Annual Financial Report
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2014 2014 Annual AnnualFinancial Report Financial Report Translation from the Italian original which remains the definitive version Registered office: piazza della Croce Rossa, 1 - 00161 Rome (Italy) Share capital: 38.790.425.485 fully paid-up Rea (Administrative Economic Register) of Rome no. 962805 Registered with the Chamber of Commerce of Rome under no. 06359501001 Tax Code and VAT no. 06359501001 Contact number: +39 06 44101 Webpage www.fsitaliane.it 2 FERROVIE DELLO STATO ITALIANE GROup Ferrovie dello Stato FerrovieItaliane dello SpA’sStato officers and independentItaliane SpA’s auditors officers and independent auditors Board of Directors In office until 29 May 2014 Appointed on 29 May 2014* Translation from the Italian original which remains the definitive version CHAIRMAN Lamberto Cardia Marcello Messori CEO Mauro Moretti Michele Mario Elia1 DIRECTORS Antimo prosperi Daniela Carosio Mauro Coletta Vittorio Belingardi Clusoni Maria Teresa Di Matteo Giuliano Frosini Gioia Maria Ghezzi Simonetta Giordani Federico Lovadina Wanda Ternau Statutory Auditors CHAIRMAN Alessandra dal Verme STANDING STATUTORY AUDITORS Tiziano Onesti Claudia Cattani ALTERNATE STATUTORY AUDITORS paolo Castaldi Cinzia Simeone Court of Auditors’ Magistrate appointed to audit Ferrovie dello Stato Italiane SpA Ernesto Basile Manager in charge of the company’s accounting documents preparation Registered office: piazza della Croce Rossa, 1 - 00161 Rome (Italy) Roberto Mannozzi Share capital: 38.790.425.485 fully paid-up Rea (Administrative Economic Register) of Rome no. 962805 Registered with the Chamber of Commerce of Rome under no. 06359501001 Independent auditors Tax Code and VAT no. 06359501001 KpMG SpA (2014-2022) Contact number: +39 06 44101 Webpage www.fsitaliane.it * Following the Shareholder’s resolution on the same date 1. Appointed during the Board of Directors’ Meeting of 30 May 2014 2 FERROVIE DELLO STATO ITALIANE GROup 3 Content Content 6 Chairman’s letter 10 Group highlights Key and glossary . 11 The future relies on a great history . 14 Consolidated highlights . 17 19 Directors’ report Corporate governance . 20 The Group’s performance . 36 Transport . 46 Infrastructure . 51 Real Estate Services . 55 Other Services . 58 Ferrovie dello Stato Italiane SpA’s performance . 62 Macroeconomic context . 66 Customers . 72 performance of markets and domestic railway traffic . 78 Traffic figures of major European railway companies . 82 Safety in railway operations . 84 Sustainability . 85 Human resources . 86 The environment . 90 Risk factors . 94 Investments . 98 Research and development . 111 Main events of the year . 112 Other information . 128 The parent’s treasury shares . 138 Related party transactions . 139 Events after the reporting date . 140 Outlook . 141 proposed allocation of the profit for the year of Ferrovie dello Stato Italiane SpA . 145 4 FERROVIE DELLO STATO ITALIANE GROup Content Content 6 Chairman’s letter 10 Group highlights Key and glossary . 11 The future relies on a great history . 14 Consolidated highlights . 17 19 Directors’ report Corporate governance . 20 The Group’s performance . 36 Transport . 46 Infrastructure . 51 Real Estate Services . 55 Other Services . 58 146 Consolidated financial statements of Ferrovie dello Stato Italiane Group Ferrovie dello Stato Italiane SpA’s performance . 62 as at and for the year ended 31 december 2014 Macroeconomic context . 66 Consolidated financial statements . 148 Customers . 72 Notes to the consolidated financial statements . 154 performance of markets and domestic railway traffic . 78 Annexes . 248 Traffic figures of major European railway companies . 82 Certification of consolidated financial statements . 260 Safety in railway operations . 84 Report of the Board of Statutory Auditors Sustainability . 85 on the consolidated financial statements . 262 Human resources . 86 Report of the Independent Auditors . 268 The environment . 90 Risk factors . 94 Investments . 98 Research and development . 111 Main events of the year . 112 270 Spearate financial statements of Ferrovie dello Stato Italiane SpA as at and for the year ended 31 december 2014 Other information . 128 The parent’s treasury shares . 138 Financial statements . 272 Related party transactions . 139 Notes to the financial statements . 278 Events after the reporting date . 140 Certification of separate financial statements . 338 Outlook . 141 Report of the Board of Statutory Auditors proposed allocation of the profit for the year on the separate financial statements . 340 of Ferrovie dello Stato Italiane SpA . 145 Report of the Independent Auditors . 350 4 FERROVIE DELLO STATO ITALIANE GROup 5 Chairman’s Chairman’s letterletter Dear Shareholder, Last year, 2014, was far from negative for the world economy, especially thanks to good uS growth and fair results in several emerging areas. For much of the year the European contribution to this scenario was very limited, chiefly due to difficulties persisting in the Euro area, which achieved very modest eco- nomic growth rates. What is more, the rapid fluctuations in the current account deficits of the more fragile Member States from 2013 onwards led to serious imbalances in terms of internal competitiveness. This meant that most of the so-called “periphery” countries achieved lower-than-average economic.