The year 2020 was heavily affected by the COVID-19 emergency around the world. Investments were, alongside consumption, one of the drivers of the recovery in Italy in the third quarter. It registered, excluding construction, an increase of roughly 20% on the previous quarter. However, because of the estimated drop in the fourth quarter, the annual contraction in investments, excluding construction, should come to -8.9%.

Despite the pandemic situation, the FS Italiane Group managed to ensure the continuity of investment development and, in line with its investment trend since 2012, maintained an average capital expenditure/depreciation ratio greater than 1 in 2020. In that way, the Group has ensured not only the replacement of assets which become obsolete from one year to the next, but also the rising of investment spending, confirming the Group’s standing as the largest investor in Italy, as it continues to support the development and renewal of transport, infrastructure and logistics.

Total capital expenditure by the FS Italiane Group exceeded €6.5 billion in 2020. The precise figure is €6,693 million, €2,341 million of which self-financed and €4,352 million from government sources, for a decrease of just barely 3.6% on 2019. The Group’s capital expenditure entailed developing and managing volumes of roughly €9 billion in 2020, 98% of which in Italy.

Approximately 80% of capital expenditure refers to the Infrastructure operating segment, with Rete Ferroviaria Italiana investing €4,917 million (including €4,258 million for the traditional/HC network, €110 million for the HS/HC network between Turin, Milan and Naples and €549 million for contractual advances to suppliers) and the Anas group investing €2,015 million (including roughly €465 million for contractual advances to suppliers).

Around 19% of investments refer to the Transport operating segment for projects focusing on the transport of passengers by road and rail, both in Italy and abroad, and on the freight segment, with Trenitalia investing €1,417 million (including routine maintenance), the Mercitalia group approximately €77 million, the Busitalia group €152 million and the other companies operating abroad investing €76 million (Netinera, C2C, Trenitalia UK, Thello and TrainOSE).

The Real estate and Other services segments account for the remainder of the group’s investments and they were mainly made by FS Sistemi Urbani and FS Italiane for the maintenance and upgrade of the respective property assets and ICT projects.

Source: 2020 Annual Report Highlights