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Rete Ferroviaria Italiana S.P.A. 2017 ANNUAL REPORT

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Rete Ferroviaria Italiana S.P.A. 2017 ANNUAL REPORT (Translation from the Italian original which remains the definitive version) Rete Ferroviaria Italiana S.p.A. 2017 ANNUAL REPORT DISCLAIMER The English version is a translation of the original in Italian for information purposes only. In case of a discrepancy, the Italian original will prevail. RFI S.p.A. RETE FERROVIARIA ITALIANA – S.p.A. – Ferrovie dello Stato Italiane group Company with sole shareholder, managed and coordinated by Ferrovie dello Stato Italiane S.p.A. pursuant to article 2497 sexies of the Italian Civil Code and Legislative decree no. 112/2015 Registered office: Piazza della Croce Rossa 1, 00161 Rome Fully paid-up share capital: €31,525,279,633.00 Registered with the Rome company registrar Tax code: 01585570581 and VAT number: 01008081000 - R.E.A. number: 758300 2017 Annual Report 2 RFI S.p.A. COMPANY MISSION Rete Ferroviaria Italiana S.p.A. (“RFI S.p.A.”) is the Ferrovie dello Stato Italiane group (“FS Italiane group”) company responsible for managing the national railway infrastructure. With decree no. 138 – T of 31 October 2000, the Ministry of Transport and Navigation assigned the company a 60-year concession to operate the Italian railway infrastructure. RFI S.p.A. owns the infrastructure consisting of the portion that belonged to the former public body, Ferrovie dello Stato (and which now makes up RFI S.p.A.’s assets) and the portion acquired subsequently using own funds. The infrastructure was previously funded through third party financing, then through capital injections from the government and Ferrovie dello Stato Italiane and currently through government grants related to assets. To pursue its mission, RFI S.p.A. carries out the following main activities: . designing, building, operating, managing and maintaining the Italian railway infrastructure pursuant to Legislative decree no. 112 of 2015, including passenger transport stations, modal and intermodal cargo plant and the management of control and safety systems related to train operation, including HS/HC trains; . promoting the integration of railway infrastructures and cooperation with other railway infrastructure operators; . all other duties assigned to the infrastructure operator pursuant to current legislation, such as: access to the infrastructure and services, collecting the fee for the use of infrastructure from railway companies, and any other necessary or useful activities in pursuing the corporate purposes assigned by the relevant national and EU authorities. Within this scope, the main functions consist of: . ensuring that the railway lines and infrastructures are 100% usable and efficient at all times; . managing investments to strengthen, technologically update and develop railway lines and plant; . build the seaway railway connection joining the mainland of Italy with Sicily and Sardinia; . monitoring the health of employees, workspaces, services and public areas; . coordinating research on materials, products and the environment; . promoting the integration of railway infrastructure and cooperation with other operators, particularly throughout the European Union. 2017 Annual Report 3 RFI S.p.A. COMPANY OFFICERS AND INDEPENDENT AUDITORS Board of directors(1): Chairwoman Claudia Cattani CEO Maurizio Gentile Directors Maurizio Mauri Fabiana Lungarotti(2) Luciano Grazzini Statutory auditors(1): Chairman Mauro D’Amico Standing statutory auditors Giancarla Branda Francesco Marolda Alternate statutory auditors Gianpaolo Davide Rossetti Federica Silvestri (1) Appointed by shareholders’ resolution of 28 April 2017 (2) Appointed by co-option pursuant to article 2386 of the Italian Civil Code during the board meeting of 21 November 2017 and until the next shareholders’ meeting Manager in charge of financial reporting: Vera Fiorani Independent auditors: KPMG S.p.A. 2017 Annual Report 4 RFI S.p.A. CONTENTS Chairman’s letter ..................................................................................................................................... 7 Directors’ report ...................................................................................................................................... 9 Key and glossary ....................................................................................................................................... 10 Highlights of the year ................................................................................................................................. 13 Transactions with the government ............................................................................................................... 13 Customer relations ..................................................................................................................................... 19 Main events of the year .............................................................................................................................. 22 Human resources ....................................................................................................................................... 26 Sustainability Report .................................................................................................................................. 27 Environmental policy .................................................................................................................................. 27 Macroeconomic context and market performance ......................................................................................... 29 Performance .............................................................................................................................................. 32 Investments .............................................................................................................................................. 37 Network development .......................................................................................................................... 37 Integrated technologies........................................................................................................................ 38 Infrastructure ............................................................................................................................................ 40 Stations .............................................................................................................................................. 41 Logistics and warehouses ..................................................................................................................... 43 Electricity and other energy issues ........................................................................................................ 43 Negotiations ........................................................................................................................................ 43 Railway operating and infrastructure safety .................................................................................................. 43 Research and development ......................................................................................................................... 47 Performance of subsidiaries ........................................................................................................................ 51 Treasury shares ......................................................................................................................................... 52 Litigation and disputes ............................................................................................................................... 53 Tax disputes .............................................................................................................................................. 61 Disclosures required by article 2497-ter ....................................................................................................... 62 Risk factors ............................................................................................................................................... 62 Outlook ..................................................................................................................................................... 66 Financial statements at 31 December 2017 ......................................................................................... 71 Financial statements ............................................................................................................................. 71 Statement of financial position .................................................................................................................... 72 Income statement ...................................................................................................................................... 73 Statement of comprehensive income ........................................................................................................... 74 Statement of changes in equity ................................................................................................................... 75 Statement of cash flows ............................................................................................................................. 76 Notes to the financial statements ........................................................................................................ 77 Introduction .............................................................................................................................................
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