Rete Ferroviaria Italiana S.P.A. 2018 ANNUAL REPORT
Total Page:16
File Type:pdf, Size:1020Kb
(Translation from the Italian original which remains the definitive version) Rete Ferroviaria Italiana S.p.A. 2018 ANNUAL REPORT RFI S.p.A. RETE FERROVIARIA ITALIANA – S.p.A. – Ferrovie dello Stato Italiane group Single-member company, 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: €31,528,425,067.00 Registered with the Rome company registrar Tax code: 01585570581 and VAT number: 01008081000 - R.E.A. number: 758300 2018 Annual Report 2 RFI S.p.A. COMPANY MISSION Rete Ferroviaria Italiana S.p.A. (“RFI”) 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 owns the infrastructure consisting of the portion that belonged to the former public body, Ferrovie dello Stato (and which makes up the body’s assets) and the portion acquired subsequently using own funds (obtained through third party financing and capital injections, first from the government and subsequently Ferrovie dello Stato Italiane) and, currently, through government grants related to assets. To pursue its mission, RFI 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 freight 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 the infrastructure from railway companies, and any other activities necessary or useful to pursuing the institutional purposes assigned by the competent national and EU authorities. Within this scope, the main functions relate to: . 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 infrastructure operators, particularly throughout the European Union. 2018 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 (2) Fabiana Lungarotti Luciano Grazzini Board of 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 shareholder’s resolution of 28 May 2017 (2) Co-opted pursuant to article 2386 of the Italian Civil Code during the board meeting of 21 November 2017 and confirmed during the shareholder’s meeting of 4 April 2018 Manager in charge of financial reporting: Vera Fiorani Independent auditors: KPMG S.p.A. 2018 Annual Report 4 RFI S.p.A. CONTENTS Chairwoman’s letter ................................................................................................................................ 7 Directors’ report .................................................................................................................................... 10 Key and glossary ....................................................................................................................................... 11 Financial highlights .................................................................................................................................... 14 The company ............................................................................................................................................ 15 Transactions with the government ............................................................................................................... 18 Customer relations ..................................................................................................................................... 26 Main events of the year .............................................................................................................................. 30 Human resources ....................................................................................................................................... 33 Sustainability report ................................................................................................................................... 34 Environmental policy .................................................................................................................................. 35 Macroeconomic context .............................................................................................................................. 37 Financial position and performance .............................................................................................................. 40 Investments .............................................................................................................................................. 45 Network development .......................................................................................................................... 45 Integrated technologies........................................................................................................................ 47 Infrastructure ............................................................................................................................................ 49 Stations .............................................................................................................................................. 49 Railway operating and infrastructure safety .................................................................................................. 53 Research and development ......................................................................................................................... 59 Performance of subsidiaries ........................................................................................................................ 61 Treasury shares ......................................................................................................................................... 63 Other information ...................................................................................................................................... 64 Risk factors ............................................................................................................................................... 72 Business Outlook ....................................................................................................................................... 78 Financial statements at 31 December 2018 ......................................................................................... 82 statement of financial position .................................................................................................................... 83 Income statement ...................................................................................................................................... 84 Statement of comprehensive income ........................................................................................................... 85 Statement of changes in equity ................................................................................................................... 86 Statement of cash flows ............................................................................................................................. 87 Notes to the financial statements ........................................................................................................ 88 Introduction .............................................................................................................................................. 89 Notes to the statement of financial position ................................................................................................ 116 Notes to the income statement ................................................................................................................. 158 Contigent assets and liabilities .................................................................................................................. 169 Audit fees ............................................................................................................................................... 170 Directors’ and statutory auditors’ fees ........................................................................................................ 170 Management and coordination .................................................................................................................