The group’s financial position and performance Introduction For the purposes of describing its financial position and performance, the group has prepared reclassified financial statements (presented on the next pages) in addition to those required by the IFRS adopted by the FS Italiane group. The reclassified financial statements comprise performance indicators that, given the extremely significant impact of COVID-19 on the group’s operations in 2020, management has considered useful during the year in monitoring the group’s performance and in presenting the financial results of the business. The methods used to calculate these indicators are also explained in the analysis at the foot of the reclassified financial statements to give a better understanding of the group’s financial position and performance in 2020. In light of the foregoing, the group’s operating performance in the year, described below, along with its financial position, described further on, reflect the significant impact of COVID-19 which was detailed in the paragraph “COVID-19 emergency” and is clearly shown in the following analysis.
Reclassified income statement
REVENUE Revenue from sales and services Other income OPERATING COSTS GROSS OPERATING PROFIT Amortisation, depreciation, accruals and impairment losses OPERATING (PROFIT) LOSS Net financial expense PRE-TAX PROFIT (LOSS) Income taxes PROFIT (LOSS) FROM CONTINUING OPERATIONS Profit (loss) from assets held for sale, net of taxes PROFIT (LOSS) FOR THE YEAR PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
of which: impact of COVID-19 (B)
impact of
2020
2019
Change (A)
10,837
12,423
(1,586)
(12.8)
(1,695)
(106.9)
10,482
12,011
(1,529)
(12.7)
(1,668)
(109.1)
355
412
(57)
(13.8)
(27)
(47.4
(9,204) (9,814)
610
6.2
652
106.9
%
COVID-19
%* (B)/(A)
1,633
2,609
(976)
(37.4)
(1,043)
(106.9)
(1,911)
(1,780)
(131)
(7.4)
44
33.6
(278)
829
(1,107) (133.5)
(999)
(90.3)
(283)
(176)
(60.8)
(15)
(14.0)
(561)
653
(1,214) (185.9)
(1,014)
(83.5)
(1)
(60)
98.3
28
47.5
(562)
593
(1,155) (194.8)
(986)
(85.4)
(986)
(86.0)
(9)
(107) 59
9
100.0
(562)
584
(1,146) (196.2)
(570)
573
(1,143)
(199.5)
8
11
(3)
(27.3)
*Ratio % “Change (A)”/”of which: impact of COVID-19 (B)”
In a year severely impacted by the disruptive events of the public health emergency following the COVID-19 outbreak, the group reported a loss for 2020 of €562 million, compared to a profit of €584 million for 2019, a drop of 196.2%. Excluding the impact of COVID-19, the profit for the year would have been €424 million.
Annual report highlights
9
