FS Italiane returns to profit in 2021, despite a record expenditure on technical investments. This was communicated by the group led by Luigi Ferraris in a note, stating that profits stood at 193 million (after the heavy loss of 562 million in 2020), while investments grew by 40% on an annual basis, to 12,5 billion, of which 10 in railway and road infrastructure.
Revenue and profitability
I revenues operating volumes rose to 12,2 billion (+12%) thanks to the partial recovery of rail and road traffic after the closures of 2020.
On the profitability front, EBITDA (Ebitda) increased by 255 million to 1,9 billion (+15,6%).
The comment by Ferraris, CEO of FS
These numbers "represent a solid basis for the relaunch of all our activities - comments Ferraris, CEO of FS - albeit in a context still conditioned by the tail end of the pandemic phase and by the tragic war events still underway in Ukraine".
The Covid-effect on FS
FS Italiane adds, due to the economic effects linked to COVID-19, operating revenues also in 2021 include the registration of refreshment contributions, envisaged, at national and international level, by the various laws and decrees issued, for a total amount equal to 958 million, in any case lower (-9,1%) than the amount recognized in 2020 (1.054 million).
Operating costs
I operating costs for the year they amounted to 10,3 billion, up by 1,1 billion (+11,5%) compared to the previous year; both personnel costs (+€332 million) and other operating costs (+€730 million), linked above all to the recovery of business activities and, in part, due to the inflationary spiral which from the second half of 2021 translates into increase in the cost of raw materials, primarily that of electricity.
indebtedness
At the end of the year, the FS Italiane group had a debt of 8,9 billion, which "remains in line with that of the end of 2020, with a NFP/equity ratio of around 0,2".
The role of FS in the Pnrr
The note also mentions the group's role in the National Recovery and Resilience Plan. To date, of the 235 billion allocated to Italy, 25,2 billion of the funds provided by the Pnrr and from the Complementary Fund have been assigned to companies of the FS group, in particular to Rete Ferroviaria Italiana (Rfi), as actuators.
