DOCSLIB.ORG

FS Green Bond Programme Investor Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FS Green Bond Programme Investor Presentation FS Italiane Green Bond programme update Investor Presentation June 2019 CONTENTSINDICE 1 Ferrovie dello Stato Italiane Group Overview 2 Operations and Industry Overview 3 Corporate Sustainability 4 Sustainable Finance – Green Bond Programme 5 Financial Overview 6 Contacts 2 Disclaimer IMPORTANT NOTICE – STRICTLY CONFIDENTIAL By accessing this investor presentation, you agree to be bound by the following limitations. This presentation has been prepared by Ferrovie dello Stato Italiane S.p.A, is the sole responsibility of Ferrovie dello Stato Italiane S.p.A.. The information set out herein may be subject to updating, revision, verification and amendment and such information may change materially. Ferrovie dello Stato Italiane S.p.A. is under no obligation to update or keep current the information contained in this presentation or in the presentation to which it relates and any opinions expressed in them is subject to change without notice. None of Ferrovie dello Stato Italiane S.p.A. or any of its respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation or its contents, or otherwise arising in connection with this presentation. This presentation is being communicated in the United Kingdom only to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and to persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as relevant persons). This presentation is only directed at relevant persons and any investment or investment activity to which the presentation relates is only available to relevant persons or will be engaged in only with relevant persons. Solicitations resulting from this presentation will only be responded to if the person concerned is a relevant person. Other persons should not rely or act upon this presentation or any of its contents. The information in this presentation is confidential and this presentation is being made available to selected recipients only and solely for the information of such recipients. This presentation may not be reproduced, redistributed or passed on to any other persons, in whole or in part. This presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of Ferrovie dello Stato Italiane S.p.A. nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of Ferrovie dello Stato Italiane S.p.A. This presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the United States Securities Act of 1933, as amended. This presentation is for distribution in Italy only to "qualified investors" (investitori qualificati), as defined pursuant to Article 100 of Legislative Decree no. 58 of 24 February 1998, as amended and restated from time to time (the Financial Services Act), and as defined in Article 34-ter, paragraph 1(b) of CONSOB Regulation no. 11971 of 14 May 1999, as amended and restated from time to time (the CONSOB Regulation), or in other circumstances provided under Article 100 of the Financial Services Act and Article 34-ter, CONSOB Regulation, where exemptions from the requirement to publish a prospectus pursuant to Article 94 of the Financial Services Act are provided. This presentation may contain projections and forward-looking statements. Any such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Ferrovie dello Stato Italiane S.p.A.’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking statements will be based on numerous assumptions regarding Ferrovie dello Stato Italiane S.p.A.’s present and future business strategies and the environment in which Ferrovie dello Stato Italiane S.p.A. will operate in the future. Furthermore, any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate. Any such forward-looking statements in this presentation will speak only as at the date of this presentation and Ferrovie dello Stato Italiane S.p.A. assumes no obligation to update or provide any additional information in relation to such forward-looking statements. 3 Ferrovie dello Stato Italiane Group Overview FS Group in a snapshot Ferrovie dello Stato Italiane SpA (“FS” or the “Issuer”) – 100% Italian State owned – is the holding company of the Italian railway group (FS Group). As one of the largest industrial groups in the country, it manages rail and road networks and transport services by rail and bus both passenger and freight, contributing to develop integrated mobility and logistics in Italy and abroad. 100% Coordination and control of the whole industrial process INFRASTRUCTURE TRANSPORT SERVICES: STATIONS AND REAL BUSINESS SUPPORT INFRASTRUCTURE OPERATION AND Trenitalia ESTATE: SERVICES: DESIGNING: MAINTENANCE: Busitalia GS Rail Italcertifer Italferr Rete Ferroviaria Italiana Mercitalia Centostazioni Rail Fercredit ANAS others FS Sistemi Urbani Ferservizi Group Revenue by segment (2018) ** 2018 Consolidated Highlights (€mn) Real Estate Other services Revenue 12,078** Services 2% 1% EBITDA 2,476 EBITDA Margin 20.5% Infrastructure EBIT 714 39% Transport EBIT Margin 5.9% 58% Net Income 559 Net Invested Capital 48,418 Equity 41,763 Net Financial Debt 6,655 Source: FS 2018 Annual Report **Net of (1,645)m of cons.adj. 5 Benchmarking with European rail players (€b) 2016 2017 2018 Issuer Rating Revenue 8.9 9.3 12.1 Fitch BBB EBITDA margin % 25.7% 25% 20.5% S&P BBB EBIT margin % 10% 7.7% 5.9% (€b) 2016 2017 2018 Issuer Rating Revenue 43.3 45.6 47.1 Fitch AA EBITDA margin % 10.3% 9.9% 9.5% S&P AA- EBIT margin % 3.4% 3.7% 3.8% Moody’s Aa1 (€b)* 2016 2017 2018 Issuer Rating* Revenue 32.3 33.5 33.3 Fitch A+ EBITDA margin % 12.8% 13.7% 12% S&P AA- EBIT margin % 6.6% 7.9% 6.7% Moody’s Aa3 * Results of SNCF Group; Rating of SNCF Mobilites Source: FS, DB, SNCF Annual Reports and rating agencies’ websites 6 Rating Overview RATING COMMENTS FS' rating reflects the: • “very important” role for the Italian government as holding group of the country’s national railway and Corporate the “integral” link with its sole owner (Italian Govt) Rating BBB Outlook • “Strong” business risk profile: «…dominant market position in the Italian transport segment and network concessionaire…the vertical integration combines infrastructure manager and transportation Stand NEGATIVE services and gives earnings operating stability» Alone Credit bbb • “Intermediate” financial risk profile: «FS’s financial metrics remain solid with FFO/debt at ~ 20% in 2016» Profile On November 5th 2018 S&P released a bulletin affirming is premature to assess the impact of the potential Outlook revised on acquisition of Alitalia…and that the strong link with the Italian government provides protection against October 29th 2018 after potential impact same change on Italy In June 2019 FS has been included in the ESG Industry Report Cards for its engagement on the ESG topics among a selection of companies active in the transport sector FS' rating reflects the: Corporate BBB • Full ownership and high integration with the Italian government and its key role for railway Rating transport and mobility in Italy as well as the national infrastructural development Outlook NEGATIVE • Revenue Defensibility: «…a dominant market share in passenger transportation services in Stand Italy and growing operations in UK, Greece and Netherlands» Alone BBB • Rating Financial profile: «…Fitch expects FS to maintain strong operating cash flow generation capacity» Outlook revised on On November 7th 2018 Fitch issued a press release where affirmed that FS Italiane’s offer for the October 5th 2018 after potential acquisition of Alitalia, does not immediately affect the rating of FS same change on Italy 7 Source: S&P and Fitch reports. Please refer to the rating agencies’ websites for further information. Key Operating Data Long-haul transport - market Long-haul transport – Public Regional transport Trasporto Long Haul - Universaleservices contribuito - “Frecce” Service Contract 2017 4.239 2018 4.491 2017 26.769 2018 31.683 Trasporto Long Haul - Mercato Trasporto Long Haul - Universale contribuito Trasporto Short Haul 2017 2017 16.643 2017 4.239 23.614 2018 23.911 2018 17.213 2018 4.491 2017 26.769 2017 63.645 2017 206.643 2018 66.479 2018 31.683 2018 209.221 Trasporto Long Haul - Mercato Road transport* Network Infrastructure Cargo transport 2017 16.643 2018 44,000 km 17.213 Railway network Road network 2017 63.645 2018 66.479 Trasporto merci* Trasporto su gomma * 2017 2.333 10.967 2017 22.659 2018 2.429 16,781 km 10.143 26.000 km of roads and 2018 21.335 2017 153.332 2018 192.372 1,467 km HS tracks 1,300 km of highways Tonnellate Km - milioni Tons Km total - million Tons Km abroad - million Tonnellate Km di cui territorio estero- milioni Passengers - km million Trains\Bus - km thousand (*) passengers-km of road transport do not include Qbuzz traffic volume Source: FS 2018 Annual Report 8 17.554 2017 43.358 17.081 2018 41.721 Treni Km - migliaia Treni Km di cui territorio estero - migliaia Operations and Industry Overview Transport Trenitalia: rail passenger transport in Italy and abroad Key highlights Financial highlights • Trenitalia is one of the leading railway operators in Europe €mn 2017 2018 • Everyday manages about 9,000 trains and each year transports c.
Load more

Recommended publications
  • FNM Group Corporate Presentation
    FNM Group Corporate Presentation Mid & Small Conference April 2020 The FNM Group B Overview B The Core Business B The reference context FY 2019 Financial Results 2020 Outlook The FNM Group | Overview The Group in short Shareholders • FNM S.p.A. ("FNM"orthe“Group") was established in 1879 with the Free Float objective of building and managing the railway infrastructure of the Lombardy Region. Today, FNM is one of the main transport and mobility operators in Northern Italy, operating in 5 regions (Piedmont, Lombardy, 57.6% 14.7% 27.7% Emilia Romagna, Veneto, Friuli Venezia Giulia), in the sector of passenger and freight transport, or more in general within the field of sustainable mobility according to an integrated model. The Group is the foremost non‐ Integrated leading player governmental Italian investor in the sector in transports and mobility in Lombardy • The Group operates in different segments: Local railway Public Transport through FNM, Ferrovienord, Nord Ing The stock price ‐ 2019 and Trenord Local road Public Transport through bus services with FNM Autoservizi, ATV and La Linea and electric car‐sharing service with E‐ Most recent Vai price* €0.46 Railway Cargo Transport with Malpensa Intermodale, Malpensa Mkt Cap Distripark and DB Cargo Italia €200 mln • FNM is listed on the Mercato Telematico Azionario of Borsa Italiana • As at 31 December 2019, the Group had an average headcount of 2,268 employees Key Figures Key Financials € M 2014 2015 2016 2017 2018 2019 > 70 owned > 900 trains per day REVENUES 190,7 197,5 195,4 198,3 296,3 300,6 trains on the network EBITDA ADJ44,651,755,754,767,869,6 (200,000 passengers) % on revenues 23,4% 26,2% 28,5% 27,6% 22,9% 23,2% EBIT 19,324,224,827,731,430,3 > 330 km Fleet % on revenues 10,1% 12,2% 12,7% 14,0% 10,6% 10,1% network managed NET RESULT 21,1 20,1 26,3 35,0 28,5 30,3 > 700 busses owned by the Group NFP (Cash) (8,4) (27,5) (28,8) 40,2 22,5 (107,4) in Lombardy Adj.
    [Show full text]
  • Italferr S.P.A. 2019 ANNUAL REPORT
    Italferr S.p.A. (Translation from the Italian original which remains the definitive version) Italferr S.p.A. 2019 ANNUAL REPORT 2019 Annual Report 1 Italferr S.p.A. Italferr S.p.A. Single-member company managed and coordinated by Ferrovie dello Stato Italiane S.p.A. Share capital: €14,186,000, fully paid up Registered office: Via Vito Giuseppe Galati 71, 00155 Rome Tax code and company registration no.: 06770620588 REA no.: 541241 VAT number: 01612901007 Web site: www.italferr.it 2019 Annual Report 2 Italferr S.p.A. MISSION Italferr is the Ferrovie dello Stato Italiane group’s engineering company with over 30 years of consolidated experience in large infrastructural projects for traditional and high-speed railways, underground and road transport and the design of ports and stations in Italy and abroad. Its mission is to build infrastructure in accordance with high quality standards, deadlines and the budget, covering all technical and management activities for the planning, design, execution, inspection and commissioning of the works. Italferr offers innovative, high-tech services ranging from design to contracting, works management and supervision, inspection and commissioning of lines, stations and intermodal and interport hubs, project management, organisational consultancy, training and the transfer of specialised, avant-garde know-how. 2019 Annual Report 3 Italferr S.p.A. COMPANY OFFICERS Board of directors: Chairman Mario Serio Chief Executive Officer Aldo Isi Director Sabrina De Filippis 1 Director Claudia Eccher Director Sergio Salvio Board of statutory auditors: Chairwoman Roberta De Felice Standing statutory auditor Fabio Mastrangelo Standing statutory auditor Davide Rossetti Alternate statutory auditor Luca Provaroni Alternate statutory auditor Federica Silvestri INDEPENDENT AUDITORS 1 KPMG S.p.A.
    [Show full text]
  • FS Italiane Group and Key Facts 5 - 8 03 My Work Experience 9 04 the Future of Employement 10 - 11 05 10 Top Soft Skills for 2020 12 - 14
    The (rail) road to the future Mauro Ghilardi 4th May 2018 INDICEINDEX 01 FS Italiane strategic plan 3 - 4 02 FS Italiane Group and key facts 5 - 8 03 My work experience 9 04 The future of employement 10 - 11 05 10 top soft skills for 2020 12 - 14 2 FS Italiane strategic plan: our vision is based on 5 strategic pillars STRATEGIC PILLARS Integrated mobile solutions mainly through: Modal integration • Growth in the rail and road Local Public Transport sector for passengers • Entry into new market segments (e.g. Long Distance road transport) • Integration of rail and road transport services of the local railways Development of integrated logistical services through (i) more efficient traction (cost optimisation/km) Integrated and service quality with the creation of the MERCITALIA hub, (ii). Entry into new segments to offer an logistics end – to – end service Creation of an integrated infrastructure hub to ensure better effectiveness in the programming, InfrastrutturaIntegrated integrata planning and management of transport infrastructures through (i) integration with ANAS, (ii) infrastructures consolidation of railway network under concession • Participation in international infrastructural projects as a General Contractor and/or O&M services International • Growth in international rail transport services development • Growth in international LPT Digital & • Development of an Extended Customer Experience to integrate mobility and ancillary services Customer • Continuation of the FS Group’S transformation into a Data Driven Company and Digital distruptor Centricity 05/04/2018 Rail (road) to the future I Mauro Ghilardi 3 Industrial plan 2016/2026 Strategic pillars Already done • Renovation of service contract and Renovation of regional fleet: signed contract for 9 years in Sardinia and Trento and Bolzano, Integrated Liguria, Veneto (14 years); Negotiation in Abruzzo, Marche, Toscana, Umbria, Lazio, Puglia, Calabria.
    [Show full text]
  • Product- Voorwaarden NS-Business Card
    Product- voorwaarden NS-Business Card Inleiding, inhoud en definities Deze productvoorwaarden horen bij de NS-Business Card. Met de NS-Business Card reist U van deur-tot-deur. Alle diensten van NS en overige Dienstverleners worden gefactureerd. In deze product- voorwaarden is beschreven welke rechten en verplichtingen het gebruik van de NS-Business Card met zich meebrengt. Inhoud Hoofdstuk 1: Dit hoofdstuk beschrijft de contractuele verhouding tussen U als Kaarthouder en/of Gebruiker enerzijds en NS ander- zijds voor het gebruik van de NS-Business Card. Hoofdstuk 2: Hierin worden de voorwaarden van enkele veel voorkomende Diensten van NS omschreven. Hoofdstuk 3: In dit hoofdstuk vindt U de belangrijkste voor- waarden voor het gebruik van de OV-chipkaart. Definities AVR-NS: de Algemene Voorwaarden Vervoer voor Reizigers en handbagage van de Nederlandse Spoorwegen. Op de relatie tussen U als reiziger bij NS en NS zijn deze van toepassing. Beëindigen: het intrekken door NS van het recht van gebruik van de NS-Business Card. Correctietarief: U dient er zelf op toe te zien dat er sprake is van correct In- en Uitchecken. Indien U niet correct heeft Ingecheckt of Uitgecheckt, beschikt U niet over een geldig vervoerbewijs en wordt een correctietarief in rekening gebracht. Als gevolg van het niet correct In- of Uitchecken, is het voor NS immers niet mogelijk om een Ritprijs te berekenen. Dag: een periode van 00.00 uur ’s ochtends tot en met 04.00 uur de daaropvolgende dag. Daluren: de periode van maandag tot en met vrijdag tussen 00.00 uur en 06.30 uur en tussen 09.00 uur en 16.00 uur en tussen 18.30 uur en 24.00 uur, op zaterdag en zondag en op NS Feestdagen.
    [Show full text]
  • 2015 Annual Report
    (Translation from the Italian original which remains the definitive version) 2015 ANNUAL REPORT CONTENTS 2015 ANNUAL REPORT 1 Chairman’s letter 3 GROUP HIGHLIGHTS 6 Disclaimer 7 Key and glossary 8 The future is founded on history 11 Consolidated highlights 12 DIRECTORS’ REPORT 13 Corporate governance and ownership structure report 14 The group’s performance 29 Transport 37 Infrastructure 42 Real Estate Services 45 Other Services 48 Ferrovie dello Stato Italiane S.p.A.’s performance 52 Macroeconomic context 55 Customers 59 Performance of markets and domestic railway traffic 63 Traffic figures of major European railway companies 67 Safety in railway operations 68 Sustainability 69 Human resources 70 The environment 75 Risk factors 77 Investments 81 Research and development 90 Main events of the year 92 Other information 101 Parent’s treasury shares 113 Related party transactions 114 Events after the reporting date 115 Outlook for the group 116 Proposed allocation of the profit for the year of Ferrovie dello Stato Italiane S.p.A. 118 CONSOLIDATED FINANCIAL STATEMENTS OF FERROVIE DELLO STATO ITALIANE GROUP AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2015 119 Consolidated financial statements 120 Notes to the consolidated financial statements 126 Annexes 210 SEPARATE FINANCIAL STATEMENTS OF FERROVIE DELLO STATO ITALIANE S.P.A. AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2015 221 Financial statements 222 Notes to the separate financial statements 228 Ferrovie dello Stato Italiane group 2 Chairman’s letter Dear Shareholder, 2015 brought a host of new developments for Ferrovie dello Stato Italiane group and its stakeholders. In many ways, it was a year of transition as the Italian macroeconomic context stabilised, public investments in the country’s strategic infrastructure resumed (with a total of €17 billion allocated to FS group for investments in railway transport over the next few years) and the tax burden was cut substantially.
    [Show full text]
  • 2020 Sustainability Report.Pdf
    (Translation from the Italian original which remains the definitive version) Ferrovie dello Stato Italiane Group 2020 SUSTAINABILITY REPORT FERROVIE DELLO STATO ITALIANE S.p.A. COMPANY OFFICERS Board of directors Appointed on 30 July 20181 Chairman Gianluigi Vittorio Castelli CEO and general director 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 FINANCIAL REPORTING 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. FERROVIE DELLO STATO ITALIANE GROUP 2020 SUSTAINABILITY REPORT CONTENTS Letter to the stakeholders ................................................................... 6 Introduction ...................................................................................... 9 2020 highlights ................................................................................
    [Show full text]
  • FNM Group Corporate Presentation April, 2021 the FNM Group
    FNM Group Corporate Presentation April, 2021 The FNM Group • Overview • The business segments Mise acquisition Sustainability FY2020 results FY2021 outlook Appendix FNM Group | Overview The Group at a glance Key figures3 • FNM is the leading integrated sustainable mobility Group in Lombardy. • It is the first hub in Italy to combine railway infrastructure management with road transport and motorway infrastructure management, with the aim of > 90 proposing an innovative model to manage mobility supply and demand, owned trains designed to support optimization of flows as well as environmental and economical sustainability. • It is one of Italy’s leading non-state investors in the sector. > 330 km Railway network • The Group focuses on four segments: managed in Lombardy - Ro.S.Co. and Service - Management of the railway infrastructure - Road passenger mobility > 900 trains/day on the network4 (200,000 passengers/day) - Management of the motorway infrastructure, since February 26, 2021 FNM owns 96% of Milano Serravalle - Milano Tangenziali S.p.A. (MISE) 1, the concessionaire of the A7 motorway and Milan's ring roads. • FNM S.p.A. is a public company, listed on the Italian Stock Exchange since > 700 1926. fleet owned buses • The majority shareholder is the Regione Lombardia, which holds a 57.57% stake. • 2,230 employees in 20202 180 km Motorway network1 (2,1 mln vehicles in 2020) 1 – 13.6% stake acquired from ASTM Group in July 2020; the remaining 82.4% was acquired on February 26, 2021 from Regione Lombardia, since then MISE is fully consolidated into FNM’s accounts; 3 2 – average data; 3 – as at December 31, 2020; 4 – on Ferrovienord railway network.
    [Show full text]
  • Eighth Annual Market Monitoring Working Document March 2020
    Eighth Annual Market Monitoring Working Document March 2020 List of contents List of country abbreviations and regulatory bodies .................................................. 6 List of figures ............................................................................................................ 7 1. Introduction .............................................................................................. 9 2. Network characteristics of the railway market ........................................ 11 2.1. Total route length ..................................................................................................... 12 2.2. Electrified route length ............................................................................................. 12 2.3. High-speed route length ........................................................................................... 13 2.4. Main infrastructure manager’s share of route length .............................................. 14 2.5. Network usage intensity ........................................................................................... 15 3. Track access charges paid by railway undertakings for the Minimum Access Package .................................................................................................. 17 4. Railway undertakings and global rail traffic ............................................. 23 4.1. Railway undertakings ................................................................................................ 24 4.2. Total rail traffic .........................................................................................................
    [Show full text]
  • Sap Societa' Archeologica S.R.L
    Foto dall'alto sede di Quingentole SAP SOCIETA' ARCHEOLOGICA S.R.L. SEDE LEGALE E OPERATIVA SAN LORENZO DI QUINGENTOLE (MN) Strada Fienili, 39A - Tel 0386 42591 Fax 0386 42591 - [email protected] [email protected] SEDE OPERATIVA ALBAVILLA (CO) Piazza Garibaldi, 2 - Tel e Fax 031 627953 - [email protected] www.archeologica.it SAP Società Archeologica si è costituita a Mantova nel 1994. La società è nata con l’intento di raggruppare professionisti operanti da anni nel settore dei beni culturali, in particolare in campo archeologico; ciascuno dei soci ha al suo attivo almeno trenta anni di esperienze direttive avendo avuto la possibilità di collaborare in modo proficuo con diverse Soprintendenze Archeologiche d’Italia, e con numerosi altri Enti preposti alla ricerca. Inoltre Sap collabora con Musei ed Istituti Universitari (es. Laboratorio archeobiologico dei Civici Musei di Como, Civici Musei di Brescia, Università di Roma La Sapienza, Università di Venezia “Cà Foscari”, Università di Padova, dell’Insubria e di Verona). Tale esperienza ha permesso di consolidare rapporti qualificati con il personale direttivo di Soprintendenze, Musei ed Università ed ha offerto la possibilità di avvalersi di professionisti esterni su progetti specifici. SAP opera su tutto il territorio nazionale con due sedi operative a Quingentole (Mantova) e a Albavilla (Como). Nel corso di venticinque anni la Società ha avuto l’opportunità di eseguire indagini archeologiche di ogni tipo e periodo storico. La SAP, partendo dallo scavo archeologico, è in grado di organizzare e realizzare tutte le fasi successive di elaborazione dei dati, di studio dei reperti, di informatizzazione con le tecnologie più avanzate, fino alla pubblicazione o alla esposizione museale.
    [Show full text]
  • High-Speed Railway Ballast Flight Mechanism
    Construction and Building Materials 223 (2019) 629–642 Contents lists available at ScienceDirect Construction and Building Materials journal homepage: www.elsevier.com/locate/conbuildmat Review High-speed railway ballast flight mechanism analysis and risk management – A literature review ⇑ Guoqing Jing a, Dong Ding b, Xiang Liu c, a Civil Engineering School, Beijing Jiaotong University, Beijing 10044, China b Université de Technology de Compiègne, Laboratoire Roberval, Compiègne 60200, France c Department of Civil and Environmental Engineering, Rutgers University-New Brunswick, Piscataway 08854, United States highlights Review of studies about ballast flight mechanism and influence factors. Recommendations of ballast aggregates selection and ballast bed profile were provided. Sleeper design and polyurethane materials solutions were presented. The reliability risk assessment of ballast flight is described for HSR line management. article info abstract Article history: Ballast flight is a significant safety problem for high-speed ballasted tracks. In spite of the many relevant Received 16 March 2019 prior studies, a comprehensive review of the mechanism, recent developments, and critical issues with Received in revised form 19 June 2019 regards to ballast flight has remained missing. This paper, therefore, offers a general overview on the state Accepted 24 June 2019 of the art and practice in ballast flight risk management while encompassing the mechanism, influencing factors, analytical and engineering methods, risk mitigation strategies, etc. Herein, the problem of ballast flight is emphasized to be associated with the train speed, track response, ballast profile, and aggregate Keywords: physical characteristics. Experiments and dynamic analysis, and reliability risk assessment are high- High speed rail lighted as research methods commonly used to analyze the mechanism and influencing factors of ballast Ballast flight Risk management flight.
    [Show full text]
  • Centostazioni Retail S.P.A. an Investment Opportunity in the Italian Travel Retail Sector
    www.pwc.com Centostazioni Retail S.p.A. An investment opportunity in the Italian travel retail sector November 2015 March 2018 Contents 01 Transaction background 02 Centostazioni Retail at a glance 03 Investment opportunity This document has been prepared by the Corporate Finance department of PricewaterhouseCoopers Advisory S.p.A. (“PwCCF”) to provide the intended recipient with some preliminary information about a potential investment opportunity. The document is strictly confidential and must not be provided to or made available, by any mean, to any person other than the intended recipient. The document can not be copied, reproduced, distributed or disclosed to any third party, in whole or in part, without the prior written consent of PwCCF. In no event, regardless of whether consent has been provided, shall PwCCF assume any responsibility to any third party to which the Document is disclosed or otherwise made available. The document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. The information used in preparing the Document has been obtained from a variety of third party sources. PwCCF has not sought to establish the reliability of those sources nor has PwCCF verified such information. Accordingly, no representation or warranty of any kind (whether express or implied) is given by PwCCF as to the accuracy of the information herein reported, and to the completeness or fitness for any purpose of this document. In no event PwCCF shall assume any responsibility to any third party on this regard. Centostazioni Retail S.p.A. PwC 2 32 Transaction background PRE-DEMERGER STRUCTURE Pre-Demerger structure 100% 100% • Ferrovie dello Stato Italiane S.p.A.
    [Show full text]
  • 2019 Annual Report
    (Translation from the Italian original which remains the definitive version) 2019 ANNUAL REPORT CONTENTS (Translation from the Italian original which remains the definitive version) 2019 ANNUAL REPORT 1 Chairman’s letter 3 Group highlights 9 Directors’ report 16 Directors’ report and consolidated non-financial statement pursuant to Legislative decree no. 254 of 30 December 2016 17 Business model 23 Report on corporate governance and the ownership structure 25 The group’s financial position and performance 49 Segment reporting 58 Ferrovie dello Stato Italiane S.p.A.’s financial position and performance 69 Investments 72 Research, development and innovation 81 Context and focus on the FS Italiane group 83 Stakeholder engagement 109 Commitment to sustainable development 111 Main events of the year 139 Risk factors 146 Travel safety 156 Other information 157 The parent’s treasury shares 164 Related party transactions 165 Outlook 166 Consolidated financial statements of the Ferrovie dello Stato Italiane group as at and for the year ended 31 December 2019 168 Consolidated financial statements 169 Notes to the consolidated financial statements 175 Annexes 288 Separate financial statements of Ferrovie dello Stato Italiane S.p.A. as at and for the year ended 31 December 2019 306 Financial statements 307 Notes to the separate financial statements 313 Proposed allocation of the profit for the year of Ferrovie dello Stato Italiane S.p.A. 380 Annual report 2 Chairman’s letter Dear Shareholder, The health emergency we currently face has shattered the status quo and lends particular significance to the customary submission of the draft annual report to our shareholder.
    [Show full text]