Press releases & News

The French Post and Swiss Post plan to combine their international cross-border mail activities

Thu, 22 Dec 2011 10:13:25 GMT

The French La Poste and Swiss Post, two of Europe’s principal postal operators, have announced their intention to combine their respective cross-border mail activities in order to further enhance and develop their international mail business. The alliance could be operational in the course of 2012 in the form of a joint venture company to be owned equally by La Poste and Swiss Post, and which would be positioned among the key players in this sector. The Boards of Directors of the two companies have approved the joint venture, subject to all required regulatory approvals being granted.
International mail is a dynamic market with global revenues for 2010 estimated at more than EUR 10 billion. In recent years, in order to fully enhance and develop their activities in this sector, La Poste (La Poste Global Mail) and Swiss Post (Swiss Post International) have each built a solid international presence with subsidiaries and cooperative ventures in key international mail markets including the USA, the UK, continental Europe and Asia.
The two operators are complementary, both geographically and with regard to their products. They also share the ambition of offering global solutions to businesses that wish to develop in the international market.
By combining their expertise and networks in cross-border mail, La Poste and Swiss Post will increase their capacity to serve their international customers, thereby strengthening their business dynamics and the value of their international investments.
The new company will be able to attract new clients by offering high-quality solutions to meet the growing needs of its customer base. The new joint venture company will combine the strengths and values of La Poste and Swiss Post and will be headquartered in Paris and Bern. The new company will combine all cross-border mail activities of La Poste and Swiss Post, except for inbound and outbound cross-border mail business in France and Switzerland. The regulated universal service obligation of La Poste in France and Swiss Post in Switzerland will not be included in the joint activities. The joint venture is subject to all required regulatory approvals being granted.
“La Poste and Swiss Post confirm their intention of becoming a leader in the international mail market in order to accompany their clients and partners in their development around the world”, says Jean-Paul Bailly, CEO of Le Groupe La Poste.
“Both partners are complementary from both a geographic and a market-offering point of view. The new company will thus provide the best available value-added mailing solutions for their international clients,” emphasises Jürg Bucher, CEO of Swiss Post.

Le Groupe La Poste

La Poste is a multi-business group structured around four activities: Mail, Parcels/Express, The Postal Bank and the La Poste retail brand (17,000 branches which greet 45 million retail clients and 3.5 million business clients). By offering the best of both paper, digital and local services, La Poste seeks to transform mail into the premium media of customer relations, relying on its modern industrial systems, new technologies and its network of highly professional postal workers. In 2010, the group achieved turnover of €20.9 billion, employed more than 276,000 individuals and its ambition from now until 2012 is to become a European leader in nearby postal and financial services. Focused on innovation, Le Groupe La Poste is committed on a daily basis to develop improved services and products for its clients and its employees. Faithful to its values and to its public service mission, and backed by the commitment of its postal workers, Le Groupe La Poste seeks to set the standards of modern public service. www.laposte.fr
La Poste Global Mail
Created in 1995, La Poste Global Mail (International Mail Division of La Poste) is a leading cross-border mail operator, with an annual turnover exceeding EUR 700 million. La Poste Global Mail is established in the major outbound-mail markets with subsidiaries in France, the USA, the UK and Germany, and with sales forces covering around 20 countries. Serving 170 countries through direct routes and with over 800 employees in France and abroad, La Poste Global Mail aims to be the partner of choice for French and international customers for cross-border mail, small-goods delivery and customer relationship management.

Swiss Post

Swiss Post is a public company, owned by the Swiss Confederation. The Swiss Post Group has 61,500 employees, with 7,700 staff members based outside Switzerland. In 2010, the Group’s operating income totalled CHF 8.7 billion and the operating result was CHF 930 million. Around 14% of operating income was generated abroad. In its domestic business, Swiss Post transports 2.4 billion addressed letters, 1.3 billion unaddressed items, 1.4 billion newspapers and over 100 million parcels each year and is a major player in Swiss retail banking. www.swisspost.ch

Swiss Post International

Swiss Post International Holding Ltd. was established in 1996 as a wholly owned subsidiary of Swiss Post, and has 1,250 employees in the USA, twelve European countries and four major Asian cities. Its operating income amounted to CHF 788 million in 2010, with an operating result of CHF 49 million. Swiss Post International offers a range of specialised cross-border postal products and industry-specific solutions for its international business customers as well as private individuals and business customers in Switzerland. www.swisspost.com

La Poste hands workers keys to 10,000 electric vehicles

Thu, 22 Dec 2011 10:11:29 GMT

Jean-Paul Bailly, Chairman and Managing Director of La Poste, unveiled today in Chanteloup-Les-Vignes (78) the first 10 of 10,000 electric vehicles to be deployed by 2015 for the collection and delivery of mail by postal workers throughout France.
Piloted by Jean-Paul Bailly and coordinated by the public procurement organisation, Ugap (Union of Public Purchasing Groups) back in April 2010, this order is the culmination of extensive studies, discussions and an unprecedented tender led by the national purchasing group of electric vehicles. On October 28th of this year, the purchasing group made public its choice of manufacturers: Renault and Peugeot. The first lot, consisting of lightweight commercial vehicles with a load capacity of 3m3, was allocated to Renault, and of the 15,637 Renault Kangoo Z.E.s to be manufactured over the next 4 years, 10,000 will go to La Poste.

Soon to boast over 10,000 cars and several thousands of electric quads between now and 2015, not to mention more than 10,000 electric bicycles, La Poste will be at the helm of one of the most sizeable electric vehicle fleets in the world. The stakes are three-fold: Benchmark green urban logistics, lower fuel emissions per household by 20%, and improve working and workplace conditions for postal employees.

La Poste is industrialising Europe-green transport with a large-scale roll-out of environmentallyfriendly vehicles

With more than 50,000 vehicles at its disposal, and representing the largest industrial fleet in France, La Poste already has 270 electric vehicles roaming the country. With 1 million kilometres behind it, 300 trained postal workers and a year to look back on the distance covered, the results are encouraging. The car batteries used for morning deliveries of letters and parcels and afternoon collections are charged at night; therefore, zero emissions, easy to use, and minimal manual transmission (only two gears: one forward and one reverse) point to a no-fuss route for postal workers.
This 10,000-electric vehicle order is the culmination of an initiative like none other, whose domino effect over the entire electric vehicle sector has been unanimously-and internationally-recognised. As a result, La Poste has been given a crucial role to play in the emergence of an electric vehicle industrial manufacturing model within France.

Endowed with a full range of eco-friendly cars, La Poste also offers its expertise to companies and communities on the use of green transportation and fuel-efficient driving. After training 60,000 postal workers in green driving, La Poste created MOBIGREEN in 2009, a consulting and training services branch dedicated to green driving for local authorities and corporate fleet administrators. Similarly, given its seasoned experience in car fleet management, La Poste launched GREENOVIA at the start of 2011, a consulting services branch targeting eco-friendly transport and mobility.

La Poste, a truly green urban logistics operator

The acquisition of 10,000 electric vehicles between now and 2015 will enable La Poste to become a reference for green urban logistics operators, and contribute to organisational solutions of tomorrow on the urban freight transport front.
Starting in 2012, more than 1,600 electric cars will be available for postal workers.
To mark its commitment, La Poste will feature new labelling to appear on all electric cars donning the inscription, “closer, greener.” Closer, La Poste and its postal force will be even more so given the arrival of these environmentally-friendly electric vehicles providing “hassle-free” access to city centres, a boost toward becoming a leading name in urban logistics, and stronger customer ties. Greener, La Poste’s transport offering will be even more so with its zero fuel emission vehicles, whose widespread use will greatly contribute to reducing noise pollution in cities.

Better postal working conditions leaving others green with envy

Developed with mail delivery in mind alongside the smooth and quiet drive inherent in electric cars, green vehicles offer many advantages to postal workers and their working environment. Similarly, highly manoeuvrable, electric quadricycles are ideal for city centre driving. Lastly, electric bicycles or e-bikes, which make for an easy swap with motorised two-wheelers, ease up on muscles whilst out on rounds.

A range of green transport

The range deployed by La Poste uses 3 types of electric vehicles: cars, quads and bicycles and two other types of green transport namely double-deck lorries and rail freight. Goal: 70% of rounds aboard electric vehicles.

• 10,000 ELECTRIC CARS BY 2015

Deployment: At present, 270 electric cars may already be seen circulating, and 10,000 Renault Kangoo Z.E.s, of which over 1,600 as early as 2012, designed for the collection and delivery of mail by postal workers in all of France, are scheduled to make their debut by 2015.
Use: 60-km minimum range for postal use (which equals around 160 km in normal use).

Environmental labelling to promote green transport amongst the general public

closer: Closer, La Poste and its postal force will be even more so given the arrival of these environmentallyfriendly electric vehicles providing “hassle-free” access to city centres, a boost toward becoming a leading name in urban logistics, and stronger customer ties.

greener: Greener, La Poste’s transport offering will be even more so with its zero fuel emission vehicles, whose widespread use will greatly contribute to reducing noise pollution in cities.

• SEVERAL THOUSANDS OF ELECTRIC QUADS DOWN THE ROAD

=> Deployment:
210 specially-designed electric quads for postal workers are already in circulation. Several thousands will be rolled out in the future, of which over 1,000 in 2012.

=> Use:
Electric quads are likely to replace motorised 2-wheelers, or in certain cases, 4-wheel combustion options. Their design and use suit city and suburban zones as well as pedestrian zones where internal combustion vehicles are not permitted.
Vehicle autonomy is around 20 kilometres for intense postal use, and can transport up to 150 kg of mail.

• 10,000 ELECTRIC BICYCLES

=> Deployment:
La Poste has made 10,000 electric bicycles available to its postal force. Power assistance can absorb up to 80% of required effort. One out of every two cycling postal workers has an electric bike.

=> Use:
20-km range for intense postal use. E-bikes keep postal workers with reduced ability in their jobs, and assist them on their delivery rounds, especially in hilly terrain. E-bikes represent an alternative to motorised 2-wheelers.

• 14 DOUBLE-DECK TRAILERS

=> Deployment:
14 double-deck trailers are already in circulation, and have replaced 28 classic articulated lorries.

=> Use:
With two levels at their disposal, these lorries optimise mail loading, and present less of a hazard due to decreased presence on the road. Double-deck trailers cut fuel emissions by a third. Equipped with tractor units bearing the Euro 5 label (a European standard measuring pollutant emissions), they are gradually taking over classic articulated lorries.
Once the containers are loaded, the floor is raised halfway using a remote control to make way for a second set of containers.

• Railways, certain connections facilitate mail transport

Railways denote a means of transport used regularly by La Poste, which resorts to rail freight for the routes of Lille-Lyon, Lille-Bordeaux and Lille-Marseille.
Looking ahead, 2 billion pieces of unsolicited mail per annum could eventually be concerned by this means of transport.

Green driving: La Poste directs traffic, postal workers in the driver’s seat

La Poste, first European business to lead colossal training

La Poste already has 60,000 postal workers at the wheel of its green driving initiative. Green driving offers very simple rules to follow for greater fuel efficiency, and therefore, lower fuel emissions. The training targets a serious cutback in fuel emissions by 10,000 tonnes per annum and fuel savings of 5 million litres each year.
Green driving also applies to electric cars and in optimising their autonomy. The 10,000 electric car motorists will also be trained in green driving.

5 rules to remember about green driving and electric vehicles

- Check tyre pressure each month
- Pre-heat or pre-cool the car interior, enabling postal workers to get a jumpstart on a climate-friendly environment
- Pay attention to the blue zone of the econometre display to maximise autonomy or recharge the battery
- Adopt steady driving behaviour and a moderate pace, and respect safety distances
- Drive defensively, and anticipate other motorists’ and pedestrians’ manoeuvres.

5 rules to remember about green driving and internal combustion vehicles

- Drive in the highest possible gear with the lowest possible tachometer reading
- Accelerate by depressing the pedal 3/4 before releasing pressure and stabilising speed
- Shift quickly to the next gear (between 2,000 and 2,500 RPMs); late downshift
- Drive defensively; do not accelerate, brake or change gears unnecessarily
- Turn off the engine if idle for longer than 12 seconds.

Two sectors devoted to green driving and sustainable mobility

Endowed with a full range of eco-friendly cars, La Poste also offers its expertise to companies and communities on the use of green transportation and fuel-efficient driving.

• A branch devoted to promoting green driving

After training 60,000 postal workers in green driving, La Poste created MOBIGREEN in 2009,a consulting and training services branch dedicated to green driving for local authorities and corporate fleet administrators. Similarly, given its seasoned experience in car fleet management, La Poste launched GREENOVIA at the start of 2011, a consulting services branch targeting eco-friendly transport and mobility.
To capitalise on its skills and competencies gained in the field, La Poste created MOBIGREEN, a branch devoted to promoting green driving amongst those actors whom the training is likely to impact, such as corporate fleet managers, large companies, local authorities, etc.

A consulting services branch specialising in eco-responsible transport and mobility

With solid footing in car fleet management relating primarily to its MAIL operations, La Poste created GREENOVIA. This branch offers not only its expertise to companies wishing to create, develop or optimise their car fleets, but also insight and answers on social, environmental and economic issues.
Whether optimising management of an existing fleet, implant electric vehicles on a large scale, or research and develop a fleet of innovative and carbon-free vehicles, GREENOVIA’s consultants and technical experts are at your service wherever you may be in France.

For fleet users, GREENOVIA offers advice and engineering solutions with the aim of optimising and transforming a vehicle fleet.

For automotive service providers, GREENOVIA offers studies and consulting solutions with the aim of developing new services as well as real-time and real-life electric vehicle testing, including sale of those results.

La Banque Postale's 2010 Results

Mon, 04 Apr 2011 14:18:55 GMT

Commercial dynamism, a completed range of services: 2010,

another year of growth for La Banque Postale

Consolidated Net Banking Income: €5.215 billion (+4.2%*)
Consolidated Net operating income: €719.5 million (+15.2%)
Group Net income: €651.3 million (+10.8%)
Operating ratio: 85.1% (-1.5 point)
Tier One ratio: 11.0%

Philippe Wahl, Chairman of La Banque Postale’s Executive Board, presented the 2010 results and business review today.

In the fifth year since it was founded, La Banque Postale operated in an environment that was still volatile, and characterised by the beginnings of an economic recovery that remains fragile, as well as by discussions on international regulatory changes.

The Bank recorded sustained business levels in 2010, demonstrating the appropriateness of its growth model. La Banque Postale’s robust financial health, which is linked to the soundness of its balance sheet and to the quality of its financial management, enabled it to make a material contribution to financing the French economy, through a sharp increase in home loans granted to customers (+€5 billion compared with 2009), and the launch of its consumer credit business (over 100,000 customers).

La Banque Postale’s 2010 business activities

> For La Banque Postale, 2010 was marked by a €196 million increase in Net Banking Income, which reached €5.215 billion, a rise of 4.2%(*).

This growth is explained by the Bank’s commercial dynamism, which was primarily due to an increase in the number of active customers, who numbered 10.04 million, the continuation of its client services policy and the strength of its home loan range.

With 11.4 million current accounts as at the end of 2010, La Banque Postale confirmed its position as a major player in the French retail banking sector, both in terms of new accounts (774,000 current accounts opened) and of day-to-day financial services (5.15 million bundled offers, and 6.6 million bank cards, i.e. a customer take-up rate of 58%).

In the savings and insurance area, deposits gathered and bank savings saw a modest 0.8% increase, against an economic background that still bore the effects of the financial crisis, and despite historically low interest rates.

In the life insurance area, total policies amounted to just over €108.3 billion, which was a slight increase. 2010 was also characterised by the success of two life insurance policies, Cachemire and Toscane Vie (launched in September 2010).

After an outstanding performance in 2009, the personal insurance business confirmed its momentum in 2010. Almost 424,000 personal insurance policies were subscribed, generating revenues of €248 million (up 14%). As a result, La Banque Postale Prévoyance’s personal insurance policy portfolio now includes almost 2.3 million policies, an increase of 10.8% compared with 2009.

The casualty insurance business, which was launched on December 9th 2010, got off to a promising start: after three months of marketing exclusively on the remote platforms, over 10,000 policies have already been taken out.

Deposits in Livret A savings accounts, which are held by almost 20 million of La Banque Postale’s customers, amounted to €54.7 billion (compared with €55.6 billion as at the end of 2009). Livret A savings accounts continued to be opened at a sustained rate, with 440,000 accounts opened in 2010.

In total, savings and other bank deposits amounted to €283.5 billion as at the end of 2010.

As in 2009, home loan generation increased significantly in 2010, rising to €10.2 billion (+22%), which enabled home loans outstanding to reach €37.3 billion, a 16.8% increase compared with 2009. This translated into a 0.3% increase in La Banque Postale’s share of loans outstanding in the market, which amounted to 4.9%. In total, La Banque Postale supported 120,000 households with their home ownership or renovation projects. La Banque Postale now has over 1 million home loan agreements in its portfolio.

La Banque Postale’s consumer credit business was successfully rolled out in 2010, and the first results were encouraging. Total consumer loans generated amounted to €850 million as at the end of December, based on the signing of 106,000 credit agreements. As at the end of February 2011, the amount of total loans generated since launch had exceeded €1 billion, less than a year after the launch on March 30th 2010.

> The Bank’s subsidiaries and holdings, which are firmly integrated into the Bank’s business, and provide it with specialist expertise, confirmed their essential strategic, financial and technical role in 2010. The subsidiaries and holdings experienced sustained growth last year, and made a very significant contribution to La Banque Postale’s performance.

Despite the difficult environment, La Banque Postale Asset Management recorded net inflows of €1.1 billion, which brought total assets under management as at the end of December 2010 up to €126 billion, a 4% increase.

The overall revenues of the personal and group insurance business managed by La Banque Postale Prévoyance, a joint subsidiary owned by La Banque Postale (50%) and CNP Assurance (50%), which underwrites the range of personal insurance products marketed by La Banque Postale, amounted to €389.3 million (+10.5%).

Tocqueville Finance, a subsidiary dedicated to specialist “value” investment management, which is 75% owned by La Banque Postale, had mutual funds of €1.435 billion under management as at the end of December 2010.

2010 results

The 4.2% increase[2] in La Banque Postale’s consolidated NBI in 2010 is in line with the trend experienced by the Bank since it was founded. On average, NBI has increased by 4% per year since 2006.

Retail banking, insurance and asset management expanded in 2010.

Retail Banking NBI, which represents the bulk of La Banque Postale’s NBI (96%), increased by 3.9%. The asset management business’ contribution to NBI increased sharply, rising by 37.6% in 2010 (+12.9% excluding changes to the scope of consolidation). The insurance sector’s NBI increased by 8% over the year.

>Meanwhile, consolidated operating expenses amounted to €4.436 billion, a slight 2.1% increase (+€74 million, of which €71 million was due to changes in the scope of consolidation or new business activities involving La Banque Postale Financement, Tocqueville and La Banque Postale Assurances IARD). Personnel expenses rose as a result of the Bank’s higher headcount, which was primarily linked to the ramp-up of the consumer credit business, and to operating preparations for new business activities (casualty and health insurance). Expenses relating to La Poste service agreements increased very slightly compared with 2009 (+€7 million). Depreciation and amortisation increased by €19 million compared with 2009, due primarily to IT expenditure relating to major business line projects, and to partnerships.

Overall, net operating income amounted to €719.5 million, i.e. an increase of 15.2%.

The quality of assets remained very high, while the cost of risk remained stable at 18 basis points.

The operating ratio improved, dropping 1.5 basis point to 85.1% compared with 86.6%.

CNP Assurances’ contribution to La Banque Postale’s consolidated results amounted to €195 million (+4.8%) in 2010.

The Group share of annual net profit was €651.3 million, up 10.8%.

As at the end of the 2010 financial year, Tier One prudential shareholders’ equity had increased by 5.3% to €3.5 billion, while the Core Tier One ratio stood at 11.0%. Total prudential shareholders’ equity amounted to €4.9 billion

La Banque Postale’s consolidated balance sheet amounted to €173 billion as at December 31st 2010, up €1.8 billion compared with 2009.

Its structure continues to stand out due to the fact that the level of deposits is significantly higher than the level of customer loans. However, the 2010 financial year was nonetheless characterised by an acceleration in the rate at which La Banque Postale’s balance sheet is moving towards a structure that is closer to that of its competitors, thanks to the very strong credit growth.

2011 Outlook

> In 2011, La Banque Postale will complete its range of products and services for private individuals…

In Spring 2011, it will progressively roll out its casualty insurance range throughout the entire post office network, and will launch its full health insurance range at the end of 2011. That range is underwritten by La Banque Postale Assurance Santé, a subsidiary that is 65% owned by La Banque Postale and 35% owned by La Mutuelle Générale.

Finally, La Banque Postale's multi-channel platform system will cross a major threshold at the end of the year: every customer will be able to access the Bank’s full range at the same price across all the distribution channels (post offices, telephone and internet). They will be able to start a transaction on one of the channels, continue it on another and finalise the transaction on a third channel.

>… and will launch its initial corporate credit range

In December 2010, La Banque Postale and Oséo introduced an innovative solution enabling French SMCs to improve their financing. This solution, which involves two tranches of €200 million each, involves a guarantee provided by SMC loans granted by Oséo Financement. This transaction relies on Oséo's expertise in the SMC credit sector and in structuring secure refinancing solutions.

La Banque Postale will file an authorisation application in the first half of 2011, in order to obtain permission to market its initial range of corporate credit products. As part of this process, it has chosen Franfinance as its equipment leasing service provider. This initiative ought to enable the Bank to meet its corporate customers’ requirements in the vehicle and general equipment finance fields.

La Banque Postale’s customers already include 475,000 companies and associations, to which it offers payment flow management services, and cash management and social engineering solutions.

* *
*

In conclusion, Philippe Wahl stated: “La Banque Postale has demonstrated the soundness of its financial structure in 2010, while completing the range of products and services that it offers to retail customers by adding consumer credit and property insurance, which have both seen an encouraging start. In 2011, La Banque Postale intends to extend its customer services even further, primarily through marketing casualty insurance in post offices, launching a full health insurance range and making the first inroads into the corporate credit market. Through its new products and initiatives, La Banque Postale will focus on developing its positioning as a bank that is not like other banks, and is at the service of its customers and our country’s economy.”

Consolidated Statement of Profit & Loss for the 2010 financial year

(€ million)	December 31st 2009	December 31st 2010
Net Banking Income	5,018,914	5,215,291
General operating expenses	(4,224,638)	(4,298,846)
Depreciation, amortisation and impairments to tangible and intangible fixed assets	(118,097)	(137,110)
Gross Operating Profit	676,179	779,335
Cost of risk	(51,570)	(59,884)
Net Operating Profit	624,609	719,451
Income from equity associates	185,792	194,949
Net gains or losses on other assets	(1,795)	2,326
Profit before tax	808,606	916,726
Income tax	(220,908)	(275,840)
Group net profit	587,698	640,886
Minority interests	105	(10,431)
Net profit, Group share	587,593	651,317

Consolidated balance sheet as at December 31st 2010

(€ million)	December 31st 2009	December 31st 2010
Assets
. Cash and central banks	3,699,660	2,149,998
. Financial assets at fair value through profit and loss	6,580,587	4,270,647
. Derivative hedging instruments	363,254	334,742
. Financial assets available for sale	11,240,968	9,966,741
. Loans & receivables - credit institutions	73,966,537	73,493,943
. Loans & receivables - customers	33,074,805	39,213,820
. Revaluation differences on portfolios hedged against interest rate risk	94,944	129,602
. Financial assets held to maturity	34,626,622	37,413,191
. Tax and other assets	5,009,470	3,278,978
. Fixed assets	2,594,183	2,764,085
TOTAL	171,251,030	173,015,747
Liabilities
. Financial liabilities at fair value through profit and loss	388,228	112,846
. Derivative hedging instruments	218,095	181,679
. Payables - credit institutions	5,618,828	6,169,760
. Payables - customers	149,830,946	151,068,471
. Debt represented by securities	3,806,899	4,523,400,
. Tax and other liabilities	5,730,552	4,184,617
. Underwriting reserves of insurance companies	383,343	450,963
. Provisions	325,793	303,805
. Subordinated debt	502,232	1,236,279
. Equity capital, Group share	4,445,284	4,793,763
. Minority interests	830	(9,836)
TOTAL	171,251,030	173,015,747

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La Banque Postale (www.labanquepostale.fr)

La Banque Postale, the banking subsidiary of the La Poste group, is a unique and special bank operating in the French retail banking market. As an institution that is faithful to its core values: acting in the general interest, confidentiality and closeness to its customers, La Banque Postale puts welcoming all its customers at the heart of its business. It supports its retail and corporate customers by providing a sustainable banking relationship, with an accessible and reasonably-priced range of products and services. It is continually adding to its product range, specifically through relying on the expertise of its subsidiaries and partners, thus entering new areas. La Banque Postale is accessible 24/7, anywhere, any time.

[1] Excluding changes to the home loans provision

[2] Excluding changes in the home loans provision

La Poste Group Results for 2010

Fri, 25 Mar 2011 11:21:27 GMT

REVENUE UP ROBUST STRATEGIC MODEL POSTAL WORKERS LINKED TO SERVICE QUALITY AND PERFORMANCE

At its meeting today, chaired by Jean-Paul Bailly, La Poste’s Board of Directors closed the Group’s consolidated financial statements for 2010. Mr Bailly thanked and paid tribute to postal workers for their daily commitment and major contribution to customer service and Group modernisation. Accordingly, he announced the payment of incentive bonuses totalling €60 million, i.e. €245 per employee (+11% on 2009). The amount is the same for each postal worker, whatever their status, profession or level of remuneration.

● Revenue up 2% to €20.9bn

● Operating profit up €27m to €784m

● Debt reduced by €713m

In euro million

2010

2009

Reported change

Revenue

20,939

20,527

+2%

EBITDA

2,037

1,867

+9.1%

Operating profit

784

757

+3.5%

Net profit for the year

550

531

+3.5%

GLOBAL ACTIVITY UP 2%

La Poste Group generated revenue of €20.939 billion, up 2% (1.8%1 on a like-for-like basis) compared to 2009.

• €11.538 billion came from the Mail business and its subsidiaries, down 1.2% at constant structure and exchange rates.

1 At constant structure and exchange rates; net of extraordinary items (change in the Home Ownership Savings provision, Echange Image Chèque fine, contribution to the deposit guarantee fund, capital gain on Visa Inc, and change in the provision for permanent impairment of AFS securities).

The decrease in Mail volume remains significant but did slow in 2010 (economic volumes down 3.5%, compared with a 5% decline in 2009). This average figure reflects contrasting trends across the various mail segments (-6.7% for private mail, -4% for the press, -0.8% for registered letters and advertising mail). The Sofipost holding company increased revenue by 4% over the previous year, to €938 million (up 2.6% at constant structure and exchange rates). In 2010, the advertising sales agency Mediapost Publicité was created as part of Sofipost. The year also saw the acquisition of Sogec.

• The Parcels/Express segment recorded revenue of €4.841 billion, up 6.3% at constant structure and exchange rates.

In the French and European Express segment, GeoPost generated revenue of €3.398 billion, up 7.3% at constant structure and exchange rates in a highly competitive market. The impact of the 9.8% increase in volumes (mainly in Germany, the United Kingdom and France) was softened by an average negative price effect of -3.9%. ColiPoste’s revenue was €1.443 billion in 2010, up 4% compared to 2009. Volumes grew 2.7%, mainly due to the upturn in mail order house activity. Revenue from e-commerce was up 11% on the previous year.

• La Banque Postale continued to grow in 2010, currently boasting more than 10 million active customers, and reported consolidated net banking income of €5.215 billion. The increase in credit outstanding exceeded €6.1 billion at the end of December, with more than €10 billion of home loan issuance, and consumer loans distributed for the first time in 2010. Customer funds in savings and sight deposit accounts were up by €6.2 billion at the end of December, as withdrawals from Livret A and LEP accounts were offset by positive new money collection for home ownership savings, life insurance and sight deposit accounts. Net banking income was up 3.9% (4.9% excluding extraordinary items). This increase resulted from the strength of household lending activity and the continued rise in the number of products per customer.

La Banque Postale also remains the cheapest bank on the market.

• In 2010, the Retail Brand again played a key role by distributing the Group’s business products to the general public through its 17,079 outlets. Its network (post offices and facilities operated through partnerships) generated revenue of €2.483 billion, down 2.3%. But with more than €1 billion of new money collection and over €10 billion of loan production for La Banque Postale, the banking business saw steady growth across the network. As in 2009, La Poste managed to significantly cut the average waiting time at its 1,000 largest post offices. For example, for depositing and collecting mail and parcels, which account for nearly half of all transactions, the waiting time fell from 6 minutes and 50 seconds at the end of 2008 to 4 minutes and 30 seconds at the end of 2009 and 3 minutes and 20 seconds at the end of 2010.

EBITDA GAIN REFLECTS COST CONTROL MEASURES: up €170 million on 2009.

Running costs were up 2.4% at constant structure and exchange rates. Costs in the Parcels/Express segment increased in line with business levels, while those of La Banque Postale included expenses incurred on the launch of new operations (mainly consumer loans and general insurance). The other businesses and their support services saved €90 million relative to the previous year. Employee benefit and payroll expenses were also up 0.6% over the year. Provisions for the various retirement schemes were discounted to take into account the higher legal age of retirement.

Given these extraordinary expenses, a standard measure of the Group’s operational performance between 2009 and 2010 is the change in EBITDA. This reached €2.037 billion in 2010, up €170 million on 2009.

STABLE OPERATING PROFIT: €784m, 3.7% of revenue

The Group’s consolidated operating profit amounted to €784 million, reflecting a stable operating margin of 3.7% of revenue and profitability for all businesses.

Mail recorded consolidated operating profit of €149 million. Despite a further drop in the volume of mail handled, the mail business still enjoys a positive operating margin.

Consolidated operating profit for the Parcels/Express segment was €336 million in 2010. The operating profit margin reached 6.9% of revenue.

The contribution from the banking business to the Group’s operating profit was €730 million, with the cost-to-income ratio improving by 1.5 points (2.5 points excluding extraordinary items) to 85.1%.

After taking into account net finance income and expenses and the €195 million contribution from CNP Assurances, the Group share of net profit for the year amounted to €550 million.

This result enables La Poste to propose the approval of a dividend payout of €136 million at its next General Meeting.

CLEAN-UP OF THE FINANCIAL STRUCTURE: net debt down by €713 million.

The Group invested €1.065 billion in 2010. Industrial and commercial investments accounted for €777 million of this total. In particular, four new industrial mail platforms were opened and the Group continued to modernise its post offices. Since 2008, a total of 660 post offices have been renovated, including 620 of the 1,000 busiest post offices. For its part, La Banque Postale invested €215 million, mainly in its information systems. Over the year, €73 million was spent on acquisitions, especially in the Mail business (taking over Sogec, a relationship marketing company, and buying out minority interests in Mediapost SA and Sefas Innovation).

La Poste honoured its commitment to contribute to the French economic recovery plan with €643 million invested in 2009 and 2010, notably through 4,400 construction and modernisation projects across the country.

High operational cash flows and a temporary reduction in investments last year saw net debt fall by €713 million in 2010. The higher dividend paid by La Banque Postale to La Poste and the reduction in working capital requirements contributed to this result.

The Group’s consolidated equity came to €4.5 billion at 31 December 2010, which helped bring the net debt to equity ratio down to 1.08, from 1.36 a year earlier. The net debt to EBITDA ratio was 2.36 at the end of 2010.

SHARING COLLECTIVE PERFORMANCE

La Poste coped with the crisis without changing its social model: no involuntary redundancies, no compulsory part-time working, no forced transfers. In 2011, an extraordinary contribution of €15 million will be invested with the aim of improving the balance between private and professional lives for postal workers (funding local community projects, increasing childminding facilities, etc.). And on 8 March, La Poste asked its corporate partners to sign a new agreement on postal workers’ housing. On top of the €31 million already allocated to social housing reservations each year, this year, a further €20 million will be spent on employees’ accommodation (buying rights to social housing, offering financial support to new hires, help with bills, etc.). In February, La Poste announced plans to recruit 4,000 new staff in 2011, up 40% compared to 2010.

OUTLOOK FOR 2011

2011 will see the execution of the €2.7 billion capital increase decided at the end of 2008 and made possible by the Act of 9 February 2010. The first tranche of €1.05 billion will be paid up in April. Caisse des Dépôts will sit on the Board of Directors from the second quarter onwards.

Against the backdrop of market conditions still affected by declining mail volume and uncertainty about the financial and banking environment, the Group forecasts stable consolidated revenue along with an operating margin greater than 3% of revenue, exceeding the targets indicated in the 2010-2015 plan. The Group will continue its modernisation work with a €1.3 billion investment programme.

The capital increase and the achievement of its operational targets will enable La Poste to significantly improve the quality of its balance sheet – the gauge of its strategic ambition – to consolidate its business and social model and to accelerate innovation and development.

PRESS CONTACTS

Virginie Gueidier

Tel. 01 55 44 22 41

Fax 01 55 44 22 62

virginie.gueidier@laposte.fr

Jacques Gourier

Tel. 01 55 44 22 43

Fax 01 55 44 22 62

jacques.gourier@laposte.fr

La Poste Group Capital Increase

Thu, 17 Feb 2011 15:58:50 GMT

The Board of Directors of La Poste, meeting today under the chairmanship of Jean‑Paul Bailly, approved the proposal to increase the company’s capital and decided to convene an Extraordinary General Meeting in order to carry out the operation.

This capital increase, in the amount of €2.7 billion, with €1.5 billion to be subscribed by Caisse des Dépôts and the remaining €1.2 billion to be subscribed by the French state, involves an irrevocable commitment confirmed in the form of a subscription agreement entered into by and between the French state, Caisse des Dépôts and La Poste.

The technical terms and conditions have been defined so as to organise the payments in accordance with the financing requirements of La Poste’s investments, described in the “Ambition 2015” plan approved by the Board of Directors in its meeting of 15 April 2010.

Shares issued between 2011 and 2013 will be paid up in three stages, with a first payment of €1.050 billion in 2011, a second instalment of €1.050 billion in 2012 and the remaining €600 million in 2013.

The General Meeting will also vote upon the admission of Caisse des Dépôt’s representatives within La Poste Group’s governance structures following the completion of the operation.

Key dates for the capital increase:

17 September 2008: French President names a special commission, chaired by François Ailleret, to examine La Poste’s future prospects, its financial requirements, and to put forward different options to support its development.

18 December 2008: French President validates the recommendation issued by the Ailleret commission to transform La Poste into a société anonyme (limited company) whose capital would be held entirely by public entities. The President reaffirms La Poste’s public service missions and approves the principle of a €2.7 billion capital increase (€1.2 billion from the French state and €1.5 billion from Caisse des Dépôts).

28 July 2009: The bill transforming the status of La Poste is adopted by the Council of Ministers. Start of parliamentary debates.

9 February 2010: Publication of the law leading to the transformation of La Poste, public sector operator, into a limited company with 100% state ownership.

1 March 2010: La Poste becomes a limited company with share capital of €1 billion.

15 April 2010: La Poste’s Board of Directors validates the “Ambition 2015” strategic plan.

18 October 2010: An agreement is reached between the French state and Caisse des Dépôts on the value of the La Poste Group and the general principles of Caisse des Dépôts’ entry into its capital.

10 February 2011: La Poste’s Board of Directors authorises Jean‑Paul Bailly to sign the subscription agreement and decides to convene an Extraordinary General Meeting to proceed with the issue of new shares.

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.

PRESS CONTACT

PRESS DEPARTMENT

Tel. 01 55 44 22 37

01 55 44 22 42

servicepresse@laposte.fr

La Poste Group Budget 2011

Wed, 02 Feb 2011 14:58:18 GMT

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

PRESS CONTACT

PRESS DEPARTMENT

Tel. 01 55 44 22 37

01 55 44 22 42

servicepresse@laposte.fr

La Poste Group results first half 2010

Thu, 14 Oct 2010 11:43:43 GMT

LA POSTE GROUP HAS IMPROVED ITS PERFORMANCE COMPARED TO THE 1ST HALF OF 2009 AND HAS REVISED ITS BUSINESS PROSPECTS AND RESULTS UPWARDS.

REVENUE INCREASED BY 2.7%.

OPERATING COSTS UNDER CONTROL.

OPERATING PROFIT INCREASED TO 678 MILLION ANDTHE OPERATING MARGIN TO 6.4%.

Meeting today under the chairmanship of Jean-Paul Bailly, the Board of Directors of La Poste has closed the Group’s consolidated financial statements for the first half of 2010.

KEY FIGURES

€ million	30 June 2009	30 June 2010	Change as reported	Change like-for-like *
Revenue	10,274	10,590	+3.1%	+2.7%
EBITDA	901	1,160	+29%	+26%
Operating Profit	453	678	+50%	+55%
Profit for the year attributable to equity holders of the parent	388	478	+23%
Operating margin	4.4%	6.4%	+ 2 points

* At constant scope and exchange rates; excluding changes in the Home Ownership Savings provision; excluding capital gain on the sale of Visa Inc. securities

THE GROUP’S BUSINESS

The consolidated revenue of the La Poste group reached €10,590 million, up by 3.1% compared to the first half of 2009 (+ €316 million) and by +2.7% on a like-for-like basis. The drop in mail volumes remains significant (-3.7%), but less than expected, while the Parcels/Express business had a very rapid recovery and La Banque Postale continued its development.

Mail and its subsidiaries had revenue of €5,943 million, down by 0.9% at constant scope and exchange rates.

The structural drop in mail traffic continued, but at a less sustained rate than at the beginning of 2009. In the first half of 2010, volumes were down by 3.7% compared to the first half of 2009. Over 12 months, the drop in the number of items reached -4.4%, against -4.7% at the end of December 2009.

The drop in volumes thus impacted revenue by - €175 million, partially compensated by the residual impact of price increases occurring in 2009 (+ €35 million), by calendar effects (+ €55 million) and by the development of services to customers and other activities carried out within the Sofipost holding company (+ €32 million).

Parcels/Express had revenue of €2,330 million, up by 6.2% at constant scope and exchange rates.

All of the subsidiaries of Geopost in France (Chronopost and Exapaq) and in Europe (DPD, SEUR, etc.,) had significant increases in business, driven by the growth in trade and a growing market share. The increase in volumes reached 10%, but intense competition also brought pressure on prices. GeoPost’s revenue thus stood at €1,633 million, up by 7.4% at constant scope and exchange rates.

The volumes handled by ColiPoste in the first half of 2010 increased by 2.4%, resulting in a 3.4% increase in its revenue compared to the first half of 2009, to reach €697 million. Revenue coming from e-commerce again had double-digit growth this year (+12%).

La Banque Postale is continuing its development: Net Banking Income increased by 7.6% on a comparable basis, reaching €2,640 million.

This increase is in comparison to a first half of 2009 marked by the immediate aftermath of the financial crisis. The interest margin and related income increased by €77 million compared to 30 June 2009, representing 6.4%. Remuneration on centralised assets (Livret A and centralised LEP and LDD accounts) dropped by €16 million compared to 2009, mainly due to the drop in average customer funds. On the other hand, commissions (insurance, UCITS, securities and customer) increased by €117 million, mainly coming from life insurance and services to customers.

Savings assets and sight deposits reached €280 billion at the end of June 2010, up by 4.5 billion compared to 30 June 2009.

The first half of 2010 also saw outstanding loans increase. Production of property loans was up by 16% compared to last year, while the consumer-credit business is recovering.

The contribution of the network of post offices to the Group’s commercial activity remains essential.

Over the half-year, the network of post offices made sales generating more than 28% of ColiPoste’s revenue, more than 18% of Mail’s revenue and 12.5% of Chronopost’s revenue. La Poste Retail Brand made €1,277 million of sales for Mail, Parcels/Express and third-party products, practically stable on 30 June 2010 compared to 2009. However, the property loan business in post offices is continuing to grow, with more than €4.2 billion of production over the first six months.

CHANGES TO COSTS

The Group’s operating expenses stood at €9.9 billion at the end of June 2010. At constant scope and exchange rates, they were up by 0.4%, for business that increased by 2.7%. Personnel costs are stable (+0.5% for La Poste, excluding changes in provisions and the impact of the pensions reform of 2005). Purchases and other external costs grew in the subsidiaries because of the increase in activity, while they dropped by 4.8% at La Poste.

CHANGES IN PROFITABILITY

The Group’s operating profit stood at €678 million, representing an increase of 55%, on a comparable basis, compared to 30 June 2009. All activities contributing to operating profit saw an improvement compared to 30 June 2009. The operating profit margin stood at 6.4% of revenue, up by 2 points compared to the first half of 2009, returning to the level of June 2008.

The consolidated operating profit for Mail stood at €240 million. The programme to vary operational expenditure lead to a 1.4% drop in costs on a like-for-like basis, thus improving the operating profit margin, which reached 4% during the first half-year.

The consolidated operating profit of Parcels/Express stood at €171 million during the first half of 2010, up by 5% at constant scope and exchange rates. The operating profit margin stood at 7.3% during the first half of 2010.

La Banque Postale contributed €426 million to the Group’s operating profit.

After including financial earnings and the contribution of CNP Assurances, which reached €101 million, the Group’s consolidated net profit stood at €478 million, up by 23.2% compared to the first half of 2009.

THE FINANCIAL STRUCTURE

On 30 June 2010, the Group had made €337 million of internal investments and devoted €35 million to external growth, divided between the “industrial and commercial” businesses (€296 million) and La Banque Postale (€76 million). The principal part of investments is programmed for the second half-year.

These investments, together with the interest and dividends, were self-financed by an EBITDA of €1,160 million. Net debt had been reduced on 30 June 2010 compared to 31 December 2009.

2010 PROSPECTS REVISED UPWARDS:

The Group set a target of stabilising its business in 2010 and aiming for profitability close to that of 2009. Based on the results of 30 June, the Group now contemplates an increase in its consolidated revenue of 1 to 2%, and an operating profit, excluding non-recurring items, similar to that of 2008.

The results of the first half of 2010 therefore confirm the business plan associated with the “Ambition 2015” strategic plan.

PRESS CONTACTS AT LA POSTE GROUP

Written media
Virginie Gueidier
Tel: +33 (0)1 55 44 22 41
Fax: +33 (0)1 55 44 22 62
virginie.gueidier@laposte.fr

Audiovisual media
Jacques Gourier
Tel: +33 (0)1 55 44 22 43
Fax: +33 (0)1 55 44 22 62
jacques.gourier@laposte.fr

La Poste Group unveils "Ambition 2015" strategy

Fri, 28 May 2010 13:42:20 GMT

The Chairman and CEO of La Poste Group, Jean-Paul Bailly, today presented the publicly-owned company’s new strategic plan Ambition 2015 to the Board of Directors. The plan establishes the priorities and change management principles for adapting to the profound evolution in La Poste’s business environment, and making the company - a European leader in logistics and financial services - best-placed to serve the French public. It targets a gradual return to the levels of profitability generated by La Poste in recent years, incorporating an investment programme whose implementation primarily depends on a forthcoming €2.7 billion capital increase. The strategic plan unveiled today will be one of the elements used by the French government and Caisse des Dépôts to prepare for the important next step in the development of La Poste.

The five priorities of La Poste Group for 2015

1. Fulfilling its four public service missions (universal postal service, press transportationand delivery, banking accessibility and regional planning), which underpin essential aspects of daily life in France. The Law of 9 February 2010 restated the details of each of these missions.

2. Achieving sustainable growth in all sectors, by increasing consolidated revenues, keeping costs under control, raising operating profitability, developing partnerships and improving customer satisfaction.

3. Focusing on the quality of services in all group businesses. This endeavour is already bearing fruit, with improved complaint handling, clearer communications and reduced waiting times in post offices. The rollout of a new design concept for post offices and the high quality of La Banque Postale’s customer care are also indicative of the group’s commitment in this area.

4. Fostering innovation through the development of new services (Digiposte, ‘hybrid mail services’, the new Coliposte service, mobile phone access, development of La Banque Postale’s multi-channel marketing).

5. Developing new businesses and entering new markets in Europe, in particular through acquisitions.

These five priorities are aimed at making La Poste a leading example of a modernpublic enterprise.

Implementing the five priorities on the basis of two change management principles

Against a backdrop of fierce competition on all of its markets, and with its traditional mail business constantly evolving, the company’s strategic plan will be executed in line with La Poste’s social model principle, which is dedicated in particular to guaranteeing no compulsory redundancies, promoting equal opportunities, providing on-the-job and class-based training for new recruits, skills development and good working conditions, ensuring the safety of postal workers and sharing the fruits of success.

La Poste’s second key principle is sustainable development, exemplified by large-scale projects involving electric-powered vehicles, goods transport, efficient energy management, responsibly sourced paper and waste management, as well as day-to-day measures such as eco-driving, the dissemination of good practice, and raising managers’ awareness of sustainability issues.

La Poste Group’s ambitions for 2015

The 2015 Ambition programme sets new financial targets for the group. A diversified business portfolio will be the key to a gradual return to the levels of profitability enjoyed before the economic crisis hit and the accelerated decline in postal traffic. The group is forecasting a slight increase in its revenues over the period, to close to €22 billion (excluding external growth) in 2015, with an operating margin of around 8%.

Along with other European postal operators, La Poste Group is projecting a 30% drop in mail volumes by 2015.
The strategy of the mail business is to become a premium communications medium, offering businesses and individuals a 21st century service combining print formats with the most advanced digital technologies. To do this, between now and 2012 the mail business will fully modernise its industrial systems, adjusting costs to volumes, and from this year, offer new, innovative services and develop profitable growth drivers. The mail business will also provide eco-designed and eco-transported services. Its financial goal for 2015 is to remain profitable and fund its investments out of cash flow.

The parcels-express business is projecting an increase in volumes, as e-commerce grows and the economic climate in France and Europe steadily improves. Despite stiffer competition, the parcels-express business aims to maintain a high operating margin and become the European leader, in terms of market share and profitability, in the fast delivery of light goods, which is - and will remain - the group’s core area of excellence.

La Banque Postale will capitalise on its positioning as a retail bank upholding the values of customer service at a local level. Between now and 2015, it is looking to benefit from the expansion of its range of products and services for individuals and business customers, while maintaining the robust sales growth it has generated since its launch. The cost-to income ratio may be reduced by around 15 points through a stabilisation of expenses and continued development, mainly on the back of growth in new activities.

For its Retail brand, La Poste is planning to roll out its design concept for post office reception and service areas, putting an end to single queues. For standard counter transactions, the increased use of alternative on-site (machines) and off-site (telephone and internet) resources will make it possible to focus post office activities on advising customers. These changes will bring about a huge improvement in the quality of service provided to customers, lead to the development of value-added activities that help meet their needs and expand La Poste’s three main businesses, reducing their costs and making them more competitive. The aim is to reduce the overall cost of the post office network between now and 2015.

In view of all these sector trends, La Poste group’s financial targets will be achieved over three phases:

The transition phase (2010-2011), during which the group’s operating margin will reflect a drop in operating profit of the mail business, a gradual widening of margins in the parcels business and a steady improvement in the bank’s performances. The aim will be to slow and then stop the decline in earnings that has taken place over the last two years.
In 2012, the group will begin a period of recovery and should return to the earnings levels generated prior to the economic crisis and sharp decline in mail volumes, albeit with markedly different contributions from the group’s individual businesses.
At the end of the plan, the group should enter a period of faster growth. Once the profitability of the mail business has stabilised, the earnings generated by the parcels-express business through its European network, together with the bank’s realisation of its considerable growth potential, should result in an operating margin of around 8%.

A growth strategy made possible by the capital increase

Over the 2010-2015 period, the investment required for the implementation of the modernisation and development plan is estimated at almost €9 billion, before the impact of any new rules applicable to financial activities.

In particular, this investment covers:

completion of programmes already under way in the mail and parcels businesses
refurbish and secure the post offices network and upgrading of IT systems in the various businesses, especially La Banque Postale
identification of the acquisitions needed to become a leading player in light goods logistics in Europe
innovation and growth plan for new segments of the mail business
strengthening of the bank’s equity in response to regulatory requirements

Given the current level of debt, the investment programme will be dependent on cash flows generated by the group and the capital increase approved by the French government and Caisse des Dépôts et Consignations.

The strategy is entirely consistent with the report of the Ailleret Committee and the announcement by the French president, in December 2008, of a capital increase to take place in 2010, made possible by the change in La Poste’s status.

LA POSTE GROUP PRESS CONTACT

Virginie Gueidier
Tel: +33 (0)1 55 44 22 41
Fax: +33 (0)1 55 44 22 62
virginie.gueidier@laposte.fr

La Banque Postale 2009 results and outlook for 2010

Thu, 01 Apr 2010 16:25:02 GMT

2009 was the best year yet for La Banque Postale

2010 sees the launch of new business lines and the development of multichannel distribution
as La Banque Postale focuses more than ever on putting customers first

Consolidated Net Banking Income for 2009: €5.019 billion
(up 4% on a like-for-like basis*)

Consolidated operating expenses: €4.343 billion (down 1.6%)
Consolidated gross operating profit: €676.2 million (up 69%)
Net profit: €587.7 million (up 94.2%)

Cost/income ratio: 86.6% (down 5.2 points)
Tier One Ratio: 11.3%

Home loan advances: €32 billion (up 16%)

Earlier today, La Banque Postale Chairman Patrick Werner presented details of the results and business performance of the Bank in 2009, and set out its prospects for growth in 2010.

In its fourth financial year, La Banque Postale faced a difficult and uncertain trading environment marked by deregulation of Livret A account distribution, falling interest rates and the global economic crisis. But as a result of the action taken by the Bank, supported by the proactive sales strategy, cost controls and prudent financial management provided by the postal services network, it was able to report an exceptional year in 2009. In the words of its Chairman, 2009 was “The best year yet”. These exceptional results once again underline the financial stability of the Bank and the relevance of its growth model.

La Banque Postale financial results and business performance for 2009

> In 2009, La Banque Postale net banking income was €204 million higher at €5.019 billion, reflecting a rise of 4.2% over 2008. On a like-for-like basis, NBI was up by 4%.

This growth in NBI was seen across all three of the Bank’s business sectors: retail banking, insurance and asset management.
It also continued the unbroken upward trend in NBI reported by La Banque Postale ever since its formation: NBI has been increasing at an average annual rate of 4.3% since 2006.

Combined with effective cost controls, this strong growth enabled La Banque Postale to report gross operating profit of €676.2 million for 2009, up an impressive 69% on 2008.

At €587.7 million, Group net profit was up by 94.2%, accompanied by 5.2-point improvement in its cost/income ratio, which was 86.6% for the year.

The Bank’s Tier One capital adequacy ratio was 11.3%.

> The background to these results is the continued dynamic sales growth achieved by La Banque Postale in 2009.

. The number of active customers served by La Banque Postale grew strongly by 3.9% to end the year at 9.9 million. The rate of growth was even stronger amongst asset management customers, where the end-of-year total was in excess of 880,000, reflecting a 21.7% rise year-on-year.

. With 11.3 million current accounts at the end of 2009, La Banque Postale has successfully consolidated its position as a leading player in the French retail banking landscape, in terms both of new account openings and customer take‑up of everyday financial services (account packages, payment cards, etc.), savings products and personal risk insurance.

More than 772,000 new postal bank accounts were opened in 2009 (up 4.3% on 2008), as well as nearly 1 million new service packages and banking relationship packages.

In terms of savings and insurance, 324,000 new life insurance policies were issued in 2009. The new Cachemire multi-fund, multi-manager life insurance contract launched in November 2008 made a significant contribution to this trend, with 75,000 contracts already in the management portfolio. Launched in April 2009, Excelis, the premium life insurance policy with delegated fund switching, also got off to a promising start.

In terms of personal risk insurance, 469,000 new policies were issued in 2009, bringing the total number of personal risk insurance policies in the La Banque Postale portfolio to more than 2 million. On the basis of these results, La Banque Postale has further consolidated its position as the number three in the French market for personal risk bancassurers.

. Savings under management and instant-access deposits grew by 2.5% during the year to end 2009 at €277.3 billion. The majority of this growth in net new money was driven by institutions and companies.

Following the exceptional level achieved in 2008 against the extraordinary background of falling interest rates and the global financial crisis, the level of net new money paid into La Banque Postale fell in 2009, as expected. Nevertheless, the deregulation of Livret A account distribution has not led to any significant erosion of the Bank’s customer base.

As the preferred product of French savers, over 21 million La Banque Postale customers have Livret A accounts. At the end of 2009, the Bank’s Livret A accounts held deposits totalling €55.6 billion. Despite the deregulation of Livret A distribution, the number of new accounts opened at La Banque Postale remained at a sustained level in 2009, at 562,000. La Banque Postale received nearly 122,000 transfer requests in 2009.

Life insurance assets under management at La Banque Postale grew by more than 8.5% to end the year at over €100 billion. After an exceptional end to the 2008 financial year as a result of the enormously successful Livret A Puissance 10 campaign, the sales campaigns run in 2009 generated revenue of €11 billion for the year, reflecting a slight fall on 2008.

. 2009 was a record year for La Banque Postale home loans.
Outstanding home loan advances progressed by 16% in 2009, to end the year at nearly €32 billion. More than €8.3 billion was advanced for home loans during the year (including the new interest-free loan), representing an 8.3% increase over 2008 in a market that shrank by 15%.

In 2009, La Banque Postale helped 123,000 households to buy or renovate their homes. More than a third of these borrowers were aged under 30.

The La Banque Postale portfolio now includes 1 million home loans. In terms of home loans granted during the year, La Banque Postale extended its share of the market by 1.7 point in 2009 to end the year at 8%.

Subsidiary companies and holdings make a strong contribution to La Banque Postale results

Closely integrated with the business activities of the bank, the subsidiary companies and holdings that contribute specialist skills further confirmed their strategic, financial and technical importance during 2009.

Through their continued growth, they contributed very significantly to the performance of La Banque Postale.

> At €186 million, the CNP Assurances contribution to La Banque Postale consolidated profit for 2009 was €55 million higher than in 2008.

> La Banque Postale Asset Management had an excellent year in 2009, reporting net profit up by more than 23% to end the year at €24.9 million. Net new money totalled €2.6 billion in 2009, and the longest-established of La Banque Postale subsidiary companies ended the year with more than €121 billion of assets under management. According to Europerformance, these results establish the company as France’s fifth-largest asset manager in terms of assets under management, and the country’s sixth-largest financial player in terms of market share.

> Sogerco, the La Banque Postale insurance brokerage, achieved 3.6% revenue growth in 2009, taking its annual reported revenue from €35.4 million to €36.7 million. Net profit was up by 6.2% on 2008, at €20.6 million.

> Owned 50/50 by La Banque Postale and CNP Assurances, La Banque Postale Prévoyance handles the range of personal risk insurance products marketed by the Bank. In 2009, it reported net profit of €26.2 million (up 58% on the previous year) earned on the basis of a 10% rise in revenue, which ended the year at €352.4 million.

> La Banque Postale Gestion Privée is owned 51% by La Banque Postale and 49% by Oddo & Cie, and is the Bank’s dedicated securities portfolio management services company. Having delivered a remarkable performance in terms of financial management, the company ended the year with €506 million of assets under management, reflecting a 172% increase over 2008 in a year that was hardly favourable to stock market investment.

> XAnge Private Equity is the Group company that specialises in private equity management and consultancy. The total amount of equity capital covered by its consultancy and management agreements totalled €350 million at the end of 2009. XAnge Private Equity reported annual revenue of nearly €8.1 million for the year, reflecting an increase of 6% on 2008.

2010: the launch of new business lines and the development of multichannel distribution... La Banque Postale continues to develop and expand the range of services offered to its customers

With the launch of new business lines and the development of multichannel distribution, 2010 looks like being a pivotal year for La Banque Postale.

> In 2010, La Banque Postale could find itself on an equal footing with its competitors in the personal finance market, thanks to the launch of consumer loans and general insurance services.

. The beginning of April 2010 will see the national rollout of its consumer loans products in France through all distribution channels. La Banque Postale is aiming to bring confidence back to the consumer loans market by putting the best interests of customers at the heart of its new venture. Totally consistent with its core values and business practices, transparency, responsible lending and accessibility will be the key features of the La Banque Postale range. Particular emphasis will be placed on the prevention and management of overindebtedness. This strong and unambiguous commitment will set the company apart from its competitors when it enters this important market.

. In entering the personal general insurance market between now and the end of 2010, La Banque Postale has set itself the goal of “inventing” a new business model for the next 10 years; a business model that will quickly establish the Bank as a major force in this market. This new model will be based on 100% multichannel distribution, management and customer relations and some of the lowest rates in the market, backed up by the highest-possible quality of service in terms of fast claims settlement and customer service provision to deliver the trouble-free insurance experience that gives customers real peace of mind at what can often be a difficult time.

> This will also be the year in which La Banque Postale introduces its “channel mix” by bringing together its previously-juxtaposed online, phone and post office channels to enable its customers to use each channel as and when they wish: advisers for face-to-face advice, and remote channels for maximum access and speed.

. La Banque Postale has established itself at the cutting edge of banking innovation by supporting and accompanying today’s fast-changing technologies and lifestyles.
Since 8 March 2010, La Banque Postale has been offering its customers a new mobile website (www.labanquepostale.mobi) accessible from all types of mobile phone and offering the same services as the www.labanquepostale.fr website (post office locations, account viewing, inter-account transfers, online simulators and calculators and information about the Bank’s products and services).
It is through initiatives like these that La Banque Postale is enabling its customers to “have the banking relationship they prefer” by developing a close and meaningful relationship.

. Committed to supporting new developments in payment cards and making their facilities accessible to as many people as possible, La Banque Postale will be issuing its first contactless Visa cards as part of its “Contactless Nice” campaign. Scheduled for June 2010, this will be the first full-scale pre-commercial rollout of mobile contactless services in Europe.
The new card delivers innovation, simplicity and speed through the use of NFC (Near Field Communication) technology, which is being offered in conjunction with the traditional functions of La Banque Postale payment cards.

La Banque Postale is more committed than ever to being the multichannel bank that is closest to its customers.

> In the Business and associations market that contributed 6% of La Banque Postale NBI in 2009, the Bank has continued successfully to bring forward new and innovative services:
- in Payment Flows: a web-based transaction system (LBP@ccess 24 and LBP Net Entreprises)
- in Social engineering: the launch of Key Man Cover
- in Investments: a range of SRI mutual funds, including the LBP Responsable Garantie Novembre 2011 structured fund

Unable to use Livret A and Livre de Développement Durable (LDD) deposits as a source of lending for SMEs, as was originally intended by the legislation, these deposits (in excess of €6 billion at the end of 2009) have been centralised at La Caisse des Dépôts.

As part of making its contribution to the national economy, La Banque Postale is examining opportunities for continuing to increase its commitment to business start-ups and companies (especially the very smallest companies) in line with the consultation recently initiated by the French President.

In conclusion, Patrick Werner made it clear that: “The success of La Banque Postale is primarily the result of the commitment made by all the men and women that make the Bank work. In today’s La Poste Group, we are seeing the depth of that commitment at an unprecedented level. And that is great news for La Banque Postale and its customers for the years ahead.”

Key figures for La Banque Postale:

- €5.019 billion in NBI
- 11.3 million postal banking accounts
- 9.9 million active customers
- 480,000 businesses, institutions and associations
- 5.343 ATM/Banking terminals in France
- €277.3 billion of customer assets under management
- More than 6.3 million payment cards issued, representing 11% of the market
- 17,000 points of contact

Figures correct at end 2009

Press contacts:

Printed media:
David Lhôte
Tel.: +33 (0)1 55 44 22 42
Fax: +33 (0)1 55 44 22 62
david.lhote@laposte.fr

TV and Radio:
Jacques Gourier
Tel.: +33 (0)1 55 44 22 43
Fax: +33 (0)1 55 44 22 62
jacques.gourier@laposte.fr

* After correction for changes in the provision for home savings, neutralisation of the effects of changes to the Livret A account and long-term or significant provisions for impairment.

La Poste Group 2009 results

Tue, 30 Mar 2010 14:27:03 GMT

La Poste Group demonstrates its resilience at a key moment in its history:
Contained decline in revenue
Improved cost control across all businesses
Quality of services continually improving

Today’s meeting of the Board of Directors of La Poste, chaired by
Jean-Paul Bailly, closed the Group’s consolidated financial statements for the 2009 financial year.

At the meeting, Chairman Bailly emphasised that " ... the diversity of its businesses means that the Group is able to hold up well despite the economic crisis and the breakthrough in digital communications. Revenue and operating profit are down slightly with EBITDA stable, proof that La Poste has been able to control its operating costs while pushing forward with its policy of investing in and improving its services...".

KEY FIGURES

In € millions	2008*	2009	Change vs. published	Change on a like-for- like basis **
Revenue	20,799	20,527	-1.3%	-2.0%
EBITDA	1,843	1,867	+1.3%	+1%
Operating Profit	866	757	-15%	-13%
Profit for the year attributable to equity holders of the parent	529	531	+0.4%
Operating margin	4.3%	3.7%	-0.6 point

* 2008 restated financial statements
** At constant scope and exchange rates; excluding the change in Livret A remuneration mechanism as well as the change in the provision for permanent or material impairment of available-for-sale securities.

CONTAINED DECLINE IN GROUP SALES

Against a difficult economic environment, La Poste Group posted consolidated revenue of €20,527 million, down -1.3% on 2008 (‑€272 million) and -2% on a like-for-like basis.

Mail business and its subsidiaries posted revenue of €11,665 million, down 4.7% at constant scope and exchange rates.

The fall-off in traffic already seen in 2008 became more pronounced in 2009.
Economic volumes (excluding subsidiaries of the Sofipost holding company) were down -5.3%, comprised of a -4.5% decline in volumes and a negative product mix effect of -0.8%.

This performance was not offset by the tariff increases that had an average positive effect of +1.3%.
The structural decline in the mail market was magnified by the economic crisis. All mail categories (business mail, direct marketing and press) have been hit by this trend.
On the other hand, mail delivery performance continues to improve: 84.4% of first class mail was delivered in D+1, a +0.6 point improvement on 2008, representing the best performance ever.

Parcels/Express recorded revenue of €4,479 million, down 3.5% at constant scope and exchange rates.

The economic crisis affected all of GeoPost’s markets, the Group’s Express subsidiary.
GeoPost posted revenue of €3,093 million, down 4.6% at constant scope and exchange rates. The decline was particularly marked in Germany, Spain and the United Kingdom.
In France, where the recession wasn’t as severe, and thanks to a policy of product innovation, Chronopost recorded a growth in its volumes.

ColiPoste’s business (B to C and C to C in France) saw traffic fall on the back of a decline in mail order sales, partly offset by the dynamism of e-commerce, which was up 16%.
Revenue amounted to €1,387 million, down 1.4%.
ColiPoste’s D+2 delivery performance was 92.8%, +0.3 points better than in 2008.

La Banque Postale continues its development: Net Banking Income rose 4% on a like-for-like basis to €5,019 million.

Following an exceptional 2008 as a result of a unique combination of interest rate levels and the financial crisis, net new deposits at La Banque Postale declined as expected but remained positive.

The opening up of the distribution of the Livret A did not significantly erode the customer base in 2009. Savings and sight deposits were up 8.1% year-on-year at €277.3 billion at end-2009.

La Banque Postale continues to grow the number of products per customer and is also seeing a sustained rise in its active customer base, which stood at over 9.9 million at year-end.

FY 2009 was also very positive for home loans, with the market share held by La Banque Postale exceeding 8%.

Through its 17,107 outlets, the La Poste retail brand plays a key role in distributing to the general public the products offered by the various Group businesses.

La Poste retail brand represents the front line as regards providing advice and selling the products and services of La Banque Postale and generated over 29% of ColiPoste’s revenue, over 18% of Mail’s revenue and close to 13% of Chronopost’s revenue. In 2009, La Poste retail brand generated €2,525 million in sales for Mail, Parcels/Express and third-party products, down 2.2% while counter activity was down 3.7%.

As part of a major programme to modernise and improve customer service, La Poste retail brand managed to significantly cut average waiting times across its 1,000 largest offices.
Accordingly, on Mail and Parcel drop-offs and pick-ups, which represent close to half of transactions, waiting times went from 6 minutes 50 seconds at the end of 2008 to 4 minutes 30 seconds at the end of 2009.

COST CONTROL

In light of the difficult trading environment, all La Poste Group entities implemented cost-cutting plans. The Group’s operating expenses amounted to €19.77 billion, down €307 million (-1.6%) at constant scope and exchange rates on 2008.

This change firstly reflects the ability of the Group’s businesses to bring their costs into line with sales levels and secondly the impact of the cost-cutting plans implemented since the end of 2008 and accentuated in 2009 in terms of overheads and support costs.

PROFIT PERFORMANCE

Given these developments, EBITDA amounted to €1,867 million in 2009 and was stable compared to 2008.

Following depreciation, amortisation, provisions and the lower risk cost, the Group’s operating profit amounted to €757 million. The operating margin thus represented 3.7% of revenue, 0.6 points down on end-2008.

The Mail segment generated a consolidated operating profit of €179 million in 2009.

The business model of Parcels / Express based on highly variable operating resources and strengthened by the cost-cutting plans has proven to be particularly resilient. Consolidated operating profit amounted to €324 million in 2009, up 3% at constant scope and exchange rates.
The operating margin was up 0.5 point at constant scope and exchange rates.

In the case of La Banque Postale, the banking business made a €612 million contribution to the Group’s operating profit, on the back both of the sharp rise in Net Banking Income and strong cost control associated with the use of La Poste resources, thereby making it possible to reduce the cost to income ratio.

Including net finance income and expenses, which notably included the temporary impact of the debt reassessment in line with IFRS, and the €186 million contribution of CNP Assurances (+€56 million on 2008), profit for the year attributable to equity holders of the parent amounted to €531 million. This result means that La Poste can propose a dividend of €105 million to its Annual General Meeting.

A STABLE FINANCIAL STRUCTURE

Cash flow amounted to €1,395 million at end-2009, up €40 million on 2008.

The Group was able to make investments of €1,280 million while slightly bringing down its net debt, which nevertheless remains high at €5.5 billion.

Internal investments accounted for €1,164 million. 18 Industrial Mail Centres were opened, with the new platform now accounting for 70% of flows. 600 La Poste offices were modernised.

€116 million was moreover allocated to acquisitions during the year.

Accordingly, the Group’s scope now includes:

Within Sofipost (the holding company for Mail subsidiaries), Mediapost Hit mail in Romania together with Mediapost Spain, comprised of 5 regional companies in Spain operating in direct marketing and the ad-mail market;
Within GeoPost, 10 new Seur franchises (Spain) as well as the establishment of a joint-venture in India;
Within La Banque Postale, the Tocqueville Finance Group specialised in collective asset management.

The Group’s equity amounted to €4.1 billion thereby helping to improve the Net Debt / Equity ratio, which stood at 1.35 at end-2009 compared to 1.75 at end-2008. Following adjustment for unrealised effects on financial instruments, this ratio stood at 1.5, still significantly out of step with the major European postal operators, just like the coverage ratio (Net Debt / EBITDA), stable at 2.96.

OUTLOOK FOR 2010:

In 2010, La Poste Group will push forward with its modernisation and restructuring efforts. The capital increase scheduled for the year-end thus opens up new opportunities, in an environment that continues to be very fragile. In this context, La Poste Group still aims to stabilise its revenue and to maintain a profit-generation ability.

The structural decline in Mail volumes is expected to continue. The Parcels and Express business on the other hand is expected to see a progressive return to the levels achieved prior to the economic crisis. La Banque Postale will continue its development.

Overall, the contributions of the banking and Parcels / Express businesses should continue to rise, offsetting the decline in the Mail contribution, the goal of which is to remain in the black.

Investment levels will remain high. The Group is thus looking to continue with its strategy of identifying growth drivers and continually improving service quality within each business. These investments will notably include €360 million as part of the economic recovery plan.

LA POSTE GROUP PRESS CONTACTS

Print media
Virginie Gueidier
Tel: +33 (0)1 55 44 22 41
Fax: +33 (0)1 55 44 22 62
virginie.queidier@laposte.fr

Audiovisual media
Jacques Gourier
Tel: +33 (0)1 55 44 22 43
Fax: +33 (0)1 55 44 22 62
jacques.gourier@laposte.fr

La Poste group targets for 2010

Mon, 11 Jan 2010 08:51:55 GMT

Revenue Stability and Maintenance of Operating Margin

The Board of Directors of La Poste, meeting today under the chairmanship of Jean-Paul Bailly, reviewed the earnings outlook for the end of FY 2009 and approved the Group’s 2010 budget.

For 2009, revenue is expected to decline by around -3% on 2008. As already indicated when releasing the interim results, this reduction in revenue stems from a fall-off in volumes at Mail (-5.8%) and Parcels/Express (-4.5%). La Banque Postale continues to break new ground, particularly in new home loan generation and in growing the number of products per customer, with the 4% plus growth in its net banking income helping to limit the fall-off in the Group’s consolidated revenue.

La Poste expects to achieve a consolidated operating margin of around 2.5% this year, under target on the back of a larger than anticipated decline in mail volumes. Operating profit is expected to be about €500 million. The various businesses have introduced cost cutting programmes that for the first time make it possible to target a reduction in La Poste’s expenses at constant scope and exchange rates by year-end compared to last year. This cost cutting comes hand-in-hand with the best delivery performance ever (over 84.5% for first‑class mail and over 93% for tracked parcels delivered in D+2).

A high-level of investment continued (close to €900 million) and remains covered by cash flows. La Poste contributed some €240 million to the economic stimulus plan.

2009’s results will be released on 11 March 2010.

For 2010, La Poste Group expects consolidated revenue to be almost unchanged, on the back of very mixed performances across its various businesses: a continued fall-off in volumes (-5%) and the development of new offerings allowing the decline in Mail revenue to be limited to -3%; renewed growth in Parcels and Express services, with revenue up +6.2%; and the continued sustained growth at La Banque Postale (+6% excluding the change in the home ownership savings provision).

In an uncertain economic and competitive environment, La Poste’s goal will be to keep its operating margin stable at 2009 levels. The cost cutting policy and the development of new businesses will continue in 2010. Investment targets continue to be high (€1.1 billion), reflecting La Poste’s ambitions against the background of the planned capital increase:

Modernisation of Mail industrial centres;
Modernisation of post offices;
Maintenance of local coverage;
Development of La Banque Postale;
Acquisitions in Express and Mail growth areas; and
Phase two of the contribution to the economic stimulus plan.

PRESS CONTACTS

Print media
David Lhote
Tel : +33 (0)1 55 44 22 42
david.lhote@laposte.fr

Broadcast media
Jacques Gourier
Tel : +33 (0)1 55 44 22 43
jacques.gourier@laposte.fr

La Poste group results first half 2009

Mon, 28 Sep 2009 11:42:33 GMT

Affirmation of multi-business strategy to safeguard Group profitability: Mail operating margin down, improved performance by La Banque Postale and sustained profitability at Parcels/Express.

Group revenue over the half down on the back of a sharp decline in Mail volumes.
Improved quality of services.
Continued investment in modernisation and contribution to the economic stimulus plan.

Revenue: €10,274 million
Operating margin: 4.4% of revenue
Profit attributable to equity holders of the parent: €388 million

Chaired by Jean-Paul Bailly, today’s meeting of the Board of Directors of La Poste approved the consolidated financial statements of the Group’s for the first half 2009.

KEY FIGURES

€ millions	30 June 2008 *	30 June 2009	Change as reported	Change like-for-like*
Revenue	10,512	10,274	-2.3%	-2.9%
EBITDA	1,012	895	-12%	-13%
Operating Profit	683	453	-34%	-39%
Profit attributable to equity holders of the parent	481	388	-19%
Operating Margin	6.5%	4.4%	-2.1 points

* Adjusted 2008 financial statements
** At constant scope and exchange rates; excluding changes in the Home Ownership Savings provision; excluding
change in Livret A remuneration mechanism.

After accounting for depreciation, provisions and the cost of risk, operating profit was € 886 million, down 22% from 2007 on a comparable basis. The operating margin was 4.3% vs. 6.3% in 2007.

1) GROUP BUSINESSES ACTIVITY DOWN

The activities of the various businesses across the Group’s were hit by the challenging economic climate over the first months of the year and by the accelerated structural decline in Mail volumes.

La Poste Group posted consolidated revenue of €10,274 million, down 2.3% on the first half of 2008 (-€238 million) and down 2.9% on a comparable basis.

• At 30 June 2009, revenue from Mail and its subsidiaries amounted to €5,668 million, down 4.8% at constant scope and exchange rates.

The trends seen in 2008 have strengthened since the start of 2009: the decline in the economic volume of Mail (excluding subsidiaries of the Sofipost holding company) amounted to 6.2%, including a 4.4% fall in volumes, a 0.7% negative calendar effect
(one business day less) and a 1.1% negative product mix effect.

These negatives factors were not offset by price increase, which had an average 1.3% positive impact over the half (with a one eurocent stamp price increase on 1 March 2009).

All categories of mail (bulk mail, single mail pieces, direct marketing and press) were affected by this trend.

On the other hand, mail delivery performance continued to improve over the first half: 84.6% of first-class letters were delivered the next-day (D+1), representing a 0.8 percentage point improvement on the first half of 2008. In the service offering subject to performance guarantees (Tem’post G2), delivery performance was 96.5%, beating the customer performance guarantee of 95%.

• Parcels/Express recorded revenue of €2,145 million at 30 June 2009, also down 4.8% at constant scope and exchange rates.

The global nature of the economic crisis affected all Geopost markets, the Group’s Express subsidiary. It posted revenue of €1,480 million in the first half, down 6.3% at constant scope and exchange rates. The fall-off was particularly marked in Germany (sales down €35 million on the first half of 2008) and Spain (down €22 million).

Meanwhile, ColiPoste’s activity (B2C and C2C in France) held up, with revenue only declining by 1% to €665 million.

The development of e-commerce (+22%) represents a strong growth driver.

ColiPoste’s two-day delivery (D+2) performance rose to 93.5% in the first half of 2009, up 1.1 percentage points on 30 June 2008.

• La Banque Postale continued to grow: net banking income rose 3.2% on a comparable basis to €2,441 million.

As expected, following the exceptional circumstances created by interest rates and the financial crisis in 2008, new money collection was down at La Banque Postale. However, the opening up of the Livret A hasn’t yet significantly erode its customer base. Savings and sight deposits grew at an annual rate of 8.1% to €275.5 billion at 30 June 2009, underpinned in particular by new funds from institutional investors and companies. La Banque Postale continued to expand the sales of products to customers and thereby saw sustained growth in the number of active customers, in line with its target of 10 million at end-2010.

Its market share in property loans rose, with 9% more lent than in 2008.

• The customer interaction by the 17,095 post offices demonstrated the contribution of the La Poste Retail Brand to the development of the Group’s various businesses.

In the first half, the La Poste Retail Brand generated a total of €1.27 billion in revenue for the Group, namely 29% of ColiPoste’s revenue, 13% of Chronopost’s and 18% of Mail’s. This revenue was down 3.4% on the first six months of 2008. In the first half, La Poste Retail Brand actively contributed to the development of La Banque Postale, in terms of selling additional products to customers, generating new money collection of savings and expanding lending.

• La Poste Group’s scope increased compared to first half of 2008.

It now includes Extelia, the desktop publishing subsidiary within Sofipost (holding company for Mail subsidiaries), and five new Seur franchises in Spain for Geopost. In all, the new subsidiaries contributed €84 million to the growth in Group operating income.

2) TIGHT REIN ON COSTS

In this challenging climate, La Poste acted to safeguard its operating margin by implementing a cost savings plan designed, firstly, to target operating expenses at all businesses in order to keep them in line with business activity and, secondly, cross-company costs to optimise synergies and cut overheads.

Early signs of this were seen during the half. Operating expenses have now stabilised and even fallen by 0.6% at constant scope and exchange rates.

For their part, purchases and external expenses were down 4.9%, also at constant scope and exchange rates. Employee benefit and payroll expenses (€6.4 billion) are under control, edging up 0.4%.

3) CHANGE IN PROFITABILITY

Given the above figures, EBITDA amounted to €895 million at 30 June 2009, down€117 million on 30 June 2008.

Net of depreciation, amortisation, provisions and the cost of risk, the Group’s operating profit came to €453 million. The operating margin was accordingly 4.4% of revenue, unchanged on end-2008, although 2.1 percentage points down on 30 June 2008.

Since the start of the year, Mail has been implementing plans to adapt its cost base to changing volumes in order to respond to its falling margin, which has halved compared to 30 June 2008. Despite this difficult climate, Sofipost’s margin has improved by over 7% on the first half of 2008.

Cost savings made in the first half by both ColiPoste and GeoPost made it possible to stabilise the operating margin close to levels achieved in the first half of 2008.

As for La Banque Postale, the banking business made a €305 million contribution to the Group operating profit. In addition, CNP Assurances added €92 million to net profit, €15 million down on the first half of 2008.

Following inclusion of net finance income and expenses, which in particular included the impact of debt revaluation pursuant to IFRS, the profit attributable to equity holders of the parent amounted to €388 million.

4) STABLE FINANCING BASE

Cash flow amounted to €633 million at 30 June 2009.

The Group was thus able to invest €572 million in the first half without having to increase its net debt, which nevertheless remained at an historically high level of €5.7 billion.

Internal investments reached €524 million, up €73 million on the first half of 2008. This increase reflected the accelerated implementation of modernisation projects, in particular as part of the economic stimulus plan.

€48 million was allocated over the first half to acquisitions and in particular GeoPost’s purchase of new Seur franchises in Spain and Sofipost’s purchase of direct marketing companies.

Group equity now totals €3.7 billion, thus contributing to the change in the gearing ratio (net debt to equity), which stood at 1.52 at 30 June 2009 compared to 1.75 at end-2008.

5) OUTLOOK

• The structural downward trend in Mail volumes is set to continue over the coming months. On the other hand, the fall-off in Parcels and Express sales has slowed since April. Growth in the banking business should continue. Overall, the Group expects to see businesses’ activity fall by around 3% over full-year 2009, in line with the performance posted in the first half.

• Confirmation of commitments made:

- €200 million cost savings plans for end-2009 confirmed to safeguard the Group’s profitability.

- Continuation of the investment programme connected with the economic stimulus plan: €600 million is to be invested in 2009 and 2010 to modernise post offices and speed up the adaptation of the Group’s industrial centres.

• The second half of the year will be key for La Poste’s future: continuation of the strategic work undertaken in early 2009; updating of the Group’s business plans up to 2015; preparation for a change in the Company’s legal form and a capital increase that should fund the Group’s development and consolidate its financial position.

MEDIA RELATIONS

La Poste Group
David Lhôte
Tel: +33 (0)1 55 44 22 42
Fax: +33 (0)1 55 44 22 62
david.lhote@laposte.fr

Broadcast media
Jacques Gourier
Tel: +33 (0)1 55 44 22 43
Fax: +33 (0)1 55 44 22 62
jacques.gourier@laposte.fr

DPD in Ukraine won an award of "Ukrainian Transport Olimp"

Wed, 09 Sep 2009 12:45:28 GMT

July 2009, Kyiv - By the decision of the Secretariat of Ukrainian Awards the company "DPD Ukraine" was awarded with "Ukrainian Transport Olimp" in the nomination "National delivery network".

Expert Committee of the Award recognized DPD in Ukraine as one of the leading parcels, freight and documents delivery companies in the Ukrainian market, which shows the positive dynamics of development, provides high quality customer service and deserves to be awarded with a special industry award.

The main conditions of the participation in the Program are: a notable or leading position in the given sector of transport industry, high financial and economic indicators, including their positive trend, significant volumes of freight transportation, quality of services, good business reputation and high professional authority.

The selection of participants in the program - the candidates for the award is carried out by the analytical unit of the Secretariat of Ukrainian Awards based on financial analysis of relevant documents provided by transport organizations. In addition, an analysis of ratings and monitoring of the transport services market are carried out, the data of which is taken into account when drawing up the report for each program participant.

Thus, not only quantitative indicators (volumes, profits), but also the qualitative indicators of the development dynamics of transport companies, positioning in the transport industry by services’ types, marketing and human resource performance capacities are taken into account in the analysis of participant’s activities.

"Obtaining such a high evaluation of our work from professionals of the transportation market is a very important event for us. This award gives us confidence that we are in the right direction of development in Ukraine, and also means that, despite difficult economic conditions, we were able to maintain the high standard of work, which DPD is always well known with", - noted the Managing Director of DPD in Ukraine Oksana Yakovleva.

An Award "Ukrainian Transport Olimp" was founded in 2005 on the initiative of professional associations, along with Awards "Ukrainian National Olimp" and "Ukrainian Construction Olimp". Among the winners of Business Olimp Awards are well-known people and companies. Sites of Award Organizer - http://www.olimpawards.org/, http://www.transportniiolimp.com.ua/, http://www.nationalolimp.com.ua/.

About DPD in Ukraine

DPD successfully operates in Ukraine since September 2007 and provides its customers with services of documents, parcel and freight delivery corresponding to international high standards. During the first year of operations DPD Ukraine successfully established a comprehensive domestic delivery network. At this moment this network covers the whole territory of the country and services more than 20 000 cities and towns, though covering 100% of 19 regions in Ukraine.

24 hours in time delivery between the major regional centers of Ukraine and 1‑2 days delivery from north to south and from west to east of Ukraine and in the opposite direction, ensures the developed regional network of DPD offices, which includes central office in Kiev, 5 branches: in Kharkiv, Donetsk, Dnipropetrovsk, Lviv and Odessa, and also 19 representative offices.

DPD is the international network and world class brand of GeoPost group, a 100% subsidiary of French La Poste Group.DPD means more than 30 years experience of delivery services in Europe, 2 millions parcels worldwide every day, a workforce of 20 000 employees, 500 depots in above 40 countries.

The GeoPost Group consolidates the Express service subsidiaries of the La Poste Group and is a major player in express services in Europe, as shown by its top ranking road transport network, DPD. GeoPost operates in over 230 countries on behalf of over 300,000 customers worldwide and is n°1 in France and n°2 at European level on the express parcel market with a consolidated turnover figure of 3.292 billion EUR in 2008.

Press contact:

Oksana Zhuravel, PR manager
Tel.: +38 044 499 17 99
Mob.phone: +38 050 387 67 45
E-mail: oksana.zhuravel@dpd.ua
http://www.dpd.ua/

GastroSuisse and DPD Suisse a new partnership

Wed, 09 Sep 2009 12:43:44 GMT

DPD Suisse, the number 1 private parcel operator on the Swiss domestic market and GastroSuisse, the leading national federation of hotels and restaurants, have signed a partnership contract for the creation of a network of DPD PARCELSHOPS in hotels and restaurants throughout Switzerland. As of January 2010, private and business customers will have around 200 DPD PARCELSHOPS at their disposal all over the country. The objective is to set-up around 1,000 new parcel collection and distribution points within three to five years.

Thanks to DPD PARCELSHOPS, private and business customers can send and collect their parcels at selected hotels and restaurants even in the evenings and at the weekend, with a service provided by specially trained staff. As always, DPD Suisse is prioritising customer proximity, ensuring a professional and reliable parcel service at competitive rates.

Klaus Künzli, the president of GastroSuisse federation of hotels and restaurants, highlights the advantages of the new DPD PARCELSHOPS for its members: "With our 21,000 members, GastroSuisse is aware of its responsibility to the economy in general and more particularly to hotels and restaurants. We embrace the energy of social and economic evolution; we encourage and launch entrepreneurial initiatives that will provide for the healthy future of our business sector. DPD PARCELSHOPS offer people and companies a reliable and easily accessible solution for sending and collecting parcels at almost any time of the day, providing our members a further source of income."

The CEO of DPD Suisse, Georges Champoud, comments that with this project, the private sector proves its ability to innovate to new market requirements whilst using existing infrastructure. "With GastroSuisse, we have found a partner who meets our expectations in terms of corporate culture and efficiency. The perspective for this partnership is thrilling. We will do everything we can for our customers and are convinced that our partners will do the same."

About DPD Suisse

DPD Suisse is the leading private operator on the domestic Swiss market. The company employs 700 members of staff and has 12 sorting centres in Switzerland. Integrated in an international network, DPD provides a quick, secure and reliable parcel service (up to 35 kilos) in Switzerland and to 230 countries throughout the world. The range of products includes parcels and express mail. The European network has 500 depots in over 40 countries, 22,000 employees, 15,000 vehicles and a volume of 1.5 million parcels processed every day.

About GeoPost

The GeoPost Group consolidates the express service subsidiaries of La Poste Group and is a major player in express services in Europe, as shown by its top ranking road transport network, DPD. GeoPost operates in over 230 countries on behalf of over 300,000 customers worldwide and is n°1 in France and n°2 at European level on the express parcel market with a consolidated turnover figure of €3.292 billion in 2008.

About GastroSuisse

GastroSuisse is the leading national federation for hotels and restaurants. Its members number around 21,000 (hotels, boarding houses, inns, restaurants and cafés), organised into 26 cantons and 4 sector groups.

For any further information, please contact:

Dr. Peter Köppel
Head of Communication
DPD Schweiz
Hufgasse 17
8008 Zurich
Tel. +41 44 266 61 01
peter.koeppel@dpd.ch

Brigitte Meier-Schmid, Nicole Fridle
Marketing and Communication
GastroSuisse
Blumenfeldstrasse 20
8046 Zurich
Tel +41 848 377 111
maco@gastrosuisse.ch

Chronopost secures the status of approved economic operator

Mon, 06 Jul 2009 09:14:38 GMT

Paris, 23 June 2009 – Chronopost announced that it had received dual certification as an Approved Economic Operator [French: Opérateur Economique Agréé (OEA)] both for the simplification of its customs procedures and for its safety/security management from the French Customs & Excise authority.

This OEA status, which has been in force since 1 January 2008, was implemented by the European Union to strengthen the security of the international logistics chain and the level of protection offered by customs inspections to goods entering or leaving the territory of the European Union.

This status is recognised in the entire European Union and is used to distinguish between EU operators whose accounts, customs and logistics management, but also safety/security risk prevention measures, present unimpeachable guarantees in terms of quality and reliability. The OEA dual certification was awarded to Chronopost pursuant to a series of in-depth audits carried out by the customs authorities which ascertained that the company meets all these requirements.

Chronopost, a trustworthy player
As a customs broker, Chronopost has been working for many years with the French customs authorities, particularly as part of the campaign against forgery.

The OEA status thus represents a recognition of the efforts made by the company in securing its flows at a European level and will enable Chronopost to position itself as a trustworthy partner for the customs authorities.

By becoming one of the first French transporters to secure this status of Approved Economic Operator, Chronopost has demonstrated that it provides a high level of security to its customers and enables them to benefit from a series of bespoke advantages by streamlining and by accelerating the processing of their international traffic, both export and import.

For more information about the status of Approved Economic Operator, visit the website of the Douanes Françaises (http://www.douane.gouv.fr/page.asp?id=3421).

About Chronopost
Founded in 1985, Chronopost is France’s leading player active in the express delivery of parcels weighing up to 30 kg to both businesses and consumers, worldwide. As a subsidiary of GeoPost, the Parcels and Express Delivery holding company of the La Poste group, Chronopost employs 3,500 people, handles 250,000 parcels each day and had a turnover of 637 million euros in 2008. In France Chronopost has a network of 76 operational sites including 6 hubs. Chronopost serves more than 230 countries in Europe and worldwide. www.chronopost.fr

For more information, please contact:
Sophie Takenouti (s-takenouti@chronopost.fr) – Chronopost Press relations – +33 [0]1 46 48 13 41
Bastien Palermo (bpalermo@3dcommunication.fr) – 3d Communication – +33 [0]1 46 05 87 87

GeoPost acquires the Baix de LLobregat franchise (Catalonia)

Mon, 11 May 2009 14:05:37 GMT

GeoPost is pursuing its development in Spain and has just acquired the Baix de Llobregat franchise, one of the biggest in Catalonia, via the GeoPost SEUR Company, 60% of which is owned by GeoPost and 40% by SEUR SA.

This franchise makes an annual turnover of 17 million euros, has two depots, employs a total of 51 employees and is supported by a pool of 62 subcontractors.

Yves Delmas and Juan Carlos Lopez

According to Yves Delmas, CEO of GeoPost SEUR, it is a fundamental stage of establishing our Group in Spain: Firstly, it is a particularly dynamic and profitable franchise, located in an area with strong industrial potential near Barcelona airport. In addition, GeoPost SEUR is getting a foothold in a key economic region of the Iberian Peninsula, both with regard to its importance in the domestic economy and for its key role in the development of international flow.

After the acquisitions of Madrid, Bilbao, Zaragoza and Soria, this operation confirms the development of GeoPost’s presence within the SEUR Group. Juan Carlos López, who is already the manager of the Baix de Llobregat franchise, will continue to ensure its management.

About GeoPost

GeoPost is a leading player on the global parcels and express market, operating in more than 30 countries under brand names such as DPD, Chronopost, Parceline, Masterlink. GeoPost is Europe’s third largest provider of express and deferred parcels services, recording a global turnover of EUR 2.5 billion in 2005. GeoPost is wholly owned by France’s national postal service Groupe La Poste.

GeoPost strengthens its presence in the Balkans with the acquisition of Greek

Mon, 11 May 2009 14:04:43 GMT

GeoPost is pursuing its development in Europe and has bought 86.6% of express and fast letter and parcel delivery company, Interattica, with an option to exercise the remaining shares in 2008.

Interattica is the 4^th largest Greek operator with an annual turnover of approximately 11 million euros. It offers companies complete cover of the Greek territory, whose geography and differences in population are particularly hard for a parcel delivery company to manage.

This acquisition in Greece represents a natural bridge towards the Balkans and completes the southern and eastern GeoPost networks in Europe. Interattica within the GeoPost Group thus becomes a partner of the DPD and Chronopost International networks. The Greek market has been showing strong growth in the parcel sector for the past few years, both on a domestic and import-export basis.

About GeoPost

GeoPost is a leading player on the global parcels and express market, operating in more than 30 countries under brand names such as DPD, Chronopost, Parceline, Masterlink… GeoPost is Europe’s third largest provider of express and deferred parcels services, recording a global turnover of EUR 2.5 billion in 2005. GeoPost is wholly owned by France’s national postal service Groupe La Poste.

GeoPost finalises the acquisition of Exapaq

Mon, 11 May 2009 14:03:55 GMT

The Board of Directors of the La Poste Group today authorised GeoPost to finalise the acquisition of the Exapaq network managed by 15 partners from the transport and parcel delivery world.

This operation is subject to approval by the Directorate-General for Competition, Consumption and Fraud control (the DGCCRF).

Specialist of the B-to-B segment and less rapid delivery of parcels up to 30 kg, Exapaq, which counts 1,800 employees in France, transports 32 million parcels a year for an annual turnover in 2004 of 194 million euros.

This acquisition will enable proposing a complementary offer to Chronopost and will consolidate GeoPost’s position of leader in France on all market segments of business parcels up to 30 kg.

About Exapaq

Exapaq is the result of a common desire of 15 independent French companies of the transport and parcel delivery world to quickly take a leading position in the parcels up to 30 kg niche. With 52 agencies and 1,800 employees in France and 5 national hubs, Exapaq deals with 32 million parcels a year for an annual turnover in 2004 of 194 million euros. With 200 swopbodies and 1,400 delivery vans, Exapaq covers 300,000 km every day for its B-to-B delivery of parcels up to 30 kg for 12,000 business customers.

About GeoPost

ARCEP introduces a price cap on La Poste and give postal authorisation to a La Poste competitor

Mon, 11 May 2009 14:03:02 GMT

The independent regulatory authority for Postal and Electronic communications (ARCEP) made public its decision on price capping of postal tariffs in relation to the universal postal service: during the 2006-2008 period, tariffs for services in relation to the universal service could not be increased by more than a yearly average of 2.1%.

La Poste assesses this balanced decision which guarantees affordable prices in the context of modernisation and quality improvements, all within performance demands.

This decision, the result of constructive discussions and an in depth study between La Poste and ARCEP, is a first since the introduction on the 1st November 2005 of an independent regulatory authority in the postal sector in the extension of the law of 20th May 2005.

Furthermore, the Minister responsible for La Poste, the Minister for Industry, introduced regulation for postal services, but no longer defines the tariffs (with the exception of newspaper transportation). The reserved service tariffs are approved by the regulator.

Currently, following the law in 1991, each pricing change is made subject to authorisation from the relevant minister. Also, La Poste was subject to long term restrictions on its tariffs defined in the context of an agreement made with the state. This set out that for the period 1998-2007 the Universal Service tariffs would not increase more than an average of 2.5% per year.

Therefore, going forward, in conjunction with ARCEP and in line with the price cap made public today, La Poste may be lead to propose tariff changes.

Furthermore, ARCEP gave authorisation for the first time to another postal operator, signalling the opening of the French postal market to competition.

The reserved sector and the universal service

La Poste as a universal service operator has a reserved sector which, since 1st January 2006 and the application of the European directives of 1997 and 2002 adapted from the law of 20th May 2005, relates to mail under 50g (and up to two and a half times the base tariff of 0.53 euros). From now on La Post is making 46% of its 11 million euro postal turnover from markets open to competition. The parcel market is completely open to competition.

The reserved sector serves to finance universal service operations which fall to La Poste: collection and distribution of post 6 days a week throughout France, post up to 2 Kg sent within France or abroad, registered and declared value post, and parcels of less than 2 Kg sold at post office counters.

It should be noted that from now on La Poste is making 64.5 % of its 19 million euro postal turnover from markets open to competition.

La Poste Press group contacts:

Written press:
Vincent PARRA
Tel: 01 55 44 22 38
vincent.parra@laposte.fr

Audiovisual press:
Jacques Gourier
Tel: 01 55 44 22 43
jacques.gourier@laposte.fr

The 1,000th RELAIS POSTE outlet opens A new way to access to postal services which meets the needs of 90% of the population concerned

Mon, 11 May 2009 14:01:58 GMT

While the 1,000^th Relais Poste outlet opened today, a TNS Sofres survey, conducted last June on a sample of individuals, shopkeepers and elected members, shows a real interest in this new form of postal services.

Just over a year after the protocol agreement was signed for Relais Poste outlets in shops [1], the 1,000^th Relais Poste outlet opens today in the ‘multiservice d’Ancinnes’ store in la Sarthe (department 72).

This new form of postal presence has managed to convince a growing number of town halls, shopkeepers and residents, drawn in by the chance to take advantage of a local service offering basic postal services in locations and at times to suit the lifestyle of customers.

A trend confirmed in the TNS Sofres study conducted last June on a sample of individuals, shopkeepers and elected members, all directly affected [2] by the presence in their local area of a Relais Poste outlet or Community Postal Agency (APC).

Overall, these partnerships show a high level of general satisfaction: 90% of the population concerned, 87% of town halls and 95% of shopkeepers questioned were "satisfied" or "very satisfied" with their Relais Poste and/or their Community Postal Agency (APC).

Relais Poste is a service particularly welcomed by customers who appreciate it, in addition to the longer opening hours, the quality of service from shopkeepers and the access to essential La Poste products. Furthermore, an average of 82% of people believed that the APC/Relais Poste outlets made a very positive contribution by strengthening the links between residents and small communities, through sustaining remaining shops and making the community attractive to new residents. 86% of elected members and 90% of shopkeepers acknowledged that the Relais Poste has a positive impact on customer focused business.

It is important to remember that Relais Poste outlets offer essential post office services. from postal products (stamps and Ready-to send pre-paid envelopes, registered mail, forwarding, keepsafe, etc.) to parcels (packaging, deposit and collection, etc.) and financial services (money withdrawal for CCP and Livret A customers up to 150 euros a week). A range of postal services are available with more flexible opening hours offered by customer focused businesses. Relais Poste outlets receive 250 euros a month (300 euros in priority areas) in addition to commission on postal turnover achieved. First called Points Poste and introduced in 2003, Relais Poste outlets increased in just one year from 600 in June 2005 to 1,000 today.

Through Post Offices, Relais Poste outlets and Community Postal Agencies, La Poste currently has 17,026 points of contact in France. La Poste makes the modernisation of its Post Offices a priority and will upgrade 2,400 of them by the end of 2007. Relais Poste outlets and Postal Agencies are close partners and are in close cooperation. They aim to complete the post office network and provide postal services with optimum accessibility and scope.

La Poste Press group contacts:

Written press:
Virginie Gueidier
Tel: 01 55 44 22 41
virginie.gueidier@laposte.fr

Audio-visual press:
Jacques Gourier
Tel: 01 55 44 22 43
jacques.gourier@laposte.fr

[1] The protocol agreement covering the organisation of Relais Poste in stores and shops was signed on the 1st June 2005 by Jean-Paul Bailly, president of La Poste group, Jean-François Bernardin, president of the Assembly of French Chambers of Industry and Commerce, Alain Griset, president of the Permanent Assembly of Chambers of Tradesmen and Crafts, and René Le Pape, president of the Confederation of Tobacco Retailers in France.

[2] TNS Sofres conducted a triple survey of different participants:
General public: telephone survey conducted from 6th-15th June 2006 on a sample of 1,000 people over the age of 15 (quotas by sex, age, profession, householders and region) who live in the areas with a Community Postal Agency (APC) or a Relais Poste outlet (RP). The sample was geographically divided and structured to take into account the reality of the introduction of APC/RP outlets (80% of interviews were conducted with those in rural areas – settlements with less than 2,000 inhabitants).
Elected members:telephone survey conducted from 2nd -12th June 2006 on a sample of 716 town halls of areas with a Community Postal Agency or Relais Poste outlet (461 town halls had a Community Postal Agency and 255 town halls had a Relais Poste outlet).
Shopkeepers:telephone survey conducted from 7th -10th June 2006, on a sample of 150 shopkeepers with a Relais Poste outlet.