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 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 below to give a better understanding of the group’s financial position and performance in 2021.
Reclassified income statement millions of Euros
2021 REVENUE Revenue from sales and services Other income OPERATING COSTS GROSS OPERATING PROFIT Amortisation, depreciation, accruals and impairment losses OPERATING PROFIT (LOSS) Net financial income (expense) PRE-TAX PROFIT (LOSS) Income taxes PROFIT (LOSS) FROM CONTINUING OPERATIONS Profit (loss) from discontinued operations, net of taxes
2020
Change
%
12,154 11,747 407 (10,266) 1,888 (1,695) 193 14 207 (14) 193
10,837 10,482 355 (9,204) 1,633 (1,911) (278) (283) (561) (1) (562)
193
(562)
755
134
194 (1)
(570) 8
764 (9)
134 112
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
1,317 12 1,265 12 52 15 (1,062) (12) 255 16 216 11 471 169 297 105 768 137 (13) >200 755 134
The group returned to a profit-making position in 2021 with a profit of €193 million (+134%) after the large loss of €562 million for the previous year, mostly caused by the Covid-19 pandemic. Both years have been heavily impacted by a number of external events such as: -
grants received to cover the loss of revenue in both years;
-
the positive effects of the Transport Authority (ART) decision no. 88/2021 on revenue from infrastructure in 2021;
-
the effects on costs and revenue of the 2020 sale of the investment in Sitaf, the operator of the A32 Motorway and the Frejus Tunnel, indirectly controlled via Anas S.p.A. up until the end of October 2020 and, therefore, consolidated on a line-by-line basis until that date (it is now recognised as an associate);
-
the release of the provisions for the renewal of the national labour agreement for 2020;
-
the sale of the Tuscany business unit in 2021, as on 1 November 2021, Autolinee Toscane S.p.A. took over the service following the Council of State’s ruling no. 47719/2021 of 21 June 2021 after acquiring the personnel and assets of Busitalia Sita Nord S.r.l., Ataf Gestioni S.r.l. and its consortium companies.
The following table shows the revenue, operating costs and gross operating profit adjusted for the above events.
FS Italiane group
4
