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2020 Annual Report

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2020 Annual Report (Translation from the Italian original which remains the definitive version) 2020 ANNUAL REPORT Informazione ad uso interno CONTENTS 2020 ANNUAL REPORT 1 Chairman’s letter 4 Group highlights 7 DIRECTORS’ REPORT 14 Directors’ report and Consolidated non-financial statement pursuant to Legislative decree no. 254 of 30 December 2016 15 Business model 22 Report on corporate governance and the ownership structure 24 The group’s financial position and performance 52 Segment reporting 62 Ferrovie dello Stato Italiane S.p.A.’s financial position and performance 76 Investments 80 Research, development and innovation 89 Context and focus on FS Italiane group 93 Stakeholder engagement 127 Commitment to sustainable development 128 Main events of the year 169 Risk factors 179 Travel safety 193 Other information 194 The parent’s treasury shares 203 Related party transactions 204 Outlook 205 Consolidated financial statements of Ferrovie dello Stato Italiane group at 31 December 2020 206 Consolidated financial statements 207 Notes to the consolidated financial statements 213 Annexes 331 Annex: GRI Content Index 348 Separate financial statements of Ferrovie dello Stato Italiane S.p.A. at 31 December 2020 359 Financial statements 360 Notes to the separate financial statements 366 Proposed allocation of the profit for the year of Ferrovie dello Stato Italiane S.p.A. 429 2020 Annual Report 2 Informazione ad uso interno FERROVIE DELLO STATO ITALIANE S.p.A. COMPANY OFFICERS Board of directors Appointed on 30 July 20181 Chairman Gianluigi Vittorio Castelli CEO and General Manager Gianfranco Battisti Directors Andrea Mentasti Francesca Moraci Flavio Nogara Cristina Pronello Vanda Ternau Board of statutory auditors Appointed on 3 July 20192 Chairwoman Alessandra dal Verme Standing statutory auditors Susanna Masi Gianpaolo Davide Rossetti Alternate statutory auditors Letteria Dinaro Salvatore Lentini COURT OF AUDITORS’ MAGISTRATE APPOINTED TO AUDIT FERROVIE DELLO STATO ITALIANE S.p.A.3 Giovanni Coppola MANAGER IN CHARGE OF THE COMPANY’S ACCOUNTING DOCUMENTS PREPARATION Roberto Mannozzi INDEPENDENT AUDITORS KPMG S.p.A. (2014-2022) 1 Gianfranco Battisti was appointed CEO on 31 July 2018. 2 Following the shareholder’s resolution on the same date. 3 During the meeting of 17-18 December 2019, the Court of Auditors appointed Section President Giovanni Coppola to oversee the financial management of the parent as from 1 January 2020 pursuant to article 12 of Law no. 259/1958. Section President Giovanni Coppola replaces Angelo Canale. 2020 Annual Report 3 Informazione ad uso interno Chairman’s letter Dear Shareholder, The annual report that we submit for your approval covers a year heavily affected by the global public health emergency, which had a dramatic impact on Europe and Italy. The death toll and infection rate remain high in the first few weeks of 2021, with many production activities still shuttered or grappling with significantly limited operations, while people face necessary, yet burdensome limitations to their freedom. Many crucial elements of our society and economy have been put to the test. As the vaccination campaign progresses, providing a flicker of hope that the restrictions will be lifted within a reasonable amount of time, presenting our operations and results for 2020 gives us the chance to show how, despite the objective difficulties throughout the entire mobility sector and the overall economy, the FS Italiane group has managed to fully fill its role as a large industrial group serving the country with a deep sense of responsibility and benefiting from its steady, active cooperation with the government, regions and other institutions. We helped ensure the continuity and safety of transport from the onset of the pandemic, when we were forced to write – becoming the first in the world to do so, out of nothing and in the span of a few short days – the rules to contain the risk of infection for our passengers and our more than 81,000 people, especially those personally exposed to the public. We outlined and rapidly rolled out measures on our trains and buses (personal protective equipment, social distancing, sanitisation, management of flows of people, air ventilation systems, etc.) that inspired other transport companies and provided a crucial contribution to the international guidelines issued by the Union Internationale des Chemins de fer (“UIC”). At year end, when we received international quality certification, it was a meaningful acknowledgement of the excellent work we had done. In our offices, we significantly sped up the expansion of the work-from-home schemes that we had commenced in previous years. Maintaining continuity and service quality, we minimised the number of people in the office, spreading new practices and skills that will continue to improve the productivity and wellbeing of our employees in the future as well. With the essential support of the government, despite the difficulties we faced, especially in the first half of the year, we confirmed and improved our investment capacity, with roughly €9 billion in capital expenditure (+5% on 2019), contributing 2.4% to Italian GDP. We did not stop operations at our work sites throughout Italy, ensuring the stability of thousands of companies and tens of thousands of people as a result of our induced impact on the economy, and we even issued new calls for tenders for contracts worth over €21 billion, laying the foundation for the acceleration of the large infrastructural projects that Italy needs. Below are a few brief remarks on two key areas of focus: - results, investments in the main segments and financial position; - governance and sustainability. Results, investments in the main segments and financial position In 2020, the FS Italiane group generated revenue of €10.8 billion (-€1.6 billion on 2019), with a gross operating profit of €1.6 billion (-€1 billion). However, the operating loss came to €0.3 billion and the loss for the year was €562 million (-€1.1 billion on 2019). 2020 Annual Report 4 The severe repercussions of the public health emergency on group revenue are exhaustively detailed in the annual report (high speed transport saw a 68% contraction in passenger volumes, with a 42% drop in traffic volumes), alongside the actions that management has taken to control and cut costs and the benefits of the extraordinary government measures. As part of an overall decrease in the number of employees (-778, excluding outgoing employees due to sales of companies), the personnel turnover plan continued, with 6,100 new hires (mostly young people under the age of 30) who immediately embraced the values that distinguish FS Italiane people. 55% of the €9 billion in capital expenditure was directed at railway infrastructure (98% for the traditional network, 2% for the HS network), 22% went to road infrastructure, 19% to transport (18% for passenger transport and 1% for freight), while the residual investments went to other services (real estate and urban regeneration in particular, as well as technologies and ICT services). In passenger transport, the upgrading campaign of the regional fleet progressed with 86 new trains placed in service (compared to 49 in 2019 and 11 in 2018). Looking at financial soundness, the ratio of net financial debt (€8.9 billion at year-end 2020, +€1.2 billion on 2019) and equity attributable to the owners of the parent (€41.4 billion, -€0.9 billion) is 0.21, showing an increase on the previous year (+0.03) mainly due to the growth in investments and the impacts of the emergency on cash flows and income. The success of bond placements in the year and the confirmation of the parent’s BBB stand-alone credit rating demonstrate the market’s positive view of the group’s soundness. Governance and sustainability The board of directors, with the support of its committees, has overseen the internal control and risk management system and has spurred the group’s growth in all areas of sustainability (economic, social and environmental) as illustrated in the directors’ report and, more extensively, in the group’s 2020 sustainability report. Social sustainability efforts included the help centres (which we host in 18 cities and which helped over 15,500 people) and the welcome centres for people facing serious difficulties (three in Rome and two in Milan), as well as the non-profit social, cultural and environmental projects that can be developed in the 418 stations throughout the country (+15 on 2019) where we offer spaces free of charge to local associations and other non-profit organisations (155,563 square metres in 2020, +8% on 2019). *** The information and data in the annual report that we submit to you show how the FS Italiane group remains a solid bulwark for our country, and not only because of its excellence in providing mobility services and in designing, building, operating and maintaining railway and road infrastructure, but because of the sound reputation and prestige that the group has earned over the years. This is a genuine treasure trove of integrity, fairness, transparency and efficiency – let’s never forget it – that must be defended, renewed and strengthened day after day, without compromise, at all levels. In recent weeks, in close contact with the government and, in particular, with our shareholder and supervisor, we are participating in the definition of the National Recovery and Resilience Plan within the deadlines set by the European Commission. The new financing measures and the precious flexibility that the European Union has offered in response to the public health emergency and economic crisis create a fundamental opportunity to inject new life through the investments 2020 Annual Report 5 planned for the next few years and inevitably drive us to implement the necessary reforms with extreme rapidity, maturity and a sense of responsibility. Our people are ready to contribute and help achieve all the changes that our country needs to build the mobility system of the future and support sustainable growth in Italy and each of its different regions.
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