Rome, 15 April 2016
Today, the Board of Directors of Ferrovie dello Stato Italiane, chaired by Gioia Maria Ghezzi, examined and approved the Company's annual report that includes the Group's consolidated financial statements as at 31 December 2015.
“The noteworthy performance for the FY 2015 – CEO Renato Mazzoncini said – proves the leading role of FS Group in the Italian economy as well as in the relevant growth expectations within the improving national economic context. We are ready to contribute to the Italian economy recovery”. Fulfilment has been expressed by Chairman Gioia Ghezzi as well: “The excellent results achieved by the Group constitute a solid ground for the investments and the growth of Ferrovie dello Stato Italiane in the next three years. We thank the shareholder, our customers and all employees for the support given to the company”.
During the 2015 FS Group achieved its strategic targets and realized a net profit of 464 million euro, with an increase of 53.1% compared to 2014, even in presence of significant discontinuities coming from the reformed regulatory and normative framework.
The EBITDA, equal to 1,975 million euro (-139 million compared to 2014), is affected by the negative consequences of the changed normative framework (-173 million) arose mostly in the second-half of 2014: cost of energy for traction, public service contract for freight transport, decrease in High Speed\High Capacity track access charge in accordance with the Italian Transport Regulation Authority’s resolution. The positive results from the core business, achieved acting through management processes, have partly offset the negative impact of these normative effects.
Indeed, operating revenues reached 8.6 billion increasing by 195 million from 2014 (+ 2.3%). The growth arises mainly from the medium-long haul rail transport services (+77 million) - led by the Frecce services increasing of 67 million, the Netinera group (+153 million) and Busitalia Sita-Nord group (+37 million), as well as from the capital gain realized by the electric grid transfer to Terna through the S.E.L.F. stake sale (+18 million). This significant performance is partly offset by the end of the Cargo Public Service Contract, which was worth around 106 million euro.
The EBIT, equal to 644 million (-15 million vs. 2014), is affected by increased amortisation (+75 million), related to growing Group’s investments (+29% vs. 2014), and higher provisions for 42 million, offset by write-down lower by 241 million compared to 2014.
The Group net income is positively affected by the tax reduction of 172 million due to the provisions introduced by the Government through the 2015 Stability Act which allows the deductibility, from the IRAP taxable income, of personnel expense relating to employees hired under open-ended contracts, while the net financial expense is basically stable although the net debt increase of 524 million (+8.4%) - mainly related to the significant investments carried out during the 2015.
Regarding to Group’s business segments, both Transport - with Trenitalia as principal player – and Infrastructure - with Rete Ferroviaria Italiana - recorded a noteworthy performance. In the Transport segment, margins - EBITDA and EBIT - and net profit are strongly positive and equal respectively to euro 1,546, 417 and 226 million. The Infrastructure sector is not far behind with margins and net income of euro 271, 151 and 111 million.
Eventually, during 2015 FS Group has been carrying on its scheduled Investments Plan increasing capex by 29% yoy. Investments nearly reach 5.5 billion euro (of which 2.5 billion self-financed, also through debt) with 3.5 billion related to works in railway infrastructure and 1.5 billion earmarked both for rail transport services - High Speed, urban and regional - and road transport services.
Thus, the FS Group affirms its leading role in the Italian economy recovery. Its investments, partly self-financed - also via debt - and partly arising from the “Contratto di Programma” with the Minister of Transport and Infrastructure, envisaged to rise over 6 billion from 2016, represent an extraordinary chance for the national economy growth.
In the following website link FS Italiane can be found a summary of key performance indicators achieved during the year by the Ferrovie dello Stato Italiane Group.
The manager in charge of the Company’s accounting documents preparation, Roberto Mannozzi, declares, pursuant to article 154 bis paragraph 2 of Legislative Decree No. 58/1998, that the accounting information included in this press release correspond to the Company’s evidence and accounting books and records.