Paris - January 20th, 2011
La Poste Group Budget 2011
The Board of Directors of La Poste, meeting under the chairmanship of Jean‑Paul Bailly, has approved the 2011 budget for the Group.
This budget expects a stable consolidated turnover in 2011, reflecting the diversified business model described in the Ambition 2015 strategic plan.
This overall stability is primarily explained by the already-anticipated structural downturn in Mail volumes (-4.1%) compensated by the still-sustained progress of Express (+5.3% for the subsidiaries of GeoPost), Services (+3.2% for the activities of Sofipost) and Parcels (+1.5%). The banking activities should record steady progress in savings assets and outstanding loans (+5%). This progress will only be partially reflected in the growth of net banking income, against a background of interest rates that are still low and regulatory changes that affect the earnings of La Banque Postale.
In 2011, La Poste Group is aiming for an operating margin of about 3%, greater than that expected in the 2010-2015 plan.
Investment programmes are expected at €1.4 billion, up compared to 2009 and 2010. They cover operational activities (completion of the Mail quality Project, modernisation of the ColiPoste platforms, and construction of hubs and depots by the subsidiaries of GeoPost), the second phase of the Espace Services Clients plan in the post offices, the continuation of the modernisation of information systems and the enhancement of the real estate. As in 2009 and in 2010, they will be financed without influencing the Group’s debt.
At its forthcoming meetings, the Board of Directors will approve the Group consolidated financial statements for the 2010 financial year and will launch the €2.7 billion capital increase.
About the La Poste Group
A limited company in 100% public ownership since 1 March 2010, La Poste is an original multi-business group structured around four activities: mail, parcels‑express, banking and the La Poste retail brand. Each year, La Poste’s 17,000 branches are visited by some 45 million individual and 3.5 million business customers. La Poste’s operational infrastructure allows it to process and transport 26 billion objects per year. In 2009, La Poste group generated revenues of €20.5 billion and employed more than 287,000 staff. By 2015, La Poste intends to become a European leader in local postal and financial services. True to its values and public service missions, and backed by the commitment of its postal workers, the La Poste group aims to become a benchmark in the arena of the modern public enterprise.
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