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2016 Financial Statements(.Pdf — 1785 (Translation from the Italian original which remains the definitive version) Rete Ferroviaria Italiana S.p.A. 2016 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 2016 Annual Report 2 RFI S.p.A. COMPANY MISSION Rete Ferroviaria Italiana S.p.A. (“RFI”) is the Ferrovie dello Stato Italiane group company responsible for managing the 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 now makes up RFI’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 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. 2016 Annual Report 3 RFI S.p.A. COMPANY OFFICERS AND INDEPENDENT AUDITORS Board of directors: Chairperson Claudia Cattani(1) CEO Maurizio Gentile Directors Maurizio Mauri Francesca Serra Luciano Grazzini(2) (1) Appointed by shareholders’ resolution of 17 May 2016 (2) Appointed by shareholders’ resolution of 26 July 2016 to replace Domenico Maricchiolo Statutory auditors: Chairperson Paolo Marcarelli Standing statutory auditors Serenella Lucà Leonardo Quagliata Alternate statutory auditors Maria Cristina Moretti Giuseppe La Regina Manager in charge of financial reporting: Vera Fiorani KPMG S.p.A. Independent auditors: (for 2014-2016) 2016 Annual Report 4 RFI S.p.A. CONTENTS Chairman’s letter ..................................................................................................................................... 6 Directors’ report ...................................................................................................................................... 8 Key and glossary ......................................................................................................................................... 9 Highlights of the year ................................................................................................................................. 12 Transactions with the government ............................................................................................................... 13 Customer relations ..................................................................................................................................... 23 Main events of the year .............................................................................................................................. 27 Human resources ....................................................................................................................................... 31 Environmental policy .................................................................................................................................. 33 Macroeconomic context and market performance ......................................................................................... 33 Performance .............................................................................................................................................. 38 Investments .............................................................................................................................................. 43 Network development .......................................................................................................................... 43 Integrated technologies........................................................................................................................ 44 Infrastructure ............................................................................................................................................ 47 Logistics and warehouses ..................................................................................................................... 49 The stations ........................................................................................................................................ 49 Electricity and other energy issues ........................................................................................................ 54 Railway operating and infrastructure safety .................................................................................................. 57 Research and development ......................................................................................................................... 60 Performance of subsidiaries ........................................................................................................................ 63 Treasury shares ......................................................................................................................................... 65 Litigation and disputes ............................................................................................................................... 65 Tax disputes .............................................................................................................................................. 72 Disclosures required by article 2497-ter ....................................................................................................... 75 Risk factors ............................................................................................................................................... 75 Outlook ..................................................................................................................................................... 79 2016 Annual Report 5 RFI S.p.A. CHAIRMAN’S LETTER Dear Shareholder, In line with results since 2007, Rete Ferroviaria Italiana (RFI) recognised a profit for the year of €181 million, increasing once more on the previous year. Such results are particularly significant in light of the amendments made to legislation and regulations (approval by the Transport Regulator (“ART”) of the new tolling system for the minimum access package with Resolution no. 75 of 1 July 2016 and tariffs for various services from the minimum access package approved with Resolution no. 80 of 15 July 2016) which notably impacted the current management of the company’s activities. Specifically, the company’s efforts led to improved results, both through cutting costs, which do not fluctuate greatly, and increasing revenue, highlighted by the achievement of the financial goals set in the annual budget. The company achieved this result in complete compliance with the safety standards on the national railway infrastructure, which had already reached excellent scores in recent years compared to those in other major European countries. This is confirmed by certain safety indicators (CSIs) developed by the EU which in 2016 show the highest values since 2006. The company reported a large increase in the gross operating profit compared to the previous year, mainly due to the corresponding growth in revenue only partially offset by the corresponding increase in operating costs. Efficiently using the public funding it received, the company achieved goals related to infrastructure investments aimed at developing and maintaining the railway network. Starting from 2015, government funds for railway infrastructure investments rose considerably, reaching
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