Annual Report - Trenitalia · to the various types of customers served through four new service...

2011AnnualReport

Even in 2011 the financial results of the Ferrovie dello Stato Italiane Group

showed strong growth, confirming and improving, for the fourth year running,

the positive performance that has been recorded since 2008. In particular,

2011 reported a significant improvement in the net result, equal to Euro 285

million, which more than doubled compared to the previous financial year (Euro

+156 million compared to 2010, showing an increase of more than 120%).

This further growth trend – which assumes even more significance in a pe-

riod of economic crisis which sees our country still in a position of great dif-

ficulty – is essentially due to the increase in operating revenues, which came

to about Euro 8.3 billion (Euro 8 billion at the end of 2010), driven by the

higher volumes produced above all in the passenger market segment (+4%).

In line with what happened in recent years, the course of sharp alignment

with the strategic and managerial objectives defined in the FS Italiane

Group Business Plan was confirmed in 2011, as was, as in the last two

years, the achievement of the financial performance objectives set out in

the Plan itself.

In terms of Human Resources, the Group has shown its ability to give a

further push towards a greater capacity for the rationalisation and effi-

ciency of its organisational structure; between 1 January and 31 December

2011 the number of employees decreased from 80,153 to 73,616 units (-

8%), with a labour cost that, in parallel, fell by more than 5%, settling at

just over Euro 4 billion at the end of 2011. This was made possible thanks

to the continuous phase of operational process reengineering, accompa-

nied by “injections of technology” which increased productivity and qual-

ity. As regards the performance of the offer, the year that has just closed

was marked by a strengthening of the offer in the “market” segment and

the introduction of diversification in the service levels. In particular, there

Ferrovie dello Stato Italiane Group 2

was a major change of tack for the Frecciarossa in 2011 with the abolition

of the traditional 1st and 2nd classes. Indeed the first commercial services

with totally renovated trains entered into service to offer a service tailored

to the various types of customers served through four new service levels

(Executive, Business, Premium and Standard), confirming the Ferrovie

dello Stato Italiane Group as a pioneer of experimentation and innovation

in Europe. As for regional transport, although an increase in traffic rev-

enues and a corresponding improvement in customer satisfaction was

recorded, it was subject to particular attention as – following regulatory

provisions that introduced an obligation for Regional governments to make

transport services subject to tenders – it could be necessary for Trenitalia

to review the sums to put aside for investments in rolling stock due to the

failure to renew the contracts upon their natural expiry (2014).

On 3 May 2011, the alliance between Trenitalia SpA and the FNM Group

gave rise to Lombardia Trenord Srl, the first large operator specialised in

the local public rail transport, thus completing the process for the consol-

idation between Le Nord and the Lombardy Regional Head Office (Di-

rezione Regionale Lombardia) of Trenitalia, which started at the end of

2009 and which concluded with the contribution of the related business

complexes, thus making Trenord the second largest Italian company for

local rail transport. The company runs 42 regional lines and 10 suburban

lines in Lombardy, as well as the Malpensa Express service that connects

the Milan Cadorna and Milan Centrale stations to the international airport.

In terms of investments, with the launch of the new 2011-2015 Business

Plan which envisages investments equal to around Euro 27 billion, of which

Euro 6 billion are destined for the purchase of new trains, 2011 was the

first year that the FS Italiane Group sought to lay the foundations of a

major five-year programme of measures designed to considerably increase

the infrastructure of the country and to provide ever better and more di-

versified services thanks to an offer that includes new trains that are more

comfortable and technologically advanced, as well as modern stations that

are increasingly integrated with the urban fabric. The total investment ex-

penditure of the Ferrovie dello Stato Italiane Group during 2011 (Euro

3,808 million) continued to follow the same, planned, trend as the last two

years, showing a “targeted” decrease (-8%) compared to the volume of

accounting carried out in the previous year, closely connected to that cru-

cial process, launched some time ago, of optimising the use of available

2011 Annual Report 3

The growth strategy goes forwardA stronger offer to the market and an innovating service confirm the Group’s positive performance

As evidence of how the FS Italiane Group has now become a point of ref-

erence for the financial/economic and professional community it should

be remembered that Ferrovie dello Stato Italiane SpA won the 2011 Oscar

for its 2010 Annual Report made up of the Consolidated Financial State-

ments of the Group, the Financial Statements of the Parent Company and

the Sustainability Report, in the “Large Unlisted Companies and Busi-

nesses” category. The Prize – promoted, run and organised annually by

FERPI (Federazione Relazioni Pubbliche Italiana, Italian Federation of Pub-

lic Relations) – is held under the patronage of the President of the Italian

Republic and represents the highest award in Italy for the quality of finan-

cial reporting, also with regard to sustainability. Looking to 2012, as well

known the “market” sector was affected from the second quarter of the

year by the change in equilibrium following the entry of new private oper-

ators who started operations on the most profitable part of the market it-

self, to the detriment of shares currently held. The difficult economic

situation and the consequent uncertainty in the market expected in 2012,

the complex challenge underway in connection to the measures to reor-

ganise the Cargo sector and the Universal passenger service and the fac-

tor linked to the abovementioned arrival on the market of new operators

of the High Speed service are all elements which lead one to believe that

the results achieved in 2011 will be difficult to replicate in the current year,

although forecasts are still positive. The Group, while on the one hand it


financial resources, in particular the – limited – resources made available

by the State where envisaged. As regards the new rolling stock, 70 loco-

motives, of which 7 for the national and international medium/long-dis-

tance transport and 63 for the regional transport were put into operation.

52 locomotives, 1,614 coaches and wagons, as well as 17 trains were

brought back into operation after restructuring measures. With reference

to the development and internationalisation strategies of the FS Italiane

Group, in accordance with the forecasts in the business plan for strength-

ening its positioning as the third European railway operator, 25 February

2011 saw the acquisition of the Arriva Deutschland group. Subsequently,

the SPV FS 2 Move GmbH (51% held by Ferrovie dello Stato Italiane SpA

and 49% held by the Cube Infrastructure SCA Investment Fund) merged

Netinera Deutschland GmbH (the new name taken on by the Berlin parent

company in March 2011) and took on its name. In terms of performance,

the Netinera group built up volumes equal to 27.9 million train-kilometres

during 2011, ranking third in the German market with 4.4% of the total

market, and closed the year with results that were in line with the forecasts

for 2011 that were provided in the business plan that was previously drawn

up in order to define the acquisition price of the German group. The FS

Italiane Group has carried out numerous initiatives, also during 2011,

aimed at making progress in the search for a balance between financial,

social and environmental aspects. These initiatives are supported, in the

same way as the core businesses, in order to provide a response to the

common interests of stakeholders. However, the development of the core

businesses activities also plays a significant role in terms of environmental

sustainability considering the importance of rail transport in creating a sus-

tainable transport model. Indeed, travelling by train means that each pas-

senger produces on average 70% less greenhouse gases than when

making the same journey by aeroplane and 60% less than the same jour-

ney by car. One only need think that, with the more than 1,000 km of new

High-Speed/High-Capacity lines entering into operation during 2011 with

the Frecciarossa and Frecciargento trains, more than 25 million people

travelled using this mode of transport, thus preventing more than 600,000

tonnes of CO2 from being released into the atmosphere. The FS Italiane

Group provides therefore a strategic opportunity for the country to achieve

a sustainable development model.


is continuing to concentrate maximum attention on strengthening the rail

services offer – in particular for the “Market Services” segment through tar-

geted restructuring measures, with the objective of better understanding

the requirements of traffic demand and seizing the new opportunities that

the market itself offers – on the other hand it is pursuing, in parallel, the pre-

viously mentioned commitment to investments undertaken in compliance

with the Service Contracts signed with the Italian Regional governments, as

well as carrying out a demanding process of reorganising the Cargo sector

in accordance with the guidelines outlined during the second half of 2009;

this process should lead, within the period of the current business plan, to

all Trenitalia business sectors being able to generate positive results.


Chairman Chief Executive Officer

Lamberto Cardia Mauro Moretti

Ferrovie dello Stato Italiane Group 8 2011 Annual Report 9

The Group’s constant commitment to research and innovation 42

Technological development for a safer journey

Ferrovie dello Stato Italiane, environmental protection and social policies 44

To be a leader also in sustainability

Human resources are essential 49

The value of people takes centre stage

OTHER ACTIVITIES OF THE GROUP

Important data for comprehensive information on the FS Italiane Group 52

Overview of the main sectors of business

TRANSPORT SERVICES 52

Netinera Deutschland GmbH 52

FS Logistica 54

BUSITALIA - SITA NORD 56

REAL ESTATE SERVICES AND OTHER SERVICES 58

Grandi Stazioni Group 58

Centostazioni 60

FS Sistemi Urbani 61

Italferr 62

Fercredit 63

Ferservizi 64

04

THE GROWTH STRATEGY GOES FORWARD 2

THE FERROVIE DELLO STATO ITALIANE GROUP

A fully open national market 12

Clear rules and suitable resources for a sustainable development

Governance and differentiation by business area 14

2011 Annual Report

ECONOMICS AND INVESTMENTS

Consolidation and development despite the crisis 18

A new year of continuous growth

FS Italiane is awarded the prestigious Prize organised by FERPI 27

Oscar-winning financial statements for Ferrovie dello Stato Italiane

The investments in the Industrial Plan 2011-2015 continue 28

From the current results to a new impulse for the future

THE GROUP’S COMMITMENT

Technological excellence, a prestigious example of the made in Italy brand 36

FS Italiane increases its presence in international markets

The ERTMS/ETCS L2 system adopted as European standard 40

National technology, international leadership

Service innovation is key to increasing attention to customers 41

Frecciarossa: 4 options for a unique journey

Table of contents

01

02

03

THE FERROVIE DELLO STATO

ITALIANEGROUP

01

In this context, there is an urge for a comprehensive policy that, in the current dif-

ficult economic situation, better channels the resources available towards highly

demanded public services and eliminates the overlap between rail and road, also

in a logic of modal rebalancing. Competition among companies in Italy is heavily

affected by the reduced cost of human resources rather than by the higher service

quality and efficient production processes. The “Grow Italy” Law Decree actually

eliminated the obligation for rail companies to apply one of the industry national

collective labour contracts. This approach is opposite to the similar European ex-

periences; in Germany, in 2011, for example, an agreement for local public trans-

port was reached, signed by DB and the competing companies, which harmonises

the working conditions to participate in tenders for the awarding of public service

contracts. This is compounded by the shortage of policies to support rail cargo

transport, in line with community guidelines, which have instead been in force for

several years in the main EU countries. Therefore, the recently established National

Transport Authority will have among its main tasks that of redesigning the overall

structure of the industry regulations. At European level, the hoped-for development

of a single rail market remains a difficult process. The recast, i.e. the reorganisation

of the rail-related directives, which in the coming months will be the subject of dif-

ficult negotiations among EU institutions, has provided poor results so far. Imple-

mentation at individual country level is therefore still substantially heterogeneous.


The liberalisation of rail transport is back on the Government’s agenda, with addi-

tional significant progress being recorded compared to the other European coun-

tries. In December 2011, the “Save Italy” Law Decree amended the local public

transport regulations, extending the tender obligation to award services also to the

railway sector. This legislation also redefined the minimum duration of the regional

service contracts, limiting the contracts in force to just the first 6 years (these were

previously renewable for another 6 years). With these contracts, Trenitalia had been

able to schedule 2.7 billion worth of investments for the purchase of new trains.

The uncertainty regarding an order portfolio of about Euro 18 billion could force

the company to review its investment plan. Moreover, the current situation, where

the tender obligation for the awarding of services is associated to persistently

scarse and uncertain financial resources available to the rail TPL, might lead to a

phase of instability. While waiting for tenders and with the prospect of public funds

being insufficient to run them, it might be difficult to maintain the current regional

rail transport offer. Italy is also the first (and only) European country with a new op-

erator in the High Speed traffic, active since the beginning of 2012. The most valu-

able market segment was liberalised without “requiring” the new entries to

contribute, even partially, to the public service charges which, not being suitably

covered by the public budget, are borne exclusively by Trenitalia. The definition of

rules that protect the complex economic balance of the entire rail system is espe-

cially important. Law Decree 98 (July 2011), which introduces a High Speed toll

surcharge for all Rail companies to co-finance the national Universal Service,

seems to go in that direction. However, a decree that defines the amount is still to

be issued.

Clear rules and suitable resources for a sustainable developmentGuaranteeing the right balance between market services and universal services to relaunch rail public transport


A fully open national market

01

The Governance system adopted by the Ferrovie dello Stato Italiane Group represents

an important lever to increase competitiveness nationally and at a European level.

Ferrovie dello Stato Italiane is driven by the principles of transparency and fairness,

established in the Group’s Code of Ethics, which are indispensable prerequisites

to face the new national and European competitive challenges. The Parent Com-

pany 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 to tackle the new competitive challenges through

its leadership in the field of innovation and by developing its transport service offer

capacity through more and more focused business areas, to quickly and efficiently

meet market requirements. These business areas have a very strong business

sense and great initiative to strengthen and expand the Group’s presence at a na-

tional and European level.

The organisation of the Group reflects a clear separation, at corporate level, be-

tween transport network and services, implemented starting from 2000 in compli-

ance with the European directives on the liberalisation of the market.

The audit work provided for by the Italian Civil Code is performed by Pricewater-

houseCoopers SpA, which also carries out the auditing of the consolidated ac-

counts, the sustainability report and the annual accounts of the Group Companies.

2011 Annual Report


Governance and differentiation by business area

The right organisation to tackle the challenges of the new competitive scenarios


CORPORATE BODIES OF FERROVIE DELLO STATO ITALIANE

FS ITALIANE ORGANISATION CHART

CHAIRMAN

Central Audit Department

Legal Affairs

Corporate Affairs

Administration Financial Reporting and Tax

Media Relations Group External Communication

Business Protection

Strategies and Planning

IT Systems

Institutional and Competition Affairs

Finance, Control and AssetsHuman Resources and Organisation

BOARD OF DIRECTORS

Chairman Lamberto Cardia

Mauro MorettiChief Executive Officer

Directors Alberto Brandani Antimo Prosperi Stefano Zaninelli

Chairman

Regular Members

Substitute Members

Member of the Court of Auditors responsible for Control over Ferrovie dello Stato Italiane SpA

Cinzia Simeone Paolo Castaldi

Giancarlo FilocamoGiuseppe Di Giovanni

Alessandra Dal Verme

Vittorio Zambrano

CHIEF EXECUTIVE OFFICER

BOARD OF STATUTORY AUDITORS

ECONOMICSAND INVESTMENTS

02

The economic result grew for the fourth consecutive year, highlighting the signifi-

cant improvement in the net result (Euro 285 million, of which Euro 272 million were

generated by the Group and Euro 13 million by third parties). This confirms the

path of growth and positive results taken by the Group in 2008, despite the per-

sisting financial crisis, with Italy experiencing and still tackling uncertainties and

difficulties. During 2011, the Group, in continuing its path aimed at strengthening

its economic stability, recorded an improvement in the performances at EBITDA

level, exceeding Euro 1.8 billion, thanks to the higher revenues from infrastructure

services (Euro +77 million, of which Euro 68 million for tolls) and to the growth in

revenues from passenger traffic and other revenues, which recorded almost twice

an increase as a whole compared to the data recorded for operating costs.

EBIT, equal to Euro 664 million, also showed sharp growth, up Euro 157 million (+31%).

Under Operating revenues, which exceeded the threshold of Euro 8 billion, rev-

enues from sales and services came to Euro 7,488 million, of which Euro 6,185

million related to revenues from transport services, while the residual part to rev-

enues from infrastructure services (Euro 1,115 million) and to other revenues (Euro

188 million). In detail, revenues from transport services recorded an increase of

Euro 44 million (+0.7%), arising from the growth in market revenues (Euro +197

million), which was offset by the reduction in revenues from public service contracts

with the Regional Governments and with the State (Euro -153 million).

A new yearof continuous growth


Consolidation and development despite the crisis

The Group’s result have improved for the fourth year running, especially in the transport service segment

The increase in Market Revenues was in turn generated by:

• higher revenues from passenger traffic on medium-long distance routes (Euro

+49 million) mainly attributable to the “Market Services” segment (Euro +81 mil-

lion) that benefited from the larger High Speed offer relating to the Turin-Milan-

Naples-Salerno line, while the components of the “contributed Universal Service”

showed reduced revenues (Euro -32 million) as a result of the streamlining of the

offer carried out by the customer;

• a decrease of about Euro 115 million in regional passenger traffic - linked to

the decrease of about Euro 147 million, arising both from the contribution of the

branch of business to the JV Trenord (Euro -86 million), and from the decline in

revenues attributable to the Sogin/Sita group (Euro -61 million), as a result of the

merger/demerger transaction which led to the creation of Busitalia-Sita Nord Srl

and the consequent renunciation of the market of central and southern Italy in

return for the exclusive retention of the passenger market in northern Italy, which

was partially offset by the increase in revenues (Euro +32 million) arising from the

growth in fares (about +5.5%) despite the decline in traffic volumes both in terms

of passengers-km and trains-km;

• the increase in revenues from foreign regional traffic, following the inclusion of

the German Netinera Deutschland group in the scope of consolidation, which

contributed revenues of Euro 145 million;

• the increase (Euro +119 million) in revenues from cargo traffic, arising from the

combined effect of the increase in revenues mainly recorded by Trenitalia (Euro +57


02

million) and by its subsidiaries above all in the international business (Euro +31 mil-

lion) – to which must be added an additional amount of 35 million revenues reported

by Netinera Deutschland again in the international cargo transport segment – and

the slight reduction in revenues of FS Logistica (Euro -4 million). Revenues from

public service contracts decreased by Euro 153 million as a result of:

• lower revenues from Service Contracts with the Government, which decreased by

Euro 8.4 million in particular within the Medium and Long Distance Universal Service;

• lower revenues from Regional Governments by Euro 144 million, mainly due to

the effects arising from the reduction, linked to the abovementioned contribution

of the branch of business to JV Trenord (Euro -200 million), the reduction in rev-

enues recorded by the Sogin/Sita group (Euro -37 million) and the reduction by

Trenitalia of the fees within the services acquired by the Regional Governments

(Euro -38 million) as a result of the public finance obligations, which were partially

offset by the increases recorded for the inclusion of the Netinera Deutschland

Group (Euro +130 million) in the scope of consolidation.

Revenues from infrastructure services increased by Euro 77 million mainly due

to the toll paid by Trenord (Euro +67 million), as well as, to a lower extent, for the

increases recorded in the High Speed/High Capacity traffic and in the sale of elec-

tric traction (Euro +6 million).

Finally, note the sharp increase in other revenues from services (Euro +95 million),

mostly linked to the increase in the hires of rolling stock (Euro +52.2 million), main-

tenance actions on the material itself (Euro +20.6 million), the increase in handling

services rendered (Euro +4 million), as well as to the higher receipts for engineering

services (Euro +10.6 million), referred in particular to the foreign no-captive market

(Euro +7 million). Other income recorded an increase of 9%, coming to Euro 777

million; the growth of Euro 64 million, compared to 2010, was attributable to the

capital gains recorded on the transfer of properties (Euro +25 million) recognised

in particular by Grandi Stazioni (Euro +15 million) and by Trenitalia (Euro +9.4 mil-

lion), to the increase in the lease rentals (Euro +17.5 million) and, to a lower extent,

to the sale of advertising spaces that increased by Euro 4.4 million. Operating

costs, net of the adjustment due to capitalisations, showed an increase of Euro

149 million arising from the following factors:

• the decrease of Euro 225 million in labour costs, as a result of a reduction of

6,149 units in the staff number arising from the continuous and gradual improve-

ment of efficiency of all the various business processes, despite an increase in

unit salaries linked to the automatic increases envisaged in the contracts them-

selves and to the payment of incentives for early retirement;


• an increase in other net costs of Euro 374 million, due to higher costs for serv-

ices (Euro +182 million) – mainly for increased toll costs of the Netinera Deutsch-

land Group (Euro 99 million) and for increased costs for maintenance and repair

of real and personal properties equal to Euro 63 million – relating to the railway

line and to the rolling stock –, to higher charges for leases and rentals (Euro +61

million) and to lower capitalisations (Euro 89 million).

EBIT came to Euro 664 million (with an improvement of Euro 157 million compared

to 2010), also thanks to lower write-downs, impairment losses and provisions

for risks and charges (Euro -45 million), despite higher net amortisation and de-

preciation (Euro +19 million). The net result, which recorded sharp growth also in

2011, was finally affected by the balance of the financial management, which

was negative by Euro 247 million and which showed a slight increase of Euro 15

million compared to the previous financial year, essentially due to the dynamics of

average interest rates.

Economic, capital and financial highlights

Breakdown of Operating Revenues in 2011


2011 2010

Operating revenues 8,265 7,985

Operating costs 6,461 6,312

EBITDA 1,804 1,673

EBIT 664 507

Net result 285 129

REVENUES FROM TRANSPORT SERVICES

REVENUES FROM INFRASTRUCTURESERVICES

OTHER REVENUES

FY 2010 = €/mil. 7,985 FY 2011 = €/mil. 8,265

13%

10.09%

76.91%

13.49%

11.68%

74.83%

RFI performance

During 2011, Rete Ferroviaria Italiana (RFI) recorded higher revenues from tolls

arising from higher traffic volumes relating to the High Speed/High Capacity net-

work against a fall in revenues from property management and other income. The

performance achieved by the company in 2011 was also affected by the extraor-

dinary transactions of the partial demerger towards FS Logistica, the Parent Com-

pany and FS Sistemi Urbani, mainly attributable to types of plants, areas and

buildings that were not instrumental to the RFI activities. In 2011 EBIT decreased

slightly (about 16.5%) compared to 2010. The result for the year equalled more

than Euro 98 million, up compared to last year (+7.1%). This positive result was

generated thanks to the decrease in amortisation and depreciation of about 27%

and the financial income and charges, whose balance is up by about 107%,

recording a positive value just above Euro 2 million.


The operating segments of the Group

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 op-

erating segments, the summaries, in terms of performance, and the results of

which are reported as an attachment.


Main indicators 2011 2010 Delta %

Operating revenues 2,541.4 2,581.4 (40) (1.5)

EBITDA 239,8 290,5 (50,7) (17.5)

EBIT 112,8 135,1 (22,3) (16.5)

Result for the year 98,1 91,6 6,5 7.1

Investments 3,023.0 3,028.6 (5,6) (0.2)

Net financial position 2,054.5 3,199.2 (1,144.7) (35.8)

Net worth 33,358.3 33,520.7 (162,4) (0.5)

Workforce 28,120 30,209 (2,089) (6.9)

Main ratios 2011 2010

ROE 0.3% 0.3%

ROI 0.3% 0.7%

ROS (EBIT MARGIN) 4.4% 5.2%

EBITDA/OPERATING REVENUES (EBITDA MARGIN) 9.4% 11.3%

DEBT/EQUITY 0.06 0.10

INFRASTRUCTURE SERVICES SEGMENT

REAL ESTATE SERVICES SEGMENT - OTHERS

REGIONAL PASSENGERS SEGMENT

CARGO SEGMENT

MEDIUM/LONG DISTANCE PASSENGERS SEGMENT

OPERATING SEGMENTS REFERRED TO TRANSPORT SERVICES

Trenitalia

In 2011 Trenitalia also recorded, as in the last years, a significant increase in the

main operating margins (EBITDA +11%; EBIT +45.1%). It also recorded a signifi-

cant increase in the Net Result, which more than doubled compared to the previ-

ous financial year (Euro +83.3 million, equal to +114%). The company carries out

its full operations within the three following operating segments:

• Services to Medium and Long-Distance Passengers;

• Services to Regional Passenger Transport;

• Cargo Services.

Below are commented on in brief the elements that characterised the 2011 per-

formances achieved by the corporate business units.

Through the Medium and Long-Distance Passenger Transport Operating seg-

ment Trenitalia provides mobility services for passengers at national and interna-

tional level. 2011 was characterised by an overall growth of 6.8% in Traffic revenues

in the Market Segment and by a reduction of 8.3% in the Universal service segment.

In fact, it should be pointed out that the Market Segment reported an increase in


The decrease in the 2011 net financial position was due to the increase in the treas-

ury and intercompany interest-bearing current account and to the decrease in re-

ceivables from the Ministry of Economy and Finance. Rete Ferroviaria Italiana (RFI)

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.



Operating revenues 5,708.0 5,707.8 0.2 0.0%

EBITDA 1,410.5 1,270.4 140.1 11.0%

EBIT 496.2 341.9 154.3 45.1%

Result for the year 156.4 73.1 83.3 114.0%

Investments 861.3 822.0 39.3 4.8%

Net financial position 5,854.0 6,337.0 (483.0) (7.6%)

Net worth 1,819.0 1,657.2 161.8 9.8

Workforce 36,700 39,668 (2,968) (7.5)

Main ratios 2011 2010 ROE 9.4% 4.7%

ROI 6.3% 4.3%

ROS (EBITMARGIN) 8.7% 6.0%


DEBT/EQUITY 3.22% 3.82%

The Ferrovie dello Stato Italiane Group won the “2011 Accounting Oscar” (Oscar

di Bilancio) in the “Large Unlisted Companies and Businesses” category. This prize

was given not only based on the financial result of the FS Italiane Group, but also

due to the commitment shown by the Company in communicating the objectives

achieved in the financial, social and environmental field. The Prize - organised and

managed by FERPI (Federazione Relazioni Pubbliche Italiana, Italian Federation of

Public Relations) – is held under the patronage of the President of the Italian Re-

public. At the award for the 2011 edition, the chairman of the Awarding Jury, Angelo

Provasoli, while announcing the winners in the various categories, underlined how

increasingly difficult it is to assign the Oscars as the quality level of the financial

statements increases each year.


revenues thanks to the improvement of the offer on the High Speed System, while

a slight reduction was recorded in low-return services for the streamlining of some

Intercity trains for which the average load is particularly unfavourable. On the con-

trary, the Universal service segment was affected by the gradual shifting of the

modal share of transport on long-distance routes to alternative means of transport,

in any case in line with what has already happened in Europe.

The Regional Passenger Transport Operating Segment provides mobility services

for passengers at local level. In 2011 the regional transport recorded a 4.4% increase

in revenues from traffic, equal to Euro 31 million, compared to the previous financial

year. This change is mainly linked to the increase in regional fares which increased

by 5.5% on average, against a decline in volumes equal to 0.8% due to the reduction

in services offered (-3.4%) as requested by the customer Regional Governments.

2011 saw the completion of the renewal of the service contracts with the Regional

Governments: in fact, service contracts were signed with the Regional Govern-

ments of Calabria and Piedmont, while the others had already been signed in the

previous two-year period.

The Cargo Transport Operating Segment provides cargo mobility services at na-

tional and international level. During 2011, the Cargo Division continued its stream-

lining and reorganisation process started in previous years, aimed at improving

efficiency of production units, the offer network on most profitable services and at

acquiring competitiveness. The business sectors, which follow the relevant product

areas, are represented by: Traditional Business and Combined Business.

In 2011 cargo trains – Traditional Business – recorded the same volumes as those

recorded in 2010 in terms of trains-km, in line with the process for maintaining traf-

fic and focusing on export services on the main international lines of Northern Eu-

rope and Eastern Countries. The turnover recorded a good increase (+6.3%)

compared to the previous year. Also rail traffic data from the National/International

Combined Business came to the same levels as the previous year, in terms of both

volumes and revenues. The overall data were affected by the suspension of some

traffic on the part of the main intermodal operators in Spain and Great Britain; how-

ever, the growth in the international traffic of trains/km produced was able to offset

losses from national traffic in which the operators themselves have become railway

companies.


Oscar winning financial statements of the Ferroviedello Stato Italiane Group

FS Italiane is awarded the prestigious Prize organised by FERPI

An acknowledgment of the Group’s commitment and its ability in communicating the objectives achieved

The Group’s technical investments


Thanks to the positive economic results already attained by the FS Italiane Group

in previous years, in 2011 it was possible to set challenging targets to start a new

development and value-creation cycle to the advantage of the Company and the

Italy’s transport system.

In terms of investments, with the launch of the new 2011-2015 Business Plan

which envisages investments equal to around Euro 27 billion, of which Euro 6 billion

are destined for the purchase of new trains. 2011 was the year when the FS Italiane

Group laid the foundations of a major five-year investment programme designed

to considerably increase the infrastructure of the country and to provide ever better

and more diversified services thanks to an offer that includes new trains that are

more comfortable and technologically advanced, as well as modern stations that

are increasingly integrated with the urban fabric. The “technical investments” made

by the FS Italiane Group during 2011 amount to Euro 3,402 million, about 2,927 of

which for actions linked to the infrastructure: of which Euro 2,493 million for work

on the traditional network and Euro 434 million for the High Speed/High Capacity

Network on Turin-Milan-Naples. An additional Euro 385 million (net of the advances

for the purchase of new rolling stock) regard transport-related measures and Euro

89 million were destined to the enhancement and rehabilitation of the stations and

of the real estate assets, the local road and rail transport, and the IT equipment in

support of corporate processes.


The investments in the Industrial Plan 2011-2015 continue

New trains and more modern stations are combined with the qualitative and quantitative development of the services offered

From the current results to a new impulse for the future

2011 2010Total 3,402 3,663

RFI 2,927 3,078

Traditional Network 2,493 2,558

Infrastructural Development 1,136 932

Safety and traffic technologies 286 249

Maintenance in good working order 1,071 1,377

Turin-Milan-Naples High Speed line 434 520

Trenitalia (*) 385 483

National/International Passengers 77 129

Regional Passengers 232 192

Cargo 16 10

Others 61 152

Other investments 89 102

Stations, road transport, services 89 102

* Not including the advances to purchase rolling stock. VALUES IN €/MIL.

Trenitalia

In 2011 Trenitalia invested about Euro 385 million (net of the advances for the pur-

chase of rolling stock) to expand the services offered, improve the service quality

and for the technological upgrading of the vehicles and the fitting out of equipment

and IT systems.

In particular investments concerned some production sectors and specifically:

• Frecciarossa:

• restyling actions to introduce the four service levels that, in light of the new

business model, have replaced the traditional class concept;

• purchase of new “1000” electric series electric trains in order to develop the

High Speed offer and to better meet the needs of the customers;

• installation of wi-fi hot spots inside each coach to provide a wireless network

connection and information services.

• Frecciargento:

• completion of multi-voltage actions;

• restyling of the ETR 480 fleet;

• implementation of information services and internet on board trains.

• Frecciabianca, Eurostar and Base trains:

• restructuring of coaches and locomotives that circulate on conventional lines

and connect medium and large sized cities outside the High Speed Network.

• Regional Transport:

• development/upgrading of services within urban areas;

• provision of an offer based on three different segments of rolling stock: “urban”

at the major railway junctions, “medium distance” between regional capitals

and “mass” for local services;

• start of important projects to purchase new electric and diesel sets;

• implementation of an order for another 50 new E464 locomotives, with this type

of fleet reaching more than 550 items.

• Cargo transport:

• continuation of the activities in relation to the process of adapting the fleet of

wagons to the technical regulations concerning “coupling parts” of rolling stock

which must comply with the requirements of interoperability.


RFI - Rete Ferroviaria Italiana

2009 saw the completion of the connection of High Speed lines on the entire Turin-

Salerno line. In 2011 the activities continued for the construction of the bypasses

(Bologna and Florence) and the High Speed stations (Bologna Centrale, Florence

Belfiore, Naples Afragola and Rome Tiburtina). Actions also continued for the main-

tenance of the traditional railway infrastructure in good working order and for tech-

nologies dedicated to traffic safety, automation and control. Additional actions

were dedicated to infrastructural development projects for the upgrading and mod-

ernisation of railway corridors, metropolitan and regional areas.

Main works implemented in 2011


2011 2010

New infrastructures (New lines, Second lines, Bypasses) km 63 36

High Speed Network km 0 0

Traditional Network km 63 36

Line upgrade km 284 40

Safety technologies (SCMT, SSC, SSCC/STS, GSM-R) km 613 102

Station equipment (ACEI, ACS, ACC) no. 32 18

Suppression of railway crossings no. 73 52

Automation of railway crossings no. 10 2

The other companies

The other Group companies made total investments in Italy and abroad of about

Euro 89 million, 40% of which is related to the companies Grandi Stazioni and

Centostazioni for the revival, enhancement and rehabilitation of the main stations,

which were redesigned to create not only space for more functional and safer rail-

way transport services, but also for large service centres and public spaces in-

creasingly integrated into the fabric of the city.

The rest of the investments mainly related to the enhancement and rehabilitation

of the real estate assets, the local road and rail transport, the logistic services and

the IT equipment.


The above is added to:

• the fitting of locomotives with the On-Board Technology System (Sistema Tec-

nologico di Bordo), which integrates all the other technologies (SCMT, SSC,

GSM-R), and the completed equipment of the rolling stock with the CAB RADIO

and DIS (Driver Information System) (Black Box). 2011 also saw the completion

of the installation of the SCMT (Sistema Controllo Marcia del Treno, Train Move-

ment Control System), while the installation of the SSC system (Sistema di Sup-

porto alla Condotta, Train Driving Support System) is being completed;

• lT projectsaimed at improving efficiency of the production processes and at

streamlining and improving the sales channels;

• the maintenance andtechnological upgrade relating to the systems for the

maintenance of rolling stock and cargo, with the upgrading, reorganization and

streamlining of the maintenance network;

• research and development.

As regards new rolling stock, 70 locomotives of which 7 were intended for na-

tional/international medium/long-distance transport and 63 for regional transport,

were put into operation. Furthermore, 52 locomotives, 1,614 coaches and wagons

and 17 trains were brought back into operation after restructuring measures. The

breakdown is reported in the table below:

Actions on the Trenitalia rolling stock fleet


New Refurbishedrolling stock rolling stock

Locomotives no. 70 52

Coaches/Wagons no. - 1,614

Fixed-composition trains no. - 17

THE GROUP’SCOMMITMENT

03

• Public Private Partnership (PPP) for the management and the commercial devel-

opment of High Speed stations;

• Homeland Security systems for railway infrastructures (stations and lines).

The Group’s presence in international markets grew in 2011 and the main projects

are progressing without major impediments despite the social and political turbu-

lence that affected several countries in the Mediterranean and Middle East and the

economic crisis in the western world, which resulted in greater difficulties for in-

vestments in infrastructure at global level.

The growing international network

The company Italferr inaugurated two new operating sites: one in Belgrade, Serbia,

to cover all of the Balkans, and one in Abu Dhabi (United Arab Emirates) to follow

the entire Gulf area.

The main projects

We will continue to act as advisor to the Ministry of Transport until 2014, with the

utmost level of satisfaction from the Egyptian government, to implement the railway

restructuring plan. A team of experts of Ferrovie dello Stato Italiane transfers

knowledge, technical expertise and professional training to the Egyptian Railways

top management in strategic management areas.

In Algeria, through the subsidiary Italferr, the Group also continues to provide tech-

nical assistance to ANESRIF (Agence Nationale d’Études et de Suivi de la réalisa-

tion 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.

Italferr has been entrusted by the Arab Fund with conducting a study on a railway

network that involves 21 countries of the Arab League to cover all of the Middle

East and North Africa. The characteristics of this project make it particularly im-

portant in political, strategic and economic terms.


The continuous improvements of the results achieved on the Italian network and the

prestigious awards received at an international level allow the Ferrovie dello Stato

Italiane Group to consolidate its exposure to Europe and other international markets.

The Mediterranean area, the Middle East, Eastern Europe, the Balkans, Latin Amer-

ica, USA, India and Australia represent the main areas where Ferrovie dello Stato

Italiane is active, exporting the excellence of the made in Italy brand for the devel-

opment of the railway networks in those countries. Also this year there were lots

of technical visits to study the Italian network and several cooperation agreements

developed with nearly all railway operators in the world.

The main services offered in the international market relate to engineering, the man-

agement of passenger transport and the logistics of infrastructures and stations:

• feasibility studies, preliminary, final and executive designing; supervision of con-

struction works; project management, testing and technical assistance for the

commissioning of all components of traditional and High Speed lines;

• technical assistance and advice to Ministries and Government Agencies in draft-

ing Transport Master Plans, redeveloping or restructuring railway companies and

for managing procurement processes;

• participation in “Mega Project tenders” for the construction of High Speed lines

within consortia, providing skills in railway engineering, operations and mainte-

nance, design, construction, management and commercial enhancement of High

Speed stations;


Technological excellence, a prestigious example of the made in Italy brand

Eastern Europe, the Balkans, the Mediterranean, the Middle East, India, USA, Latin America and Australia are the main areas where the Group is active

Ferrovie dello Stato Italiane increases its presence in international markets

03

Eastern Europe

In the Czech Republic, Ferrovie dello Stato Italiane, through Grandi Stazioni, is manag-

ing 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 as-

sistance to the national railways, with regard to the modernisation of certain lines of the

Corridor IV and the drafting of the new passenger service contract, respectively.

Latin America

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 en-

terprises 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. Finally, in Colombia Italferr is participat-

ing in the tender to design the Bogota underground station.

USAFerrovie dello Stato Italiane supported the Italian Minister of Infrastructure and

Transport and the Federal Railroad Administration to prepare a cooperation agree-

ment between the two countries to develop the US High Speed Market and for the

exchange of experts in the railway sector.

IndiaIn association with Systra and Rites (India), Italferr was awarded the contract for

the feasibility study of one of the 6 High Speed Corridors, the Pune - Mumbai.

AustraliaThe consortium led by AECOM Australia, which is made up of Italferr, KPMG, Sin-

clair Knight Merz and Grimshaw Architects, is completing the first phase of the

feasibility study for High Speed railway lines on the eastern corridor Melbourne -

Sydney - Brisbane.


Strengthening the position in the Mediterranean area, the Middle East and the Balkans

In Egypt, the pre-feasibility study of the new High Speed line Cairo-Alexandria was

delivered by Italferr to the Ministry of Transport. Italferr is now developing a project

for the designing of the signalling of a section/part of the corridor 4 Cairo - Port Said,

after being awarded an international tender in 2010. In Turkey, the cooperation ac-

tivities continue, which are related to the Cooperation Agreement signed with the

Turkish railways (TCDD) in 2008. The agreement with the Moroccan railways (ONCF),

which was renewed in 2010, continues, inter alia, for the testing of the Ansaldobreda

trains purchased in Italy and training courses. In Serbia and Montenegro, on behalf

of the European Commission, Italferr is conducting the executive project of measures

to be carried out on the Bar-Vrbnica section of the Belgrade-Bar line. Again on ap-

pointment from the European Commission, Italferr is conducting in Croatia, the fea-

sibility 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. In Albania, Italferr participates in the tender for the

executive design of the Tirana - Duress line. To this end, the FS Italiane Group is

monitoring the developments of mobility in the country.


The FS Italiane Group continues to evolve, being ahead of its time and interpreting

the preferences and requirements of its customers. In this wake of innovation, tra-

ditional classes are being replaced in light of a new concept of comfort, with four

new service levels introduced on Frecciarossa trains: Executive, Business, Premium

and Standard – with interiors designed in collaboration with Giugiaro.

EXECUTIVE ensures utmost privacy and comfort: wider leather seats, FrecciaClub

reception rooms, Frecciarossa wi-fi connection, gourmet menusat restaurants, de-

signed by the chef Gianfranco Vissani and served directly at your seat. A meeting

room is also available to Executive customers, fitted with monitors to have meet-

ings with partners or colleagues while travelling.

BUSINESS is dedicated to those passengers who wish to optimise their journey

by working comfortably from their personal computer, being always connected to

the Frecciarossa wi-fi. It offers comfortable eco-leather and hypoallergenic seats

and a welcome drink, 24-seat Business Plus lounges for greater privacy. An addi-

tion: the Silent Zone, where mobile phones are forbidden.

PREMIUM is inexpensive and comfortable at the same time. Comfortable leather

seats, a speed of 300 km/h, the Frecciarossa wi-fi connection, on-board monitors

to keep you up to date on each coach and a welcome drink.

STANDARD ensures good value for money: reach your destination rapidly with

high speed trains while being connected to the Frecciarossa wi-fi network with on-

board monitors to keep you posted.

When travelling in Executive, Business and Premium class, you will find the main

national newspapers available in the morning; when travelling in Executive class,

magazines are also available all day. Video entertainment available for all levels of

service.


The Italian railways were the first in Europe to adopt the new High Speed/High Ca-

pacity lines of the European Railway Traffic Management System/European Train

Control System (ERTMS/ETCS) level 2. This exclusive system for traffic control

guarantees the highest technological and safety level, eliminating the possibility

of human error and ensuring the control of the train movement at all times. Maxi-

mum safety and maximum speed combined with more frequent trains, which can

run even just a few minutes one from the other. Developed entirely in Italy,

ERMTS/ETCS level 2 was adopted by the European Union as the reference stan-

dard for new transnational high-speed systems.

The Italian railways were the first in the world to adopt it, and received the Best

Paper Award in Montreal in 2006, as an important recognition from the international

railway community. Italian High Speed innovation is famous all over Europe and

the world.


The ERTMS/ETCS L2 system adopted as European standard

The Italian technology is being applied to make the entire European High Speed railway transport safer

National technology,international leadership

Frecciarossa:4 options for a unique journey

Service innovation is key to increasing attention to customers

Traditional classes replaced by 4 new service levels on board the Frecciarossa trains

Rete Ferroviaria Italiana focused its commitment in the testing area adjacent to the

High Speed/High Capacity line 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, studies and

trials to prevent ice for forming on the contact line as well as to study the influence

of crosswinds in order to define the type of wind barrier. Experimentation on the

systems and components installed onboard of the prototype train Y1 is being com-

pleted. It concerns the automatic central unit that controls the thrust of pan-

tographs, the drive energy meter and the light diagnostic system on commercial

trains, in order to improve the exchange of information between the Infrastructure

Manager and Transport Companies on possible anomalies.

Trenitalia, with investments of around Euro 100 thousand, 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.


After the substantial completion of the implementation programmes of the SCMT

(Sistema Controllo Marcia del Treno, Train Movement Control System) and SSC (Sis-

tema di Supporto alla Condotta, Train Driving Support System) systems, the FS Ital-

iane Group continues its constant commitment to research and development activities

in the sector of technology for safety and for innovative diagnostics. In 2011 alone,

about Euro 7.8 million were invested almost entirely by Rete Ferroviaria Italiana.

80% of the investments (equal to about Euro 6.3 million) were allocated to tech-

nology for traffic safety; 15% of the amount concerned studies and research for

new components and systems and the remaining 5% concerned diagnostics for

the control of the efficiency of the network and of the rolling stock.

Investments in research and development


The Group’s constant commitment to research and innovation

More than Euro 6 million invested to create new systems that increase safety and comfort

Technological development for a safer journey

Safety technologies 6.3 0.0 6.3 7.8 0.0 7.8 (1.5) (0.0) (1.5)

Innovative diagnostics 0.4 0.0 0.4 2.5 0.2 2.7 (2.1) (0.2) (2.3)

Studies and trials on new components and systems 1.1 0.1 1.2 1.6 0.3 1.9 (0.5) (0.2) (0.7)

Environmental friendliness 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) (0.0)

Total 7.8 0.1 7.9 11.9 0.5 12.4 (4.1) (0.4) (4.5)

RFI

Tren

italia

2011 2010 Change

Tota

l

RFI

Tren

italia

Tota

l

RFI

Tren

italia

Tota

l

VALUES IN €/MIL.

goods and services, which envisages the inclusion of environmental criteria in

the technical specifications of new tenders;

• continuation of the energy diagnosis and monitoring activities aimed at guaran-

teeing greater efficiency;

• realisation of the 22nd edition of the “Green Train” campaign, in collaboration

with the Italian environmental organisation Legambiente, to monitor air quality

and noise pollution in each city involved;

• start of activities aimed at promoting sustainability criteria in the corporate mo-

bility of employees with the appointment of 28 Mobility Managers in 14 Italian

metropolitan areas;

• the entering into of a contract between FS Sistemi Urbani and RFI in order to

identify assets owned by FS Sistemi Urbani in connection with aspects of envi-

ronmental safety;

• the publication of the Environmental Watchdog portal, which is the result of the

shared commitment of the Ministry of the Environment and Land and Sea Pro-

tection, RFI and Italferr to promote a wide dissemination of information about

the environmental quality of land affected by railway activities;

• the testing by RFI of a remote system management solution to manage station

area and platform roof lighting according to rail traffic, wireless monitoring of

water and gas meters and command and control of point heating in accordance

with indicators measured by a weather station;

• development of the “Green System Project” to optimise the energy standards in

the 64 industrial sites owned by Trenitalia.

Social Policies

The Ferrovie dello Stato Italiane Group plays a key role in supporting the country

in one of the fundamental challenges for growth: the Sustainability challenge. The

main Group’s contribution to creating a sustainable development model lies in of-

fering an efficient and modern railway system that meets customers’ needs while

respecting social responsibilities. With this aim in mind, creative and innovative

solidarity projects are developed in addition to the core actions, in line with the

company social responsibility value to ensure the community well-being.

The main projects were mostly developed at stations, where cases of social dis-

comfort can be found in all industrialised countries. The Help Centers created by


The FS Italiane Group is continuing its sustainability journey, certain that it has

taken the best route for success also in the medium/long term. Several activities

were carried out also in 2011 to search for a balance between economic, social

and environmental aspects.

Environment

The importance of interaction with the environment is clear in the corporate pur-

pose of Ferrovie dello Stato Italiane: the construction and management of infra-

structure networks for railway transport and the carrying out of the activity of

transporting goods and people, predominantly by rail. Indeed, rail transport plays

a key role in the creation of a sustainable transport model. The introduction of the

Frecciarossa and Frecciargento trains on more than 1,000 km of new High

Speed/High Capacity lines has contributed to improving the sustainability profile

of the transport sector, as well as to changing the travelling habits of travellers. In

2011, more than 25 million people travelled using this mode of transport, thus pre-

venting more than 600,000 tonnes of CO2 from being released into the atmosphere.

In the same year and in line with the guidelines of the Environmental Policy issued

as part of the Environmental Management System project, the FS Italiane Group

also started the following initiatives:

• development and adoption of an IT solution for the planning, monitoring and re-

porting of Sustainability;

• promotion of a green procurement approach in procedures for the purchase of

To be a leader also in sustainability


Ferrovie dello Stato Italiane, environmental protection and social policies

Again this year, the Group continues to boast effective initiatives aimed at environmental protection and at guaranteeing the community’s well-being

ment and use of various premises owned by the Group. At the Rome Termini sta-

tion, “Binario 95”, a hostel and the Caritas soup kitchen + were created. At Milan

Central Station, a new night shelter for homeless people “Caritas Shelter”, man-

aged by Caritas Ambrosiana, was restored.

Great attention is dedicated to the problem of political refugees. The “Pedro Ar-

rupe” centre for families and minors who seek asylum, for example, was created

thanks to the concession free of charge of a former hotel for railway operators.

Ferrovie dello Stato Italiane is continuously committed to social responsibility also

at a supranational level, making its consolidated best practices available to Europe

and promoting the creation of a large network between railway companies, the au-

thorities and European associations. The European Charter for the development

of social initiatives at stations promoted by the railway networks of Italy, France,

Belgium, Luxembourg and Poland, became consolidated as an instrument to co-

ordinate and standardise the action methods; other railway companies adhered in

the year. The first landmark reached by the signatories of the European Solidarity

Charter was the approval of the “Hope in Stations” project.


Ferrovie dello Stato Italiane in collaboration with the local bodies and the service

sector are support and guidance centre for people in difficulty inside the main Ital-

ian stations. 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 com-

petent players at all levels: the railway company and other companies, authorities,

associations, local bodies and the community. A full responsibility, with the purpose

of acquiring, spreading and exchanging innovative methods and the best practices

to combat poverty, hardship and social exclusion.

Initiatives and projects

The Italian railways own an extensive range of real estate assets, including unused

stations, crossing points and plots. This year the Group started a complex and im-

portant rehabilitation project for the social and environmental use of these spaces,

after carefully assessing the requests from National Associations engaged socially,

in environmental enhancement, in sustainable tourism and in the varied world of vol-

unteering. About 450 unmanned stations (i.e. active without any railway personnel

in attendance), totalling 74,500 sq. meters, are managed by Municipalities, Bodies

and Associations through free of charge leases. A process was activated to transform

unused railways into greenways, i.e. green paths for soft mobility, accessible to

everyone. This continuous the FS Group’s environmental sustainability route.

The consolidation and coordination of the Help Center network is guaranteed by the

Osservatorio Nazionale sul Disagio e la Solidarietà nelle stazioni (National observa-

tory on poverty and solidarity in the stations) (ONDS), devised in cooperation be-

tween FS Italiane and ANCI (Associazione Nazionale Comuni Italiani, National

Association of Italian Municipalities). The Observatory identifies suitable action meth-

ods, organises national training and rehearsal conferences for Help Center operators

and ensures that information is shared within the network. In the year in question,

the active Help Centers in the ONDS network recorded 127,748 “accesses to the

service” (intercepted requests) for a total of 10,202 “new users” (registered homeless

persons): an average of about 454 accesses and 35 new users a day.

Thanks to various partnerships with socially responsible companies, FS Italiane

was able to develop several other projects. These include “A heart at the station”,

a three-year project launched with Enel Cuore Onlus, which allowed the refurbish-


The FS Italiane Group bases its success on the great wealth of professional skills

expressed by its men and women. Continuing on the activities already started,

2011 saw the enhancement of the in-house professionals by implementing the In-

tegrated Valuation and Development System and spreading a culture of enhance-

ment through training courses dedicated to Executives and Managers at operating

structures. The human resource enhancement process is constantly supported by

an active in-house job posting policy combined with specific training mentoring

actions (coaching and masters of the trade) to retain and update specialist tech-

nical skills and develop management and managerial abilities to motivate in and

encourage the achievement of the business results. The image of the FS Italiane

Group was conveyed also through employer branding activities in the scouting

phase to find the best human resources in the market, and via initiatives aimed at

channeling young people and the training programmes of schools and universities

towards business requirements (masters, dissertations, apprenticeships, scholar-

ships, career days, joint-supervision courses, web channels and talent programs).


The value of people takes centre stage

Human resources are essential

Specific activities and targeted projects to highlight and enhance human resources and in-house professionals

OTHER ACTIVITIES OF THE GROUP

04

On 25 February 2011, the Arriva Deutschland Group was acquired by the SPV FS

2 Move GmbH, 51% held by Ferrovie dello Stato Italiane SpA and 49% held by

the Cube Infrastructure SCA Investment Fund; subsequently, at the end of August,

FS 2 Move GmbH merged Netinera Deutschland GmbH (the new name took on

by the Berlin parent company in March 2011) and took on its name.

The current Netinera Deutschland Group mainly carries out rail and road transport

activities in the German local and metro transport market, through about 50 in-

vestee companies. The group also carries out activities on international routes to

the Czech Republic, Poland and the Netherlands.

In addition to passengers and cargo transport service, the group performs services

for the maintenance and revamping of vehicles.

During 2011, the first 10-month financial year (March-December ), which saw the

application of the international accounting standards IAS/IFRS in the same manner

as and according to an approach of integration with the administrative and ac-

counting model of the FS Italiane Group, the Netinera Deutschland Group recorded

revenues of about Euro 389 million, against costs of Euro 352 million, recording

EBITDA of about Euro 38 million; after amortisation and depreciation of Euro 25

million and finance costs of Euro 20 million (substantially towards the sharehold-

ers), it was also able to contain losses to around Euro 9 million, mostly in line with

the forecasts and assumptions behind the business plan used to define the ac-

quisition price of the group. These losses, in the consolidation of the FS Italiane

Group, absorbed about Euro 8.1 million of finance costs out of the total of about

20 in the 2011 income statement, acknowledged to Ferrovie dello Stato Italiane

against the loans disbursed by it to the German parent company.

Finally, with reference to the process for allocating the price (Euro 172.4 million)

paid by the shareholders of FS Italiane and Cube at the time of the purchase, which

was implemented according to the international accounting standard IFRS 3 (Busi-

ness Combinations) through the measurement atfair value of assets and liabilities

acquired, allocating the residual part to goodwill.


TRANSPORT SERVICESTrenitalia, one of the main subsidiaries of the FS Italiane Group, operates within this

macro sector. Its performance was illustrated extensively in the previous chapter.

Netinera Deutschland GmbH

Netinera Deutschland GmbH operates in the regional and local transport of pas-

sengers through a group of 50 companies active in Germany.

Overview of the main sectors of business


Important data for comprehensive information on the FS Italiane Group

A view to the other activities of the Group through the companiesengaged in two fundamental services: transport and real estate

Main indicators 2011*

Operating revenues 389.8

EBITDA 38,6

EBIT 12,8

Result for the year (8,6)

Net financial position 223,6

Net worth 42,3

Workforce 2,292VALUES IN €/MIL.“ Data referring to the period 26 February-31 December 2011

04Main ratios 2011

ROE (33.8%)

ROI 9.6%

ROS (EBIT MARGIN) 3.3%

EBITDA/OPERATING REVENUES (EBITDA MARGIN) 9.9%

DEBT/EQUITY 5.29

lishment of a Business Unit for the maintenance of the Italcontainer brand by virtue

of the value acquired by it over time in the national and international markets, rather

than to recapitalize its subsidiary. The 2011 Net Result recorded a slight improve-

ment compared to the previous year, which was mainly attributable to the reduction

in operating revenues and to a more than proportional reduction in the costs cor-

related thereto. The continuation of such damaging performance, although it has

abated, can mainly be ascribed to the highly negative results recorded in the com-

bined transport sector in which the Italcontainer Business Unit operates and to the

reduction in volumes transported in the chemical sector as a result of the assign-

ment of purchase contracts with Trenitalia - Cargo Division which was concluded

during the year.


FS Logistica

Another important corporate entity which operates within the Group’s Cargo

Transport Operating Sector, together with the Trenitalia division previously com-

mented on is FS Logistica.

FS Logistica operates in the logistic segment and is in charge of design, produc-

tion, management and sale operations. Its main business segments include petro-

chemistry, the environment and the territory (BU ICA - Industry, Chemistry and the

Environment), large institutional customers (BU Omniaexpress), the combined

road/rail transport of containers (BU Italcontainer) and the iron and steel industry

(iron and steel BU). The company also designs and creates logistic infrastructure

on ownedassets through the Asset Management and Development organisation

structure to enhance the corporate wealth through investments aimed at rehabili-

tating these areas.

2011 saw the merger by incorporation of the direct subsidiary Italcontainer, which

took place on 1 October 2011, but which became effective on 1 January 2011. FS

Logistica in redefining its strategies deemed it more appropriate to implement the

integration process, to be realized through the merger and the subsequent estab-



Operating revenues 136.4 149.7 (13.3) (8.9%)

EBITDA (7.9) (9.7) 1.8 18.6%

EBIT (12.0) (14.4) 2.4 16.7%

Result for the year (18.5) (19.4) 0.9 4.6%

Investments 2.0 1.9 0.1 5.3%

Net financial position 87.2 63.5 23.7 37.3%

Net worth 124.5 139.8 (15.3) (10.9%)

Workforce 189 163 26 16.0%

Main ratios 2011 2010 ROE (13.1%) (12.2%)

ROI (5.8%) (4.6%)

ROS (EBIT MARGIN) (8.8%) (9.6%)

EBITDA/OPERATING REVENUES (EBITDA MARGIN) (5.8%) (6.5%)


VALUES IN €/MIL.

BUSITALIA - SITA NORD

Also the company BUSITALIA - SITA NORD operates in the sector of public road

transport.

In this context, the company carries out its activity in various business areas, such

as local public transport, both urban and suburban, long-distance bus service (both

national and international), tourism and hires.

BUSITALIA - SITA NORD was established in May 2011 through the inverse merger

of the controlling company Sogin Srl (100% owned by FS Italiane) into the con-

trolling company Sita SpA (100% owned by Sogin Srl) and the simultaneous partial

non-proportional demerger of Sita SpA.

2011 was characterised by profound changes in the situation both from the point

of view of the market in which the business operates and from the point of view of

the corporate reality, which was affected by a process of reorganisation which took

up almost the whole of the first half of the year. Nevertheless, the company

equipped itself in a short space of time to deal with the new requirements created

by situations that are made even more complex by the full unfolding of the effects

of the international crisis and its impact on local finance. This ability is shown by

the positive performance results achieved by the company – which are significant


when looked at in the context of this data – in the period from 20 May 2011 when

the effects of the demerger started and 31 December 2011.

The company recorded a net profit of Euro 336 thousand and revenues of Euro

68,491 thousand, mainly arising from the market, from service contracts with the

Regional, Provincial and Municipal Governments, as well as revenues arising from

additional Service Contracts with the same granting authorities and referred to the

Regional Head Offices of the Veneto and Tuscany regions only. In 2011 the com-

pany also made investments for Euro 4,987 thousand for Local Public Transport

lines and the lines concerning market services and structure investments.


Main indicators 2011

Operating revenues 68.5

EBITDA 4.5

EBIT 1.7

Result for the year 0.4

Investments 5.0

Net financial position 4.6

Net worth 25.7

Workforce 939

Main ratios 2011ROE 3.2%

ROS (EBIT MARGIN) 2.5%

EBITDA/OPERATING REVENUES (EBITDA MARGIN) 6.6%

DEBT/EQUITY 0.18

VALUES IN €/MIL.

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,

managed by the Prague subsidiary – provides for the combined management and

the functional rehabilitation of the real estate complexes of the main stations.

During the period the Grandi Stazioni Group confirmed the positive results of the

previous financial years and continued its investment projects. In fact, works con-

tinued for the rehabilitation of internal works, mainly in the stations of Bari, Bologna,

Florence, Genoa Brignole and Piazza Principe, Palermo and Venice Mestre and

Santa Lucia, and works were substantially completed at the station of Verona. At

the same time, in Prague, works were completed for the rehabilitation of the Mar-

ianske Lazne and central Prague stations.

The 2011 Net Result showed a substantial increase mainly due to the capital gain

arising from the transfer of the former departmental building located in Rome, at

via Marsala and from the increased revenues from leases, contract work in

progress, engagement activities and special systems and services to customers.


REAL ESTATE SERVICES AND OTHER SERVICESThe overview of the Group’s Operating Segments is completed by the segment

related to Real Estate Services and Other Services, managed through specific

companies operating within the FS Italiane Group.

Grandi Stazioni Group

The Grandi Stazioni Group operates through the parent company, as well as two

subsidiaries: Grandi Stazioni Ceska Republika Sro (51%), based in Prague, and

Grandi Stazioni Ingegneria Srl (100%).

Below are reported the values relating to the consolidated financial statements of

the group, which substantially reflect the values of the separate financial state-

ments of the Parent Company, Grandi Stazioni, the service company of the FS Ital-

iane Group which is responsible for the rehabilitation and management of the 13

main Italian railway stations.



Operating revenues 216.4 193.5 22.9 11.8%

EBITDA 68.6 46.7 21.9 46.9%

EBIT 53.9 35.2 18.7 53.1%


Investments 34.8 20.5 14.3 69.8%

Net financial position 168.2 177.9 (9.7) (5.5%)

Net worth 160.1 143.8 16.3 11.3%

Workforce 274 279 (5) (1.8%)


ROE 23.2% 15.1%

ROI 16.6% 11.3%




VALUES IN €/MIL.

Centostazioni

Centostazioni is the FS Italiane Group company that is responsible for the man-

agement of the assets comprised of the real estatecomplexes of the network of

103 medium-sized railway Stations owned by RFI and the management of assets

that are in any way connected to the commercial exploitation of means of trans-

port. The experience and know-how accrued in the management of commercial

and property mana¬gement activities, engineering and facility management serv-

ices rendered to properties of the network allowed good operating results to be

achieved also in 2011, thus improving the overall perception of the company’s

image on the part of customers, authorities and the public opinion in general. The

2011 net result showed a slight increase due to the growth in operating revenues,

operating costs and to the significant reduction in provisions. The increase in rev-

enues is due to the combined effect of higher revenues from the recharging of serv-

ice charges following the increase in the volumes handled and lower revenues from

leases because of the persistence of the effects of the economic crisis in progress

as early as from 2009, while operating costs increased following higher costs in-

curred for service charges which were only partially recharged to the lessor, and

for the increase in production materials and services. During 2011 the Company

distributed dividends for Euro 6.7 million.

FS Sistemi Urbani

FS Sistemi Urbani is the company in the Ferrovie dello Stato Italiane Group which

carries out activities concerning integrated urban services and the enhancement

of the assets which are no longer functional to the conduct of the railway business,

also through the integrated management and development of real estate services.

The company closed with the best result achieved from the start of the operations

in terms of sales and cash volumes. A total of 6 assets were sold in 2011, for a

value of more than Euro 12 million. This result was achieved despite the effects of

the global economic and financial crisis and the state of recession in which Italy

finds itself. Important projects were carried out and completed for the transforma-

tion of railway areas. In particular, note the important transformation projects con-

cerning the Turin area where the Group completed the enhancement of the three

complexes of Spina 1, Spina 2 and Lingotto, which allowed the sale of the former,

as well as started procedures to subject the other areas to town-planning changes.

The 2011 net result of FS Sistemi Urbani showed an increase substantially due to

the sale of properties that generated capital gains of Euro 5.6 million and to real

estate income, mainly attributable to lease rentals and fees for the enhancement

of the assets of the Group companies.

2011 Annual Report 61Ferrovie dello Stato Italiane Group 60



EBITDA 18.4 19.6 (1.2) (6.1%)

EBIT 15.8 15.6 0.2 1.3%


Investments 1.5 2.1 (0.6) (28.6%)

Net financial position 31.5 17.2 14.3 83.1%

Net worth 27.2 37.3 (10.1) (27.1%)

Workforce 128 124 4 3.2%


ROE 36.3% 32.4%

ROI 27.9% 29.6%



DEBT/EQUITY 1.2 0.5

VALUES IN €/MIL. VALUES IN €/MIL.



EBITDA 6.5 7 (1) (7.1%)

EBIT 5.9 6.4 (0.5) (7.8%)


Investments 0.45 0.3 0 50.0%

Net financial position (5.2) (8.8) 3.6 40.9%

Net worth 543.6 527.0 16.6 3.1%

Workforce 32 26 6 23.1%


ROE 1.1% 1.1%

ROI 1.1% 1.2%



DEBT/EQUITY (0.01) (0.02)

Fercredit

Fercredit is the company responsible for the financial services of the Ferrovie dello Stato

Italiane 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. In 2011, the company contin-

ued to operate in a particularly difficult context which was characterised by the consid-

erable difficulties arising from the macroeconomic situation and from turbulence in

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 con-

sequent fall in business volumes, the company succeeded in contrasting the possible

negative economic and income effects by implementing a policy aimed at limiting risks

and concentrating resources in the most profitable relations. Therefore, in light of the

entire context in which the company operated, the results achieved in terms of prof-

itability, during the financial year, were more than satisfactory. In fact, an improvement

was recorded in the business margin, in the operating result and in the net result, with

a performance which showed an opposite trend with respect to the banking and finan-

cial market as a whole, which was characterised by a general reduction in profits and

a significant increase in bad debts during the year. These economic results were due

to the policy of utmost attention that has always been paid to management costs, as

well as to the constant caution adopted in the policies of granting of credit.

Italferr

Italferr is the engineering services company of the FS Italiane Group which is re-

sponsible for the design, works management and supervision, competitive tenders

and project management activities for all the large infrastructural investments of

the Group. Italferr is also strongly committed to the design and construction of

eco-friendly works compatible with the needs and expectations expressed by the

community. In this context, it has adopted an Integrated Management System for

Quality, Environment, Health and Safety.

The net result showed a decrease of about Euro 2.5 million, while EBITDA came

to Euro 14.5 million, with a decline of about Euro 4.6 million compared to the pre-

vious financial year. The two results fully confirm the expected trend for 2011, char-

acterized by a reduction in production volumes compared to previous years,

accompanied by a decrease in operating costs which, although less significant,

allowed the company to maintain a positive net result. On the contrary, production

volumes were affected by a reduction in public expenditure in infrastructural in-

vestments, related to the level of indebtedness of the Italian Government, which

did not allow the new investments made in the year to offset the substantial com-

pletion of those on the High Speed/High Capacity lines.



Operating revenues 162.3 171.6 (9.3) (5.4%)

EBITDA 14.5 19.1 (4.6) (24.1%)

EBIT 8.8 13.5 (4.7) (34.8%)

Result for the year 1.5 4.0 (2.5) (62.5%)

Investments 10.6 21.2 (10.6) (50.0%)

Net financial position 29.5 (22.4) 51.9 n.a.

Net worth 48.7 51.5 (2.8) (5.4%)

Workforce 1.350 1.433 (83) (5.8%)


ROE 3.0% 7.7%

ROI 16.4% 37.7%

ROS (EBITMARGIN) 5.4% 7.9%


DEBT/EQUITY 0.61 (0.43)

VALUES IN €/MIL.


Interest earned and similar income 21.6 14.9 6.7 45.0%

Interest expense and similar charges 7.1 3.5 3.6 102.9%

Business margin 17.6 14.2 3.4 23.9%

Labour costs 3.2 3.0 0.2 6.7%

EBIT 13.7 10.5 3.2 30.5%

Net result for the year 9.0 6.9 2.1 30.4%

Workforce 31 33 (2) (6.1%)


ROE 11.4% 9.3%

Net working capital/net current assets* 1.18 1.09

Debt/Equity 4.15 4.86

VALUES IN €/MIL.

* (Current assets/Current liabilities)

Ferservizi

Within the other services, and in particular within the Administrative, Facilities

and Real Estate services, Ferservizi constitutes the “Integrated Service Centre”

of the Ferrovie dello Stato Italiane Group appointed to manage those activities that

are not directly connected with the railway business.

During the financial year 2011, the company took the necessary actions to continue

its improvement and aimed at providing quality services, while consolidating its

order backlog by entering into important service contracts. The net result for the

year came to about Euro 5.3 million, with a significant increase of Euro 2.4 million

compared to the close of 2010. Intermediate margins also grew (EBITDA +6%, to

over Euro 29 million, and EBIT equal to Euro 17 million, i.e. +16.9%).



Operating revenues 202.6 214.1 (11.5) (5.45)

EBITDA 29.3 27.7 1.6 5.8%

EBIT 17.0 14.6 2.4 16.4%


Investments 2.5 3.9 (1.4) (35.9%)

Net financial position 115.1 116.4 (1.3) (1.1%)

Net worth 56.3 54.8 1.5 2.7%

Workforce 1.797 1.973 (176) (8.9%)


ROE 10.0% 6.9%

ROI 30.0% 27.7%



DEBT/EQUITY 2.0 2.1

VALUES IN €/MIL


Parent Company and Group subsidiaries

Companies subject to joint control consolidated with the equity method

Group associated companies consolidated at equity and subsidiaries valued at cost

SCOPE OF CONSOLIDATION OF THE FS ITALIANE GROUP AT 31.12.2011

SCOPE OF CONSOLIDATION OF THE FERROVIE DELLO STATO ITALIANE GROUP AT 31.12.2011

GRANDI STAZIONICESKA REPUBLIKA

GRANDISTAZIONI FS TELCO SITA BUSITALIA

SITA NORD

FNM

SELF

PORTA SUD

CENTOSTAZIONI FS SISTEMIURBANI

ITALIALOGISTICA

SGT

METROPARK

GRANDI STAZIONIINGEGNERIA

59.99% 100% 100% 59.99% 100% 55% 100% 100%

14.74%

100%

100%

35%

43.75%

51%

FERCREDIT FERSERVIZI TRENITALIA

TRENITALIA LOGISTICS FRANCE

LOGISTICA

SERFER

ALPE ADRIA

TRENITALIA VEOLIA

TRANSDEV

POL RAIL

CISALPINO

TX SERVICE

TX CONSULTING

TX DENMARK

TX LOGISTIKAUSTRIA

TX LOGISTIKSVIZZERA

TX LOGISTIKSVEZIA

TRENORD

TERMINALTREMESTIERI

NOVATRANS

COMBIMED

CIS

TERMINALIITALIA

EUROGATEWAY

LTF

QUADRANTE EUROPATERMINAL GATE

PADOVA CONTAINERSERVICE

ITALFERR ITALCERTIFER FS LOGISTICA

CEMAT

TUNNELFERROVIARIO

DEL BRENNERO

BBT

100%66.66%100%100%100%100%100%

50%

43.75%

53.28%

30%

34.50%

20%

25.10%

11%

37%11%

89%

33.33%

50%

50%

100%

100%

100%

100%

100%

100%

100%

50%

50%

50%

50%

50%

50%

100%

85.29%

BLUFERRIES100%

100%

33.33%

RFI

51%

TX LOGISTIK

NETINERADEUTSCHLAND

GMBH

TAV SRL

FERROVIE DELLO STATO ITALIANE SPA


REGENTALBAHN AG NETINERA BACHSTEIN GmbH

NETINERA IMMOBILIEN GmbH

OSTHANNOVERSCHE EISENBAHNEN AG

(OHE)

KRAFTVERKEHR CELLESTADT UND LAND

GmbH (KVC)

ERIXX GmbH

UNIKAI HAFENBETRIEB LÜNEBURG GmbH

KRAFTVERKEHROSTHANNOVER GmbH

(KOG)

UELZENER HAFENBETRIEBS UND

UMSCHLAGS - GmbH (UHU)

OSTHANNOVERSCHE UMSCHLAGSGESELLSCHAFT

mbH (OHU)

NORDDEUTSCHE BAHNGESELLSCHAFT

mbH (NBG)

VERKEHRSGESELLSCHAFT LANDKREIS

GIFHORN mbH (VLG)

KRAFTVERKEHRSBETRIEBEGmbH (KVB)

NOVOLOG GmbH

GIFHORNER VERKEHRSBETRIEBE

GmbH (GVB)

SEMA AG -SERVICEMANUFAKTUR

FÜR DEN SCHIENENVERKEHR

MEGAHUB LEHRTE BETREIBERGESELLSCHAFT

mbH

KVG STADE GmbH & CO. KG

KVG STADE VERWALTUNGS - GmbH

NIEDERSACHSENBAHN VERWALTUNGS - GmbH

NIEDERSACHSENBAHN GmbH & CO. KG (NB)

METRONOM EISENBAHNGESELLSCHAFT

mbH

CELLER STRASSENBAHN

GmbH

CEBUS GmbH & CO. KG

100% 100% 100% 100% 100% 100% 95.34%

SÜDBRANDENBURGER NAHVERKEHRS -

GmbH (SBN)

NETINERAREGION OST AG

AUTOBUS SIPPEL GmbH

VERKEHRSBETRIEBE BILSGmbH

EVG VERWALTUNGS - UND BETEILIGUNGS GmbH

100%

100%

50%

100%

80%

100%

100%

100%

100%

100%

100%

100%

99.99%

ASC BUS - UND TRUCK

CENTER GmbH

B.B.TOURISTIK

GmbHLAUSITZER

NAHVERKEHRSGESELLSCHAFTmbH (LNG)

VOGTLANDBAHNGmbH

EVG VERKEHRSGESELLSCHAFT

mbH & CO. KG

AUTOBUS PAPROTH

GmbH

B.B. - REISEN GmbH

REGENTAL FAHRZEUGWERKSTÄTTEN

GmbH

AUTOBUS DREISCHMEIER

GmbH I.L.

NETINERA WERKE GmbH

REGENTAL BAHNBETRIEBS -

GmbH

SIPPEL COACH GmbH

PE CARGO GmbH

BERCHTESGADENER LANDBAHN

GmbH

NEI EVERKEHR GmbH

PRIGNITZERLOKOMOTIV

UND WAGGONBAUGmbH

RHEIN - MAIN - BUS GmbH

PRIGNITZER EISENBAHN GmbH

SIPPEL TRAVELGmbH

33.30%

33.30%

100%

100%

100%

61%

34.70%

34.50%

25%

100%

100%

100%

74%

33.30%

33.30%

25.20%

24.90%

100%

100%

60%

60%

60%

60%

100%

87.51%

SCHIENEN - INFRASTRUKTURGESELLSCHAFT

- PRIGNITZ mbH

ODEG OSTDEUTSCHE EISENBAHN

GmbH

ODIG OSTDEUTSCHE INSTANDHALTUNGSGESELLSCHAFT

mbH

0.01%

100%

8.33%

69.90%

KRAFTVERKEHRGESELLSCHAFT mbH - KVG

100%

50%

50%

50%

1%

100%

NETINERA DEUTSCHLAND GmbH

VERKEHRSBETRIEB OSTHANNOVER

GmbH (VOG)

Ferrovie dello Stato ItalianeExternal Communications Central Management DepartmentMedia Central Management DepartmentStrategies and Planning DepartmentAdministration, Financial Reporting and Tax DepartmentHuman Resources and OrganisationInstitutional and Competition Affairs Department

Piazza della Croce Rossa, 1 - 00161 Rome - Italywww.fsitaliane.it

PhotographsFS Italiane Group Audiovisual Archive

PrintingGrafica Nappa

Finished printing in September

This publication is printed on FSC-certified paper

A run of 1,000 copies

www.fsitaliane.it

Piazza della Croce Rossa, 100161 Rome - Italy

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