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Poste Italiane’s IPO
　　
　　意大利邮政集团首次公开募股
　　
　　Post apocalypse
　　
　　后启示录
　　
　　If Italy’s postal service appeals to investors, it is not because of the mail
　　
　　如今意大利的邮政服务吸引投资者,却不是因为它们的邮件
　　
　　POSTE ITALIANE, which runs Italy’s postal service, started out this week on its privatisation road show. It is selling more than a 40% stake in itself. The listing, which is expected to raise €7.8 billion-9.8 billion ($8.9 billion-11.2 billion), puts Italy itself in the shop window. This is the country’s biggest privatisation in 16 years and the linchpin of a sell-off programme that the vernment hopes will signal a fresh direction to foreign investors. It also offers the postal sector another chance, following listings by other European operators and in advance of one by Japan Post, to persuade investors that firms whose traditional business is in deep trouble have a future.
　　
　　运营着意大利邮电业的意大利邮政集团本周开始向私有化道路发展。它自己就已经出售超过40%的股份了。这次计划预期要筹得78亿-98亿（89亿美元-112亿美元），这就使整个集团都被摆在了贸易橱窗里出售。这是16年来该国最大的私有化和抛售的关键项目,政府希望这能成为外国投资者新的风向标。这还给意大利邮政集团提供了一个机会,使得它能紧跟欧洲各邮政集团的上市步伐，并且领先于日本邮政集团。这有利于说服投资者,即使是传统业务深陷泥淖的公司，也是有未来的。
　　
　　Thanks to the ubiquity of e-mail and other forms of electronic messaging, the number of letters delivered in the European Union dropped from 108 billion in 2008 to 86 billion in 2013, according to the Universal Postal Union, an industry group. The contraction is continuing, says Barclays, a bank, putting it at 5% this year. Such declines make it ever more difficult for operators to comply with requirements to offer their postal services all across their respective territories.
　　
　　根据万国邮政联盟（一个产业组织）的数据统计，由于电子邮件和其他形式的电子通讯的普及，欧盟的邮件投递量从2008年的1080亿下降到2013年的860亿。邮件数量持续减少，巴克莱银行称，今年甚至减少了5%。这样的下降势头使得各邮政集团更加难以满足在各自运营领域全范围内提供邮政服务的要求。
　　
　　Poste Italiane’s letter business was less exposed to this decline than other European services, for the simple reason that Italians have always sent less mail than, say, the French or British: they prefer to talk on the phone. But volumes of marketing bumf slumped during the euro crisis. And the decline has continued since: the company’s mail revenues dropped by 6.5% in the first half of 2015.
　　
　　相比其他邮政业务，意大利邮政集团的信件业务的减少趋势并不那么明显。原因很简单，相较于法国人或英国人，意大利人一直都很少寄邮件，他们更喜欢电话交流。但是，欧债危机期间，纸的销量暴跌。且从该公司的邮件收益在2015上半年暴跌6.5%开始就持续下跌。
　　
　　If letters are fading, parcels are thriving. About 4 billion parcels were sent to customers from e-commerce sites across the continent last year, up from 3.7 billion in 2013, according to Ecommerce Europe, an industry group. It expects revenues from online retailing to reach €477 billion in 2015 and €540 billion in 2016.
　　
　　信件业务正逐渐萎缩，包裹业务却日益繁荣。据欧洲电商，一家工业集团的说法，去年欧洲大陆上从电商服务点送至顾客手中的包裹件数从2013年的37亿件上涨到约40亿件。该集团还期望其电子商务收益额在2015年能达到4770亿欧元，到2016年能达到5400亿欧元。
　　
　　Other postal services have been quicker to jump on the e-commerce juggernaut than Poste Italiane. PostNL in the Netherlands has launched CheckPay, an anti-fraud service whereby the buyer’s payment is released only once the ods have been delivered. And PostNord, the merged Swedish and Danish postal service, has created an offering that allows firms to send parcels to consumers across the Nordic region as easily as they do domestically.
　　
　　其他邮政集团比意大利邮政集团更快跳上电子商务巨头的位置。荷兰邮政推出了CheckPay,这为买家提供货到付款的反欺诈服务。瑞典丹麦联合邮政(PostNord)允许公司穿过北欧地区派件给顾客，就像在本地派件一样方便。
　　
　　Poste Italiane has been more sluggish. It has a market share in parcels of only 12%, whereas other national postal services typically have about 40-50%. It has not paid enough attention to this part of the business, its bosses admit, but has vowed to catch up. It has struck a deal with Amazon to deliver packets and let customers collect them at post offices. The firm is also experimenting with other ways to take advantage of its distribution network: it has a pilot scheme in Siena to deliver medicines to patients’ homes, for instance. To cut costs, Poste Italiane is also being allowed to reduce its delivery service to once every other day in a quarter of its territory—a bigger departure from the principle of universal service than in any other EU country thus far.
　　
　　而意大利邮政集团的发展就更加萧条了。它的市场股份仅占12%，而其他国家邮政集团股份大约占40—50%。不过其领导承认对这方面业务并没有给以足够的重视。但其发誓要迎头赶上。其在派送包裹方面与亚马逊签署了协议。顾客能在邮局中自己提件。该公司还尝试其他方式让销售网发挥最大作用；比如，该集团有一个给在锡耶纳的病人家庭送药的试点计划。为了减少开支，意大利邮政减少了在其四分之一运营范围内每隔一天的送货服务——这大大地违背了普遍服务原则，目前其他任何欧盟国家对此原则的违背程度都没它深。
　　
　　But Poste Italiane’s real selling-point has nothing to do with postal services, which account for only 14% of rev domestically.enues and last year notched up losses of €504m (see chart). The bulk of its income comes from insurance (66%) and other financial services (19%). These activities benefit from the firm’s trusted brand and its vast network of 13,200 branches across Italy (compared with 3,300 and 4,300 branches for the two biggest banks, UniCredit and Intesa Sanpaolo, respectively).
　　
　　但意大利邮局的真正卖点并不是邮政服务，邮政服务的收益只占了14％，去年更是损失了504百万欧元（由表可见），它的大多数收入来自于保险金（66%）和其它金融服务（19%）。这些业务得益于企业的品牌信誉和它13200个遍布全意大利的为数众多的分支机构（与意大利两家最大的银行意大利联合信贷银行（UniCredit ）和意大利联合圣保罗银行（Itesa sanpaolo）分别有3300和4300个分支机构相比。）
　　
　　Having leveraged its client base of current-account holders to develop its insurance business, the group now aims to expand in asset management. In April Poste Italiane acquired 10% of Anima, an Italian fund manager. It plans to offer customers products with higher yields than vernment bonds (which account for 13.4% of savings in Italy, compared with an EU average of 4.9%). The chance to tap into Italians’ large stock of savings, at a time when retail investors are on the hunt for yield, is one of the main messages the company is delivering on its road show.
　　
　　在其拥有支票账户的客户群中发展保险业务之后，这个集团现在的目标是拓展资产管理业务。四月，意大利邮政集团接了一个业务，它将为Anima，一个意大利基金经理10%的资产进行经营运作。它计划为客户提供的产品收益率要高于政府债券(这占到意大利储蓄的13.4%,而欧盟的平均比例是4.9%)。当散户投资者都在寻找可能收益的同时，能够利用意大利庞大储蓄存量的可能性是该集团在路演时提供的主要讯息之一。
　　
　　These non-postal services are what make it possible to contemplate listing a chunk of what otherwise would be a lossmaking delivery giant. Total revenues at Poste Italiane were up by 7% to €16 billion, and operating profit was up by 26% to €638 million in the first half of 2015. Given how few big firms are listed on Italy’s stock market, and in the light of a string of mildly positive macroeconomic data, the firm may turn out to be an attractive investment for those betting on an Italian recovery. Investors may also be seduced by the promise of a dividend pay-out of at least 80% of net profit in 2015 and 2016. Initial demand for the shares is strong. Just don’t mention the post.
　　
　　这些非邮政服务使得该集团得以多加思量那些上市后遭受巨大亏损的邮政巨头。2015年上半年意大利邮政集团的营业收入上涨了7%，达到了160亿欧元，并且营业利润上涨了26%，达到了638百万欧元。鉴于很少有大公司在意大利股市上市，并且根据一系列确切的宏观经济数据，对于那些断言意大利经济将会复苏的投资者来说，该集团会成为投资热点。投资者也许还会被该集团在2015和2016年至少80%净利润的派息承诺所吸引。该集团股份的初始需量是巨大的。只是不要提及它的邮政业务。

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