Source: 2017 Financial Report

Financial and economic results

In 2017, FS Italiane Group's operating revenues rose to 9.3 billion euro, with an overall increase of 371 million euro (+ 4.2% compared to 2016) achieved partially through acquisitions at the national and European level.

The Group's EBITDA increased further, surpassing 2.3 billion euros with a Margin EBITDA of 24.9%, while net profits amounted to 552 million euros.

The Group maintains a high level of solidity of its financial structure. Against a net invested capital of € 46 billion (+ 1.5%), mainly attributable to the infrastructure sector (€ 33.5 billion, + 1%), the ratio of the net financial position (€7,3 billion) and equity (€ 38.7 billion) remained substantially stable compared to 2016 (0.19;0.18).

The confidence of the financial markets, reflected in the opinions confirmed by the rating companies (BBB, in line with the country), allowed us to place new bonds worth € 1.7 billion euro, bringing a total of € 3.8 billion of our quoted issues and ensuring a reduction in the cost of debt and a further refinement of the matching-use-loans. With the issuing, in November, of our first Green Bond (with a nominal value of € 0.6 billion, a duration of 6 years, and a minimum spread), we have received the first recognition for the opportunities that accompany our choice of fully integrating economic, social, and environmental sustainability into the FS Italiane Group's industrial development strategies.

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