Bilancio 2002 Del Gruppo Fs
Total Page:16
File Type:pdf, Size:1020Kb
Financial Financial statements statements 2013 2013 Piazza della Croce Rossa,1 00161 Roma www.trenitalia.com TRENITALIA S.p.A. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 Disclaimer This Annual Report 2013 has been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document. TRENITALIA S.p.A. Trenitalia SpA Company with a sole shareholder subject to the direction and coordination activities of Ferrovie dello Stato Italiane S.p.A. Share capital: Euro 1,654,464,000.00 fully paid-up Registered office: Piazza della Croce Rossa no. 1, 00161 Rome Fiscal code and Register of companies: 05403151003 R.E.A. (Repertorio Economico Amministrativo, Administrative Economic Register): no.: 0883047 VAT: 05403151003 2013 Financial Statements 2 TRENITALIA S.p.A. OUR MISSION Trenitalia operates in the sector of services for the mobility of passengers and goods within a national and international context. For Trenitalia, the basic conditions underlying its mission are the safety of the service, quality, workers’ health, protection of the environment and it considers the importance of the relationship with the customer as the means to achieve a steady competitive advantage and create value for shareholders. The whole organisation of Trenitalia, which is committed to meeting the needs of customers and the requirements of the market, always guarantees the highest standards of safety and it implements development and modernisation plans in compliance with social and environmental sustainability. In order to achieve its mission the Company has created an organisational structure split into Divisions, each of which is assigned a specific mission depending on the particular features of its relevant market. 2013 Financial Statements 3 TRENITALIA S.p.A. CORPORATE BODIES AND INDEPENDENT AUDITORS Board of Directors: Chairman Marco ZANICHELLI CEO Vincenzo SOPRANO Directors Domenico BRACCIALARGHE Francesco ROSSI Barbara MORGANTE Board of Statutory Auditors: Chairman Silvana AMADORI Regular members Enrico ROSSI Roberto SERRENTINO Substitute members Francesco ROSSI RAGAZZI Gianpaolo Davide ROSSETTI Independent auditors: PRICEWATERHOUSECOOPERS S.p.A. 2013 Financial Statements 4 TRENITALIA S.p.A. TABLE OF CONTENTS Report on operations Main indicators ................................................................................................................................................ 8 Main events in the financial year .................................................................................................................. 9 Macro-economic scenario............................................................................................................................. 12 Performance of the relevant markets......................................................................................................... 16 Relations with customers ............................................................................................................................. 17 Income statement and statement of financial position ........................................................................... 22 Human resources .......................................................................................................................................... 34 Environmental policy and safety ................................................................................................................. 37 Investments ................................................................................................................................................... 41 The Trenitalia fleet ........................................................................................................................................ 46 Risk factors..................................................................................................................................................... 47 Relations with Related Parties ..................................................................................................................... 47 Trenitalia Group ............................................................................................................................................. 48 Own shares .................................................................................................................................................... 54 Other information .......................................................................................................................................... 54 Outlook ........................................................................................................................................................... 57 Proposed allocation of the result for the year .......................................................................................... 58 Accounting statements Statement of financial position .................................................................................................................... 60 Income statement ......................................................................................................................................... 61 Statement of comprehensive income ......................................................................................................... 62 Statement of changes in equity .................................................................................................................. 63 Statement of cash flows ............................................................................................................................... 64 Notes to the financial statements Preamble ........................................................................................................................................................ 65 Company ........................................................................................................................................................ 65 Criteria for the preparation of the financial statements .......................................................................... 66 Accounting standards applied ..................................................................................................................... 67 Financial risk management and other risk factors ................................................................................... 87 2013 Financial Statements 5 TRENITALIA S.p.A. Information on the balance sheet .............................................................................................................. 99 Information on the income statement ..................................................................................................... 124 Contingent assets and liabilities ................................................................................................................ 132 Fee due to directors and statutory auditors ............................................................................................ 132 Fees due to the independent auditors ..................................................................................................... 133 Information on the direction and coordination activity ......................................................................... 134 Related parties ............................................................................................................................................. 135 Guarantees ................................................................................................................................................... 141 Events after the balance sheet date ......................................................................................................... 141 Annex 1 ........................................................................................................................................................ 143 Certification issued by the Manager responsible for preparing Company’s accounting documents and CEO Board of Statutory Auditors’ and Independent Auditors’ Reports 2013 Financial Statements 6 TRENITALIA S.p.A. Report on Operations 2013 Financial Statements 7 TRENITALIA S.p.A. MAIN INDICATORS Final balance Final balance Final balance Final balance 2013 2012 2011 2010 ECONOMIC HIGHLIGHTS (amounts in millions of euros) Operating revenues 5,497.8 5,498.0 5,708.0 5,707.8 Operating costs (4,112.5) (4,147.8) (4,317.0) (4,458.4) EBITDA 1,385.3 1,350.2 1,391.1 1,249.4 EBIT 431.7 418.3 496.2 341.9 Net result 181.5 206.5 156.4 73.1 ECONOMIC AND FINANCIAL RATIOS ROI 5.2% 5.1% 6.5% 4.3% ROS 7.9% 7.6% 8.7% 6.0% NAT 0.66 0.67 0.74 0.71 PROFITABILITY RATIOS Personnel (FTE) 33,665 35,770 37,549 40,924 Train-Km/Employee (th.) 7.88 7.27 7.19 6.76 Operating revenues/Employee 163,307 153,704 152,018 139,473 EBITDA Margin 25.2% 24.6% 24.4% 21.9% FINANCIAL RATIOS (amounts in millions of euros) Net financial position 6,241 6,339 5,854 6,337 D/E 2.98 3.31 3.22 3.82 Operating Cash Flow 544 242 1,054 342 Investments (excluding cyclical maintenance) (552) (752) (509) (497) Amortisation and depreciation (excluding cyclical maintenance)/Investments 1.2 0.9 1.2 1.4 Financial requirements (98) 481 (483) 39 2013 Financial Statements 8 TRENITALIA S.p.A. MAIN EVENTS IN THE FINANCIAL YEAR January