The Audit Section of the Court of Auditors approved the report on the control carried out on the financial management of Ferrovie dello Stato Italiane (FSI) spa, relating to the 2017 financial year.
The net result stood at a positive value of 231 million, with a reduction compared to 2016 of 408 million, substantially attributable to the financial management (-400 million) and the operational management (9 million). The worsening of the balance (383 million) is mainly due to the fact that in the previous year capital gains from disposal were achieved following the sale of Grandi Stazioni Retail Spa.
The net invested capital, equal to 35.927 million, has increased by 147 million. The net operating working capital stands at 444 million compared to the 543 million registered in the 2016. The decrease is attributable to the net reduction in trade receivables and payables and the decrease in inventories for buildings and trading land as a result of the partial demerger of FSI spa in favor of RFI spa.
The FSI group reported an increase in operating revenues which were up sharply (9.299 million in the 2017 and 8.928 million in the 2016), corresponding to the increase in operating costs (from 6.635 million in the 2016 to 6986 million in the 2017) and closed with a net result equal to 552 million, with a decrease compared to the previous year, in which, however, the best result (772 million) was determined by the capital gain mentioned above.
The analysis of the trend in transport revenues highlights their significant increase (682 million), to which the positive results of all the components of the passenger transport service contributed (Long Haul, Short Haul, universal transport, high speed).
Also the revenues from road transport, due to the expansion of the consolidation area, recorded a significant increase (156 million).
The total investment expenditure made by the Ferrovie dello Stato Italiane group during the 2017 amounts to 5.407 million, of which 1.107 million in self-financing and 4.300 million contributed by public sources.
The expenditure for investments, to which initiatives for finding in the financial market the necessary resources are connected, advises a careful, constant monitoring of the sustainability of the correlated costs. And in fact, even in the 2017 greater depreciation was recorded for 72 million.
With regard to the financial position of the group, in 2017 the total assets recorded an increase, going from 62.687 to 63.013 million.
The liabilities in the 2017 amounted to 24.383 million, with an increase of 108 million compared to the 2016.
The transfer of ANAS to the FSI perimeter had no significant impact on the year under review. As far as the asset value of ANAS is concerned, it is hoped that the work of the "Technical Table" set up at MIT concerning the extension of the ANAS concession will reach its fastest conclusion, also for the purpose of being able to assess its effects on FSI spa's future financial statements .
With regard to the operations of entry into the capital "Alitalia", the Court of Auditors, taking into account the impact that the transaction would have on FSI, addresses the recommendation already formally shared by the board of auditors, which is to acquire all the elements necessary for assess the feasibility and sustainability of the same, activating all the appropriate initiatives to protect the group's financial integrity, continuity and business development.
Following the technical analysis carried out by ISTAT in agreement with Eurostat, which led to consider RFI as belonging to the sector of public administrations based on the criteria established by the SEC 2010, the Court asked FSI to provide feedback on the results of the work table aimed at assessing the impact of the novelty on the group, both in terms of management and assets.