Le Groupe La Poste Debt Investor Presentation
November 2012
Debt Investor Presentation November 2012 Disclaimer This - - PowerPoint PPT Presentation
Le Groupe La Poste Debt Investor Presentation November 2012 Disclaimer This document has been prepared by La Poste solely for use for general investor presentations. This document is not to be reproduced by any person, nor be distributed to
November 2012
DEBT INVESTORS ROADSHOW PRESENTATION
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any person other than its original recipient. La Poste takes no responsibility for the use of these materials by any person.
part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Accordingly, it is not directed to the specific investment
advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in La Poste’s securities) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this document.
placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the La Poste, or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends La Poste anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. By their nature, forward- looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. La Poste does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard
and La Poste does not undertake any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
to (a) persons providing investment services relating to portfolio management for the account of third parties (personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers), and/or (b) qualified investors (investisseurs qualifiés) acting for their own account, as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 to D.411-3 of the French Code monétaire et financier and other applicable regulations.
Article 19(5) of the Financial Services And Markets Act 2000 (Financial Promotion) Order 2005, (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, or (iv) are persons to whom it may lawfully be communicated (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this document or any of its contents.
proposed to be offered by La Poste have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). They may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and in compliance with applicable state securities laws. La Poste does not intend to register any portion of the proposed offering in the United States or to conduct a public offering in the United States. Terms used in this paragraph have the meanings given to them by Regulation S under the Securities Act.
securities for sale in the United States, Canada, Japan or Australia. This document may not be published, forwarded or distributed in the United States, Canada, Australia or Japan.
DEBT INVESTORS ROADSHOW PRESENTATION
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DEBT INVESTORS ROADSHOW PRESENTATION
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A limited company (société anonyme) since 2010, a former State administration Strong ties with the French State
Consignations - CDC)
A key role for the French State
delivery) Rated AA by Fitch (negative perspective) and A by Standard & Poor’s on the back of a GRE status (positive perspective) A major services group with revenues of €21.3bn in 2011 and three core activities (Mail, Parcels- Express, Banking activities) La Poste is : 1st distribution network in France, with over 17 000 public outlets 2nd employer in France after the French State
DEBT INVESTORS ROADSHOW PRESENTATION PAGE 6
1990 / 1991 2010 2011
Status Involvement of French State in La Poste business
New Postal Act, reaffirmation
service missions in law Entering the local authorities financing market Participation in the French Recovery Plan 2009 Change of status to become a “Société Anonyme” Signing of a new regional planning contract 2011- 2013, amendment to the public service contract Capital increase agreed on by the State and Caisse des Dépôts (CDC) 1999 Transposition of the first Postal Directive Banking accessibility mission written in law (LME law) 2012 2005 / 2006 Creation of La Banque Postale Postal Regulation Law Creation of ARCEP (regulator) Previously a State Administration, La Poste becomes a public industrial and commercial establishment (EPIC)
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*After the €600m last tranche of the 2.7bn capital increase in 2013, the State will have a 73,68% share and CDC a 26,32% share of La Poste
100% 22.9%* 77.1%*
La Poste is a limited company Article 1 of Act 2010-123 of 9 February 2010 provides that the share capital of La Poste shall be held by the French State and by other public sector legal entities except for the portion that may be held under employee shareholding arrangements Shareholders Governance
La Poste Board of Directors 21 members
8 State representatives 1 user representative 7 employee representatives 1 regional authority representative 3 CDC representatives Jean-Paul Bailly, Chairman & CEO, nominated by decree
DEBT INVESTORS ROADSHOW PRESENTATION
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Regional planning and development
mountain areas) 3
Banking accessibility
Via Livret A savings account. La Banque Postale is required:
any individual
withdrawals or deposits from €1.50 2
Universal postal service
Mail collection and delivery of specified quality at all points in the territory at affordable prices for all users – 6 days a week 1
Press transport and delivery
Distribution of press and periodicals 6 days a week, all over the territory at affordable tariffs (regulated) 4
Le Groupe La Poste is the best known public service operator in France, where it is ranked as one of the most trusted and useful* companies
Requested by the European Directive Additional mission entrusted to La Poste by the French State 1 #
* Source : La Poste is a “company that inspires trust” for 73% of French people (IPSOS/La Poste reputation barometer - 2011), and is actively cited as the company that French people trust the most (Top Com TNS Sofres - 2009). Also considered as the most useful corporate in France (95%), ahead of EDF (93%) and SNCF (92%) (Le Monde Viavoice survey – April 2012)
DEBT INVESTORS ROADSHOW PRESENTATION
11/9/2012 PAGE 9
A Universal Service with requirements above peers and above the Directive The only postal operator with four public service missions
European Directive State initiative Universal postal service
includes
Press Banking Regional planning
6 days / week
Regulated tariffs
6 days / week
5 days / week
Regulated tariffs until April 2010
6 days / week
5 days / week
Banking accessibility
Collection of postal savings for the Italian CDC
Source: IPC (International Postal Corporation) – Regulatory Database 2012
DEBT INVESTORS ROADSHOW PRESENTATION
Turnover 2011 consolidated operating revenue : €21.3bn
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La Poste Retail Brand : 17,064 public outlets in France completed by a multi-channel strategy
Sofipost
24% 25%
Organization
Mail market
Market
European Parcels & Express market French retail banking market
51%
Mail Parcels-Express Banking activities
parcels express
Parent company Retail banking Insurance Asset management Parent company
* JV co-owned by La Poste (51%) and SFR (49%)
*
DEBT INVESTORS ROADSHOW PRESENTATION
Banking Activities
Market positioning (as at 30 June 2012*) Group’s competitive strengths
Mail Parcels - Express
Key competitors
#1 France
No key competitor1
#1 France #2 Europe
(#1 domestic road network)
corporate)
#1 France
(network)
#6 France
(NBI)
1. 28 operators licensed by Arcep, including Adrexo, Althus, Ciblex, Press’tissimo, etc., * data 2011 for Parcels-Express
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DEBT INVESTORS ROADSHOW PRESENTATION
Italy Swiss
€21,693m €6,987m
Revenue 2011
Revenue split 2011
Source : internal, based on operators presentations
26% 22% 52% 51% 7% 16% 24% 22% 23% 52% 3% 75% 16% 8% 0%
mail express parcels financial services insurance services retail / post offices
NA 16.4% 68.3% 12.7%
International revenue 2011
UK
€11,044m
Germany
€52,829m France €21,341m 16%
logistics Postbus
50% 12% 29% 8% 1%
PAGE 12 mail / parcels / international logistics, incl. parcels & express
3rd
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5,231m€
NBI 2011*
Source : banking operators. * Retail NBI
12.7%
Core Tier 1 2011
>17 000 public outlets
Network data 2010 6th 1st 1st
8,165m€ 6,968m€ 13,420m€ 3,822m€ 6,329m€ 6,803m€ 9.1% 9.0% 9.6% 9.0% 2,250 3,250 ~7,000 ~1,900 ~3,300 ~4,200 6,214m€ 11.0% ~2,600 <50% Loans / Deposits
Liquidity
117% NA 121% 136% 129% 115%
1st
DEBT INVESTORS ROADSHOW PRESENTATION
Addressed mail
Market considerations
Business communications Marketing communications Local services Private communications Cross-border mail
Volumes : 25bn objects handled in 2011,
Businesses
59% 16% 10% 9% 6% €11.6bn
2011 revenue
Organisation MAIL Parent company Sofipost
Holding company, structured around 4 divisions :
Traffic paid, not incl. elections (rolling basis) €10.6bn* €1.0bn* % change
17,269 16,399 15,822 15,378 14,811
Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q2 2012
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* Consolidated data
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(acquisition of Mediaprism in 2011, Cabestan & Adverline in 2012…)
Strategy
digital
management
% 2011 mail revenues Business comm. Marketing Convenience services
in 2012), on eco-solutions (paper recycling logistics, eco-mobility)
Private mail
Cross- border
59% 16% 10% 9% 6% Local services
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Asendia : organization & figures Geographical presence
Become the leader in B2C solutions for international mail
Ambition
Swiss Post (Swiss Post International - SPI) Global presence on 3 continents, in over 25 locations in 15 countries
Market characteristics
>1,000 employees Revenue > €400m
Brings together the expertise and networks of
La Poste (La Poste Global Mail - LPGM)
Excluding the import and export business in France and Switzerland. The universal postal services in France and Switzerland are not included in the JV.
catalogues and small goods Strong geographic complementarity of SPI and LPGM
solutions in transport & delivery
investment
DEBT INVESTORS ROADSHOW PRESENTATION
International presence Revenue split Market considerations
€5.2bn in 2011
Subsidiaries JV International agreements
More than 40 countries in the world
Organisation and market positions Parcels- Express
E-commerce evolution in France, in €bn***
Focus on toC* Mainly France Focus on toB* Mainly Europe 65% in the corporate segment (B2C) in France
Main activity Market share**
17.3% in the domestic road express market
* ToC: to Consumers / ToB: to Business - ** Source : 2011 Reference Document - *** Estimate ICE-Fevad
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DEBT INVESTORS ROADSHOW PRESENTATION
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Strengthen its leadership on road express and make the most of B2B and B2C convergence, via :
payments on delivery, etc.
GeoPost ColiPoste
choice in delivery options)
services) 71% 29%
% 2011 P/E revenues Strategy
DEBT INVESTORS ROADSHOW PRESENTATION
Life insurance
50.8%
H1 2012 loan / deposit ratio
Not including Livret A, LDD & LEP centralized at CDC
Market drivers La Banque Postale : an atypical balance sheet – 2011 data Businesses LBP market share
Sight deposits
NBI of LBP (2011)
Source : LBP 2011, retail banking benchmark
157 45 68 41 20 10 29 Actif Passif
€186bn €186bn
Livret A
Other,
equity, debt
Deposits Other Centralization CDC Loans Short term portfolio Long term portfolio
Retail Bank in France
by NBI
9.1% €5.2bn 6th
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LBP Retail banking Insurance Asset management NBI and market share
Since 2006
Property loans 2006 Consumer loans 2010 Corporate financing 2011 Local authorities 2012 Personal risk 1998 Property insurance 2011 Health insurance 2011 ASSETS LIABILITIES
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Strategy Retail banking Asset mgmt
Benefit from the extension and completion of the range :
financing (September 2011)
negotiations under way with a view to acquiring Banque Privée Européenne
% 2011 NBI Insurances
*includes commissions on life insurance
Comprehensive insurance range :
multi-risk insurance for associations
Retail banking Asset mgmt % 2011 NBI Insurance
96% 2% 2%
*
DEBT INVESTORS ROADSHOW PRESENTATION
June 2012 Launch of short term
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July 2012 Launch of medium and long term loans Initial €2bn envelope increased to €4bn November 2012
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post offices, 70% of which at least once a month
France’s densest physical network Key H1 2012 figures
18%
95%
28%
100%
individuals 100%
69%
La Poste Retail Brand accounted for :
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Service quality : continuous progression
Visits with access to service < 5 minutes* Average speed
service, in minutes**
77.7% 86.3% 91.7% 3.3 2.5 2.3
La Poste Mobile
Revenue : €34m Group share (H1 2012) 165,000 sales on the period (H1 2012) Growth of customer base from April : 552,000 customers (end June) Whole range now offered in 10,000 post offices JV co-owned by La Poste (51%) and SFR (49%)
Notes : (*) short operations, e.g. registered letter (1,000 post offices) (**) short operations at counter (1,000 post offices )
Development despite the impact of the newly-arrived Free on the market
H1 2010 H1 2011 H1 2012 H1 2010 H1 2011 H1 2012
DEBT INVESTORS ROADSHOW PRESENTATION
Unique footprint in e-commerce Dynamic
presence
Le Groupe La Poste : the last-mile specialist, the privileged partner for e-merchants
products (So Colissimo, Predict, payment on delivery...)
logistics, CRM
as well as mobile apps, websites, social networks
Group Digital Ambition
value and draw full benefit of La Poste’s
presence
Multichannel strategy in each business line
electronic archiving, Digiposte, certification…)
mobile banking, complete remote banking service
major differentiators
Appointment in Sept 2012
VP in charge
reporting directly to CEO
PAGE 25 Notes : (*) cumulative audience, November 2011
DEBT INVESTORS ROADSHOW PRESENTATION
% of women in the managerial staff : 45% in 2011 (+3 pts vs. 2006) % of women in senior executives : over 25% in 2011 (+13 pts vs. 2006) 40% of promoted senior executives in 2011 are women
Launch in 2012 of the carbon neutrality voluntary process: all Mail and Parcels offers carbon neutral since 1 March 2012 and all express
Electric vehicles: Acquisition of 10,000 vehicles by 2015. 1,600 in operation end of 2012
58%
2010 2011
48,5%
51%
the total headcount
Signing of an agreement on March 2012 covering a number of areas (recruitment, training and access)
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DEBT INVESTORS ROADSHOW PRESENTATION
+0.9% €10.9 bn +26%1 €632m +16%2 €437m €21.3bn €670m €478m
Change on H1 2011 Published data
Published data
PAGE 28 (1) Stable excluding impact linked to Greek debt – provision for Greek debt of €30m in H1 2012, €241m in FY 2011 and €158m€ in H1 2011 (2) –4,6% excluding impact linked to Greek debt
DEBT INVESTORS ROADSHOW PRESENTATION
48 99 5 Revenue H1 2012 Volume* Mix/price Services & elections Perim & change Revenue H1 2012
8.2% 8.1%
REX / CA 489 470
EBIT - Mail
H1 2011 H1 2012
Benchmark
~-8% Addressed volumes +1.0%
Sources : postal operators (data 2011 for Gruppo Poste Italiane)
EBIT/Rev
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Mail Division Revenue
Evolution of Mail revenue H1 2011 – H1 2012
5,827 5,939
development
election impact
2011
DEBT INVESTORS ROADSHOW PRESENTATION
Evolution of Parcels-Express revenue H1 2011/2012
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EBIT - Parcels-Express
8.2% 7.8%
REX / CA
206 210
H1 2011 H1 2012
Competitors Express Revenue +1.5% +2.8% +10.3%
+1.2% Volumes
Sources: operators
EBIT/Rev
Perim & change 76 Price &
Volume 120 Revenue H1 2011
2,505
Revenue H1 2012
2,695
+ 7.6% +4.8% Organic volume effect
DEBT INVESTORS ROADSHOW PRESENTATION PAGE 31
Property & consumer loans outstanding (€bn) Number of active clients (millions)
+3%
+16% Consumer €2bn Property €43bn +2% 38 44 45 2010 2011 H1 2012 10.0 10.4 2010 2011
LBP Market share*
LBP Market share*
LBP Positioning Outstanding customer deposits (€bn)
284 290 293 2010 2011 H1 2012 +2% +1% *Based on LBP sources
DEBT INVESTORS ROADSHOW PRESENTATION
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H1 2011 Interests Commissions Other H1 2012
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NBI evolution - H1 2011/2012 GOP and EBIT in €m
83.6% 83.9%
GOP
Cost of risk
EBIT
linked to Greek debt
Operating ratio
€158m linked to Greek debt 429 438 348 245 82 193 Marginal residual exposition to Greece : €17m as at 30 June 2012 Competition* NBI Retail banking REX
+0.8%
+0.2%
* : presentations & press releases
2,668 2,671
H1 2011 H1 2012
DIRECTION FINANCIERE DIRECTION DE LA COMMUNICATION FINANCIERE
3,441 4,544
As at 30/06/2012 In €m
Net debt
31.2 % 26.8 %
CFO* / Net debt
7,194 6,783
Equity Group share
0.48 0.67
Net debt / Equity
Decrease in net debt
payment of the 2nd tranche of the capital increase in April (€1.050bn)
Equity up €411m after allocation of the period’s retained earnings and distribution of dividends
Note : (*) Cash flows from operations (CFO) = EBITDA + dividends received - taxes paid - financial charges paid. Ratio calculated on a rolling twelve-month basis PAGE 33
DEBT INVESTORS ROADSHOW PRESENTATION
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A sustainable and continuously improving leverage combined with a low cost of debt
The French State has approved a capital increase of €2.7bn:
The cash injection related to this capital increase is divided as follows:
Focus on the €2.7bn capital increase
maturity of 6.5 years
Key H1 2012 figures Net debt evolution (€m) Equity evolution (€m)
4,465 6,783 7,194 2010 2011 H1 2012 4,804 4,544 3,441 1.1x 0.7x 0.5x
2010 2011 H1 2012 Net Debt Net Debt/ Equity
DEBT INVESTORS ROADSHOW PRESENTATION
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Key strategic goals 2010-2015
1.05bn in 2012 within the €2.7bn capital increase subscribed by the French State and CDC, another €600m will be paid in 2013
improvements, and electric vehicles
Group Strategy focus on sustainable and lasting growth of each business line supported by a dynamic innovation policy Mail: customer-oriented products, new integrated services, new markets (e-logistics, digital mail) Parcels-Express: increase in business volumes in line with growth of e-commerce and BtoC segment La Banque Postale: benefit from the full potential of the extended range of services
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Outlook changed from stable to positive on 27/07/2012
the capital increase to reduce its adjusted net debt, which, together with higher dividends from LBP, will enable LP to improve its FFO-to-debt ratio to a level commensurate with an intermediate financial risk profile”.
likelihood of timely and sufficient support from the French state if the need were to arise”.
A BBB+ BBB
Outlook went mechanically from stable to negative on 20/12/2011 following the change in the French State outlook, in due application of the « Public sector entities » methodology
10 octobre 2012
DEBT INVESTORS ROADSHOW PRESENTATION
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A prudent financial profile and a strong balance sheet
Leading positions on its three core markets
A proven capacity to adapt its business model and a growth strategy well on track
A key role for the French State
DEBT INVESTORS ROADSHOW PRESENTATION
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1st parcels operator in France 1st domestic road express network in Europe 2nd express operator in Europe 1st mail operator in France 6th retail bank in France by NBI Unique loan to deposit ratio 1st distribution network in France, with over 17,000 public outlets Banking Activities Mail Parcels - Express Distribution
DEBT INVESTORS ROADSHOW PRESENTATION
Very strong brand reputation in France La Banque Postale : one of the most trusted retail bank in France Successful launch of La Poste Mobile in 2011 Major brands
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The Group’s leading strategy is backed by high-value assets
Strong Brands
A major real estate national portfolio
High Value Real Estate
DEBT INVESTORS ROADSHOW PRESENTATION PAGE 41
Optimized industrial tool and automation of processes allowing cost reductions
2003 2011
Unoptimised industrial and logistical structure: 97 processing sites in 2003 High levels of manual intervention CQC¹ in 2006: new generation platforms Optimised network State-of-the art equipment with 41 new generation platforms covering 90% of France 95% of territory under Facteur d’Avenir (delivery modernisation programme) ColiPoste logistics : no flash, no bulk Basic IT services New hubs and optimised
Densest road network (GeoPost) Industrial modernization : automation of parcels processing (97% of ColiPoste sorting) and bulk, renewal of half the platforms (ColiPoste) Old fashioned outlet design Low-quality IT systems Modernisation of outlets : customer-oriented post
Computerised back-offices 14,291 Automated Machines : 5,291 franking and stamp dispensers and 9,000 cash dispensers, change machines and cheque deposit boxes Multi-channel access to products and services 6,350 cash dispensers (vs. 5 901 in 2010)
Retail Brand Banking Parcels Express Mail
Poor IT systems
Note 1. Mail Quality Project
DEBT INVESTORS ROADSHOW PRESENTATION
1,236 cheque deposit boxes deployed in 2011 to improve cheque cashing time (J+1) Appointment under 48h (85% in 2012) “La Banque Postale chez soi” (launched Nov. 2011)
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A service quality strengthening La Poste’s brand reputation
2003 2011
Low next-day mail delivery: 65.7% in 2003, improved to 81.2% in 2006 Record 87.2% quality of service in 2011 81.5% D+2 parcel delivery in 2003 92.9% D+2 (Coliposte) 95% D+1 (DPD) Only 51% customer satisfaction on waiting time Increased service quality : 75% satisfaction on waiting time (only 2,25 minutes for short
1,060 AFNOR certified post offices (certification
Retail Brand Banking Parcels Express Mail
Unidentified banking spaces in post offices Quality of service with room for improvement
DEBT INVESTORS ROADSHOW PRESENTATION
Retail Brand Banking Parcels Express Mail
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Since 2003, La Poste has successfully demonstrated its ability to innovate and meet clients’ demands with simple, transparent and accessible products
2003 2011
Limited Internet penetration Limited International presence Growing importance of Sofipost, dedicated strategy through acquisitions to become a major multi-channel player Customer oriented offers (Online mail, Digiposte…) Enhanced international presence: Joint venture with Swiss Post GeoPost : International presence in 15 countries ColiPoste : limited choice in point of delivery External growth and extended international presence : more than 40 countries Customer-oriented solutions: tracking, choice
green packages, etc. Innovating products for GeoPost (Predict) Implementation of solutions to make the most of BtoC market (Pudo points relais progressively covering Europe) Services Financiers de La Poste Limited range of products, constrained by law, to postal bank accounts, property and loans with prior savings Products and services only for individuals A complete range of for individuals : retail banking, insurance and asset management A widened client base : legal entities and local authorities (2012) Mail and Parcels activities Mobile phone services:
Mobile in 2011 Enhanced offer with a new client-oriented outlet concept
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DEBT INVESTORS ROADSHOW PRESENTATION
Net debt Revenue Margin Equity
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4,804 4,544 3,441 1.1x 0.7x 0.5x
2.0x 2.5x 3.0x 4.0x 2010 2011 H1 2012 Net Debt Net Debt/ Equity 4,465 6,783 7,194 2010 2011 H1 2012 Equity Group share
DEBT INVESTORS ROADSHOW PRESENTATION
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items : €3.7bn
table below: The syndicated credit facility of €650m was successfully renegotiated in 2011 * 1 year extension option activated in October 2012
Liquidity sources (June 30th, 2012) Bonds maturity profile (€m)
Successful renegotiated credit facility in 2011. Smooth debt redemption profile with no refinancing wall and a very strong access to liquidity totalling €5.9bn
€m Amount Undrawn Exp Date Syndicated credit facilty 650 650 2017* Bilateral Line 300 300 2013 Bilateral Line 200 200 2013
208
600 500 800
'12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
DEBT INVESTORS ROADSHOW PRESENTATION
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A long dated and successful debt market oriented financing strategy La Poste holds a strong footprint on the bond market
Bonds table
Source: Bloomberg 04/09/2012, *Bonds included in Markit iBoss index Sub-Sovereign classification
Maturity Issue date Amount (€m) Euro Bonds
600
1,000
800
726
1,000
500
500 GBP Bonds
200 CHF Bonds
250
€7,106m
H1 2012 Breakdown of Gross Debt
Bonds La Poste Saving Bonds CP/BT Deposits & guarantees Accrued interests Other borrowings
83% 1% 4% 7% 2% 3%
DEBT INVESTORS ROADSHOW PRESENTATION
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A track-record of strong financial support by the State Financing French local authorities Major social integration mission : regional planning and banking accessibility Universal Postal Service provider for a period of 15 years from 1 January 2011
DEBT INVESTORS ROADSHOW PRESENTATION
Issuer
La Poste
Rating
AA (neg.) by Fitch and A (pos.) by S&P
Currency
Euro
Maturity
Long dated
Format
Fixed Rate
Listing
Euronext Paris
Denominations
€100k
Use of proceeds
General Corporate Purposes
Roadshow
November 12-13-14
Expected Rating of the Notes
AA (neg.) by Fitch and A (pos.) by S&P
Size
Benchmark
Joint Bookrunners
Crédit Agricole, Deutsche Bank, HSBC
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