 - PRIMA HEDGE PLATINUM GROWTH ISIN IE00BK1KDS71 Pursuit of absolute returns, with low long-term volatility and correlation with the main financial markets Pursuit of absolute returns, with low long-term volatility and correlation with the main financial markets 100%29/11/2024469
QU0006744795 - Prima European Direct Lending 1 Fund Open-ended fund falling within the scope of Directive 2011/61/EU Investment in a mix of asset classes (corporate bonds, government bonds and equities). 100%30/09/2024470
IT0005174450 - DIAMOND EUROZONE FUND OFFICE UBS Closed-end real estate alternative investment fund under Italian law falling within the scope of Directive 2011/61/EU Investment in \"core\" and \"core plus\" real estate assets for retail use, located in the Eurozone and euro-denominated 100%30/09/2024415
IT0005247819 - Diamond Core Closed-end real estate alternative investment fund under Italian law falling within the scope of Directive 2011/61/EU Investment in real estate assets, real property rights, including those resulting from property lease-translational arrangements, concessions and other similar rights in accordance with the legislation from time to time in effect. 100%30/06/2024290
IT0005386666 - i3-Dante Fund Convivio sub-fundItalian-registered, closed-end alternative real estate multi-segment investment fundInvestment in \"core\" and \"core plus\" income real estate located in the central areas of the main Italian cities, starting with Rome and Milan.100%30/06/2024276
QU0006746865 - ALC Prima European Private Credit Feeder Fund Open-ended fund falling within the scope of Directive 2011/61/EU Investment in a mix of asset classes (corporate bonds, government bonds and equities). 100%30/09/2024281
IT0005215113 - CBRE DIAMOND FUND Closed-end real estate alternative investment fund under Italian law falling within the scope of Directive 2011/61/EU Investment in real estate assets, real estate rights, including those deriving from real estate lease contracts, in any case carried out without particular geographical location constraints but in any case in Italy, may be used for the following purposes: logistics, retirement homes, residential, hotel, mixed-use and office or commercial use.100%30/09/2024304
QU0006745081 - Prima Real Estate Europe Fund I Open-ended fund falling within the scope of Directive 2011/61/EU Investment in a mix of asset classes (corporate bonds, government bonds and equities). 100%30/09/2024286
IT0005212193 - DIAMOND ITALIAN PROPERTIES Closed-end real estate alternative investment fund under Italian law falling within the scope of Directive 2011/61/EU Investment in real estate assets, real property rights, including those resulting from property lease-translational arrangements, concessions and other similar rights in accordance with the legislation from time to time in effect. 100%30/06/2024163
QU0006742476 - PRIMA GLOBAL EQUITY PARTNERS FUND Open-ended fund falling within the scope of Directive 2011/61/EU Investment in a mix of asset classes (corporate bonds, government bonds and equities). 100%30/09/2024201
QU0006738854 - Prima Credit Opportunity Fund Open-ended fund falling within the scope of Directive 2011/61/EU Investment in a mix of asset classes (corporate bonds, government bonds and equities). 100%30/11/2024106
IT0005210593 - DIAMOND OTHER SECTOR ITALY Closed-end real estate alternative investment fund under Italian law falling within the scope of Directive 2011/61/EU Investment in real estate assets, real property rights, including those resulting from property lease arrangements, participating interests in property companies and the professional management and development of the fund's assets. 100%30/06/2024115
IT0005210387 - DIAMOND EUROZONE RETAIL PROPERTY FUND Closed-end real estate alternative investment fund under Italian law falling within the scope of Directive 2011/61/EU Investment in \"core\" and \"core plus\" real estate assets for retail use, located in the Eurozone and euro-denominated 100%30/09/202487
LU1581282842 - Indaco SICAV SIF - Indaco CIFC US Loan\u00a0Open-ended fund falling within the scope of Directive 2011/61/EU Investment in a mix of asset classes (corporate bonds, government bonds, loans and equities). 100%29/11/202491
LU1081427665 - SHOPPING PROPERTY FUND 2 Closed-end fund within the scope of Directive 2011/61/EU Invests in the Shopping Property Fund 2: master fund which invests primarily in commercial properties and, marginally, in office buildings and alternative sectors. It does not invest in property debt 65%30/09/202443
Nature of the involvement in the unconsolidated structured entity
The purpose of Poste Vita's investment in the funds is to diversify its portfolio of financial instruments intended to cover Class I products (Separately Managed Accounts), with the objective of mitigating the concentration of investments in Italian government securities. The entities primarily regard open-end harmonised funds that invest in a mix of assets, such as corporate bonds, government bonds and equities, and closed-end real estate funds that invest in property and property rights. Certain details are provided below.
Risk nature
\u00a0\u00a0\u00a0\u00a0(\u20acm)
ISIN - NameClassificationCarrying amountMaximum loss exposure Difference between carrying amount and maximum exposureMethod to determine maximum loss exposure
IT0004937691 - PRIMA HEDGE PLATINUM GROWTH ISIN IE00BK1KDS71 FVTPL 469158311 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
IT0005174450 - DIAMOND EUROZONE FUND OFFICE UBS FVTPL 415187228 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
QU0006744795 - Prima European Direct Lending 1 Fund FVTPL 47058412 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
QU0006738052 - Prima EU Private Debt Opportunity Fund FVTPL 52653473 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
IT0005247819 - Diamond Core FVTPL 29094196 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
IT0005386666 - i3-Dante Fund Convivio sub-fund FVTPL 27669207 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
QU0006746865 - ALC Prima European Private Credit Feeder Fund FVTPL 28124257 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
QU0006745081 - Prima Real Estate Europe Fund I FVTPL 286134153 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
IT0005212193 - DIAMOND ITALIAN PROPERTIES FVTPL 16364100 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
IT0005215113 - CBRE DIAMOND FUND FVTPL 304109195 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
QU0006738854 - Prima Credit Opportunity Fund FVTPL 106799 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
QU0006742476 - PRIMA GLOBAL EQUITY PARTNERS FUND FVTPL 20112180 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
IT0005210593 - DIAMOND OTHER SECTOR ITALY FVTPL 1153877 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
IT0005210387 - DIAMOND EUROZONE RETAIL PROPERTY FUND FVTPL 873354 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
LU1581282842 - Indaco SICAV SIF - Indaco CIFC US Loan\u00a0FVTPL 911082 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
LU1081427665 - SHOPPING PROPERTY FUND 2 FVTPL 281117 VaR at 99.5% over a time horizon of 1 year calculated from SII sensitivity markets
Risk nature
The company's investments in the funds in question are reported at fair value (mainly level 2 of the fair value hierarchy), on the basis of the NAV reported from time to time by the fund manager. These investments were made in connection with Class I policies and, as such, any changes in fair value are passed on to the policyholder under the mirroring mechanism.
Asset class and reference markets relative to NAVs
\u00a0(\u20acm)
Asset classFair Value
Financial instruments
Corporate bonds292
Government bonds34
Other investments net of liabilities2,534
Equity instruments577
Cash694
Derivative financial instruments
Swaps1
Futures0
Forwards(24)
Total4,107
\u00a0(\u20acm)
Market traded on and UCITSFair Value
Germany (Frankfurt, Berlin, Munich) 36
Dublin-
New York156
Trace23
London14
Paris1
Euronext23
Tokyo1
Singapore5
Euromtf1
Luxembourg0
Eurotlx1
Hong Kong4
Others3,824
Provisions18
Total4,107
SHARE-BASED PAYMENT ARRANGEMENTS
LONG-TERM INCENTIVE SCHEME: PERFORMANCE SHARE PLAN
Starting from the 2019 financial year, the Shareholders' Meeting of Poste Italiane SpA approved the Information Document prepared pursuant to Article 84-bis of the Issuers' Regulation on Incentive Plans based on financial instruments, respectively, 2019-2021 Performance Share LTIP, 2020-2022 Performance Share LTIP, 2021-2023 Performance Share LTIP, 2022-2024 Performance Share LTIP, 2023-2025 Performance Share LTIP, 2024-2026 Performance Share LTIP.
These incentive systems, constructed in line with market practices, aim to strengthen the link between the variable component of remuneration and the Group's medium to long-term strategy, in line with the budget and the goals in the Strategic Plan, over a multi-year period.
Description of the Plans
The \"Performance Share LTIPs\", as described in the relevant Information Circulars, provide for the assignment of Rights to the Poste Italiane's ordinary shares. The number of Rights to be granted to Beneficiaries is subject to the achievement of Performance Targets over a three-year period, following confirmation of achievement of the Hurdle and the Qualifying Conditions (the latter for BancoPosta Beneficiaries, hereinafter \"BP Beneficiaries\"). The key characteristics of the Plans are described below.
Beneficiaries
The Beneficiaries are: Poste Italiane's Chief Executive Officer, the General Manager, certain managers within the Poste Italiane Group, including key management personnel, and some staff of BancoPosta RFC.
Plans' terms and conditions
The Performance Targets, common to all Beneficiaries, to which the vesting of the Rights and, therefore, the allocation of the Shares is conditioned, are highlighted below:
\u2022a profitability indicator identified in the Group's three-year cumulative EBIT used to recognise the continuity and sustainability of profitability results over the long term;
\u2022the attainment of an indicator of shareholder value creation, based on the relative Total Shareholder Return, used to measure the value created for Poste Italiane's shareholders compared with the FTSE MIB index357.
For the 2021-2023, 2022-2024, 2023-2025 and 2024-2026 Performance Share LTIP, the following KPIs are added for the ESG component to the two targets indicated above:
\u20222021-2023 Performance Share LTIP: sustainable finance, target linked to the inclusion of an ESG component in Poste Vita investment products by 2023. In particular, the indicator is calculated by comparing the number of products offered with ESG components to the total number of products offered;
\u20222022-2024 Performance Share LTIP: equal gender representation in succession plans, an objective linked to strengthening the presence of women in managerial succession plans, to help increase the presence of women in positions of greater responsibility in the Poste Italiane Group. Specifically, the indicator is calculated by comparing the number of succession applications occupied by women to the total number of applications.
\u20222023-2025 Performance Share LTIP: Green Transition, a target related to the reduction of tCO2 emissions. This objective aims to measure the reduction of the Group's total emissions (tCO2e) over the 2023-2025 time horizon. Creating value for the country, an objective that takes into account the progress of the construction sites related
to the \"Polis Project\". In particular, the indicator is calculated as the ratio of the number of initiated works to the total number of physically feasible works.
\u20222024-2026 Performance Share LTIP: Green Transition, a target that measures the reduction of the Group's direct GHG emissions (Scope 1) from buildings (tCO2e). People development, an objective that includes a focus on skills development through the provision of training hours.
Finally, for the 2024-2026 Performance Share LTIP, a further indicator of shareholder value creation is envisaged in addition to the \"Relative Total Shareholder Return\", identified as \"Shareholder Remuneration\", which takes into account shareholder remuneration in the form of dividends paid and possible share buybacks aimed at remunerating shareholders.
Vesting of the Rights and the therefore the awarding of the Shares is subject to achievement of the Performance Hurdle, designed to ensure sustainability of the Plan at Group level. The Hurdle Condition corresponds with achievement of a certain target for the Group's cumulative EBIT over a three-year period assessed at the end of each Performance Period. In addition, for BancoPosta RFC's Beneficiaries, vesting of the Rights is also subject to the verification of Qualifying Conditions, designed to ensure the stability of BancoPosta RFC's capital adequacy, liquidity and risk-adjusted earnings, as follows:
\u2022Indicator of capital adequacy, (CET 1) at the end of the period;
\u2022Indicator of short-term liquidity, (LCR) at the end of the period;
\u2022RORAC risk-adjusted earnings at the end of the period.
BP Beneficiaries
The Shares will be awarded at the end of the Performance Period as follows:
\u2022for 2019-2021 and 2020-2022 Performance Share LTIPs, 40% up-front and for the remaining 60% in two equal portions, deferred respectively for 2 and 4 years from the end of the Performance Period. A further Retention Period of one year will be applied to both the up-front and deferred portions;
\u2022for the 2021-2023, 2022-2024, 2023-2025 and 2024-2026 Performance Share LTIPs, the following disbursement method is envisaged: 40% upfront and 60% in five deferred annual instalments over a five-year period (the first three equal to 10% of the total rights accrued and the next two equal to 15% of the total rights accrued). A further Retention Period of one year will be applied to both the up-front and deferred portions.
For BP Beneficiaries, the allocation of deferred Shares will take place following the verification of the continued existence of BancoPosta RFC's levels of capital adequacy, short-term liquidity and risk-adjusted earnings.
Other Beneficiaries
For Performance Share LTIPs, the granting of Poste Italiane Shares is entirely up-front at the end of a three-year Performance Period, with 60% of the Shares subject to a further 2-year Lock-up/Retention Period.
For more details on the operating mechanisms of the incentive plans, please refer to the Information Circular and/or the Report on the Remuneration Policy, in force from time to time, approved by the Shareholders' Meeting.
LONG-TERM INCENTIVE SCHEME: DELIVER 2022 LTIP
In light of the regulatory updates that have taken place and with a view to maintaining a constant alignment between the interests of management and those of the shareholders, in 2023 the Shareholders' Meeting of 8 May 2023 resolved to pay
a portion equal to 55% of the bonus accrued for the Deliver MRTs BP LTI Beneficiaries at the end of the Performance Period (31 December 2022) in Rights to receive ordinary shares of Poste Italiane, subject to Retention Periods.
Since this is a Conversion, no new allocations are envisaged with respect to the objectives of the plan assigned in 2018 and based on a five-year time horizon (2018-2022).
Vesting of the Rights and the therefore the awarding of the Shares is subject to achievement of the Performance Hurdle, designed to ensure sustainability of the Plan at Group level. The Hurdle Condition corresponds with achievement of a certain target for the Group's cumulative EBIT over a five-year period at the end of each Performance Period (31 December 2022). In addition, the delivery of the Shares is also subject to the verification of Qualifying Conditions, designed to ensure the stability of BancoPosta RFC's capital adequacy, liquidity and risk-adjusted earnings, as follows:
\u2022Indicator of capital adequacy, (CET 1) at the end of the period;
\u2022Indicator of short-term liquidity, (LCR) at the end of the period;
\u2022RORAC risk-adjusted earnings at the end of the period.
The Plan Conversion provided for the payment of 45% of the Bonus accrued up-front in cash in 2023, as opposed to the originally planned 75%. The remaining 55%, originally planned in cash form, is paid in Rights to receive Shares subject to Retention Periods of 1 and 2 years.
Delivery of the Shares at the end of each Retention Period will take place subject to verification of the risk tolerance level of conditions linked - in addition to capital adequacy and liquidity, originally envisaged - also to risk-adjusted earnings with reference to BancoPosta RFC, as well as Poste Italiane's inclusion in at least two internationally recognised sustainability indices.
For more details on the operating mechanisms of the incentive plans, please refer to the Information Circular and/or the Report on the Remuneration Policy, in force from time to time, approved by the Shareholders' Meeting.
Determination of fair value and effects on profit or loss
The valuations of these plans were based on the conclusions reached by actuaries external to the Group. The unit fair value of each Right at the valuation date is equal to its nominal value at the grant date (determined on the basis of stock
market prices), discounted by the expected dividend rate and the risk-free interest rate and updated taking into account the best estimate of service conditions and performance (non-market based performance conditions).
The effects on profit or loss of the above \"Performance Share\" Long-Term Incentive scheme at 31 December 2024 for the Group are shown below.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(Figures in \u20acm)
\u00a0Number of beneficiariesUnits (no. of Phantom Stocks / Rights to receive shares)Fair value at grant date\u00a0OperatingCostReserve IFRS 2 / LiabilityPayments / Countervalue delivery of treasury shares
Incentive plansNumber of UnitsOf which under retention periodChief Executive OfficerBP BeneficiariesOther Beneficiaries\u00a0
\u00a0\u00a0Grant dateFair ValueGrant dateFair ValueGrant dateFair Value\u00a0
Deliver 5 years2 94,209 94,209 29 May 2018\u20ac 8.43n/an/a29 May 2018\u20ac 8.43\u00a00.01 0.79 (0.53)
19-21 Performance Share LTIP13 64,815 32,87028 May 2019\u20ac 5.0207 October 2019\u20ac 7.0107 October 2019\u20ac 7.880.02 0.40 (3.23)
20-22 Performance Share LTIP118 438,745 -05 May 2020\u20ac 6.0512 November 2020\u20ac 4.8912 November 2020\u20ac 5.41\u00a00.02 2.36 (0.18)
21-23 Performance Share LTIP163944,944 96,74728 May 2021\u20ac 8.1928 May 2021\u20ac 8.2728 May 2021\u20ac 9.07\u00a01.75 8.37 (4.35)
22-24 Performance Share LTIP2031,126,676 -27 May 2022\u20ac 4.6527 May 2022\u20ac 4.6527 May 2022\u20ac 5.66\u00a02.27 6.21 -
23-25 Performance Share LTIP2211,684,754 -08 May 2023\u20ac 4.4708 May 2023\u20ac 4.4708 May 2023\u20ac 5.62\u00a03.09 6.13 -
24-26 Performance Share LTIP2412,018,699 -31 May 2024\u20ac 6.9131 May 2024\u20ac 6.9130 May 2024\u20ac 8.69\u00a05.68 5.68 -
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012.8529.95(8.29)
SHORT-TERM INCENTIVE SCHEMES: MBO
On 27 May 2014, the Bank of Italy issued specific Supervisory Provisions for BancoPosta (Part IV, Chapter I, \"BancoPosta\" including in Circular 285 of 17 December 2013 \"Prudential supervisory standards for banks\") which, in taking into account BancoPosta's and Poste Italiane's specific organisational and operational aspects, has extended application of the prudential standards for banks to include BancoPosta. This includes the standards relating to remuneration and incentive policies (Part I, Title IV, Chapter 2 \"Remuneration and incentive policies and practices\" in the above Circular 285). These standards, applicable only to the Parent Company Poste Italiane SpA, provide that a part of the bonuses paid to BancoPosta RFC's Risk Takers may be awarded in the form of financial instruments over a multi-year timeframe. With regard to the management incentive schemes adopted for BancoPosta RFC MBO for 2018, where the incentive was above a materiality threshold, the MBO management incentive scheme envisages the award of 50% of the incentive in the form of phantom stocks358, and application of deferral mechanisms:
\u202260% of the award to be deferred for a 5-year period on a pro-rata basis, in the case of Material Risk Takers who are beneficiaries of both the short-term incentive scheme and long-term incentive scheme, \"Phantom Stock LTIP\";
\u202240% of the award to be deferred for a 3-year period on a pro-rata basis for the remaining Material Risk Takers.
In the course of 2024, the payment of the last tranche of the plan in question was completed with a total outlay of approximately \u20ac153 thousand.
The most recent short-term managerial incentive schemes (MBO from 2019 to 2024) envisage, if the incentive exceeds a materiality threshold, the disbursement of a portion of the accrued premiums in the form of Rights to receive Poste Italiane SpA shares and the application of deferral mechanisms of between 40% and 60% of the incentive over a time horizon of 3/5 years pro-rata based on the beneficiary's category. For more details on the operating mechanisms of the incentive
plans, please refer to the Information Circular and/or the Report on the Remuneration Policy, in force from time to time, approved by the Shareholders' Meeting.
The Rights to receive Shares (MBO plans from 2019 to 2024) are subject to the existence of a Hurdle Condition (Group Profitability: EBIT) and Qualifying Conditions as follows:
\u2022Indicator of capital adequacy, identified as CET 1;
\u2022Indicator of short-term liquidity, identified as LCR;
\u2022Risk-adjusted earnings (RORAC) for MBO 2023 and MBO 2024.
An additional Qualifying Condition is expected to apply to the Chief Executive Officer, in addition to those set out above, linked to the Solvency Ratio of the Poste Vita Insurance Group.
Amounts allocated in the form of Shares are subject to a Retention Period for both up-front and deferred portions.
The deferred portion will be disbursed each year subject to compliance with the requirements of capitalisation, liquidity of BancoPosta RFC and risk-adjusted earnings (the latter where it is a hurdle condition). The effects on profit or loss and on equity are recognised in the period in which the instruments vest.
Determination of fair value and effects on profit or loss
The valuations of these plans were based on the conclusions reached by actuaries external to the Group.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(Figures in \u20acm)
\u00a0Number of beneficiariesUnits (no. Phantom stocks/ Rights toreceive shares)Fair value at grant date\u00a0OperatingCostReserve IFRS 2 / LiabilityPayments / Countervalue delivery of treasury shares
Incentive plansNumber of UnitsOf which under retention periodChief Executive OfficerBP BeneficiariesOther Beneficiaries\u00a0
\u00a0\u00a0\u00a0Grant dateFair ValueGrant dateFair ValueGrant dateFair Value\u00a0
MBO 201810 15,081 -19 March 2019\u20ac 10.219 March 2019\u20ac 10.219 March 2019\u20ac 10.2\u00a00.01 -(0.15)
MBO 20195 3,123 3,123 05 March 2020\u20ac 7.5105 March 2020\u20ac 7.51 - \u20ac 7.6205 March 2020\u20ac 7.51\u00a0(0.04)0.02 (0.04)
MBO 20206 4,999 3,187 24 March 2021\u20ac 8.3624 March 2021\u20ac 8.36 - \u20ac 8.8324 March 2021\u20ac 8.36 - \u20ac 8.83\u00a0(0.04)0.04 (0.04)
MBO 202115 34,102 16,873 22 March 2022\u20ac 8.2522 March 2022\u20ac 8.25 - \u20ac 8.7722 March 2022\u20ac 8.25 - \u20ac 8.77\u00a0-0.28 (0.15)
MBO 202213 58,097 19,464 28 March 2023\u20ac 7.7028 March 2023\u20ac 7.70 - \u20ac 8.3128 March 2023\u20ac 7.7 - \u20ac 8.31\u00a00.01 0.45 (0.37)
MBO 202312 107,007 47,435 19 March 2024\u20ac 7.9219 March 2024\u20ac 7.92 - \u20ac 8.4519/03/2024\u20ac 7.92 - \u20ac 8.45\u00a0-0.87 -
MBO 2024*16 113,854 -31 May 2024\u20ac 11.3831 May 2024\u20ac 11.38 - \u20ac 12.2331 May 2024\u20ac 11.38 - \u20ac 12.23\u00a01.32 1.32 -
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.262.99(0.75)
* MBO 2024 estimated on the basis of the best available information, pending the actual finalisation of the system, in order to capture the cost of the service received.
SCOPE OF CONSOLIDATION AND HIGHLIGHTS OF INVESTMENTS
Scope of consolidation\u00a0\u00a0\u00a0\u00a0(\u20ack)
Name Registered officeCurrencySharecapitalParent Company% ownershipTotal % Group
PARENT COMPANY:\u00a0
Poste Italiane SpA Rome (Italy)Euro1,306,110Ministry of Economy and FinanceCassa Depositi e Prestiti SpAOther investors 29.26%35.00% 35.74%n/a
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS:
Agile LAB SrlMilan (Italy)Euro54Poste Italiane SpA70.00%70.00%
BancoPosta Fondi SpA SGR Rome (Italy)Euro12,000Poste Italiane SpA100.00%100.00%
Bridge Technologies SrlMilan (Italy)Euro20Plurima100.00%70.00%
Consorzio Logistica Pacchi ScpA Rome (Italy)Euro516Poste Italiane SpASDA Express Courier SpAPoste Air Cargo SrlPostel SpAPoste Assicura SpA Nexive Network SrlPoste Logistics Spa51.00%13.50%5.00%15.00%5.00%5.00%5.50%100.00%
ConsorzioServizi ScpARome (Italy)Euro120Poste Italiane SpAPostePay SpA 51.00%49.00%100.00%
Consorzio PosteMotori Rome (Italy)Euro120Poste Italiane SpAPostel SpA 58.12%22.63% 80.75%
Indabox SrlRome (Italy)Euro50MLK Deliveries SpA100.00%100.00%
Kipoint SpARome (Italy)Euro500SDA Express Courier SpA100.00%100.00%
Europa Gestioni Immobiliari SpA Rome (Italy)Euro103,200Poste Italiane SpAPoste Vita SpA55.00%45.00%100.00%
LIS Holding SpAMilan (Italy)Euro2,582PostePay SpA100.00%100.00%
LIS Pay SpAMilan (Italy)Euro56,600PostePay SpA100.00%100.00%
Logos SrlMilan (Italy)Euro10Plurima100.00%70.00%
MLK Deliveries SpA Rome (Italy)Euro335Poste Italiane SpA100.00%100.00%
MLK Fresh SrlRome (Italy)Euro100MLK Deliveries SpA70.00%70.00%
Net Holding SpARome (Italy)Euro100Poste Vita SpA60.00%60.00%
Net Insurance SpA (*)Rome (Italy)Euro17,624Net Holding SpA97.84%58.70%
Net Insurance Life SpA (*)Rome (Italy)Euro15,000Net Insurance SpA100.00%58.70%
Nexive Network SrlRome (Italy)Euro50Poste Italiane SpA100.00%100.00%
Nexive Scarl Rome (Italy)Euro28Poste Italiane SpA85.89%85.89%
PatentiViaPoste ScpA Rome (Italy)Euro120Poste Italiane SpAPostel SpA69.65%17.21%86.86%
Poste Air Cargo Srl Rome (Italy)Euro1,000Poste Italiane SpA 100.00%100.00%
Plurima SpAMilan (Italy)Euro8,544Poste Welfare Servizi Srl70.00%70.00%
Poste Assicura SpA (*)Rome (Italy)Euro25,000Poste Vita SpA100.00%100.00%
Postego SpATrento (Italy)Euro50Poste Italiane SpA 100.00%100.00%
Poste Insurance Broker Srl Rome (Italy)Euro600Poste Assicura SpA100.00%100.00%
Poste Logistics SpARome (Italy)Euro500Poste Italiane SpA 100.00%100.00%
PostePay SpA Rome (Italy)Euro7,561Poste Italiane SpA 100.00%100.00%
Poste Vita SpA (*)Rome (Italy)Euro1,216,608Poste Italiane SpA 100.00%100.00%
Poste Welfare Servizi Srl Rome (Italy)Euro16Poste Italiane SpA100.00%100.00%
Postel SpA Rome (Italy)Euro20,400Poste Italiane SpA 100.00%100.00%
SDA Express Courier SpA Rome (Italy)Euro5,000Poste Italiane SpA 100.00%100.00%
Sengi Express Limited (*)Hong Kong (China)Euro541Poste Italiane SpA 40.00% (**)40.00% (**)
Sengi Express Guangzhou Limited (*)Guangzhou (China)CNY5,000Sengi Express Limited 100.00%40.00%
Sourcesense SpA (*)Rome (Italy)Euro880Poste Italiane SpA70.00%70.00%
Sourcesense Digital Srl (*)Rome (Italy)Euro32Sourcesense SpA100.00%70.00%
Sourcesense Technology Srl (*)Rome (Italy)Euro40Sourcesense SpA100.00%70.00%
Sourcesense Limited (*)London (UK)GBP-Sourcesense SpA100.00%70.00%
Sourcesense Platforms S.r.l. (*)Rome (Italy)Euro50Sourcesense SpA100.00%70.00%
SPV Cosenza SpARome (Italy)Euro948Poste Italiane SpAPlurima SpA95.00%5.00%100.00%
(*) The figures shown for these companies were prepared in accordance with IFRS and, as such, may vary from those contained in the respective financial reports, which were prepared in accordance with the Italian Civil Code and Italian accounting standards or Local GAAP
(**) Poste Italiane SpA holds 51% of the voting capital.
ISIN - Name CurrencyNAV Investee company % ownershipTotal % Group
Parent Company
FULLY CONSOLIDATED STRUCTURED ENTITIES (***)\u00a0\u00a0\u00a0\u00a0\u00a0
IT0005579583-BancoPosta Global Multi-Asset IncomeEuro 3,911,809Poste Vita SpA100.00%100.00%
IT0005579625-BancoPosta Dynamic Multi-AssetEuro 4,197,131Poste Vita SpA100.00%100.00%
IT0005579708-BancoPosta Dynamic Long-Term Multi-AssetEuro 561,439Poste Vita SpA100.00%100.00%
IT0005579724-BancoPosta Olympium Dynamic Multi-AssetEuro 4,803,830Poste Vita SpA100.00%100.00%
IT0005579641-BancoPosta Global Optimal Multi-AssetEuro 45,205Poste Vita SpA100.00%100.00%
IT0005579740-BancoPosta Long-Term Optimal Multi-AssetEuro 858,221Poste Vita SpA100.00%100.00%
IT0005579765-BancoPosta Olympium Optimal Multi-AssetEuro 45,735Poste Vita SpA100.00%100.00%
IT0005579666-BancoPosta Strategic Insurance DistributionEuro 4,635,392Poste Vita SpA100.00%100.00%
IT0005579682-BancoPosta Olympium Insurance Multi-AssetEuro 43,204Poste Vita SpA100.00%100.00%
IT0005579567-BancoPosta Diversified DistributionEuro 5,789,228Poste Vita SpA100.00%100.00%
IT0005579609-BancoPosta Olympium SeverumEuro 456,252Poste Vita SpA100.00%100.00%
(***) Poste Vita SpA owns 100% of the Fund units, while BancoPosta Fondi SpA SGR is the company contractually appointed to manage the Funds. Both of the above companies are wholly-owned subsidiaries of Poste Italiane SpA.
Name Registered officeCurrencySharecapitalParent Company% ownershipTotal % Group
COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD:
Subsidiaries:\u00a0
Casina Poste Societ\u00e0 Sportiva Dilettantistica a Responsabilit\u00e0 Limitata (*)Rome (Italy)Euro50Poste Italiane SpAPostePay SpAPoste Vita SpAPostel SpASDA Express Courier SpA72.00%7.00%7.00%7.00%7.00%100.00%
Associates:\u00a0
Anima Holding SpAMilan (Italy)Euro7,292Poste Italiane SpA 11.95%11.95%
Conio Inc. (*)San Francisco (USA)USD13,356PostePay SpA 16.29%16.29%
Conio Srl Milan (Italy)Euro115Conio Inc.100.00%16.29%
Consorzio Italia CloudRome (Italy)Euro30Sourcesense SpA33.30%23.31%
Cronos Vita Assicurazioni SpA (*****)Milan (Italy)Euro60,000Poste Vita SpA22.50%22.50%
Eurizon Capital Real Asset SGR S.p.A.Milan (Italy)Euro4,167Poste Vita SpABancoPosta Fondi SpA SGR20.00%20.00%40% (****)
Financit SpARome (Italy)Euro14,950Poste Italiane SpA 40.00%40.00%
ItaliaCamp SrlRome (Italy)Euro155Poste Italiane SpA 19.40%19.40%
Italiacamp EMEA FZCODubai (UAE)-ItaliaCamp Srl78.00%19.40%
N&TS Group Networks & Transactional Systems Group SpAMariano Comense (Italy)Euro1,000PostePay SpA20.00%20.00%
Replica SIM SpAMilan (Italy)Euro10,500Poste Italiane SpA 45.00%45.00%
sennder Italia Srl Milan (Italy)Euro50Poste Italiane SpA 25.00%25.00%
JOINTLY CONTROLLED COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD\u00a0\u00a0
LockerItalia SpARome (Italy)Euro1,000Poste Italiane SpA 50.00%50.00%
(****) Posta Vita and BancoPosta Fondi jointly hold 24.5% of the voting capital.
(*****) The company classified as an asset held for sale (IFRS 5), as reported in Section 2.8 - Basis of consolidation.
(*) The figures shown for these companies were prepared in accordance with IFRS and, as such, may vary from those contained in the respective financial reports, which were prepared in accordance with the Italian Civil Code and Italian accounting standards or Local GAAP
List of investments accounted for using the equity method and statement of financial position and profit or loss data\u00a0(\u20ack)
Name (Registered office)Nature of investmentCarrying amount%shareAssetsLiabilitiesEquityRevenue from sales and services\u00a0Net profit / (loss) for the year
\u00a0
Anima Holding SpA (Milan) (a)Associate240,10611.95%2,556,5811,033,5771,523,004962,301(*)172,038
Conio Inc. (San Francisco) (b)Associate2116.29%14,1433,92010,222-(582)
Eurizon Capital Real Asset SGR S.p.A. (Milan)Associate4,50240.00%19,36711,0618,3069,030(*)540
Financit SpA (Rome)Associate21,44340.00%2,016,9171,950,58066,33791,929(*)12,519
ItaliaCamp Srl (Roma) (c)Associate56719.40%8,4245,5062,9184,62225
N&TS Group Networks & Transactional Systems Group SpA (Mariano Comense)Associate17,40720.00%21,2307,89213,33821,3443,038
Replica SIM SpA (Milan)Associate9,87645.00%33,48121,24612,23510,984(*)1,276
sennder Italia Srl (Milan)Associate23,73425.00%107,55988,34619,213273,9077,543
LockerItalia SpAJoint ventures14,78350.00%31,0061,44029,5664\u00a0(434)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
a. Data derived from the latest consolidated interim accounts approved by the company's board of directors at 30.09.2024
b. Data from the latest financial statements at 31.12.2023, the statement of financial position value also includes the valuation of the company Conio Srl wholly owned by Conio Inc.
c. Figures taken from the latest financial statements approved by the Board on 31.12.2023
* The amount includes fee and commission income and interest and similar income
DISCLOSURE PURSUANT TO LAW 124/2017
The information required by art. 1, paragraphs 125 and 129 of Law 124 of 4 August 2017 is provided below.
The information is provided in thousands of euros and on a cash basis, indicating the Group company that received and/or disbursed the grant. In addition, given the numerous interpretative doubts, the following information is provided on the basis of the best interpretation of the legislation available to date, in the light of the guidance provided by Assonime in Circular 5 of 22 February 2019.
\u00a0\u00a0(\u20ack)
Group companies Grantor/beneficiary Purpose Amount disbursed/received
\u00a0
Grants received
Poste Italiane MUR Research and development projects 63
Poste Italiane MIMIT Research and development projects 2,107
Net Insurance S.p.A. SwItaly Corporate & Business Executive Conversational English 50 hours \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015
Net Insurance S.p.A. SwItaly Language Training \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06
Net Insurance S.p.A. IN-TRAIN Individual Coaching Training \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020
Total \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,210
Grants disbursed
Poste Italiane FONDAZIONE INTERCULTURA Onlus Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120
Poste Italiane FOND. OSPEDALE MEYER Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070
Poste Italiane FOND. DE SANCTIS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030
Poste Italiane EUROPEAN UNIVERSITY INSTI Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030
Poste Italiane CALCIOSOCIALE SSDARL Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030
Poste Italiane COMUNIT\u00c0 SAN PATRIGNANO S Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030
Poste Italiane CODACONS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030
Poste Italiane MOIGE APS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020
Poste Italiane FONDAZIONE PER LA NATALITA' Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020
Poste Italiane FONDAZIONE AILA Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020
Poste Italiane ASD GRIFONE GIALLO VERDE Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020
Poste Italiane FONDAZIONE POLICLINICO UN Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020
Poste Italiane LICEO TARQUATO TASSO ROMA Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015
Poste Italiane PARENT PROJECT APS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015
Poste Italiane FONDAZIONE TENDER TO NAVE Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015
Poste Italiane UNIONE PROVINCE D'ITALIA Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015
Poste Italiane AMICI DI CARLO FULVOIP VELARDI ONLUS \u00a0Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane AGESCI APS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane BAMBIN GESU' Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane AMICI DI COMETA Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane FOND.INIZIATIVA EUROPEA Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane AMICI DEI BUONOIMINI DI S.MARTINO \u00a0Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane FONDAZIONE PUZZILLI ETS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane ASSOCIAZIONE L'ARTE NEL C Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane FONDAZIONE TELETHON ETS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane FONDAZIONE THEODORA ONLUS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane FONDAZIONE ET\u00c0 GRANDE ETS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane ASS.NE ONLUS LE ALI DEI P \u00a0Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane BIOMEDICAL UNIVERSITY FOU Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane LOCAL HEALTH AUTHORITY Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane COMUNIT\u00c0 S EGIDIO ACAP Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane ASSOCIAZIONE ANDREA TUDIS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane ASS.PIERO FARULLI Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Poste Italiane CORRI LA VITA ONLUS Donation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
Total \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0680
POSTAL SAVINGS
The following table provides a breakdown of postal savings deposits collected by the Parent Company in the name of and on behalf of Cassa Depositi e Prestiti, by category. The amounts are inclusive of accrued, unpaid interest.
Postal Savings\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
\u00a0\u00a0
Post office savings books94,10191,729
Interest-bearing Postal Certificates230,286234,461
Cassa Depositi e Prestiti197,980195,320
Ministry of the Economy and Finance - MEF32,30539,141
Total324,386326,190
ASSETS UNDER MANAGEMENT
Assets under management by BancoPosta Fondi SpA SGR, measured at fair value using information available on the last working day of the year, amount to \u20ac20,979 million at 31 December 2024 (\u20ac16,078 million at 31 December 2023). Of the total amount, about \u20ac8,210 million (or about 39% of total assets under management) refer to funds whose investment policies include environmental, social and governance-related factors (ESG factors).
COMMITMENTS
The Group's purchase commitments break down as follows.
Commitments\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Lease arrangements142217
Contracts to purchase property, plant and equipment145124
Contracts to purchase intangible assets1420
Total302360
At 31 December 2024, the item Lease arrangements includes commitments that do not fall under IFRS 16 - Leases.
In addition, at 31 December 2024, PostePay takes over:
\u2022purchases of electricity on forward markets for \u20ac141 million;
\u2022purchases of natural gas on the futures markets for \u20ac93 million.
GUARANTEES
Unsecured guarantees issued by the Group are as follows:
Guarantees\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
\u00a0
Sureties and other guarantees issued:\u00a0
by banks/insurance companies in the interests of Group companies in favour of third parties736623
by the Group in its own interests in favour of third parties613299
Total1,349922
THIRD-PARTY ASSETS
Third-party assets held by Group companies are shown below.
Third-party assets\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
\u00a0
Bonds subscribed by customers held at third-party banks6,7716,033
Other assets 206248
\u00a0
Total6,9776,281
The item bonds subscribed by customers held at third-party banks refers entirely to the Parent Company.
The item Other assets refers to the value of drugs held in the warehouses of Plurima SpA and Logos Srl and forming part of the logistics activities for customer hospitals.
ASSETS IN THE PROCESS OF ALLOCATION
At 31 December 2024, the Parent Company has paid a total of \u20ac87 million in claims on behalf of the Ministry of Justice, for which, under the agreement between Poste Italiane SpA and the MEF, it has already been reimbursed by the Italian Treasury, whilst awaiting acknowledgement of the relevant account receivable from the Ministry of Justice.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page617-cflshid_288513-tag273304": { "value": "SHARE-BASED PAYMENT ARRANGEMENTS
LONG-TERM INCENTIVE SCHEME: PERFORMANCE SHARE PLAN
Starting from the 2019 financial year, the Shareholders' Meeting of Poste Italiane SpA approved the Information Document prepared pursuant to Article 84-bis of the Issuers' Regulation on Incentive Plans based on financial instruments, respectively, 2019-2021 Performance Share LTIP, 2020-2022 Performance Share LTIP, 2021-2023 Performance Share LTIP, 2022-2024 Performance Share LTIP, 2023-2025 Performance Share LTIP, 2024-2026 Performance Share LTIP.
These incentive systems, constructed in line with market practices, aim to strengthen the link between the variable component of remuneration and the Group's medium to long-term strategy, in line with the budget and the goals in the Strategic Plan, over a multi-year period.
Description of the Plans
The \"Performance Share LTIPs\", as described in the relevant Information Circulars, provide for the assignment of Rights to the Poste Italiane's ordinary shares. The number of Rights to be granted to Beneficiaries is subject to the achievement of Performance Targets over a three-year period, following confirmation of achievement of the Hurdle and the Qualifying Conditions (the latter for BancoPosta Beneficiaries, hereinafter \"BP Beneficiaries\"). The key characteristics of the Plans are described below.
Beneficiaries
The Beneficiaries are: Poste Italiane's Chief Executive Officer, the General Manager, certain managers within the Poste Italiane Group, including key management personnel, and some staff of BancoPosta RFC.
Plans' terms and conditions
The Performance Targets, common to all Beneficiaries, to which the vesting of the Rights and, therefore, the allocation of the Shares is conditioned, are highlighted below:
\u2022a profitability indicator identified in the Group's three-year cumulative EBIT used to recognise the continuity and sustainability of profitability results over the long term;
\u2022the attainment of an indicator of shareholder value creation, based on the relative Total Shareholder Return, used to measure the value created for Poste Italiane's shareholders compared with the FTSE MIB index357.
For the 2021-2023, 2022-2024, 2023-2025 and 2024-2026 Performance Share LTIP, the following KPIs are added for the ESG component to the two targets indicated above:
\u20222021-2023 Performance Share LTIP: sustainable finance, target linked to the inclusion of an ESG component in Poste Vita investment products by 2023. In particular, the indicator is calculated by comparing the number of products offered with ESG components to the total number of products offered;
\u20222022-2024 Performance Share LTIP: equal gender representation in succession plans, an objective linked to strengthening the presence of women in managerial succession plans, to help increase the presence of women in positions of greater responsibility in the Poste Italiane Group. Specifically, the indicator is calculated by comparing the number of succession applications occupied by women to the total number of applications.
\u20222023-2025 Performance Share LTIP: Green Transition, a target related to the reduction of tCO2 emissions. This objective aims to measure the reduction of the Group's total emissions (tCO2e) over the 2023-2025 time horizon. Creating value for the country, an objective that takes into account the progress of the construction sites related
to the \"Polis Project\". In particular, the indicator is calculated as the ratio of the number of initiated works to the total number of physically feasible works.
\u20222024-2026 Performance Share LTIP: Green Transition, a target that measures the reduction of the Group's direct GHG emissions (Scope 1) from buildings (tCO2e). People development, an objective that includes a focus on skills development through the provision of training hours.
Finally, for the 2024-2026 Performance Share LTIP, a further indicator of shareholder value creation is envisaged in addition to the \"Relative Total Shareholder Return\", identified as \"Shareholder Remuneration\", which takes into account shareholder remuneration in the form of dividends paid and possible share buybacks aimed at remunerating shareholders.
Vesting of the Rights and the therefore the awarding of the Shares is subject to achievement of the Performance Hurdle, designed to ensure sustainability of the Plan at Group level. The Hurdle Condition corresponds with achievement of a certain target for the Group's cumulative EBIT over a three-year period assessed at the end of each Performance Period. In addition, for BancoPosta RFC's Beneficiaries, vesting of the Rights is also subject to the verification of Qualifying Conditions, designed to ensure the stability of BancoPosta RFC's capital adequacy, liquidity and risk-adjusted earnings, as follows:
\u2022Indicator of capital adequacy, (CET 1) at the end of the period;
\u2022Indicator of short-term liquidity, (LCR) at the end of the period;
\u2022RORAC risk-adjusted earnings at the end of the period.
BP Beneficiaries
The Shares will be awarded at the end of the Performance Period as follows:
\u2022for 2019-2021 and 2020-2022 Performance Share LTIPs, 40% up-front and for the remaining 60% in two equal portions, deferred respectively for 2 and 4 years from the end of the Performance Period. A further Retention Period of one year will be applied to both the up-front and deferred portions;
\u2022for the 2021-2023, 2022-2024, 2023-2025 and 2024-2026 Performance Share LTIPs, the following disbursement method is envisaged: 40% upfront and 60% in five deferred annual instalments over a five-year period (the first three equal to 10% of the total rights accrued and the next two equal to 15% of the total rights accrued). A further Retention Period of one year will be applied to both the up-front and deferred portions.
For BP Beneficiaries, the allocation of deferred Shares will take place following the verification of the continued existence of BancoPosta RFC's levels of capital adequacy, short-term liquidity and risk-adjusted earnings.
Other Beneficiaries
For Performance Share LTIPs, the granting of Poste Italiane Shares is entirely up-front at the end of a three-year Performance Period, with 60% of the Shares subject to a further 2-year Lock-up/Retention Period.
For more details on the operating mechanisms of the incentive plans, please refer to the Information Circular and/or the Report on the Remuneration Policy, in force from time to time, approved by the Shareholders' Meeting.
LONG-TERM INCENTIVE SCHEME: DELIVER 2022 LTIP
In light of the regulatory updates that have taken place and with a view to maintaining a constant alignment between the interests of management and those of the shareholders, in 2023 the Shareholders' Meeting of 8 May 2023 resolved to pay
a portion equal to 55% of the bonus accrued for the Deliver MRTs BP LTI Beneficiaries at the end of the Performance Period (31 December 2022) in Rights to receive ordinary shares of Poste Italiane, subject to Retention Periods.
Since this is a Conversion, no new allocations are envisaged with respect to the objectives of the plan assigned in 2018 and based on a five-year time horizon (2018-2022).
Vesting of the Rights and the therefore the awarding of the Shares is subject to achievement of the Performance Hurdle, designed to ensure sustainability of the Plan at Group level. The Hurdle Condition corresponds with achievement of a certain target for the Group's cumulative EBIT over a five-year period at the end of each Performance Period (31 December 2022). In addition, the delivery of the Shares is also subject to the verification of Qualifying Conditions, designed to ensure the stability of BancoPosta RFC's capital adequacy, liquidity and risk-adjusted earnings, as follows:
\u2022Indicator of capital adequacy, (CET 1) at the end of the period;
\u2022Indicator of short-term liquidity, (LCR) at the end of the period;
\u2022RORAC risk-adjusted earnings at the end of the period.
The Plan Conversion provided for the payment of 45% of the Bonus accrued up-front in cash in 2023, as opposed to the originally planned 75%. The remaining 55%, originally planned in cash form, is paid in Rights to receive Shares subject to Retention Periods of 1 and 2 years.
Delivery of the Shares at the end of each Retention Period will take place subject to verification of the risk tolerance level of conditions linked - in addition to capital adequacy and liquidity, originally envisaged - also to risk-adjusted earnings with reference to BancoPosta RFC, as well as Poste Italiane's inclusion in at least two internationally recognised sustainability indices.
For more details on the operating mechanisms of the incentive plans, please refer to the Information Circular and/or the Report on the Remuneration Policy, in force from time to time, approved by the Shareholders' Meeting.
Determination of fair value and effects on profit or loss
The valuations of these plans were based on the conclusions reached by actuaries external to the Group. The unit fair value of each Right at the valuation date is equal to its nominal value at the grant date (determined on the basis of stock
market prices), discounted by the expected dividend rate and the risk-free interest rate and updated taking into account the best estimate of service conditions and performance (non-market based performance conditions).
The effects on profit or loss of the above \"Performance Share\" Long-Term Incentive scheme at 31 December 2024 for the Group are shown below.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(Figures in \u20acm)
\u00a0Number of beneficiariesUnits (no. of Phantom Stocks / Rights to receive shares)Fair value at grant date\u00a0OperatingCostReserve IFRS 2 / LiabilityPayments / Countervalue delivery of treasury shares
Incentive plansNumber of UnitsOf which under retention periodChief Executive OfficerBP BeneficiariesOther Beneficiaries\u00a0
\u00a0\u00a0Grant dateFair ValueGrant dateFair ValueGrant dateFair Value\u00a0
Deliver 5 years2 94,209 94,209 29 May 2018\u20ac 8.43n/an/a29 May 2018\u20ac 8.43\u00a00.01 0.79 (0.53)
19-21 Performance Share LTIP13 64,815 32,87028 May 2019\u20ac 5.0207 October 2019\u20ac 7.0107 October 2019\u20ac 7.880.02 0.40 (3.23)
20-22 Performance Share LTIP118 438,745 -05 May 2020\u20ac 6.0512 November 2020\u20ac 4.8912 November 2020\u20ac 5.41\u00a00.02 2.36 (0.18)
21-23 Performance Share LTIP163944,944 96,74728 May 2021\u20ac 8.1928 May 2021\u20ac 8.2728 May 2021\u20ac 9.07\u00a01.75 8.37 (4.35)
22-24 Performance Share LTIP2031,126,676 -27 May 2022\u20ac 4.6527 May 2022\u20ac 4.6527 May 2022\u20ac 5.66\u00a02.27 6.21 -
23-25 Performance Share LTIP2211,684,754 -08 May 2023\u20ac 4.4708 May 2023\u20ac 4.4708 May 2023\u20ac 5.62\u00a03.09 6.13 -
24-26 Performance Share LTIP2412,018,699 -31 May 2024\u20ac 6.9131 May 2024\u20ac 6.9130 May 2024\u20ac 8.69\u00a05.68 5.68 -
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012.8529.95(8.29)
SHORT-TERM INCENTIVE SCHEMES: MBO
On 27 May 2014, the Bank of Italy issued specific Supervisory Provisions for BancoPosta (Part IV, Chapter I, \"BancoPosta\" including in Circular 285 of 17 December 2013 \"Prudential supervisory standards for banks\") which, in taking into account BancoPosta's and Poste Italiane's specific organisational and operational aspects, has extended application of the prudential standards for banks to include BancoPosta. This includes the standards relating to remuneration and incentive policies (Part I, Title IV, Chapter 2 \"Remuneration and incentive policies and practices\" in the above Circular 285). These standards, applicable only to the Parent Company Poste Italiane SpA, provide that a part of the bonuses paid to BancoPosta RFC's Risk Takers may be awarded in the form of financial instruments over a multi-year timeframe. With regard to the management incentive schemes adopted for BancoPosta RFC MBO for 2018, where the incentive was above a materiality threshold, the MBO management incentive scheme envisages the award of 50% of the incentive in the form of phantom stocks358, and application of deferral mechanisms:
\u202260% of the award to be deferred for a 5-year period on a pro-rata basis, in the case of Material Risk Takers who are beneficiaries of both the short-term incentive scheme and long-term incentive scheme, \"Phantom Stock LTIP\";
\u202240% of the award to be deferred for a 3-year period on a pro-rata basis for the remaining Material Risk Takers.
In the course of 2024, the payment of the last tranche of the plan in question was completed with a total outlay of approximately \u20ac153 thousand.
The most recent short-term managerial incentive schemes (MBO from 2019 to 2024) envisage, if the incentive exceeds a materiality threshold, the disbursement of a portion of the accrued premiums in the form of Rights to receive Poste Italiane SpA shares and the application of deferral mechanisms of between 40% and 60% of the incentive over a time horizon of 3/5 years pro-rata based on the beneficiary's category. For more details on the operating mechanisms of the incentive
plans, please refer to the Information Circular and/or the Report on the Remuneration Policy, in force from time to time, approved by the Shareholders' Meeting.
The Rights to receive Shares (MBO plans from 2019 to 2024) are subject to the existence of a Hurdle Condition (Group Profitability: EBIT) and Qualifying Conditions as follows:
\u2022Indicator of capital adequacy, identified as CET 1;
\u2022Indicator of short-term liquidity, identified as LCR;
\u2022Risk-adjusted earnings (RORAC) for MBO 2023 and MBO 2024.
An additional Qualifying Condition is expected to apply to the Chief Executive Officer, in addition to those set out above, linked to the Solvency Ratio of the Poste Vita Insurance Group.
Amounts allocated in the form of Shares are subject to a Retention Period for both up-front and deferred portions.
The deferred portion will be disbursed each year subject to compliance with the requirements of capitalisation, liquidity of BancoPosta RFC and risk-adjusted earnings (the latter where it is a hurdle condition). The effects on profit or loss and on equity are recognised in the period in which the instruments vest.
Determination of fair value and effects on profit or loss
The valuations of these plans were based on the conclusions reached by actuaries external to the Group.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(Figures in \u20acm)
\u00a0Number of beneficiariesUnits (no. Phantom stocks/ Rights toreceive shares)Fair value at grant date\u00a0OperatingCostReserve IFRS 2 / LiabilityPayments / Countervalue delivery of treasury shares
Incentive plansNumber of UnitsOf which under retention periodChief Executive OfficerBP BeneficiariesOther Beneficiaries\u00a0
\u00a0\u00a0\u00a0Grant dateFair ValueGrant dateFair ValueGrant dateFair Value\u00a0
MBO 201810 15,081 -19 March 2019\u20ac 10.219 March 2019\u20ac 10.219 March 2019\u20ac 10.2\u00a00.01 -(0.15)
MBO 20195 3,123 3,123 05 March 2020\u20ac 7.5105 March 2020\u20ac 7.51 - \u20ac 7.6205 March 2020\u20ac 7.51\u00a0(0.04)0.02 (0.04)
MBO 20206 4,999 3,187 24 March 2021\u20ac 8.3624 March 2021\u20ac 8.36 - \u20ac 8.8324 March 2021\u20ac 8.36 - \u20ac 8.83\u00a0(0.04)0.04 (0.04)
MBO 202115 34,102 16,873 22 March 2022\u20ac 8.2522 March 2022\u20ac 8.25 - \u20ac 8.7722 March 2022\u20ac 8.25 - \u20ac 8.77\u00a0-0.28 (0.15)
MBO 202213 58,097 19,464 28 March 2023\u20ac 7.7028 March 2023\u20ac 7.70 - \u20ac 8.3128 March 2023\u20ac 7.7 - \u20ac 8.31\u00a00.01 0.45 (0.37)
MBO 202312 107,007 47,435 19 March 2024\u20ac 7.9219 March 2024\u20ac 7.92 - \u20ac 8.4519/03/2024\u20ac 7.92 - \u20ac 8.45\u00a0-0.87 -
MBO 2024*16 113,854 -31 May 2024\u20ac 11.3831 May 2024\u20ac 11.38 - \u20ac 12.2331 May 2024\u20ac 11.38 - \u20ac 12.23\u00a01.32 1.32 -
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.262.99(0.75)
* MBO 2024 estimated on the basis of the best available information, pending the actual finalisation of the system, in order to capture the cost of the service received.
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SCOPE OF CONSOLIDATION AND HIGHLIGHTS OF INVESTMENTS
Scope of consolidation\u00a0\u00a0\u00a0\u00a0(\u20ack)
Name Registered officeCurrencySharecapitalParent Company% ownershipTotal % Group
PARENT COMPANY:\u00a0
Poste Italiane SpA Rome (Italy)Euro1,306,110Ministry of Economy and FinanceCassa Depositi e Prestiti SpAOther investors 29.26%35.00% 35.74%n/a
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS:
Agile LAB SrlMilan (Italy)Euro54Poste Italiane SpA70.00%70.00%
BancoPosta Fondi SpA SGR Rome (Italy)Euro12,000Poste Italiane SpA100.00%100.00%
Bridge Technologies SrlMilan (Italy)Euro20Plurima100.00%70.00%
Consorzio Logistica Pacchi ScpA Rome (Italy)Euro516Poste Italiane SpASDA Express Courier SpAPoste Air Cargo SrlPostel SpAPoste Assicura SpA Nexive Network SrlPoste Logistics Spa51.00%13.50%5.00%15.00%5.00%5.00%5.50%100.00%
ConsorzioServizi ScpARome (Italy)Euro120Poste Italiane SpAPostePay SpA 51.00%49.00%100.00%
Consorzio PosteMotori Rome (Italy)Euro120Poste Italiane SpAPostel SpA 58.12%22.63% 80.75%
Indabox SrlRome (Italy)Euro50MLK Deliveries SpA100.00%100.00%
Kipoint SpARome (Italy)Euro500SDA Express Courier SpA100.00%100.00%
Europa Gestioni Immobiliari SpA Rome (Italy)Euro103,200Poste Italiane SpAPoste Vita SpA55.00%45.00%100.00%
LIS Holding SpAMilan (Italy)Euro2,582PostePay SpA100.00%100.00%
LIS Pay SpAMilan (Italy)Euro56,600PostePay SpA100.00%100.00%
Logos SrlMilan (Italy)Euro10Plurima100.00%70.00%
MLK Deliveries SpA Rome (Italy)Euro335Poste Italiane SpA100.00%100.00%
MLK Fresh SrlRome (Italy)Euro100MLK Deliveries SpA70.00%70.00%
Net Holding SpARome (Italy)Euro100Poste Vita SpA60.00%60.00%
Net Insurance SpA (*)Rome (Italy)Euro17,624Net Holding SpA97.84%58.70%
Net Insurance Life SpA (*)Rome (Italy)Euro15,000Net Insurance SpA100.00%58.70%
Nexive Network SrlRome (Italy)Euro50Poste Italiane SpA100.00%100.00%
Nexive Scarl Rome (Italy)Euro28Poste Italiane SpA85.89%85.89%
PatentiViaPoste ScpA Rome (Italy)Euro120Poste Italiane SpAPostel SpA69.65%17.21%86.86%
Poste Air Cargo Srl Rome (Italy)Euro1,000Poste Italiane SpA 100.00%100.00%
Plurima SpAMilan (Italy)Euro8,544Poste Welfare Servizi Srl70.00%70.00%
Poste Assicura SpA (*)Rome (Italy)Euro25,000Poste Vita SpA100.00%100.00%
Postego SpATrento (Italy)Euro50Poste Italiane SpA 100.00%100.00%
Poste Insurance Broker Srl Rome (Italy)Euro600Poste Assicura SpA100.00%100.00%
Poste Logistics SpARome (Italy)Euro500Poste Italiane SpA 100.00%100.00%
PostePay SpA Rome (Italy)Euro7,561Poste Italiane SpA 100.00%100.00%
Poste Vita SpA (*)Rome (Italy)Euro1,216,608Poste Italiane SpA 100.00%100.00%
Poste Welfare Servizi Srl Rome (Italy)Euro16Poste Italiane SpA100.00%100.00%
Postel SpA Rome (Italy)Euro20,400Poste Italiane SpA 100.00%100.00%
SDA Express Courier SpA Rome (Italy)Euro5,000Poste Italiane SpA 100.00%100.00%
Sengi Express Limited (*)Hong Kong (China)Euro541Poste Italiane SpA 40.00% (**)40.00% (**)
Sengi Express Guangzhou Limited (*)Guangzhou (China)CNY5,000Sengi Express Limited 100.00%40.00%
Sourcesense SpA (*)Rome (Italy)Euro880Poste Italiane SpA70.00%70.00%
Sourcesense Digital Srl (*)Rome (Italy)Euro32Sourcesense SpA100.00%70.00%
Sourcesense Technology Srl (*)Rome (Italy)Euro40Sourcesense SpA100.00%70.00%
Sourcesense Limited (*)London (UK)GBP-Sourcesense SpA100.00%70.00%
Sourcesense Platforms S.r.l. (*)Rome (Italy)Euro50Sourcesense SpA100.00%70.00%
SPV Cosenza SpARome (Italy)Euro948Poste Italiane SpAPlurima SpA95.00%5.00%100.00%
(*) The figures shown for these companies were prepared in accordance with IFRS and, as such, may vary from those contained in the respective financial reports, which were prepared in accordance with the Italian Civil Code and Italian accounting standards or Local GAAP
(**) Poste Italiane SpA holds 51% of the voting capital.
ISIN - Name CurrencyNAV Investee company % ownershipTotal % Group
Parent Company
FULLY CONSOLIDATED STRUCTURED ENTITIES (***)\u00a0\u00a0\u00a0\u00a0\u00a0
IT0005579583-BancoPosta Global Multi-Asset IncomeEuro 3,911,809Poste Vita SpA100.00%100.00%
IT0005579625-BancoPosta Dynamic Multi-AssetEuro 4,197,131Poste Vita SpA100.00%100.00%
IT0005579708-BancoPosta Dynamic Long-Term Multi-AssetEuro 561,439Poste Vita SpA100.00%100.00%
IT0005579724-BancoPosta Olympium Dynamic Multi-AssetEuro 4,803,830Poste Vita SpA100.00%100.00%
IT0005579641-BancoPosta Global Optimal Multi-AssetEuro 45,205Poste Vita SpA100.00%100.00%
IT0005579740-BancoPosta Long-Term Optimal Multi-AssetEuro 858,221Poste Vita SpA100.00%100.00%
IT0005579765-BancoPosta Olympium Optimal Multi-AssetEuro 45,735Poste Vita SpA100.00%100.00%
IT0005579666-BancoPosta Strategic Insurance DistributionEuro 4,635,392Poste Vita SpA100.00%100.00%
IT0005579682-BancoPosta Olympium Insurance Multi-AssetEuro 43,204Poste Vita SpA100.00%100.00%
IT0005579567-BancoPosta Diversified DistributionEuro 5,789,228Poste Vita SpA100.00%100.00%
IT0005579609-BancoPosta Olympium SeverumEuro 456,252Poste Vita SpA100.00%100.00%
(***) Poste Vita SpA owns 100% of the Fund units, while BancoPosta Fondi SpA SGR is the company contractually appointed to manage the Funds. Both of the above companies are wholly-owned subsidiaries of Poste Italiane SpA.
Name Registered officeCurrencySharecapitalParent Company% ownershipTotal % Group
COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD:
Subsidiaries:\u00a0
Casina Poste Societ\u00e0 Sportiva Dilettantistica a Responsabilit\u00e0 Limitata (*)Rome (Italy)Euro50Poste Italiane SpAPostePay SpAPoste Vita SpAPostel SpASDA Express Courier SpA72.00%7.00%7.00%7.00%7.00%100.00%
Associates:\u00a0
Anima Holding SpAMilan (Italy)Euro7,292Poste Italiane SpA 11.95%11.95%
Conio Inc. (*)San Francisco (USA)USD13,356PostePay SpA 16.29%16.29%
Conio Srl Milan (Italy)Euro115Conio Inc.100.00%16.29%
Consorzio Italia CloudRome (Italy)Euro30Sourcesense SpA33.30%23.31%
Cronos Vita Assicurazioni SpA (*****)Milan (Italy)Euro60,000Poste Vita SpA22.50%22.50%
Eurizon Capital Real Asset SGR S.p.A.Milan (Italy)Euro4,167Poste Vita SpABancoPosta Fondi SpA SGR20.00%20.00%40% (****)
Financit SpARome (Italy)Euro14,950Poste Italiane SpA 40.00%40.00%
ItaliaCamp SrlRome (Italy)Euro155Poste Italiane SpA 19.40%19.40%
Italiacamp EMEA FZCODubai (UAE)-ItaliaCamp Srl78.00%19.40%
N&TS Group Networks & Transactional Systems Group SpAMariano Comense (Italy)Euro1,000PostePay SpA20.00%20.00%
Replica SIM SpAMilan (Italy)Euro10,500Poste Italiane SpA 45.00%45.00%
sennder Italia Srl Milan (Italy)Euro50Poste Italiane SpA 25.00%25.00%
JOINTLY CONTROLLED COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD\u00a0\u00a0
LockerItalia SpARome (Italy)Euro1,000Poste Italiane SpA 50.00%50.00%
(****) Posta Vita and BancoPosta Fondi jointly hold 24.5% of the voting capital.
(*****) The company classified as an asset held for sale (IFRS 5), as reported in Section 2.8 - Basis of consolidation.
(*) The figures shown for these companies were prepared in accordance with IFRS and, as such, may vary from those contained in the respective financial reports, which were prepared in accordance with the Italian Civil Code and Italian accounting standards or Local GAAP
List of investments accounted for using the equity method and statement of financial position and profit or loss data\u00a0(\u20ack)
Name (Registered office)Nature of investmentCarrying amount%shareAssetsLiabilitiesEquityRevenue from sales and services\u00a0Net profit / (loss) for the year
\u00a0
Anima Holding SpA (Milan) (a)Associate240,10611.95%2,556,5811,033,5771,523,004962,301(*)172,038
Conio Inc. (San Francisco) (b)Associate2116.29%14,1433,92010,222-(582)
Eurizon Capital Real Asset SGR S.p.A. (Milan)Associate4,50240.00%19,36711,0618,3069,030(*)540
Financit SpA (Rome)Associate21,44340.00%2,016,9171,950,58066,33791,929(*)12,519
ItaliaCamp Srl (Roma) (c)Associate56719.40%8,4245,5062,9184,62225
N&TS Group Networks & Transactional Systems Group SpA (Mariano Comense)Associate17,40720.00%21,2307,89213,33821,3443,038
Replica SIM SpA (Milan)Associate9,87645.00%33,48121,24612,23510,984(*)1,276
sennder Italia Srl (Milan)Associate23,73425.00%107,55988,34619,213273,9077,543
LockerItalia SpAJoint ventures14,78350.00%31,0061,44029,5664\u00a0(434)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
a. Data derived from the latest consolidated interim accounts approved by the company's board of directors at 30.09.2024
b. Data from the latest financial statements at 31.12.2023, the statement of financial position value also includes the valuation of the company Conio Srl wholly owned by Conio Inc.
c. Figures taken from the latest financial statements approved by the Board on 31.12.2023
* The amount includes fee and commission income and interest and similar income
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page622-cflshid_291479-tag273305": { "value": "
SCOPE OF CONSOLIDATION AND HIGHLIGHTS OF INVESTMENTS
Scope of consolidation\u00a0\u00a0\u00a0\u00a0(\u20ack)
Name Registered officeCurrencySharecapitalParent Company% ownershipTotal % Group
PARENT COMPANY:\u00a0
Poste Italiane SpA Rome (Italy)Euro1,306,110Ministry of Economy and FinanceCassa Depositi e Prestiti SpAOther investors 29.26%35.00% 35.74%n/a
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS:
Agile LAB SrlMilan (Italy)Euro54Poste Italiane SpA70.00%70.00%
BancoPosta Fondi SpA SGR Rome (Italy)Euro12,000Poste Italiane SpA100.00%100.00%
Bridge Technologies SrlMilan (Italy)Euro20Plurima100.00%70.00%
Consorzio Logistica Pacchi ScpA Rome (Italy)Euro516Poste Italiane SpASDA Express Courier SpAPoste Air Cargo SrlPostel SpAPoste Assicura SpA Nexive Network SrlPoste Logistics Spa51.00%13.50%5.00%15.00%5.00%5.00%5.50%100.00%
ConsorzioServizi ScpARome (Italy)Euro120Poste Italiane SpAPostePay SpA 51.00%49.00%100.00%
Consorzio PosteMotori Rome (Italy)Euro120Poste Italiane SpAPostel SpA 58.12%22.63% 80.75%
Indabox SrlRome (Italy)Euro50MLK Deliveries SpA100.00%100.00%
Kipoint SpARome (Italy)Euro500SDA Express Courier SpA100.00%100.00%
Europa Gestioni Immobiliari SpA Rome (Italy)Euro103,200Poste Italiane SpAPoste Vita SpA55.00%45.00%100.00%
LIS Holding SpAMilan (Italy)Euro2,582PostePay SpA100.00%100.00%
LIS Pay SpAMilan (Italy)Euro56,600PostePay SpA100.00%100.00%
Logos SrlMilan (Italy)Euro10Plurima100.00%70.00%
MLK Deliveries SpA Rome (Italy)Euro335Poste Italiane SpA100.00%100.00%
MLK Fresh SrlRome (Italy)Euro100MLK Deliveries SpA70.00%70.00%
Net Holding SpARome (Italy)Euro100Poste Vita SpA60.00%60.00%
Net Insurance SpA (*)Rome (Italy)Euro17,624Net Holding SpA97.84%58.70%
Net Insurance Life SpA (*)Rome (Italy)Euro15,000Net Insurance SpA100.00%58.70%
Nexive Network SrlRome (Italy)Euro50Poste Italiane SpA100.00%100.00%
Nexive Scarl Rome (Italy)Euro28Poste Italiane SpA85.89%85.89%
PatentiViaPoste ScpA Rome (Italy)Euro120Poste Italiane SpAPostel SpA69.65%17.21%86.86%
Poste Air Cargo Srl Rome (Italy)Euro1,000Poste Italiane SpA 100.00%100.00%
Plurima SpAMilan (Italy)Euro8,544Poste Welfare Servizi Srl70.00%70.00%
Poste Assicura SpA (*)Rome (Italy)Euro25,000Poste Vita SpA100.00%100.00%
Postego SpATrento (Italy)Euro50Poste Italiane SpA 100.00%100.00%
Poste Insurance Broker Srl Rome (Italy)Euro600Poste Assicura SpA100.00%100.00%
Poste Logistics SpARome (Italy)Euro500Poste Italiane SpA 100.00%100.00%
PostePay SpA Rome (Italy)Euro7,561Poste Italiane SpA 100.00%100.00%
Poste Vita SpA (*)Rome (Italy)Euro1,216,608Poste Italiane SpA 100.00%100.00%
Poste Welfare Servizi Srl Rome (Italy)Euro16Poste Italiane SpA100.00%100.00%
Postel SpA Rome (Italy)Euro20,400Poste Italiane SpA 100.00%100.00%
SDA Express Courier SpA Rome (Italy)Euro5,000Poste Italiane SpA 100.00%100.00%
Sengi Express Limited (*)Hong Kong (China)Euro541Poste Italiane SpA 40.00% (**)40.00% (**)
Sengi Express Guangzhou Limited (*)Guangzhou (China)CNY5,000Sengi Express Limited 100.00%40.00%
Sourcesense SpA (*)Rome (Italy)Euro880Poste Italiane SpA70.00%70.00%
Sourcesense Digital Srl (*)Rome (Italy)Euro32Sourcesense SpA100.00%70.00%
Sourcesense Technology Srl (*)Rome (Italy)Euro40Sourcesense SpA100.00%70.00%
Sourcesense Limited (*)London (UK)GBP-Sourcesense SpA100.00%70.00%
Sourcesense Platforms S.r.l. (*)Rome (Italy)Euro50Sourcesense SpA100.00%70.00%
SPV Cosenza SpARome (Italy)Euro948Poste Italiane SpAPlurima SpA95.00%5.00%100.00%
(*) The figures shown for these companies were prepared in accordance with IFRS and, as such, may vary from those contained in the respective financial reports, which were prepared in accordance with the Italian Civil Code and Italian accounting standards or Local GAAP
(**) Poste Italiane SpA holds 51% of the voting capital.
ISIN - Name CurrencyNAV Investee company % ownershipTotal % Group
Parent Company
FULLY CONSOLIDATED STRUCTURED ENTITIES (***)\u00a0\u00a0\u00a0\u00a0\u00a0
IT0005579583-BancoPosta Global Multi-Asset IncomeEuro 3,911,809Poste Vita SpA100.00%100.00%
IT0005579625-BancoPosta Dynamic Multi-AssetEuro 4,197,131Poste Vita SpA100.00%100.00%
IT0005579708-BancoPosta Dynamic Long-Term Multi-AssetEuro 561,439Poste Vita SpA100.00%100.00%
IT0005579724-BancoPosta Olympium Dynamic Multi-AssetEuro 4,803,830Poste Vita SpA100.00%100.00%
IT0005579641-BancoPosta Global Optimal Multi-AssetEuro 45,205Poste Vita SpA100.00%100.00%
IT0005579740-BancoPosta Long-Term Optimal Multi-AssetEuro 858,221Poste Vita SpA100.00%100.00%
IT0005579765-BancoPosta Olympium Optimal Multi-AssetEuro 45,735Poste Vita SpA100.00%100.00%
IT0005579666-BancoPosta Strategic Insurance DistributionEuro 4,635,392Poste Vita SpA100.00%100.00%
IT0005579682-BancoPosta Olympium Insurance Multi-AssetEuro 43,204Poste Vita SpA100.00%100.00%
IT0005579567-BancoPosta Diversified DistributionEuro 5,789,228Poste Vita SpA100.00%100.00%
IT0005579609-BancoPosta Olympium SeverumEuro 456,252Poste Vita SpA100.00%100.00%
(***) Poste Vita SpA owns 100% of the Fund units, while BancoPosta Fondi SpA SGR is the company contractually appointed to manage the Funds. Both of the above companies are wholly-owned subsidiaries of Poste Italiane SpA.
Name Registered officeCurrencySharecapitalParent Company% ownershipTotal % Group
COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD:
Subsidiaries:\u00a0
Casina Poste Societ\u00e0 Sportiva Dilettantistica a Responsabilit\u00e0 Limitata (*)Rome (Italy)Euro50Poste Italiane SpAPostePay SpAPoste Vita SpAPostel SpASDA Express Courier SpA72.00%7.00%7.00%7.00%7.00%100.00%
Associates:\u00a0
Anima Holding SpAMilan (Italy)Euro7,292Poste Italiane SpA 11.95%11.95%
Conio Inc. (*)San Francisco (USA)USD13,356PostePay SpA 16.29%16.29%
Conio Srl Milan (Italy)Euro115Conio Inc.100.00%16.29%
Consorzio Italia CloudRome (Italy)Euro30Sourcesense SpA33.30%23.31%
Cronos Vita Assicurazioni SpA (*****)Milan (Italy)Euro60,000Poste Vita SpA22.50%22.50%
Eurizon Capital Real Asset SGR S.p.A.Milan (Italy)Euro4,167Poste Vita SpABancoPosta Fondi SpA SGR20.00%20.00%40% (****)
Financit SpARome (Italy)Euro14,950Poste Italiane SpA 40.00%40.00%
ItaliaCamp SrlRome (Italy)Euro155Poste Italiane SpA 19.40%19.40%
Italiacamp EMEA FZCODubai (UAE)-ItaliaCamp Srl78.00%19.40%
N&TS Group Networks & Transactional Systems Group SpAMariano Comense (Italy)Euro1,000PostePay SpA20.00%20.00%
Replica SIM SpAMilan (Italy)Euro10,500Poste Italiane SpA 45.00%45.00%
sennder Italia Srl Milan (Italy)Euro50Poste Italiane SpA 25.00%25.00%
JOINTLY CONTROLLED COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD\u00a0\u00a0
LockerItalia SpARome (Italy)Euro1,000Poste Italiane SpA 50.00%50.00%
(****) Posta Vita and BancoPosta Fondi jointly hold 24.5% of the voting capital.
(*****) The company classified as an asset held for sale (IFRS 5), as reported in Section 2.8 - Basis of consolidation.
(*) The figures shown for these companies were prepared in accordance with IFRS and, as such, may vary from those contained in the respective financial reports, which were prepared in accordance with the Italian Civil Code and Italian accounting standards or Local GAAP
List of investments accounted for using the equity method and statement of financial position and profit or loss data\u00a0(\u20ack)
Name (Registered office)Nature of investmentCarrying amount%shareAssetsLiabilitiesEquityRevenue from sales and services\u00a0Net profit / (loss) for the year
\u00a0
Anima Holding SpA (Milan) (a)Associate240,10611.95%2,556,5811,033,5771,523,004962,301(*)172,038
Conio Inc. (San Francisco) (b)Associate2116.29%14,1433,92010,222-(582)
Eurizon Capital Real Asset SGR S.p.A. (Milan)Associate4,50240.00%19,36711,0618,3069,030(*)540
Financit SpA (Rome)Associate21,44340.00%2,016,9171,950,58066,33791,929(*)12,519
ItaliaCamp Srl (Roma) (c)Associate56719.40%8,4245,5062,9184,62225
N&TS Group Networks & Transactional Systems Group SpA (Mariano Comense)Associate17,40720.00%21,2307,89213,33821,3443,038
Replica SIM SpA (Milan)Associate9,87645.00%33,48121,24612,23510,984(*)1,276
sennder Italia Srl (Milan)Associate23,73425.00%107,55988,34619,213273,9077,543
LockerItalia SpAJoint ventures14,78350.00%31,0061,44029,5664\u00a0(434)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
a. Data derived from the latest consolidated interim accounts approved by the company's board of directors at 30.09.2024
b. Data from the latest financial statements at 31.12.2023, the statement of financial position value also includes the valuation of the company Conio Srl wholly owned by Conio Inc.
c. Figures taken from the latest financial statements approved by the Board on 31.12.2023
* The amount includes fee and commission income and interest and similar income
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page625-cflshid_293945-tag273307": { "value": "
DISCLOSURE PURSUANT TO LAW 124/2017
The information required by art. 1, paragraphs 125 and 129 of Law 124 of 4 August 2017 is provided below.
The information is provided in thousands of euros and on a cash basis, indicating the Group company that received and/or disbursed the grant. In addition, given the numerous interpretative doubts, the following information is provided on the basis of the best interpretation of the legislation available to date, in the light of the guidance provided by Assonime in Circular 5 of 22 February 2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page627-cflshid_294680-tag273308": { "value": "
COMMITMENTS
The Group's purchase commitments break down as follows.
Commitments\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
Lease arrangements142217
Contracts to purchase property, plant and equipment145124
Contracts to purchase intangible assets1420
Total302360
At 31 December 2024, the item Lease arrangements includes commitments that do not fall under IFRS 16 - Leases.
In addition, at 31 December 2024, PostePay takes over:
\u2022purchases of electricity on forward markets for \u20ac141 million;
\u2022purchases of natural gas on the futures markets for \u20ac93 million", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page628-cflshid_294975-tag273309": { "value": "GUARANTEES
Unsecured guarantees issued by the Group are as follows:
Guarantees\u00a0\u00a0
Description(\u20acm)31.12.202431.12.2023
\u00a0
Sureties and other guarantees issued:\u00a0
by banks/insurance companies in the interests of Group companies in favour of third parties736623
by the Group in its own interests in favour of third parties613299
Total1,349922
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page756-cflshid_324968-tag273310": { "value": "
FEES PAID TO INDEPENDENT AUDITORS PURSUANT TO ART.149 DUODECIES OF THE CONSOB'S REGULATIONS FOR ISSUERS
The following table shows fees423 payable to the Parent Company's auditor, Deloitte & Touche, and companies within its network for 2024, presented in accordance with art. 149 duodecies of the CONSOB's Regulations for Issuers:
Disclosure of fees paid to Independent Auditors(\u20ack)
Type of servicesEntity providing the service2024 fees
Poste Italiane SpA
AuditDeloitte & Touche S.p.A.2,229
AuditDeloitte & Touche network-
Attestation servicesDeloitte & Touche S.p.A.678
Attestation servicesDeloitte & Touche network-
Other servicesDeloitte & Touche S.p.A.17
Other servicesDeloitte & Touche network38
Subsidiaries of Poste Italiane SpA
Audit (*)Deloitte & Touche S.p.A.2,553
AuditDeloitte & Touche network48
Attestation servicesDeloitte & Touche S.p.A.839
Attestation servicesDeloitte & Touche network-
Other servicesDeloitte & Touche S.p.A.-
Other servicesDeloitte & Touche network9
Total\u00a06,411
(*) includes costs for the audit of funds administered by BPF SGR charged to savers in the amount of \u20ac324 thousand, 100% of which has been settled, of which \u20ac134 thousand refers to the management of Poste Vita Class I policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:815600354DEDBD0BA991", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }