Source: 2017 Financial Report

Investments

In Italy the strengthening of investments (+ 5% compared to 2016) was supported by several factors: favourable financial conditions, better prospects for demand, a renewed climate of confidence and the further reduction in margins of unused production capacity.

In continuity with the actions planned in its 2017-2026 Business Plan, the FS Italiane Group also contributed by making significant investments: total expenditure in 2017 amounted to 5,407 million euros, of which 1,107 million euros in self-financing and 4,300 million euros contributed by public sources.

The FS Italiane Group therefore also records a volume of technical investments of 5.6 billion euros in 2017. Compared to 2016, the slight decrease (-7%) is substantially due to the slowdown in the progressive completion of plans to purchase iron transport vehicles for long haul passenger transport (Frecciarossa 1000) and regional passenger transport (Jazz trains).

Approximately 79% of investments concern the infrastructure operating sector, in which Rete Ferroviaria Italiana projects accounted for 4,409 million euros, of which 4,191 million euros for Conventional/AC Network and 218 million euros for the Turin-Milan-Naples AV/AC network.

Approximately 20% is related to the transport operating sector, for interventions dedicated to passenger transport by rail and by road, both in Italy and abroad, and to freight transport. In particular, Trenitalia recorded investments of 940 million euros (including cyclical maintenance), the Mercitalia Polo approximately 69 million euros, Netinera Deutschland 30 million euros, and the companies of the Busitalia group, operating in road transport in Italy and abroad, 18 million euros.

In the real estate sector, the remaining 1% of the Group's investments are concentrated, mainly completed by Grandi Stazioni Rail and Centostazioni, for the re-launch and enhancement of the main railway stations.

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