Investor presentation May 2015

Transcription

1 DIRECTION DE LA 1 COMMUNICATION Investor presentation May 2015

2 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 any person other than its original recipient. La Poste takes no responsibility for the use of these materials by any person. This document does not constitute or form part of any solicitation, offer or invitation to purchase or subscribe for any Notes. The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance may be 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. Certain statements in this document are forward-looking, including statements concerning La Poste s plans, objectives, goals, strategies, future events, future revenues or 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 scenario. Such forward-looking statements speak only as of the date on which they are made. Any opinions expressed in this document are subject to change without notice 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. PAGE 2

3 Agenda Key credit highlights Group presentation Strong ties with the State A major multi-business services Group Business review page 4 page 6-12 pages 6-9 pages page Financial data Key figures FY 2014 Financial credit profile page pages pages Outlook page PAGE 3

4 DIRECTION DE LA 4 COMMUNICATION Key credit highlights

5 Le Groupe La Poste s fundamental strengths Stable long-standing shareholding structure (by law), critical role for the French State Successful execution of large-scale modernization to date Low business risk profile thanks to an unprecedented diversification model and a balanced activities portfolio Strong credit profile Major market-leading businesses with unique assets and positions Solid balance sheet along with active debt management: reduced debt leverage PAGE 5

6 DIRECTION DE LA 6 COMMUNICATION Group presentation Strong ties with the State A major multi-business services Group

7 Involvement of State In business Public service missions In law Acts/ Decrees A historical relationship with the French State, continuously reaffirmed 1990 s 2000 s 2010 s Status EPIC Société Anonyme* Capital increase subscribed by State & CDC Postal Act Creation of ARCEP Postal Act 4 missions reaffirmed Operator in law of Vital Importance La Poste, designated provider of the Universal Service for 15 years as from 1 January 2011 Public service contract Public service contract specific agreements covering each mission Creation of La Banque Postale Participation in French plan de relance Entering the local authorities financing market Boosting social home ownership programs * Article 1 of Act of 9 February 2010 The share capital shall be held by the State & by other public sector legal entities except for the portion that may be held under employee shareholding arrangements PAGE 7

8 Compensation Specific agreement 4 public service missions entrusted to La Poste beyond EU obligations 4 public service missions governed by law and by specific agreements Missions historically enshrined in French Law (Law 20 May 2005 supplemented 9 Feb. 2010, transposing EU Directive for universal postal service) Missions governed by a public service contract (the latest for the period signed 1 July 2013) Universal postal service Regional planning and development Press transport and delivery Banking accessibility No additional agreement Local postal coverage agreement, the latest for signed Jan 2014 Schwartz Agreements , new agreement under way French Law 2 July 1990 Specific decrees for compensation Compensation fund not activated 170m in 2014* 150m in 2014* 242m in 2014* *Compensation is provided under different mechanisms (tax exemption, public subsidy ). EU compatible compensation schemes Compensation fund provided by the EU Directive PAGE 8 Compatible Compatible Compatible they only partially offset the net costs of the public service tasks It does not exceed the net cost for discharging public service obligation

9 Market perception critically close to that of the French State Credit ratings Market perception AA / A-1+ / Negative AA / F1+ / Stable 6 % 5 A / A-1 / Stable A+ / F1 / Stable 4 Rating affirmed in October 2014 AA-/F1+/Stable affirmed in September 2014 Lowered by one notch in December 2014 following France s rating downgrade (PSE methodology) La Poste bond 06/2023 French OAT 04/23 PAGE 9

10 DIRECTION DE LA 10 COMMUNICATION Group presentation Strong ties with the State A major multi-business services Group

11 Market Organization /Brands % Group revenue A major multi-business services Group with a unique diversification profile 22,163m Revenue m EBIT 2014 Services-Mail-Parcels GeoPost La Banque Postale 50.2% 21.9% 25.5% Mail Parcels Services Logistics International Retail banking Insurance Asset management Mail and Parcel market, mainly in France European CEP market Retail banking in France La Poste Network 4 5 servicing all business units * Digital Services 2.2% Relational performance Operational efficiency E-services A French key employer 257,891 employees Strong international presence PAGE 11 * JV co-owned by La Poste (51%) and SFR (49%), not included in Group revenue following application of IFRS 11 as of 1/1/2014

12 Network of retail outlets Revenue split in % Revenue abroad Revenue 2014 A multi-business model compared to the great majority of European postal operators * FY bn 8 bn 57 bn 28 bn 12 bn 4 bn 17.9% 15% 69% ~0% 17% 39% ,104 44% partnerships 2,222 30% partnerships 13, % partnerships 13,310 0% partnerships 0 Network of Post Office Ltd (separated from Group in 2012) 2, % partnerships Multi-business models Specific models Postal-centered models Sales 2014, revenue split 2013 (2014 not available yet) PAGE 12 mail parcel express/logistics banking/insurance bus

13 DIRECTION DE LA 13 COMMUNICATION Business review 1 Services-Mail-Parcels 5 Digital Services 2 GeoPost La Poste Network 4 3 La Banque Postale

14 Services-Mail-Parcels Unique door-to-door everyday services Business & revenue split Key strengths Cross-border Revenue 11.4bn Volumes 13bn addressed mail 9bn unaddressed mail ~270 million parcels Ability to address the growing and untapped local & in-home services market (trust, daily contact with individuals and corporates) Optimized state-of-the-art industrial and logistical network ( 3.4bn investment over ) Expertise in order preparation in 20 e- logistics platforms Mail Parcels Logistics Cross-border Market positioning* #1 addressed mail #1 unaddressed mail #1 BtoC parcels #1 e-logistics #1 press delivery #1 export mail Top 3 Europe Market drivers Digitisation impact on (addressed) mail volumes: 2012: -5.9% 2013: -5.5% 2014: -5.8% Growing e-commerce driving the Parcels market: : +22% (CAGR French e-commerce) 2013: 8.8% of online sales in French total retail sales PAGE 14 * Source: ARCEP for mail, internal for parcels, market publications (Logistique magazine) for logistics, IPC market audit and internal sources for cross-border

15 Services-Mail-Parcels Strategy: Strong levers for performance improvement Defend the postal core business Volume Price A premium communication media, offering best-in class services (print formats combined with the most advanced digital technologies) Simplified range: mail-parcel continuum as of 1 January 2015 Counterbalance volume decline with price measures: new universal service price-cap with ARCEP: +7% increase for mail as of 1 January % increase for parcels as of 1 January 2015 Make the most of expertise in local and in-home delivery Develop new services A 100% connected network of postmen by end 2015 Build upon the logistics network (e-logistics) Strengthen positions in cross-border / international Focus on performance Adapt the number of facilities to mail volume decline Process improvements HR optimization PAGE 15

16 GeoPost A leading express parcels road network in Europe Revenue 4.9bn Business & revenue split 77% outside France 30% BtoC Volumes 865m 15 years of 2001 external growth % BtoB Key strengths The road expert in Europe for <31.5kg parcels with an interconnected network benefitting from the shift from air to ground-based delivery Leading positions in France & Europe, strong domestic presence & accountability of local teams Hybrid BtoB/BtoC network ability to address e- commerce growth driving BtoC volumes (+65% volumes since 2011) Innovative differentiating services Market positions on the CEP market* From transportation to services #2 UK Fastest growing operator #2 Germany #1 Ireland #1 France #1 PUDO network #1 Spain #1 Poland PAGE 16 #1 Turkey #1 Russia GeoPost presence Partners 2 nd largest parcel delivery network (DTDC) Over 16,000 Pick-up & Drop-off network in Europe Pro-active, realtime rescheduling options: Predict * CEP: Courier-Parcels-Express - Source: Internal market shares study on 2013 data

17 5 4 GeoPost Strategy: a hybrid BtoB/BtoC growth strategy through service innovation and expansion Product Competitive, pan European, tailor made, flexible solutions Accelerate the move in the B2C market (started in 2008) Enhance existing offer Network Strengthen European network Better interconnect Europe & Russia (new platforms) Innovate and expand in new markets Further expand value-added and innovative solutions Roll-out the most extended and homogenous PUDO network: PickUp 13 countries and 22,000 points in 2015 Pro-active, rescheduling and real time services: 1-hour definite delivery in 20 countries before summer 2015 Expand geographically in EurAsia, Central Asia and Far East Gain progressively a broader intercontinental dimension Pursue profitable growth Maximize first-time delivery success rate Control ongoing expenses aimed at supporting the growth in demand PAGE 17

18 La Banque Postale A unique player in retail banking Business & revenue split Retail banking is core Key strengths Safe and sound business model with predominance of resilient and stable retail banking activities Retail Banking* 94.2% 5.7bn Asset management 2.6% Insurance 3.1% Extensive distribution network Strong liquidity position with a Loan/Deposit ratio of 75% Strong level of capitalization with sound solvency ratios: 12.7% CET1 (2) Quality of assets confirmed by the ECB s AQR Unique balance sheet: * Included 714m of financial savings commissions on asset management and life insurance (in bn) PAGE 18 Market positions (1) #1 network #5 asset management #6 NBI (1) Sources: French retail banks registration documents, bfinance annual study on asset management (2) Phased-in ratio including Danish compromise for insurance. The fully loaded ratio is estimated at 14% Regulated savings centralised CDC Loans to customers HTM portfolio Short term assets /central bank AFS portfolio Other assets Regulated savings centralised CDC Customer deposits (excluding regulated savings) Short term liabilities Other liabilities Equity & hybrids Customer deposits 163bn

19 5 4 La Banque Postale Strategy: growing efficiently and profitably Accelerate equipment of all customers 92% 79% Market (excl. LBP) internal equipment rate LBP internal equipment rate Step up development 12% 3% 19% 13% 18% 16% 14% 12% 18% 17% 5% 4% Payment card o.w. High-end payment card Home savings plan Life insurance Personal insurance (excl. Health) Home loans Consumer loans 1bn investment in IT by 2020 to serve strong commercial ambitions and develop an multichannel model for customers Conquer attractive segments Roll out 1,000 dedicated advisors for high-net worth customers by 2020 on the territory Deploy a dedicated commercial line for Pros* (1,000 advisors by 2020) Become the reference player in public sector financing Drive development on major corporate / institutional accounts Improve efficiency Optimized equity provided by recurrent results and support of La Poste Cost control: efficiency plan in Financial centers, support functions cost rationalization PAGE 19 Source : OPERBAC 2012, % of «primary bank» customers equipped in said bank *Professionals

20 La Poste Network A high-quality network supporting commercial development The densest physical network in France Commercial activity of La Poste Network % of French population at less than 5km of a postal outlet 18% of Mail revenue 26% of ColiPoste revenue 9% of Chronopost revenue 17,104 retail outlets 100% of net collection for individuals 82% of property loans 97% of La Poste Mobile sales 68% of consumer loans Strategy Optimize postal presence (develop all forms of partnerhsips) Develop banking dimension in main post offices pursue banking revenue development: crossselling & up-selling develop synergies and strengthen common culture (training 70,000 employees through the new common school ) Control costs 1.15 million clients Launched in 2011 A successful offer Value-added offers Renewed packages 182m in revenue* * JV La Poste (51%) & SFR (49%), not included in Group revenue following application of IFRS 11 as of 1/1/2014 PAGE 20

21 Digital Services A dedicated business unit created in 2014 Business & Revenue split Key strengths Relational performance E-services Billings to other business units not accounted for in 2014 revenue Strong audience: 13.6m unique visitors on 4 main portals, 3.4m webmail users, 1.4 million Digiposte e-vaults Large customer base: 80% of CAC 40 companies are Docapost customers 539m Operational efficiency Renowned expertise in online com: #5 communication Group in France (Mediapost Com), Top 10 advertising online agency (Adverline) Deep customer knowledge: #1 data base in France with 36 million addresses Boost revenue a A new A growth wide range driver of for services Le Groupe La Poste Grow L@Poste en ligne (monetize audience, develop hybrid/digital offers) Develop new business around online services platforms (cloud) Support innovation and research Develop customer knowledge through Big Data Launch connected objects (presentation of the Digital Hub at Las Vegas CES in January 2015) Lever internal transformation Develop digital culture and practices Integrate the new devices as work tools PAGE 21 *BtoA: Business to Administrations

22 A strong commitment to CSR Key HR management policy Develop responsible offers Focus on professional development and training 8 employees out of 10 trained in 2014 Training expenditure: 3.5% of payroll Active social dialogue 2014: 8 national agreements including one unanimous on social housing 2015: 3 national agreements (Feb), part of the strategic plan (unprecedented majority signing) Commitment to diversity and equal opportunities 89% of owned properties accessible to people with reduced mobility 50.6% women in Group staff Eco-socio-designed products : e.g. Green Letter Invest in sustainable mobility: the 1 st electric vehicle fleet worldwide Build low energy consumption/high environmental quality facilities, signing green leases,, Home support services for the elderly (Cohesio), etc. Integral Carbon neutrality Promote the circular economy Reduce the environmental impact (transports, buildings) Set photovoltaic installations PAGE 22

23 DIRECTION DE LA 23 COMMUNICATION Financial data Key figures FY 2014 Financial credit profile

24 Consolidated P&L In m 2013 Pro forma (1) 2014 in % Revenue Operating profit after share of net profit from companies under joint control Operating margin 21,715 22, % +0.9% at constant scope and exchange rates % 3.6% 3.2% -0.4pt -9.9% at constant scope and exchange rates Financial result % Improved by 24m Income tax % Share in profits of equity associates % Mainly from CNP Assurances Net profit Group share % PAGE 24 1) 2013 pro forma data : 2013 published data restated for IFRS 10 and 11 impacts

25 Services-Mail-Parcels: a controlled EBIT decline 11,599 Revenue (1) in m -1.8% Mail Parcels Subsidiaries An active innovation policy New services 515 1, , ,566 Value-added Parcels solutions EBIT (1) in m -5.8% addressed mail +3% as at 1 January ,510 9, % Pro forma Volumes/mix Mail Price Mail Volumes/ price/mix Parcels Services, international, other Contribution Press & moratorium (2) PAGE 25 1) 2013 pro forma data: 2013 published data restated for IFRS 10 & 11 impacts and new segment information; (2) removal of the moratorium compensation on press tariffs

26 GeoPost: an ongoing strong development, driven by volumes and acquisitions Revenue (1) in m Volumes (1) in million +13.3% +8.4% at constant scope and exchange rates 4, BtoB ~70% BtoC ~30% 4, France ~20% Outside France ~80% EBIT (1) in m Volumes +9% organic o.w. : +19% UK +14% Spain +11% France Tigers and Seur in 2013, Worldnet, Siodemka, and Seur in % REX excl. provision linked to inquiry of Competition Authority EBITpublished 2013 Pro forma Volume/mix inc working days Price Scope and change Other PAGE 26 1) 2013 proforma data: 2013 published data restated for IFRS 10 & 11 impacts and new segment information

27 La Banque Postale boosted by client equipment and loans Good dynamics in client equipment Stock of packages (in 000) Stock of insurance policies (in 000) (1) 6, % +10.1% 6,478 3,601 3, Progression in Outstandings Savings / Sight deposits outstanding ( bn) Credit outstanding ( bn) (2) +0.8% +12.0% Balance sheet savings Financial savings Legal entities Individuals PAGE 27 1) Contingency, personal risk, health; 2) Growth excl. Sofiap +9.3%

28 La Banque Postale: steady rise in NBI and profitability significantly up Net banking income in m Cost of risk (3) (CoR) in m +4.0% at constant change and scope, excl. home savings provision 5,771 (1) , % 0.23% CoR/Outstanding (4) , Gross Operating profit & EBIT (5) 84.7% 82.7% Op. ratio , GOP CoR EBIT 2013 recurring (2) Retail banking Insurance Asset 2014 management recurring (2) Scope Home savings provision 2014 published data PAGE 28 1) At constant scope and exchange rate and excl. home savings provision; (2) Excluding savings provision; (3) Excluding scope effects (BPE, Sofiap), CoR is up by + 5m ; (4) CoR relative to the credit business (i.e. excl. Insurance and toll) ; (5) Excl. scope, EBIT is up by 106m

29 Digital Services: a new business unit, servicing development and internal transformation Revenue in m EBIT in m -1.7% Check and desktop publishing activities down, compensated by new services (eservices platforms, Media Data Live (1) offering) Intrinsic EBIT slightly negative tempered by one-offs (~ - 50m, o.w. costs for restructuring linked to ending the cheque processing and digitization business) Published EBIT of - 62m Nota Nota Billings to other business units not accounted for in revenue and EBIT Redesign and new functionalities in 2014 of two main portals PAGE 29 1) Multichannel retargeting

30 1) CFO excluding banking, including dividends from equity associates ; (2) Gross Capex excl. Banking ( 844m) net from vehicle disposals ( 26m) ; (3) Excluding vehicle disposals; (4) Including acquisition of financial assets Cash generation underpinned by a selective investment policy 2014 figures - In m +1, Cash flow from operating activities (1) CAPEX (2) Interests and dividends Asset disposals (3) External growth (4) and others Increase in Net debt 844 Services-Mail-Parcels: IT GeoPost: logistic network (new hubs and depots), IT Network: modernization/layout of network Real Estate: modernization and maintenance Digital Services: IT Support & Structures: Vehicles, including electric PAGE 30

31 Balance sheet highlights Net debt (1) / Equity (1)(2) High value real estate ~ 4bn in Largest item on the Group balance sheet Equity (1)(2) Net debt (1) (in m) (in m) One of the largest real estate portfolio after the State 11,662 buildings / facilities 6.8 million m², 59.5% directly owned High-quality, highly diversified assets From small post offices to very large facilities PAGE 31 1) 2013 proforma data : published data restated for IFRS 10 and 11 impacts. Does not take into account the banking activity for which the concept is not relevant; 2) Group share

32 DIRECTION DE LA 32 COMMUNICATION Financial data Key figures FY 2014 Financial credit profile

33 A low risk capital structure given currency, maturity & interest profile Strong footprint on the bond market 4% 7.005bn gross debt Smooth redemption profile with no refinancing wall Mainly euro-denominated bonds 100% foreign currency hedge Predictability & stability of interest expense m Maturity Issue date Euro Bonds Amount ( m) Jul Jul Jun Jun ,000 Jul Jul Nov Nov ,000 Feb Feb Feb Feb Foreign currencydenominated debt issues are systematically hedged using currency swaps 5.656bn nominal value of bond debt Average maturity 5.9y Nov Nov ,000 GBP Bonds Cost of debt** 2.88% Dec Dec % Fixed-rate* ~95% PAGE 33 (*) Considering debt-matching investments as fixed-rate. Fixed rate as at 31/12/2014 ; (**) Cost of debt at 4 years as at 31/12/2014

34 Liquid, secure and diversified liquidity position Significant committed & undrawn resources Strong liquidity Secure investment policy 2.999bn Cash & other asset items Secure investment in: Interest-bearing accounts, term deposits and A2/P2 short-term debt securities Debt-matching investments rated A-/A3 Credit risk controlled by a system of limits, of which: Maximum nominal amount not to exceed Maximum loss limit Significant liquidity sources Long-term Short-term Syndicated loan 650m + bilateral line with BNPP 75m Bilateral line with LBP Overdraft facility with LBP French commercial paper European commercial paper 725m 200m 300m 1.5bn 500m Renewed tacitly annually ~ 200m drawn Undrawn PAGE 34

35 DIRECTION DE LA 35 COMMUNICATION Outlook

36 La Poste 2020: Conquering the future A new strategic plan to 2020 to restore sustainable cash generation through priority action drivers Development Accelerate the development of existing business activities Capture new markets Performance Control expenses Synergies Strengthen cooperation between business units Develop through a pro-active selective acquisitions and partnerships policy Sign a social pact Focus on 5 high-priority shared projects Ensure and modernize public service missions PAGE 36

37 La Poste 2020 Financial business plan 25bn ~+2.2% organic growth per year 1.9bn Revenue 2020 Operating profit 2020 Impact of declining mail volumes and low interest rates Strengthen development Adapt costs to business evolution Specific effort on head offices and support functions 6bn CAPEX over the period Up to ~ 2bn selective acquisitions over the period Global level of net debt unchanged - Improved gearing PAGE 37

38 Digital Services La Banque Postale GeoPost Services- Mail- Parcels La Poste 2020 Financial business plan Revenue Operating profit Limited decline in revenue Mail volumes down -6% to -7% a year ~ 400m Strong growth in revenue to ~7bn Volumes up ~7% per year ~ 540m Average 3.3% growth in revenue per year to 7bn ~ 1.5bn 1bn in revenue 2020 including acquisitions 65m PAGE 38

39 DIRECTION DE LA 39 COMMUNICATION Contact details

40 Contact details Yves Brassart CFO Executive VP of Le Groupe La Poste +33 (0) Yasmina Galle Head of Investor Relations and Financial Communication +33 (0) Eric Bosdonnat Head of Financial Operations and Treasury +33 (0) PAGE 40

41 Financial information available on IR Contact PAGE 41

42 DIRECTION DE LA 42 COMMUNICATION Appendices

43 A 100% public ownership company by law Supportive, stable and long term shareholders Board of Directors of 21 Members Article 1 of Act of 9 February 2010 The share capital shall be held by the State & by other public sector legal entities except for the portion that may be held under employee shareholding arrangements Chairman & CEO User representative Nominated by decree 100% Regional authority representative 73.68% 26.32% CDC representatives State representatives Nomination proposed by Government and/or CDC Employee representatives a 2.7 bn capital increase over Assisting with no voting right Government commissioner 1.05bn April bn April m April Head of the State's Economic and Financial Verification Mission PAGE 43

44 Additional missions entrusted by the State Requested by the EU on a 5d/week basis 4 public service missions with requirements above peers and above the EU Directive Universal postal service 6 days / week 1. Letter mail <2kg 2. Parcels < 20kg 5 days / week 1. Letter mail <2kg 2. Parcels < 20kg 6 days / week 1. Letter mail <2kg 2. Addressed parcels < 20kg 5 days / week 1. Single letters and printed material <2kg 2. Parcels < 10kg 5 days / week 1. Letter mail <2kg 2. Parcels < 10kg 3. Press Principle of subsidiarity: each Member State adopts the measures necessary to ensure that the universal service includes the minimum facilities described in European Directive => thus differences in the number of delivery days or perimeter of service * 6 days / week 1. Letters <2kg 2. Parcels < 20kg Press transport & delivery Banking mission Banking accessibility Universal service Regional planning and development *Mail <50g still under monopoly. Swiss Post doesn t fall within the scope of the UE Directive although it has a specific mandate («desserte de base»), specific obligations and a universal service close to that of the EU PAGE 44

45 La Banque Postale A pure retail bank in France Active customers, in millions** Number of outlets, in 000*** L/D ratio* Common Equity Tier 1 phased-in NBI Retail banking France, in bn % 12.7% 5.3 (+1,2%) 108%**** 10.5% 6.8 (-1,0%) 98% 10.9% 8.3 (-1,1%) % 11.9% 7.1 (+0.7%) Caisses D Epargne %***** 12.8% 13.6 Caisses Régionales (-3,4%) PAGE 45 *2014 Annual reports of French banks ** Retail customers in France. Estimated from penetration rates in current accounts competitors (OPERBAC LBP 2012) *** Branches in France **** Estimated ***** L/D ratio of Credit Agricole SA

46 x A proven capacity to address challenges, with a clear business strategy Spearheading the company s major modernization projects «Performance & Convergence» Organization by business line Increased accountability of operational managers Creation of La Banque Postale in an environment that became fully competitive and growingly digital «Performance & Trust» Preparing for market liberalization Being more customer-centric (client commitments) «Ambition 2015» La Poste becomes a public limited company Major investment program, both selffinanced and through a 2.7bn capital increase Committing strongly to CSR Beyond 2014: conquest and development at the customer s service «La Poste 2020: Conquering the Future» Conquer and develop A more cooperative organization PAGE 46