2010 annual report - Ferrovie dello Stato Italiane

Transcription

2010 ANNUAL REPORT
RAB_Cover_130711_425x297mm:Layout 1 13/07/11 11:28 Pagina 1
2010 ANNUAL REPORT
Piazza della Croce Rossa,1
00161 Roma
www.fsitaliane.it
2010 ANNUAL REPORT
A business model
rewarded by results
The positive results obtained for the third consecutive year
confirm the effectiveness of the industrial and strategic choices
Lamberto Cardia
Chairman
3 - 2010 Annual Report
The Consolidated Financial Statements of
Ferrovie dello Stato Italiane for the 2010 financial year showed positive economic results which confirm the favourable trend that
started in 2007. For the first time in the history of the Group, operating revenues exceeded the threshold of Euro 8 billion, while
the Group’s net result came to over Euro 100
million; the increases recorded in interim results were also positive: EBITDA came to
over Euro 210 million, while EBIT came to
over Euro 73 million compared to 2009.
Starting from the 2010 financial statements,
the Group has made the voluntary transition
to the International Accounting Standards
(IAS/IFRS), whose First Time Adoption (FTA)
applied from 1 January 2009.
The rationale behind this important decision
is based on the intention to compete in the
different markets in which the Group operates “with everything in order”, also from the
point of view of the administrative and accounting model, thus having laid the foundations to be able to take, where deemed
appropriate, the decision to access the capital market in the form of both the issue of
bonds or any other debt securities placed
with the public in a widespread manner and
the start of potential procedures for listing
already existing or future companies on the
stock exchange.
The positive economic performance, which
was achieved in a context of a persistent industrial crisis, both worldwide and domestic, confirms the effectiveness of the
strategic and industrial choices made by
Ferrovie dello Stato Italiane and encourages
us to continue the streamlining of some sectors which are still experiencing difficulties
and the development of areas with a high
contribution margin.
“Market services” recorded a 12% increase
in the overall offer, as they were able to
make use of the entire new High Speed network. During the year, the Frecciarossa train
offer was reformulated with targeted actions
by traffic areas and time ranges with the
highest productivity.
The technological measures adopted on this
type of trains (such as internet/wi-fi) increased the level of comfort, thus allowing
passengers to make the most of travel time.
For any routes served by Frecciargento
trains, the greatest level of comfort was ensured with the renewal of the fleet and the
increased speed of trains.
As regards the “universal service”, where a
service contract is in force with the Government, changes in the scope were made in
order to optimize the limited financial resources available to the “Public Customer”.
The residual “not contributed” segment,
which reported negative margins, also suffered a further sharp decline in volumes (12.5% of trains/km offered). As regards
“regional transport”, 2010 saw the continuation of the formalization of most service
contracts with Regional governments on the
basis of an offer platform as per the “cata-
Mauro Moretti
Chief Executive Officer
logue”. Therefore, each Regional government was able, because of the resources
available, to choose the type of services to
purchase, undertaking contracts with a term
of six years, plus six years. This enabled the
railway company to plan services to be rendered through the best mix of factors of production used, and, thanks to the certainty of
revenues in the medium term, to start the
purchase of new trains. The cleanliness of
trains was dealt with particular determination, especially since 2009. In 2010 contracts were renewed for cleaning of trains
and industrial plants. To date, almost all relationships have been terminated with the
previous contractors and new contracts
have been awarded.
The levels of quality perceived by customers
are gradually improving overall; on the other
hand, the Group carries out constant control
and surveillance.
On the operating costs side, particular attention must be paid to the further reduction
in labour costs which, even if they recorded
a unit increase for contract renewals aligned
with the rate of inflation, benefited from the
reduction in the overall average number
(which passed from 87,422 to 82,566 units)
essentially arising from the introduction of
more advanced high-tech tools for the management of some industrial processes. As
regards investments, the decrease recorded
in 2010 (from Euro 5,250 million to Euro
4,143 million, equal to about 21%), which
was in line with forecasts, essentially derived
from minor works on the High-Speed net5 - 2010 Annual Report
work, which was substantially completed,
and from the postponement of works on the
Traditional network as a result of the reduction in public transfers.
The reduced transfers of financial resources
have increased the need to select very carefully any investments in areas and sectors
with the highest economic return.
For self-financed investments, it is worth
noting the strong commitment of Trenitalia
which has earmarked about Euro 483 million
to improve the quality of services and to
take actions on technology.
Particular emphasis is also placed on the
massive transaction of technological innovation and upgrading of assets carried out in
relation to railway stations, as regards both
the industrial and business areas, by their
respective operators: RFI, Grandi Stazioni
and Centostazioni.
The investments made in the last year, while
selecting targeted interventions with the
highest economic returns, inevitably limited
the results of the effort to reduce debt, an
effort that the Group is implementing with
determination to eliminate the general financial “weakness” arising from a previous debt
exposure. In fact, the risk remains that considerable financial charges caused by a high
debt, may adversely affect future financial
results. To cope with this situation, the
Group will apply a rigorous and increasing
level of monitoring of the overall financial
management.
Looking to 2011, the Group will continue to
devote its best efforts to streamline those
business segments that still present areas of
substantial unproductiveness.
In particular, the Group will continue to implement the reorganisation plan of the cargo
sector and logistics as a whole.
The Group, based on the economic stability
acquired, may increasingly direct its efforts
at those initiatives already underway in
2010, aimed at also gaining market shares
abroad through the direct development of
their businesses or through the acquisition
of existing cross-border companies. In this
regard, the messages given by the recent
acquisition of the Arriva Deutschland (now
Netinera) group and by the alliance with the
Veolia Group, as well as the numerous railway engineering projects at international
level, are signals which are certainly important and of a great strategic value and which
will entail significant developments.
introduction
-6
Table of contents
PART I - FERROVIE DELLO STATO ITALIANE
Consolidation and international development
The best in Italy, the strongest in Europe
PART III - THE GROUP INCREASES ITS COMMITMENT
12
The Group’s international strategies
A greater presence in Europe
40
Towards a single railway market
New rules for European transport
14
Leadership recognised worldwide
International leading companies in railway technology
42
Governance and ethical responsibility
The right organisation for sustainable development
16
Better services to customers
Key values: safety and environment
46
18
Leading players in innovation
Designing future technologies today
48
Environmental and social responsibility
The Group’s work for a sustainable future
50
Human resources
A wealth of people
54
A development-oriented Business Plan
Growing as leading players
PART II - ECONOMICS AND INVESTMENTS
The economic strength of the Group
Better performance at lower costs
24
Supporting development
Investments in the railway sector, a strategic resource for Italy
34
PART IV - OTHER ACTIVITIES OF THE GROUP
Grandi Stazioni SpA
Centostazioni SpA
FS Sistemi Urbani
Italferr SpA
Fercredit SpA
Cross-cutting activities
58
60
62
64
66
67
Table of contents
- 10
PART I - FERROVIE DELLO STATO ITALIANE
Consolidation and international development
The best in Italy, the strongest in Europe
Significant investments and targeted activities lead to higher service
levels and develop the international role of the Group
The Ferrovie dello Stato Italiane Group, thanks
to the consolidation of the balance sheet results
and to a recognised technological excellence, is
increasingly proposing itself as a leading player
in the international market.
2010 was an important moment of transition from
a reorganisation process, which started at the
end of 2006, to a phase of economic consolidation. Today we can and we must set the objective
of healthy growth and a gradual expansion. The
Group has taken a role as an important player in
the European market of railway services, an activity which has culminated in the strategic acquisition (in partnership with the Cube Infrastructure
fund) of the activities of the Netinera Group (former Arriva Deutschland) in Germany. More widely,
the Group is turning its attention to further development in the Central European countries and in
the Eastern European markets.
The Group has succeeded in the difficult task of
ensuring – even in the presence of lower availability of public resources and in a difficult international macroeconomic context – significant
investments mainly aimed at the development
and upgrading of railway infrastructures, at the
purchase and revamping of trains, and at a
strong renovation of railway stations.
The stabilization of the High-Speed project,
which involves infrastructures, trains and knowhow that are entirely Italian, has led to a profound revolution that has changed and improved
mobility, with more frequent connections at
scheduled times and an integrated system of
urban junctions also to the benefit of regional
and metropolitan traffic and cargo transport, between and in the major metropolitan centres.
The net profit was confirmed for the third consecutive year, with values gradually increasing: Euro
129 million against Euro 54 million in 2009. The
result was achieved without any increase in the
capital by the shareholder, by leveraging costs
and revenues on the rise, despite the persistent
difficult economic situation of the markets.
The leadership of the Group in the sector of innovation is now recognised in Europe and
worldwide, thanks to the adoption, on our lines
and trains, of the highest technological standards of an Italian origin, which have been selected by the EU as a reference for cross-border
networks. Great success was also achieved by
commercial initiatives on High-Speed lines,
which received the Global Award from the World
Travel Market last year for the innovative technology used in the management of industrial
processes, in the communication with stakeholders and in providing services to customers.
In 2010 Trenitalia achieved the “ICT Innovation
Award”, an award established by the Smau-Politecnico Observatory and given to Italian firms
and public bodies that have successfully innovated their business through digital technology.
During 2010, the Group continued its activities
aimed at improving the service quality offered,
increasing the levels of comfort, quality, information and cleaning on board trains. Approximately
90% of users of medium and long distance services are satisfied with the journey as a whole.
Also as regards punctuality, the good performance achieved in previous years was more than
confirmed, with rates of over 91% for long and
medium distance trains and almost 90% for regional transport trains.
2010 saw again an increase in the number of
passengers/km transported with market services (about 1.3% more than the previous year)
and with the regional transport services (up by
approximately 2.5%), while the fall in cargo volumes was limited to 3.5%, these volumes being
still affected by the difficult national and international economic situation. Of great importance was the decrease in the number of
accidents defined as “typical” by international
regulations, from 13 in 2009 to 10 in 2010 (in
2000 there were 96).
Part I - Ferrovie dello Stato Italiane
- 14
Towards a single railway market
New rules for European transport
2007/58/EC of the third railway package) provides the possibility for the Member States to
order companies that perform market services
in the passenger railway transport to contribute
to the financing of universal services under pub-
lic service contracts. Moreover, such a measure,
where rigorously applied, would also entail lower
charges to be borne by public finance. In Italy,
unlike other countries, including France, no rule
of this type has yet been laid down.
Applying the reciprocity principle for effective liberalisation:
competing to improve services
With the opening of international passenger railway transport to competition from 1 January
2010, a further step was made towards the liberalization of the sector.
However, we are still far from an effective single
European railway market. In fact, non-standardised rules on market access continue to coexist
among major countries. Some states have pursued a “conservative” policy, aimed at adopting
EU legislation only formally, rather than introducing actual liberalisation and real competition in
the market. Other countries, including Italy, have
been fully liberalizing their domestic market for
some time.
Therefore, it is necessary to define, at European
level, a uniform framework in terms of conditions, criteria and access rules to be equally
complied with by everybody, as has occurred in
the aviation sector.
The recent proposal to amend EU legislation relating to railway transport (recast), as submitted
by the European Commission, is still far from
achieving these objectives.
In fact, it is not expected that an European industry Authority will be established which would
be capable of imposing standard rules across
the EU, nor is it expected that the liberalisation
of the domestic passenger transport will be implemented, which has already been implemented in Italy.
In the presence of such asymmetries between
national markets, at present particular importance is attached to the careful and rigorous application by the competent authorities of at least
the reciprocity principle.
An application of this principle which was only
“formal” would distort competitive dynamics, thus
preventing healthy and balanced competition.
The development of a free and competitive railway market also requires the introduction of
specific tools in our system to ensure a balance
between promoting competition and safeguarding the universal service. Following cherry picking practices, i.e. the careful selection of the
most profitable market segments, implemented
by new competitors, the national incumbent - to
safeguard its own economic stability - could no
longer provide services operating at a loss from
a structural point of view.
In this regard, the EU legislation (Directive
- 16
CHAIRMAN
Governance and ethical responsibility
INTERNAL AUDIT
CEO
The right organisation
for sustainable development
MEDIA RELATIONS
AND GROUP EDITING
GROUP EXTERNAL
COMMUNICATION
ADMINISTRATION, FINANCIAL
REPORTING AND TAX
BUSINESS PROTECTION
CORPORATE AFFAIRS
STRATEGIES AND PLANNING
IT SYSTEMS
The Ferrovie dello Stato Italiane Group operates
to combine economic, environmental and social needs,
also through its Governance system
LEGAL AFFAIRS
INSTITUTIONAL
AND COMPETITION AFFAIRS
HUMAN RESOURCES
AND ORGANISATION
FINANCE, CONTROL
AND ASSETS
CORPORATE BODIES OF FERROVIE DELLO STATO ITALIANE SpA
The Ferrovie dello Stato Italiane’s activity is inspired, starting from the Code of Ethics – i.e.
the Charter of the company that defines the
ethical and social responsibility of every employee – by the principles of transparency and
fairness which are the indispensable prerequisites of the path to sustainability. The Parent
Company directs and coordinates the industrial
policies and strategies of the Operating Companies on the basis of economic, environmental
and social considerations. The Group's attention is directed, in particular, to the triple interaction between railway transport, the
environment and the community, key elements
on which to build more sustainable mobility.
The organisation of the Group reflects the clear
separation at a corporate level between transport network and services, implemented starting from 2000 in compliance with the European
directives on the liberalisation of the market.
The audit work envisaged by the Italian Civil
Code is performed by PricewaterhouseCoopers
SpA, which also carries out the auditing of the
consolidated accounts, the sustainability report
and the annual accounts of the Group Companies. Also thanks to the recent developments of
the governance system, Ferrovie dello Stato
Italiane, with 80,000 employees, with more than
620 million customers per year and over 8 thousand trains which run on the railway network
every day, supports the country towards a sustainable development model.
BOARD OF DIRECTORS
CHAIRMAN
LAMBERTO CARDIA**
INNOCENZO CIPOLLETTA*
CHIEF EXECUTIVE
OFFICER
MAURO MORETTI
DIRECTORS
ALBERTO BRANDANI**
ANTIMO PROSPERI
PAOLO BARATTA*
CLEMENTE CARTA*
STEFANO ZANINELLI**
BOARD OF STATUTORY AUDITORS
CHAIRMAN
REGULAR
MEMBERS
SUBSTITUTE
MEMBERS
ALESSANDRA DAL VERME**
POMPEO COSIMO PEPE*
GIUSEPPE DI GIOVANNI*
GIANCARLO FILOCAMO**
VITTORIO NOLA*
ALESSANDRO ZAVAGLIA*
CINZIA SIMEONE
PAOLO CASTALDI**
MEMBER OF THE COURT OF AUDITORS RESPONSIBLE FOR
CONTROL OVER FERROVIE DELLO STATO ITALIANE SPA
GIOVANNI RAPISARDA*
VITTORIO ZAMBRANO
INDEPENDENT AUDITORS PRICEWATERHOUSECOOPERS SpA
* Holding office until 24 June 2010
** Appointed by the Shareholders’ Meeting on 24 June 2010
- 18
A development-oriented Business Plan
Growing as leading players
A season of growth and expansion is starting
to make the Group an increasingly leading player in the system
of national and international transport
The operating and economic results accrued in
the period 2007-2010 showed the achievement
of the objectives and the subsequent consolidation of the rationalization and industrial repositioning set out in the previous 2007-2011
Business Plan.
The massive industrial reorganisation achieved
- recovery of a deficit of over Euro 2 billion - has
been achieved, inter alia, through the separation
of “market” services and “universal services”,
the redefinition of the business portfolio, the closure of unprofitable services and relationships;
the change in contractual relationships with all
stakeholders, and finally, the redesign of production processes, with the aim of sharply shortening the chain of command, by decentralizing
responsibilities and skills to simplify the decision-making system.
The Ferrovie dello Stato Italiane Group has completed its course of “restructuring”, a necessary
condition in order to be able to launch a phase
of development and value creation. On this
basis, conditions have been identified for a new
growth and expansion policy, both at national
and international level, to be also implemented
through acquisitions and/or partnerships with
important institutions and private individuals, either financial or industrial. The new 2011-2015
Business Plan, in continuity with the previous
one, identifies the issues relating to internationalization, to the definition of a new operating
model for regional and local passenger transport
and to the reorganisation of cargo transport, as
the major challenges for the next five years.
The acquisition of the Netinera Group (former
Arriva Deutschland), one of the largest private
operators in the regional public railway and road
transport of passengers in Germany (with a market share of 5%), was a major success of the
Group in strengthening its international positioning. Netinera has a 2010 turnover of over Euro
470 million, offers more than 30 million trainskm and about 31 million buses-km and employs
more than 3,000 employees spread across Germany. The acquired Group operates in a very
dynamic context and has the objective of doubling, over the next few years, the current market share (target 12%).
Furthermore, with the partnership between Trenitalia and Veolia Transport, a railway transport
operator of the French group Veolia Environ-
ment, which is active in railway, road and sea
passenger transport, the Group intends, in the
near future, to develop its business on the foreign high-speed and regional passenger transport markets (outside Germany).
The acquisition of the total equity investment in
TX Logistik, which is active in cargo transport in
Germany and in other Northern European countries, affirms the same commitment undertaken
by the Group also in the business of cargo services (traction and logistics). TX Logistik is a success story: in fact, the business model of
integrated operator, which is inspired by competitiveness and efficiency, has ensured the attainment of positive economic results even
during a period of economic downturn such as
the recent one.
Internationalization
The Group is currently the third major European
railway operator although it is relatively smaller
compared to the first two big operators DB (German incumbent) and SNCF (the French incumbent). International growth is therefore an
essential prerequisite in order to be able to continue to be a key player in the European scene.
To this end, during 2010 and in early 2011, the
Group equipped itself with suitable tools to embark on a path of expansion.
Part I - Ferrovie dello Stato Italianee
- 20
Regional and local passenger
transport Large Urban Areas
In a situation of increasingly limited resources
for universal service contracts, the Group's
strategy aims to strengthen the supply of
transport services in areas with the highest
demand for mobility by adopting solutions of
railway-railway integration and railway-road integration with the different players involved in
regional and local transport.
The challenge of the 2011-2015 Business
Plan, with reference to local transport, is to
modify and expand services on the metropolitan junctions which at present are characterized by a high operating frequency, several
stops and a strong discontinuity in demand
concentrated above all in peak hours. The distinction, within the same local area, between
metropolitan trains (with more frequent stops)
and medium distance trains (faster services
with fewer stops within the junction) can provide a more effective response to the growing
demand for mobility and allow a more efficient
operating model to be adopted. This model involves the upgrading and increasing specialization of the fleet according to the different
types of services mentioned above.
For example, the new “regiofast” service,
which allows passengers to move in just 49
minutes from Pisa to Florence and in 48 minutes from Florence to Arezzo, has already
found favour with customers because it connects the Tuscan cities quickly, with no intermediate stops or additional costs.
The Group has already identified a number of
large metropolitan junctions (Turin, Milan,
Venice, Genoa, Bologna, Florence, Rome,
Bari, Naples and Palermo) on which it will
adopt this consolidation strategy, to be negotiated with the Regional governments within
the service contracts in force.
Cargo Services
The achievement of economic and financial sustainability in the businesses of cargo services
(traction and logistics) is a challenge that can be
won. The actions taken in the two-year period
2007-2008 had already expressed a trend of economic and operating results showing significant
improvement compared to the initial figure (a loss
of about Euro -900 million). However, these results, although still in their infancy, came to a serious standstill in 2009 because of the
international crisis. The collapse of industrial production and international trade has led to a general situation of reduction in the mobility of goods.
In Italy, railway transport has also suffered in particular, as it is affected by a regulatory framework
that gives major assistance to road transport.
In the 2011-2015 Business Plan new lines of action have been identified which are capable of allowing the “Cargo Services” Businesses to reach
a state of economic and industrial reorganisation.
In particular the Group intends:
• to focus its traction activity on more profitable
strong axles (European corridors and passes);
• to select, enhance and monitor the key points
of the transport infrastructure (e.g. ports) to enable synergies and partnerships in combined
transport;
• to redevelop selected logistic platforms to provide upstream and downstream services in relation to the simple traction activity and make
them more responsive to customer needs;
• to streamline the distribution chain to ensure a
faster commercial response;
• to develop information technology in support of
the operating processes of the business in
order to make all stages of transport more effective, including sales and after-sales services;
• to expand the business abroad with particular
attention to Eastern Europe, in accordance with
the strategies of internationalization;
• to implement a new organisational and governance model which, while reducing the current
portfolio overlaps, may make the overall supply
more efficient.
The Group aims to boost the potential of railway
cargo transport, by shaping it, at national level,
as a valid alternative to other means of transport
and projecting it towards a European dimension,
with a wider range of international connections to
support the Italian industrial system.
- 22
PART II - ECONOMICS AND INVESTMENTS
The economic strength of the Group
Better performance at lower costs
Euro 139 million, thanks to the higher fees paid
out according to the provisions laid down in the
2010 Finance Act, no. 191 “Provisions for the
preparation of the national annual and multi-
Reduction in operating costs and creation of new value.
Sharp growth in revenues from passenger traffic
year budget” (Disposizioni per la formazione del
bilancio annuale e pluriennale dello Stato) and
in the Budget Law no. 192 connected thereto
(which were issued on 23 December 2009).
Finally, note the sharp reduction in other income
(Euro -213 million), which was mostly related to
million for operating grants).
lower fees relating to previous years and con-
EBITDA came to Euro 1,660 million, also due to
nected with the 2007 Finance Act, to lower in-
the significant decrease in operating costs, thus
come compared to that recorded in 2009
confirming the positive trend of the recovery of ef-
following the release of some provisions for
As already mentioned in the previous pages,
ficiency in the use of production factors and of the
risks and charges and to the capital gain on dis-
Ferrovie dello Stato Italiane also closed the
consequent reduction in the costs themselves.
posals arising from the transfer of a property lo-
2010 financial year with a positive net result of
Under operating revenues, which exceeded the
cated in Venice recorded in 2009, an event that
Euro 129 million (of which Euro 118 million per-
threshold of Euro 8 billion for the first time in the
was not repeated in 2010.
tained to the Group and Euro 11 million per-
history of the Group, revenues from transport
Operating costs, net of the adjustment due to
tained to minority interests), with a considerable
services recorded an increase of Euro 152 mil-
capitalisations, showed the significant reduction
increase, equal to Euro 73 million, compared to
lion (+2.5%), which was connected to the
of Euro 128 million, as a result of the continua-
the profit of the previous financial year.
growth in both market revenues (Euro +76 mil-
tion of the rationalization of the same and aris-
to
lion) and revenues from a public service con-
strengthen its economic stability, recording an
tract with the Regional governments and with
excellent performance at EBITDA level, which
the Government. Specifically, revenues from
exceeded, for the first time, Euro 1.6 billion,
public service contracts increased by Euro 76
thanks to the sharp overall growth in revenues
million as a result of higher revenues with the
from passenger traffic, which was partially due
Regional governments for Euro 63.5 million and
also to the tariff increases and the major re-
higher revenues from a public service contract
sources made available for infrastructure serv-
with the Government for Euro 12.1 million. Rev-
ing from the following factors:
• the decrease of Euro 235 million in labour
costs, as a result of a reduction of 4,856 units
in the staff number arising from the continuous and gradual improvement of efficiency of
all the various business processes, even if in
the presence of an increase in unit salaries
linked to the dynamics of contractual renewals
and to the automatic increases envisaged in
ices (Euro +139 million of which Euro 126
enues from infrastructure services increased by
The development of
national and international
railway transport
During
2010,
the
Group
continued
the contracts themselves;
• an increase of Euro 107 million in other net
costs, which was mainly due to lower capitalisations (Euro -111 million). The operating result confirmed the positive trend which was
already recorded in the 2008 financial year,
coming to Euro 508 million (with an improvement of Euro 73 million compared to 2009),
even if in the presence of higher net amortisation and depreciation (Euro +127 million), in
addition to higher write-downs, impairment
and provisions for risks and charges (Euro
+10 million). Specifically, the higher amortization and depreciation related to the entry into
service of new assets envisaged in the investment plan, to the capitalisation of secondlevel maintenance works carried out on the
rolling stock during 2010 and, finally, to the
fact that the charges referred to the High
Speed/High Capacity railway lines BolognaFlorence, Turin-Milan and Rome-Naples,
which were completed during the 2009 financial year, were fully charged to 2010. The net
result, which recorded sharp growth also in
2010, was affected by the balance of the financial management, which was negative by
Euro 263 million and which showed a slight
increase of Euro 12 million compared to the
previous financial year, essentially due to the
dynamics of average interest rates.
Part II - Economics and investments
- 26
BREAKDOWN OF OPERATING REVENUES IN 2010
Economic, capital and financial highlights
2010
2009
Operating revenues
8,064
7,982
Operating costs
6,404
6,532
EBITDA
1,660
1,450
EBIT
508
435
Net result
129
54
FY 2010 = €/mil. 8,064
The Group adopts
International Accounting
Standards
In an increasingly resolute path to the “market”,
Ferrovie dello Stato Italiane has deeply reviewed
its administrative and accounting model by adopting International Accounting Standards (IAS-IFRS)
starting from the consolidated financial statements at 31 December 2010. In compliance with
the provisions under IFRS 1 (“First-time Adoption
of International Financial Reporting Standards”), it
was necessary to implement a complex process
- which lasted over two years – for the transition
from Italian GAAPs, which were used in the
preparation of the consolidated financial statements until the financial year ended 31 December
2009, to IAS-IFRS, a process which involved all
the Group subsidiaries and the most of professional families - Administration, Finance and Control firstly – which are active in the sector.
As it intends to present a framework consistent
with the requirements under IFRS 8 (“Operating
Segments”), the Group carries out its business in
the following 5 operating segments, as summarized in the table below, the summaries of which
are reported, in terms of performance and results,
in the last section of this document.
FY 2009 = €/mil. 7,982
OPERATING SEGMENTS REFERRED TO TRANSPORT SERVICES
13%
11%
11%
14%
MEDIUM/LONG DISTANCE PASSENGERS SEGMENT
REGIONAL PASSENGERS SEGMENT
CARGO SEGMENT
76%
INFRASTRUCTURE SERVICES SEGMENT
75%
REAL ESTATE SERVICES SEGMENT - OTHERS
Revenues from
transport services
Revenues from
infrastructure
services
Other revenues
Revenues from
transport services
Revenues from
infrastructure
services
Other revenues
Trenitalia, confirmation
of its performance
After timid positive signs recorded in the second
half of 2009, the global economic recovery has
been characterized by slow growth, with uncer-
tain prospects in the medium/long-term. In
2010 the transport sector in Italy gave signs of
adjustment and recovery in both passenger and
cargo segments.
In this macroeconomic context Trenitalia has
confirmed the improvement in its performance
- 28
and continued the structural consolidation of its
economic fundamentals started in previous financial years.
The financial and economic data discussed
below show changes compared to the 2009
Annual Report, arising from the application of
International Accounting Standards (IAS) starting from the 2010 financial year. The values relating to the 2009 financial year were reported
on a pro-forma basis to allow comparison.
TRENITALIA INDICATORS (1)
2010
2009
Operating revenues
Operating costs net of capitalisations/changes in inventories
5,874.2
4,588.5
5,780.1
4,642.2
EBITDA
1,285.6
1,138.0
355.1
316.6
74.8
16.6
929.3
424.8
797
1,027
31.12.2010
31.12.2009
Net invested capital
7,994
7,838
Net financial position
6,337
6,298
39,668
42,174
Main economic, capital and financial highlights
Operating result
Net result for the period
Cash flow from operating activities
Investments
Workforce
values in €/mil.
(1) 2009 and 2010 data, as reported on a pro-forma basis, include – for the purpose of a uniform comparison – the values of the full-year performance of the branch of business “Lombardia Regional Transport” which, effective from 15 November 2009, was transferred to the new company
TLN-Trenitalia Le Nord (now Trenord) following the lease of the branch of business itself.
In 2010, Trenitalia reported a positive EBITDA
of Euro 1,286 million, up by about 13% compared to 2009. The operating result was also
positive, up by 12.2%, Euro 355 million against
Euro 317 million in 2009. The financial year
closed with a positive net result equal to approximately Euro 75 million (Euro 17 million in
2009), which consolidated the positive performance of the last financial years.
Operating revenues showed an increase of
1.6% compared to the previous financial year,
mainly as a result of an increase of 4.5% in revenues from traffic which were partially offset by
a decrease in other revenues characterized by
some non-recurring items recorded in the
2009 financial year.
As to revenues from traffic, the positive performance recorded in the passengers segment
(+8.4% in the Medium/Long Distance segment
and +5% in Regional Transport) was mitigated
by the reduction recorded in the cargo segment, equal to -8.7%.
This positive result was also affected by operating costs which, in line with the strong recovery of efficiency which characterised the last
financial years, reported a further reduction of
Euro 54 million compared to 2009.
The net financial position (Euro 6,337 million)
showed a slight increase, equal to Euro 39 million, compared to the previous financial year.
Traffic,
increase in market services
The passengers-km transported totalled 43.3
billion in absolute terms (-2.1% compared to
44.3 of 2009), of which approximately Euro
22.7 billion related to regional and local transport, showing a slight increase compared to
the results of 2009 (+2.5%), and 20.6 billion
related to the medium and long distance services as a whole, which recorded a reduction of
6.7% compared to the previous year. In 2010
the shift of passengers in favour of the new
market services confirmed the trend recorded
in the previous financial year (+2.9%), thanks
to the positive response of customers with respect to the increase in the offering accompanied by a more accurate modulation of the
price policy.
The lower resources dedicated by the public
customer to the universal service segment led
to a reduction in the offer equal to 18.2%,
which particularly affected night services.
In line with the objectives for streamlining the
commercial offer, the reduction in “not contributed” services, for which there are no profitability conditions, continued (-10.3%).
The production, expressed in trains-km,
showed an overall slight increase of 0.4%,
which is a combination of a decrease for
medium and long distance services (-1.4%)
and an increase for regional transport (1.1%).
As regards the passengers offer, the trains-km
were equal to 267.4 million, 78.1 million of
which related to the medium and long distance
sector: +7.5% in the profitable market segment, -8.1% and -15.1%, respectively, in the
segments universal contributed and market
with negative margins.
In regional and local transport the volume of
trains-km passed from 187.1 million in 2009 to
189.3 million recorded in 2010 (+1.1%).
The load factor of medium and long distance
transport increased, passing to 51% compared to 49%, recorded in the previous year,
while that of regional transport was 31%. The
latter, which remained substantially unchanged
compared to the previous financial year, was
however affected by the considerable differences existing between “peak hours” and “offpeak hours”.
- 30
Railway cargo traffic reported an aggregate
volume of 20.5 billion tons-km, down by about
3.8% compared to 2009. In general, a slight
recovery was recorded in the second half of
2010, at the index of industrial production, a
recovery which in any case did not translate
into an increase in orders in the railway sector.
At national level, all the types of railway cargo
services still showed negative trends, even if
reduced, compared to those recorded in the
previous year: transport by freight trains, for instance, reported a drop in volumes equal to
5% while single wagonload transport dropped
by 55%. Consequently, the volumes of trainskm also reduced by approximately 9%, totalling 43.2 million.
On the other hand, international activities, with
specific reference to the subsidiary TX Logistik
AG, showed an increase in transported volumes of approximately 25%.
PASSENGER TRANSPORT DATA
2010
2009 % Change
Medium and long distance traffic data (1)
Passengers/km - profitable market
millions
11,476
11,148
2.9
Passengers/km - universal contributed
millions
7,012
8,576
-18.2
Passengers/km - negative margins market
millions
2,149
2,395
-10.3
Total
millions
20,637
22,119
-6.7
Trains/km - profitable market
thousands
40,629
37,808
7.5
Trains/km - universal contributed
thousands
30,372
33,055
-8.1
Trains/km - negative margins market
thousands
7,096
8,362
-15.1
Total
thousands
78,097
79,225
-1.4
millions
22,712
22,168
2.5
thousands
189,286
187,140
1.1
millions
43,348
44,287
(2.1)
thousands
267,383
266,365
0.4
Regional transport traffic data
Passengers/km
Trains/km
Total passenger traffic
Total passengers/km
Total trains/km
(1) including the traffic of Cisalpino AG, for the lines in Italy only
Cargo Group traffic data
2010
2009 % Change
Cargo traffic data - Drive only
Tons - km
Trains - km
millions
20,527
21,358
(3.8)
thousands
43,200
47,569
(9.1)
- 32
RFI performance
RFI - Rete Ferroviaria Italiana, is the company
responsible for the design, construction, installation, management and maintenance of
the railway infrastructure. Its revenues are
constituted by tolls paid by the transport
companies that use the infrastructure and by
the Government fees which are mainly intended for the making available of the network itself.
The company confirmed its positive trend
also in 2010, closing with a significant increase in the operating result, which more
than doubled compared to 2009, and a result
for the period of Euro 91 million. The positive
result, which was obtained thanks to the increase in operating revenues, was mainly due
to: the higher income received from the Government for infrastructure services, in the
performance of the Programme Contract
(which was partially offset by the reduction in
other revenues); the reduction in operating
costs (net of capitalisations); the decrease in
labour costs; the reduction in costs for services and the increase in capitalisations.
These effects were partially offset by the increase in prices of raw and secondary materials, as well as by the increase in other
operating costs. Below are summarized the
main 2010 indicators and economic ratios of
the company.
Main indicators
2010
2009
Change
%
2,612.7
2,555.2
57.5
2.3
EBITDA
267.9
158.7
109.2
68.8
EBIT
135.1
64.6
70.5
109.1
91.6
9
82.6
>200
Investments
3,078.9
3,708.7
(629.8)
(17.0)
3,199.2
923.7
2,275.5
>200
Net worth
33,520.7
33,153.1
367.6
1.1
Workforce
30,209
31,595
(1,386)
(4.4)
Operating revenues
Result for the period
values in €/mil.
Main ratios
2010
2009
ROE
0.28%
0.02%
ROI
0.38%
0.19%
EBIT MARGIN
5.17%
2,53%
10.25%
6.21%
0.10
0.03
EBITDA MARGIN
Debt/Equity
The increase in the 2010 net financial position was due to the increase in the payables
to the Parent Company and banks, and to
the decrease in receivables from the Ministry
of Economy and Finance and from TAV, the
subsidiary of RFI responsible for the design
and construction of high speed lines.
- 34
Supporting development
Investments
in the railway sector,
a strategic resource for Italy
THE GROUP’S INVESTMENTS
2010
2009
Total
3,663
4,486
RFI
3,078
3,707
2,558
2,609
Infrastructural Development
932
924
Safety and traffic technologies
249
280
1,377
1,406
520
1,098
483
692
Medium/Long distance Passengers
129
229
Regional Transport
192
231
Cargo
10
32
Others
152
199
Other investments
102
86
Stations, road transport, services
102
86
Traditional Network
Higher efficiency, an improved service, new safety and
transport technologies and renewal of the fleet:
these are the strategic areas of the Group’s investment plan
Maintenance in good working order
Turin-Milan-Naples High Speed line
The Group continued the investment plan
aimed at supporting growth in traffic volumes
on High Speed lines and metropolitan junctions, as well as at renewing the fleet with the
aim of making the fleet of vehicles suitable for
specific needs - in particular the needs of
medium and short distance transport -, by improving comfort, increasing operational efficiency and increasing technical reliability.
During the year the tender was awarded for
the supply of 50 new last-generation AV series
“1000” electric trains. Investments also continued in Regional Transport on the basis of
the development program focused on the renewal of the fleet. The program is funded
through the execution of fixed-term service
contracts with Regional governments on the
basis of fees suitable for the real needs of the
service requested.
The “capital expenditures” made by the Group
in 2010 amounted to Euro 3,663 million, of
which approximately Euro 3,078 million were
accounted for by actions linked to the infrastructure; specifically: Euro 2,558 million were
for the traditional network and Euro 520 for
the High Speed/High Capacity network TurinMilan-Naples, additional Euro 483 million
(which were almost entirely covered with own
resources) for transport-related measures
and, finally, Euro 102 million for real estate assets, IT and road transport.
TRENITALIA
values in €/mil.
RFI - Rete Ferroviaria Italiana
2009 saw the completion of the connection of
High Speed lines on the entire Turin-Salerno
line. On the other hand, in 2010 activities
continued on the same High Speed line for
the construction of the bypasses of Bologna
and Florence and of the High Speed stations
(Bologna Centrale, Florence Belfiore, Naples
Afragola, Reggio Emilia and Rome Tiburtina).
Actions also continued for the maintenance of
the traditional railway infrastructure in good
working order and for technologies dedicated
to traffic safety, automation and control. Additional actions were dedicated to infrastructural development projects for the upgrading
and modernization of railway corridors, metropolitan and regional areas.
- 36
MAIN WORKS IMPLEMENTED IN 2010
•
2010
2009
km
36
206
High Speed network
km
0
143
Traditional Network
km
36
63
Line upgrade
km
40
284
Safety technologies (SCMT, SSC, SSCC/STS, GSM-R)
km
102
471
Station equipment (ACEI, ACS, ACC)
no.
18
32
Suppression of railway crossings
no.
52
73
Automation of level crossings
no.
2
10
New infrastructures (New lines, Second lines, Bypasses)
as regards IT systems, investments were
made in programmes for the management of
processes for the technological upgrading of
the systems for the maintenance of trains and
in the research into technologies dedicated to
railway safety (20% of the total).
Coaches/Wagons
In 2010 Trenitalia invested about Euro 483 million for the improvement of the quality of services offered, the technological upgrading of
traffic safety vehicles and the fitting out of
equipment and IT systems.
Investments concerned:
• in the High Speed segment, for the “Frecciarossa” product, the improvement in the commercial service and in information services on
board trains for customers on all ETR 500
trains (13% of the total); for the “Frecciargento” product, the completion of the purchase of ETR 600 trains and the actions for
multi-voltage and restyling of the ETR 480 fleet
to allow traffic on the new High Speed lines;
• for medium and long distance transport on
the traditional network (for “Frecciabianca”,
“Eurostar” and “Base” trains), investments related to the restructuring of coaches and lo37 - 2010 Annual Report
comotives for connections between medium
and large sized cities;
• the metropolitan transport sector saw the renewal of the fleet with the purchase of new
E464 locomotives, new Vivalto coaches, the
restructuring and development of TAF (Treno
Alta Frequentazione, High Intensity Trains)
trains and, in the regional and interregional
service segments, the restructuring of lowdeck and medium distance coaches (37% of
the total);
• the cargo transport sector saw the completion
of the plan of deliveries of new “S11” wagons
and actions continued for adapting the fleet
of wagons to the requirements of the market
(1% of the total);
• as regards safety, the On-Board Technology
System (Sistema Tecnologico di Bordo) which
integrates all the technologies on the train
(SCMT, SSC, GSM-R systems) was installed
on the locomotives;
for rolling stock, during 2010, 60 locomotives,
17 coaches and wagons and 1 new train were
put into operation. 4 locomotives, 94 coaches
and wagons and 17 trains were brought back
into operation after refurbishment, as reported
in the table below:
ACTIONS ON THE TRENITALIA ROLLING STOCK FLEET
Locomotives
Trenitalia
•
Fixed-composition trains
no.
no.
no.
The other companies
Overall, the other Group companies made investments for about over Euro 100 million,
mainly related to the enhancement and rehabilitation of the stations and of the real estate assets, the development of the fleet for road
transport and the increase and maintenance of
the IT equipment in support of corporate
processes. 2010 saw the continuation of the activities of the companies Grandi Stazioni and
Centostazioni for the revival and enhancement
of the main stations, which were redesigned to
create not only space for more functional and
safe railway transport services, but also for large
service centres and public spaces increasingly
New rolling stock
Refurbished rolling
stock
60
4
17
94
1
17
integrated into the fabric of the city. The activity
of Italferr continued and developed in foreign
markets, thanks to the excellent know-how
recognised at international level. FS Logistica is
responsible for logistics services, while
Ferservizi ensures for the Group the activities of
purchases, administrative services, facility and
building management. The sector of credit and
financial activities is under the responsibility of
Fercredit; while FS Trasporti su Gomma (former Sita) and Sogin operate in the sector of
local and medium-long distance road transport,
also ensuring services substitute of the railway;
finally, FS Sistemi Urbani is committed to enhance the real estate assets and the facilities no
longer functional to the railway services.
- 38
PART III - THE GROUP INCREASES ITS COMMITMENT
The Group’s international strategies
A greater presence in Europe
Acquisitions and new partnerships to consolidate
and strengthen the role as an international player
The acquisition of the Arriva
Deutschland Group
(now Netinera Group)
During 2010, the Group participated in the tender launched by Deutsche Bahn and was
awarded the majority shareholding of the
Netinera Group (former Arriva Deutschland),
which operates in the regional and local transport of passengers in various areas of Germany.
German regional transport represents, in terms
of size and turnover, one of the major target
railway markets in continental Europe. The
contractual arrangements applied, the certainty of financing, the payment on time as per
contract and the amount of fees paid out (up
by approximately 70% compared to fees received by Trenitalia for similar services) ensure
a high-medium level of profitability which is
unique in Europe. The financial risk is substantially confined to the appropriate sizing of the
offer to the public customer, of the services
and of the related charges (first of all, manufacturing costs).
Therefore, Germany represents, for regional
transport, a competitive arena in which the
main European railway players have been
present for some time who have diverted traffic
shares from the same DB group. The entry of
competitors took place in two different ways:
the award of services involved in the different
award procedures started by the public customer; and the acquisition of controlling interests in the same municipal companies which,
thanks to the maintenance of (minority) interests on the part of the awarding authorities,
are directly awarded transport services.
Market opening was made in a gradual manner, with significant acceleration in recent
years. In fact, in the initial period, the newcomers were able to be awarded low-traffic services only (for which the German railway
incumbent itself had often deliberately discontinued the service). On the contrary, the recent
calls concerned high-potential areas, such as
that of the city of Berlin. Some stretches of this
important area fall within the portfolio of
Netinera.
The acquisition of Netinera is consistent with
the strategies of internationalization of the
Group and has allowed the Group to achieve,
in the short term, the following objectives:
to directly access the German railway market, which, together with the Italian one, is
among the most open in Europe, with a market share level which reduces the competitive
positioning gap with respect to the major European incumbents;
• to gain a competitive advantage by acquiring
a widespread local presence, useful for the
participation in future award procedures. In
fact, an adequate level of operational synergies would be impossible to achieve through
corporate start-ups only;
• to seize interesting opportunities of growth in
the portfolio, revenues and profitability with
appreciable profitability and efficiency ratios
in a competitive context in which the Group,
to support its own development, must necessarily turn to foreign markets;
• to obtain a network of assets instrumental to
the management of railway transport: maintenance workshops, drivers, slots and time
schedules, service and connection infrastructure, which may subsequently be exploited for further development initiatives in
similar contexts (e.g. for expansion projects,
including in the areas of Eastern Europe).
•
The partnership
Trenitalia-Veolia Transport
The agreement between Trenitalia and Veolia
Transport represents an important step forward for the implementation of the international development strategy of the Ferrovie
dello Stato Italiane group and allows opportunities arising from the gradual liberalisation of
the European railway market to be seized.
Once the green light is obtained from the European Antitrust Authority, the agreement provides for the establishment of a joint stock
company incorporated under French law,
which will be 50% held by Trenitalia and Veolia
Transport and the business of which will focus
on international services, competing in the
High Speed market and in the market of longdistance, cross-border and regional passenger
services.
To this end the objectives, the commercial
agreements and the Business Plans have already been set out for the new company which
will start, within 2011, to carry out its activity
with night services on the routes Paris-Venice
and Paris-Rome. The other routes in relation to
which the new company is considering the opportunity to start its services are the Turin-Lyon
line on the traditional network, the Paris-Brussels line and the Paris-Milan High Speed line.
Part III - The Group increases its commitment
- 41
Leadership recognised worldwide
International leading companies
in railway technology
The excellence of the group in the railway technological sector
is a benchmark for all operators worldwide
and constitutes one of the most prestigious examples
of the Made-in-Italy brand
The results achieved on the Italian network and
the prestigious awards received at an international level allow Ferrovie dello Stato Italiane to
consolidate and expand its leadership of technological innovation in the railway sector. The
Mediterranean area, Middle East, Eastern Europe, Balkans, Latin America, USA and Australia
represent the main areas where Ferrovie dello
Stato Italiane is active, exporting the excellence
of the “Made in Italy” brand for the development
of the railway networks in those countries. There
were lots of technical visits to study the Italian
network by nearly all railway operators in the
world. The main services offered on the international market relate to the engineering, the management of passenger transport and the
logistics of infrastructures and stations.
Specifically:
• feasibility studies, preliminary, final and executive
designing; supervision of construction works;
project management, testing and technical assistance for the commissioning of all components of traditional and High Speed lines;
team of experts of Ferrovie dello Stato Italiane
will transfer knowledge, technical expertise and
professional training to the strategic areas of the
Egyptian Railways.
In Algeria, through the subsidiary Italferr, the
Group provides technical assistance to ANESRIF (Agence Nationale d’Études et de Suivi de
la réalisation des Investissements Ferroviaires National Agency for managing the railway development programme) for an ambitious programme which will be completed in 2013.
An additional contract has been awarded to Italferr by the Algerian Ministry of Transport for the
Reform of railway industry.
technical assistance and advice to Ministries
and Government Agencies in drafting Transport Master Plans, redeveloping or restructuring railway companies and for managing
procurement processes;
• participation in DBOT (Design, Build, Operate
and Transfer) Tenders for the construction of
High Speed lines within consortia, providing
skills in railway engineering, operations &
maintenance, designing, construction, management of High Speed stations;
• Public Private Partnership (PPP) for the management and the commercial development of
High Speed stations;
• Homeland Security systems for railway infrastructures (stations and lines).
•
The main projects
From 2008 to 2014, our Group will act as advisor to the Egyptian Government for the implementation of the Railway Restructuring Plan. A
- 43
Strengthening the position
in the Mediterranean area,
Middle East and Balkans
In Egypt, the pre-feasibility study of the new
High Speed line Cairo-Alexandria was delivered by Italferr to the Ministry of Transport.
Furthermore, in 2010 Italferr was awarded an
international tender for the designing of the
signalling of a part of the corridor 4 Cairo-Port
Said. Furthermore, in Syria the company has
long been active in the feasibility study on the
structural and technological upgrade of the
main Syrian railway line Aleppo-Damascus, and
a project is underway for the establishment of
a joint venture Italferr-Syrian Railways which
shall operate in the southern area to provide
engineering services. In Turkey, following the
Cooperation Agreement signed with the Turkish
railways (TCDD) in 2008, Italferr has delivered
the executive project for two maintenance
plants for High Speed trains for the Ankara-Istanbul stretch; furthermore, Italferr and Trenitalia are working on the project “Consultancy
services for TCDD freight market research”,
which is financed by the World Bank.
The agreement was renewed with the Moroccan railways (ONCF) which provides, inter alia,
for the testing of the Ansaldobreda trains purchased in Italy and specific training courses. In
Serbia and Montenegro, on behalf of the Italian
Ministry for Economic Development, Italferr
completed a study on the redevelopment of
the Belgrade-Bar line and is carrying out, on
behalf of the European Commission, the executive project of works to be carried out on the
Bar-Vrbnica section of the Belgrade-Bar line.
Again on appointment from the European
Commission, Italferr is conducting in Croatia,
the feasibility study for the definition of the programme for the modernisation works on the
Croatian section of the railway line of the Corridor X and, in Bosnia-Herzegovina, the review
of the railway regulations.
Latin America
Expansion from Eastern Europe
to Central Asia
USA
In the Czech Republic, the Italian railways,
through Grandi Stazioni, are managing the
order for the restructuring and management of
the Karlovy Vary and Marianske Lazne stations
in Prague. In Romania, Italferr and Trenitalia
are providing technical assistance to the national railways, with regard to the modernisation of certain lines of the Corridor IV and to
the drafting of the new passenger service contract, respectively. A Memorandum of Understanding was executed between Ferrovie dello
Stato Italiane, Finmeccanica and JSC Kazakhstan Temir Zholi (Kazakhstan Railways), for
the development of projects in the railway industry in Kazakhstan.
Through Italferr, Ferrovie dello Stato Italiane
has been working for several years in
Venezuela in the design of railway lines of the
new network mainly dedicated to cargo transport. Ferrovie dello Stato Italiane also cooperates with the Uruguayan railways in the supply
of cargo wagons. In Brazil, together with the
industrial enterprises of the Italian railway sector, Ferrovie dello Stato Italiane closely follows
the developments of the project for the realisation of a High Speed line between Rio de
Janeiro, San Paolo and Campinas.
The Group is engaged in the monitoring of the
development of the US High Speed market.
Australia
The Federal Department of Infrastructures of
the Australian Government, through an international tender, has awarded the consortium
AECOM Australia, which is made up of Italferr,
KPMG, Sinclair Knight Merz and Grimshaw Architects, the first phase of the feasibility study
for High Speed railway lines on the eastern
corridor Melbourne-Sydney.
- 45
Better services to customers
Key values: safety and environment
The results of the continuous improvement in the service are also
proven by the higher satisfaction level expressed by customers
In medium and long distance routes the completion of the new High Speed network realised at the end of 2009 (Bologna-Florence
line) allowed Trenitalia to consolidate the results achieved in previous years in the segment
of “Market Services”, generating a 12% increase in the overall segment offer throughout
the year. Specifically:
AV Frecciarossa: connections were strengthened for the Milan-Rome line, extending the
service to Turin and Naples. The service was
extended from 6.00 a.m. to 8.00 p.m., and to
9.00 p.m. in those days with higher demand.
The local presence was also improved by
strengthening the “gateway” stations of the
High Speed service (Turin Porta Susa, Milan
Porta Garibaldi, Milan Rogoredo, Rome
Tiburtina).
Since December 2010, the Frecciarossa passengers are permitted to surf the Internet using
either USB-UMTS pen drives and through the
WiFi system on board trains. The entire High
Speed fleet has been equipped with new-generation IT and telecommunications systems,
while the UMTS mobile radio infrastructure has
been adequately upgraded.
AV Frecciargento: the completion of the delivery of ETR 600 trains during the first months
of 2010 completed the process of renewal of
the fleet which now includes 15 ETR 485 and
12 ETR 600 trains, used on routes with high
commercial value. This allowed the Group to
speed up the hourly service between Venice
and Rome by about 40 minutes, to increase
and speed up the offer Rome-Verona, and to
reshape that between Rome and the Puglia region in order to better distribute the offer
throughout the day.
newal of service contracts with Regional governments. As already noted, these contracts provide for the definition of fees correlated to
services offered which are defined according to
an approach of “Service Catalogue”, which establishes time prices in consideration of the category of the train and the type of service offered.
The method of calculation based on train-km
which was previously used is thus superseded.
The formalization of the service contracts,
while allowing the planning of medium-to-long
term resources, has allowed the Group to start
large projects for the renewal of rolling stock.
During 2010, several regional governments implemented new cleaning contracts, while the
new contracts are being implemented for others. Also thanks to the additional management
and control actions put in place, the levels of
quality perceived by customers are improving
in terms of customer satisfaction. For example,
the level of satisfaction expressed for medium
and long distance services is 70.9% compared
to 61.1% in 2009.
In customer relations, the Service Charters
continue to ensure the commitments undertaken by Group Companies. Particular attention is paid to the values of safety, respect for
the environment, and the effective integration
with other means of transport.
EurostarCity - Frecciabianca: the ESCity
product (called Frecciabianca) travels on traditional lines and follows three main lines: Adriatic (Milan-Ancona-Bari-Lecce), Tyrrhenian
(Rome-Genoa-Milan) and Padana Cross Road
(Turin-Milan-Venice).
Trasporto Regionale: as regards Regional
Transport, 2010 saw the conclusion of the re-
- 47
Leading players in innovation
Designing future
technologies today
Research and development are primary factors in the technological
leadership of the Group: “the train of the future” is born
The substantial completion of the implementation programs of the SCMT (Sistema Controllo
Marcia del Treno, Train Movement Control System) and SSC (Sistema di Supporto alla Condotta Train Driving Support System) systems
on the network did not reduce the high level of
commitment in research and development ac-
tivities in the sector of technology for safety
and for innovative diagnostics. In 2010, in fact,
about Euro 12.5 million was invested in this
sector. Nearly two-thirds of investment (equal
to about Euro 8 million) were allocated to technology for traffic safety, 22% of spending concerned diagnostics for the control of the
efficiency of the network and of the rolling
stock, while 16% was devoted to studies and
trials of new components and systems. Trenitalia, in turn, with investments of around Euro
0.6 million, continued its activities of research
into driving simulators for training the driving
staff, innovative diagnostic systems, the aerodynamics of High Speed profiles and the
wheel-track interaction. Testing areas were
equipped along the High Speed/High Capacity
lines for the detection of emissions of High
Speed trains (noise, vibration, electromagnetic
fields, etc..), to monitor the actions induced by
the passage of trains on the track and the
structure of railway bridges, as well as to study
the influence of crosswinds in order to define
the type of wind barrier.
Furthermore, a project was started for the installation of prototype drive energy meters and
the installation of a light diagnostic system on
commercial trains, in order to improve the exchange of information between the Infrastructure Manager and Transport Companies on
possible anomalies.
Finally, note the completion of the activity to
equip the diagnostic train for the monitoring of
High Speed “DIA.MAN.TE” (DIAgnostica,
MANutenzione, Tecnologie, Diagnostics, Maintenance, Technologies) lines that will be made
available by mid-2011.
The trains of the future
We are dealing with made-in-Italy technological
jewels, which will travel on High Speed lines at
a speed of 360 kilometres per hour – being able
to push up to 400 – in the utmost comfort and
safety, thanks to an innovative system of onboard diagnostics which is capable of predicting any failure in advance.
These will be the 50 High Speed trains of the
near future, which will be built by Ansaldo
Breda-Bombardier which has been awarded the
international tender launched by the Ferrovie
dello Stato Italiane Group in 2009. The objective
is to have available – for the next 15-20 years –
cutting-edge and totally “interoperable” trains,
i.e. suitable for travelling on the entire European
network to be able to access new international
markets.
The new trains will also be environmentally
friendly: aerodynamics and selection of materials for the construction of the new super-fast
trains will privilege energy saving; innovation
and flexibility of interiors will provide a dynamic
commercial offer customized according to
needs; an innovative hunting system and an IT
technology dedicated to the control of wheels
and of the pantograph, will increase stability of
the journey, comfort and safety.
- 49
Environmental and social responsibility
The Group’s work
for a sustainable future
To meet the needs of the community also means to achieve
actual environmental and social improvement results
Environment
and competitiveness
The Environment as a strategic variable for creating value for customers, the community and
all stakeholders: it is with this in mind that the
Group carries out many initiatives aimed at promoting trains as sustainable means of transport
and minimizing environmental impact.
To contribute to the development of sustainable transport, adopting the ten principles of
the UN Global Compact (relating to human
rights, labour, environment and anti-corruption), is the commitment that has been undertaken by Ferrovie dello Stato Italiane in signing,
together with other world Railways, the Declaration on “Sustainable Mobility and Transport”.
With the Declaration, the Group and the world
Railways intend to become the backbone for a
sustainable transport and mobility and are
committed to plan and develop innovative
transport solutions with a viable, responsible
and fair leadership.
On the path towards sustainability, the Group
considers the environmental awareness of our
Customers to be important: for this reason the
Group has realised the Green Ticket which
modifies the back of the railway ticket, indicating both the value of CO 2 emissions saved for
the purchased ticket (compared to the average
between car and airplane), and the average
values per passenger of emissions of CO2 produced for the three means of transport – airplane, train and car – for two specific lines
(Naples-Milan and Rome-Venice).
Another important awareness campaign, the
Green Train, was a great success again this
year in the twentieth edition. This campaign,
which is carried out by the Group in collaboration with Legambiente and which involves
thousands of schools and citizens, ensures the
monitoring of air quality and noise pollution for
three days in 10 Italian cities, as well as focusing the attention of the participants on the
main environmental issues, in particular on
sustainable mobility allowed by the train.
Among the numerous internal initiatives, of
particular relevance is the project aimed at the
implementation of a Group’s Environmental
Management System for the coordinated and
uniform regulation of environmental issues.
2010 saw the completion of the design of the
Governance model and training activities were
started to support the implementation of the
abovementioned Management System.
Within the activities carried out by the individual Group companies in 2010, Trenitalia returned to the Ministry for the Environment and
Land and Sea Protection, over 28,000 emission rights, thanks to the containment of CO 2
emissions by about 9% compared to the authorised percentage. Such control was
achieved through the adoption of effective environmental management systems, technical
plant engineering actions and the implementation of good management practices. An example of these practices is the issue of the
“Guidelines on energy saving” which are directed both at Plant Managers so that they
may identify and implement any actions necessary to reduce consumption and improve
energy efficiency of plants, and at all the personnel, in order to solicit an increasingly widespread sensitivity to energy saving.
Finally, Italferr has defined an innovative
methodology for calculating the climate footprint relating to the activities of design and construction of new railway lines. The methodology
has been certified as complying with the international standard ISO 14064-1:2006. Italferr is
the first engineering company in the world that
has achieved this prestigious milestone.
- 51
RFI, in relation to actions for the containment
and reduction of noise for lines in operation,
continued the activities envisaged in its Reorganisation Plan, as approved by the Joint StateRegions Conference. RFI also promoted the
national project “Remote management and remote control of lighting towers” for the reduction of energy consumption in lighting stations
and railway yards (with expected annual savings
of about 35%). It also started a Multipurpose
Power Platform project, aimed at achieving energy autonomy of railway sites, acting on the reduction of consumption (e.g. cogeneration) and
self-production from renewable sources (e.g.
photovoltaics, small wind farms).
Finally, various Group companies are continuing important activities from an environmental
point of view, such as: the replacement of oilfuelled plants with methane-gas plants; the
construction of new thermal power plants with
higher energy efficiency and lower emissions
of pollutants; the studies for the installation of
photovoltaic panels on the roofs of buildings;
feasibility studies for the development of combined systems of energy production from alternative sources.
Social Policies
Social issues, together with the quality, safety
and competitiveness targets, represent one of
the guiding principles of the Group in pursuing
its mission. A great enterprise in the service of
the country must accept and win the challenges of an increasingly demanding and
global market, in which the generation of
wealth, assets and services may not be separated from the necessary fine-tuning with the
community.
And, based on this awareness, Ferrovie dello
Stato Italiane decided to host in the railway
stations, where it is often possible to find
cases of marginalisation, Help Centres, support and reception centres for homeless or
poor people. The social commitment of Ferrovie dello Stato Italiane, which now represents
a benchmark at European level, intends to foster the development of initiatives for the social
rehabilitation of indigent people, in cooperation
with local entities, authorities, associations,
other major companies and community. A full
responsibility, with the purpose of acquiring,
spreading and exchanging innovative methods
and good practices to combat poverty and
hardship.
Actions and projects
The Osservatorio Nazionale sul Disagio e la Solidarietà nelle stazioni (National observatory on
poverty and solidarity in the stations) (ONDS) is
an important working tool designed by the Social Policies department of Ferrovie dello Stato
Italiane, in partnership with ANCI (Associazione
Nazionale Comuni Italiani, National Association
of Italian Municipalities). The main instrument for
the coordination of the ONDS is a web portal
(www.onds.it) which is an actual IT pole for connection between the various Help Centres,
which makes it possible to share information, issues and solutions so as to create network synergies, to mutually update each other, to
become aware of the actions carried out at the
various Italian stations and to get a constantly
updated picture of the life in the stations.
During 2010 150,000 interventions were
recorded by the Italian Help Centres, of which
about 25,000 at the Rome Termini station. Together with the Help Centres, Ferrovie dello
Stato Italiane also implemented, in cooperation
with local entities and the tertiary sector, more
structured shelter centres where more complex
and diversified activities are carried out for rehabilitation purposes. An important example is the
Pedro Arrupe Centre in Rome, created in the
premises formerly belonging to Ferrotel. This
centre, which is managed by the Centro Astalli
Foundation and supported by the Municipality,
offers a shelter for political refugees, to those
who request asylum and their families, implementing training programmes for their introduction into the labour market, and language
courses and schooling for children.
With the objective of acquiring, spreading and
exchanging innovative methods aimed at addressing the problem of homeless people, on
27 January 2010 the experimental project
“Hope in Stations” was presented in Paris which
is financed by the European Commission. The
initiative, which involves, as a network, the Italian, French and Belgian railways, the main European associations (such as FEANTSA), the
municipal governments of some capital cities
and other partners is aimed at fighting social
hardship and marginalization in the main European railway stations.
Furthermore, Ferrovie dello Stato Italiane has
been establishing, over time, partnerships with
other companies which are interested in the
principles of Corporate Social Responsibility.
Specifically, thanks to the collaboration with Enel
Cuore Onlus, the three-year project “A heart at
the station” was launched, which allowed the refurbishment of various premises owned by the
Group and allowed them to be dedicated to the
use for social activities. Examples are the day
centre which provides a shelter to the homeless
“Binario 95” at the Rome Termini Station, the
new Day Centre in Pescara, where psychologists and social workers operate.
Thanks to the project “A heart at the station”, it
was also possible to start works for the refurbishment of the Caritas hostel “Don Luigi Di
Liegro” at the Rome Termini station, where Pope
Benedict XVI inaugurated the opening of the
site. Another agreement with IKEA ensures, free
of charge, the furnishing of the Help Centres.
On the occasion of the European Year for Combating Poverty and Social Exclusion, Ferrovie
dello Stato Italiane has organised, in collaboration with the European railway companies of
France, Belgium, Poland, Spain and Luxembourg, a European photographic competition
and a subsequent photographic exhibition on
the issue “Railway and Integration - Identity and
cultures of a multi-ethnic Europe”.
The photographic exhibition, which involved
Rome, Paris, Madrid, Warsaw, Brussels and
Luxembourg, intended not only to raise awareness among citizens on the issue of social inclusion, but above all to point out the important role
of discussion and integration between different
cultures which the stations may have in the
urban social context.
- 53
Human resources
A wealth of people
Men and women who work for the Group
represent a strategic value, which is increased
by continuous targeted training and development activities
Ferrovie dello Stato Italiane bases its success
on the great wealth of professional skills expressed by its women and men, which is recog-
nised and enhanced thanks to an integrated
valuation and development system, which follows people during all phases of corporate life.
In this framework, 2010 saw the continuation
of the activities for the enhancement of knowhow by means of specific training measures,
the internal scouting of the best talents, coaching and support (coaching, mentoring, masters
of the trade), the monitoring and rewarding of
personal efforts and individual potential, the
partnership with the major training institutions.
The above actions were also implemented at
the same time as actions for the organisational
streamlining of the executive positions and the
identification of a large area of micro-structure
positions which are relevant to the business,
assigned to Middle managers who meet the
most qualified professional requirements.
Furthermore, activities continued for the stream-
Employees as at 31.12.2009
Ins
lining of processes and staff, which is managed
without any conflicts or criticalities, on the
same path for the creation of a dynamic enterprise which intends to grow in the European
and international market.
Particular attention was paid to the Cargo segment, where, thanks to the understanding with
the trade unions, actions were started which
will allow a first effective response to be given
to the situation of crisis in which the sector
finds itself. The turnover has been monitored in
the sectors of infrastructure and rolling stock
maintenance.
Finally, huge technological investments allowed
the safety levels to be further increased and the
development process to be continued.
84,962
1,233
Outs
(6,042)
Employees as at 31.12.2010
80,153
Average number in 2009
87,422
Average number in 2010
82,566
- 55
PART IV - OTHER ACTIVITIES OF THE GROUP
Grandi Stazioni SpA
Grandi Stazioni SpA is the service company of
Ferrovie dello Stato Italiane which is responsible
for the rehabilitation and management of the 13
main Italian railway stations. The contract
awarded for the station complexes, for a term of
40 years starting from 2000 – and for a term of
30 years for those located in the Czech Republic, in which the Group operates through its subsidiary Grandi Stazioni Ceska Republika –
provides for the combined management and the
Main indicators
2010
2009
Change
%
Operating revenues
195.8
206.3
(10.5)
(5.1)
49
64.4
(15.4)
(23.9)
EBIT
35.2
50.9
(15.7)
(30.8)
19.7
39.5
(19.8)
(50.1)
Investments
20.3
39.2
(18.9)
(48.2)
177.9
164.5
13.4
8.1
Net worth
143.8
136.1
7.7
5.7
Workforce
261
249
12
4.8
EBITDA
functional rehabilitation of the real estate complexes of the main stations. The previous page
reports the values relating to the sub-consolidated financial statements of Grandi Stazioni
SpA, which substantially represent the values of
the individual financial statements of the Parent
Company, in light of the non-significance of the
consolidated financial and economic values of
its two subsidiaries, Grandi Stazioni Ingegneria
and Grandi Stazioni Ceska Republika, included
in the scope of consolidation.
During the financial year, the Grandi Stazioni
group confirmed the positive results of the previous financial years and completed important
projects. Activities were completed for the rehabilitation and functional adaptation (internal
works) of the stations of Milan, Turin, Naples and
the works at the Central Prague station. Activities also continued for the rehabilitation of the
internal works of the other stations of Verona
Porta Nuova, Bari Centrale, Bologna Centrale,
Florence S. Maria Novella, Genoa Brignole,
Genoa Principe, Palermo Centrale, Venice
Mestre and Venice S. Lucia. Finally, investments
continued for the activities of the new video-surveillance system and for the development of the
design relating to the Northern Western, Northern Eastern, Central Southern Lots and of the
contract concerning Rome Termini. The net Result recorded a decrease, which was mainly due
to the absence of capital gains in 2010 (which
were realized in 2009 with the transfer of the
property located in Venice, as well as of the total
stake in the Network Italia Edicole).
values in €/mil
Main ratios
2010
2009
ROE
15.1%
38.6%
ROI
11.8%
35.7%
EBIT MARGIN
18.0%
24.7%
125.0%
31.2%
1.24
1.21
EBITDA MARGIN
Debt/Equity
Part IV - Other Activities of the Group
- 59
Centostazioni SpA
Centostazioni SpA is responsible for the management of the assets comprised of the network real estate complexes of the 103
medium-sized railway Stations owned by RFI.
During 2010 growth was recorded in all sectors in which Centostazioni operates: from the
commercial enhancement of assets to the integrated management of maintenance and
cleaning services, and engineering activities.
The experience and know-how accrued in the
management of commercial and property
management activities, engineering and facility
management services rendered to the properties of the network, allowed good operating results to be achieved, thus improving the overall
perception of the company’s image on the part
of customers, authorities and the public opinion in general.
Main indicators
2010
2009
Change
%
Operating revenues
76.6
72.5
4.1
5.7%
EBITDA
19.6
15.5
4.1
26.5%
EBIT
15.6
12.3
3.3
26.8%
9.7
7.6
2.1
27.6%
Investments
2.1
3.9
(1.8)
(46.2%)
17.2
18.7
(1.5)
(8.0%)
Net worth
37.3
32.2
5.1
15.8%
Workforce
124
130
(6.0)
(4.6%)
The Net result of the company, which already
adopted International Accounting Standards
(IAS/IFRS) in its 2009 individual financial statements, reports a substantial increase due to
the growth in the revenues recorded in all the
typical business activities and to the reduction
in operating costs and personnel costs. During
2010 the company distributed dividends for
Euro 5 million.
values in €/mil.
Main ratios
2010
2009
ROE
37.4%
31.7%
ROI
29.6%
27.8%
EBIT MARGIN
20.4%
17.0%
EBITDA MARGIN
25.6%
21.4%
0.46
0.58
Debt/Equity
- 61
FS Sistemi Urbani
FS Sistemi Urbani Srl carries out activities concerning integrated urban services and the enhancement of the assets which are not
functional to the conduct of the railway business. 2010 was characterised by important developments in the enhancement activity, by the
acceleration in market solicitation, with 16
complexes proposed in the tender for a total
value exceeding Euro 70 million, by the completion of the review of the entire assets owned
by the company and by the start of investments
required for parking areas leased to its subsidiary Metropark SpA.The latter, which carries
out activities for the enhancement and rehabil-
Main indicators
2010
2009
Change
%
Operating revenues
16.2
5.5
10.7
194.5
EBITDA
7.0
0
7
N/A
EBIT
6.4
0.8
5.6
N/A
5.8
1
4.8
N/A
Investments
0.3
0.3
0
0
(8.8)
(2)
(6.8)
N/A
Net worth
540.2
528.8
11.4
2.2
Workforce
26
24
2
8.3
itation of the assets of FS Sistemi Urbani,
aimed at supporting the possibility of accessing
the station plants, has also as its corporate
purpose the analysis, study, design, construction and management of parking lots on areas
owned by FS Sistemi Urbani or by third parties.
The 2010 net result of FS Sistemi Urbani was
considerably affected by the transfer of the
area of piazza Garibaldi in Naples for an
amount equal to Euro 6.6 million; in fact, the
transaction, which represents the entire value
of the revenues from sales recorded in the financial year, generated a capital gain of Euro
4.4 million.
values in €/mil.
Main ratios
2010
2009
ROE
1.09%
(0.39%)
ROI
1.22%
(0.29%)
EBIT MARGIN
39.51%
14.55%
EBITDA MARGIN
43.21%
N/A
(0.02)
N/A
Debt/Equity
- 63
Italferr SpA
Italferr SpA is the engineering services company of the Group. Its predominant activity is
represented by the supervision of the technological, engineering and control area of the execution stage of the investments in the railway
infrastructure. In 2010, the commercial actions
implemented allowed Italferr to achieve some
important successful objectives at international
level (as already mentioned on page 44), the
first of which was the award of a contract for
the study of the transport system in 21 countries of the Arab League, financed by the Arab
Fund of Kuwait. The strategy concerning the
quality of the activities carried out and of the
works performed, the safeguarding of the environment and of the workers’ health and
safety, allowed the company to obtain, in the
year, the confirmation of the certifications al-
Main indicators
2010
2009
Change
%
Operating revenues
171.6
178.2
(6.6)
(3.7)
EBITDA
19.1
25.0
(5.9)
(23.6)
EBIT
13.5
20.0
(6.5)
(32.5)
4.0
11.1
(7.1)
(64.0)
20.7
5.4
15.3
N/A
(22.4)
(99.2)
76.8
(77.4)
Net worth
51.5
56.6
(5.1)
(9.0)
Workforce
1,433
1,500
(67.0)
(4.5)
Investments
ready acquired and to obtain prestigious
awards, including at international level, which
strengthened the position of Italferr within the
sector of transport engineering as a leading
company in terms of the reliability, quality,
competence and efficiency of the corporate
management and of the respect for the environment. The decrease in the net result was
due to the slight reduction in operating revenues, which was not offset by a proportional
reduction in the costs of the same nature,
linked to the reduction in the number of job orders within the Group following the gradual
completion of the orders relating to the High
Speed/High Capacity network.
values in €/mil.
Main ratios
2010
2009
ROE
7.7%
49.0%
N/A
-86.0%
7.9%
11.2%
11.1%
14.0%
(0.43)
(1.75)
ROI
EBIT MARGIN
EBITDA MARGIN
Debt/Equity
- 65
Fercredit SpA
Fercredit SpA is the company responsible for
the financial services of the Group. Its activities
are essentially focused on the development of
the credit factoring and leasing on the captive
market and on the expansion of the consumer
credit transactions for the employees of the
Group itself. The company continued to operate in a particularly difficult context which was
characterised by the considerable difficulties
arising from the macroeconomic situation and
from turbulence on financial markets, as well
as by the reduction in investments and purchases made within the Group, also because
of lower funds set aside by the Government.
Despite the consequent fall in business volumes, the company succeeded in contrasting
Main indicators
Cross-cutting activities
the possible negative economic and income
effects by implementing a policy aimed at limiting risks and concentrating resources in the
most profitable relations.
Therefore, taking account of the entire context
in which the company operated, the results
achieved in terms of profitability, during the financial year, were satisfactory and, for some
business segments, they were better than expected.
In fact, an improvement was recorded in the
business margin and in the operating result,
with a performance which showed an opposite
trend with respect to the banking and financial
market as a whole, which was characterised by
a general reduction in profits during the year.
2010
2009
Change
14.9
14.6
0.3
2.1
3.5
4.5
(1.0)
(22.2)
14.2
12.9
1.3
10.1
3.0
2.8
0.2
7.1
10.5
9.0
1.5
16.7
Net result for the period
6.9
6.0
0.9
15.0
Workforce
33
33
0.0
(9.0)
Interest earned and similar income
Interest expense and similar charges
Business margin
Labour cost
EBIT
The Group is also present in the following business segments:
Training services, through FS Formazione SpA:
the company, which was established in 2008,
carries out activities for training and technical
and professional qualification of the staff employed in the transport sector, both in Italy and
abroad. The 2010 financial year confirmed the
capacity to effectively pursue its mission, fully
satisfying its demand for training and reaching a
breakeven point in the financial statements.
In Administrative, Facilities and Real Estate services, the Group is present through Ferservizi
SpA, which constitutes the “Integrated Services
Centre” of the Group appointed to manage supporting activities which are not directly connected with the conduct of the railway business.
During the financial year, the company took the
necessary actions to continue improvement
aimed at providing quality services, while consolidating its order backlog by entering into important service contracts with Group
companies. The result for the period came to
about Euro 3.7 million, with a significant increase of Euro 3.3 million.
%
values in €/mil.
- 67
FERROVIE DELLO
100%
FERCREDIT
100%
100%
31,40%
FERSERVIZI
TRENITALIA
100%
100%
ITALFERR
RFI
33.33%
STATO ITALIANE SPA
33.33%
100%
59.99%
100%
100%
59.99%
100%
55.0%
100%
ITALCERTIFER
FS LOGISTICA
CENTOSTAZIONI
FS SISTEMI
URBANI
SELF
GRANDI
STAZIONI
FS TELCO
SOGIN
FS TRASPORTI
SU GOMMA
14.74%
100%
24.80%
FS
FORMAZIONE
50.00%
24.80%
ITALIA
LOGISTICA
METROPARK
FNM
51.00%
TRENITALIA
LOGISTIC FRANCE
100%
100%
35.00%
84.98%
SERFER
21.27%
100%
FERPORT
NAPOLI
100%
ITALCONTAINER
50.00%
SINTER INLAND
TERMINAL
50.00%
LOGISTICA
100%
PORTA SUD
TUNNEL
FERROVIARIO
DEL BRENNERO
51.00%
GRANDI STAZIONI
CESKA REPUBLIKA
GRANDI STAZIONI
INGEGNERIA
SITA
BBT
33.33%
ALPE ADRIA
43.75%
SGT
53.28%
50.00%
ARTESIA
100%
TRENITALIA
LE NORD
CEMAT
51.00%
TEVERE TPL
43.75%
50.00%
TILO
VIAGGI
E TURISMO
MAROZZI
50.00%
49.00%
POL RAIL
30.00%
NOVATRANS
50.00%
CISALPINO
TERMINAL
TREMESTIERI
PADOVA CONTAINER
SERVICE
100%
TX LOGISTIK
100%
QUADRANTE EUROPA
TERMINAL GATE
30.00%
ATIROM
33.33%
34.50%
50.00%
20.00%
TX SERVICE
SCOPE OF CONSOLIDATION OF THE GROUP AT 31.12.2010
COMBIMED
100%
TX CONSULTING
NETWORK TERMINALI
SICILIANI
50.00%
25.10%
Parent Company and Group subsidiaries
CIS
100%
50.00%
TX DENMARK
LTF
TX LOGISTIK
AUSTRIA
TX LOGISTIK
SVIZZERA
TX LOGISTIK
SVEZIA
Subsidiaries consolidated on a proportional basis
100%
89.00%
100%
100%
TERMINALI
ITALIA
11,00%
Group associated companies consolidated
at equity and subsidiaries valued at cost
37.00%
11.00%
EUROGATEWAY
- 69
Ferrovie dello Stato Italiane
Direzione Centrale Comunicazione Esterna di Gruppo
Piazza della Croce Rossa no. 1 - 00161 Rome
www.fsitaliane.it
Pictures
Archivio Ferrovie dello Stato Italiane
The following contributed to the text
Andrea Cesarini
Fabrizio Favara
Roberto Mannozzi
Amedea Pennacchi
Amedeo Piva
Lorenzo Radice
Giovanni Rocca
Ernesto Sicilia
Franco Stivali
Mario Tartaglia
Publishing coordination
Bruno Zene
Graphics coordination
Giovanna Di Napoli
Printed by
Grafica Nappa
Printed in July 2011
This publication was printed on FSC paper
Tiratura 1.500 copie
2010 ANNUAL REPORT
RAB_Cover_130711_425x297mm:Layout 1 13/07/11 11:28 Pagina 1
2010 ANNUAL REPORT
Piazza della Croce Rossa,1
00161 Roma
www.fsitaliane.it

2010 annual report - Ferrovie dello Stato Italiane

Transcription

Documents pareils

flanders expo gent - la Galerie BALASTRA

Insurance for Inbound Students in Germany

Information about the location Freight Village Berlin West

Conference `History of railway catering: a worldwide perspective`

President meeting 2015 - Directions

Programm - Musik, Treffs und Veranstaltungen Berlin eV

fly rai baggage from switzerland

Capital and Governance in major infrastructure

order form - Vinylcuts

Mi lesz veled, kis nyelv? Kleine Sprachen