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Bilancio 2012 X Assemblea EN TRENITALIA S.p.A. FINANCIAL STATEMENTS AT 31 DECEMBER 2012 Disclaimer This Annual Report 2012 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 2012 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. 2012 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 Enrico MOSCATI (*) 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. (*) Holding office until 31 July 2012 (**) Appointed by the Shareholders’ Meeting of 31 July 2012 2012 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....................................................................................................... 13 Performance of the relevant markets........................................................................................16 Relations with customers.........................................................................................................17 Income statement and statement of financial position...............................................................23 Human resources....................................................................................................................37 Environmental policy and safety...............................................................................................41 Investments...........................................................................................................................44 The Trenitalia fleet..................................................................................................................48 Risk factors............................................................................................................................49 Relations with Related Parties..................................................................................................49 Trenitalia Group......................................................................................................................50 Own shares............................................................................................................................56 Other information...................................................................................................................56 Outlook..................................................................................................................................59 Proposed allocation of the result for the year............................................................................60 Accounting statements Statement of financial position.................................................................................................62 Income statement..................................................................................................................63 Statement of comprehensive income........................................................................................64 Statement of changes in equity................................................................................................65 Statement of cash flows..........................................................................................................66 Notes to the financial statements Preamble...............................................................................................................................67 Company...............................................................................................................................67 Criteria for the preparation of the financial statements..............................................................68 Accounting standards applied..................................................................................................69 Financial risk management and other risk factors......................................................................88 Information on the balance sheet...........................................................................................100 Information on the income statement.....................................................................................127 Contingent assets and liabilities.............................................................................................134 2012 Financial Statements 5 TRENITALIA S.p.A. Fee due to directors and statutory auditors.............................................................................134 Fees due to the independent auditors.....................................................................................135 Information on the direction and coordination activity.............................................................135 Related parties.....................................................................................................................137 Guarantees...........................................................................................................................142 Events after the balance sheet date.......................................................................................142 Annex 1...............................................................................................................................145 Certification issued by the Manager responsible for preparing Company’s accounting documents and CEO Board of Statutory Auditors’ and Independent Auditors’ Reports 2012 Financial Statements 6 TRENITALIA S.p.A. Report on Operations 2012 Financial Statements 7 TRENITALIA S.p.A. MAIN INDICATORS Final balance Final balance Final balance 2012 2011 2010 ECONOMIC HIGHLIGHTS (amounts in millions of euros) Operating revenues 5,498.0 5,708.0 5,707.8 Operating costs (4,147.8) (4,317.0) (4,458.4) EBITDA 1,350.2 1,391.1 1,249.4 EBIT 418.3 496.2 341.9 Net result 206.5 156.4 73.1 ECONOMIC AND FINANCIAL RATIOS ROI 5.1% 6.5% 4.3% ROS 7.6% 8.7% 6.0% NAT 0.67 0.74 0.71 PROFITABILITY RATIOS Personnel (FTE) 35,770 37,549 40,924 Train-Km/Employee (th.) 7.27 7.19 6.76 Operating revenues/Employee 153,704 152,018 139,473 EBITDA Margin 24.6% 24.4% 21.9% FINANCIAL RATIOS (amounts in millions of euros) Net financial position 6,335 5,854 6,337 D/E 3.31 3.22 3.82 Operating Cash Flow 242 1,054 342 Investments (excluding cyclical maintenance) (752) (509) (497) Amortisation and depreciation (excluding cyclical maintenance)/Investments 0.9 1.2 1.4 Financial requirements 481 (483) 39 2012 Financial Statements 8 TRENITALIA S.p.A. MAIN EVENTS IN THE FINANCIAL YEAR January • Between the end of January and the beginning of February a wave of exceptionally bad weather hit the entire country with very low temperatures and heavy snow fall. The weather warning, which was issued in the days preceding the event by the Civil Protection Agency, required the implementation of organisational measures necessary to deal with the emergency; the plans, drawn up beforehand at local level and sent in advance to the Civil Protection Centres, activated in all regions of Italy, and to the relevant Local Bodies, envisaged a reduction in the speed of trains, with consequent effects on the regular traffic, as well as a reduction in the service. Trenitalia has harnessed all its human resources in assisting its customers by trying to curb unavoidable inconvenience, has put commercial initiatives in hand to refund fares in full for those who decide to give up their journeys and, as a sign of care
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