9M 2019 Consolidated Results

14/11/2019

9M 2019 Highlights

€ M

Revenues	+1.5%	9M 2019 220.2 9M 2018	223.5
EBITDA adjusted*	+5.7%	9M 2019 9M 2018 57.1	60.4
EBIT	-2.4% due to a positive not ordinary item in 9M 2018	29.4 9M 2019 9M 2018 30.1
Net Result	-3.6 mn Due to higher net financial charges and lower result from the JV Trenord	9M 2019 24.5 9M 2018 28.2

€ M

REVENUES	9M 2019	9M 2018	Var.%	• Higher train
Railway Infrastructure management	87.0	86.9	0.1%	replacement services • Increase in demand
Road passenger transport	83.6	81.5	2.6%	for transport services in the tourism sector, in the Veneto area
RoSco & Services	52.8	51.8	2.0%
TOTAL	223.5	220.2	+1.5%	Higher leases thanks to an average increase in
				the rolling stock fleet
ADJUSTED EBITDA	9M 2019	9M 2018	Var.%
Railway Infrastructure management	16.3	16.7	(2.4%)	•Increased train replacement
Road passenger transport	10.6	8.5	24.4%	runs •E-Vai improved profitability
RoSco & Services	33.5	31.9	4.9%
TOTAL	60.4	57.1	5.7%	• Increase in leases
				• Reduction in some operating costs

Adjusted EBITDA

In line with FY 2018

Consolidated P&L Associates Result by Company Consolidated Balance Sheet

(millions of euros)	9 months 2019	9 months 2018	9 months 2018 pro-forma ATV	Change	Chg %
Revenues from sales and services	209,0	201,4	206,8	2,2	1,1%
Other revenues and income	14,4	13,2	13,4	1,1	8,1%
TOTAL REVENUES AND OTHER INCOME	223,5	214,6	220,2	3,3	1,5%
Operating costs	(72,6)	(72,0)	(73,7)	1,1	-1,5%
Personnel costs	(90,5)	(86,0)	(89,4)	(1,2)	1,3%
Adjusted EBITDA	60,4	56,6	57,1	3,3	5,7%
Percentage on revenues %	27,0%	26,4%	25,9%
Non-ordinary income and expenses	(0,4)	2,3	2,3	(2,7)	n.s.
EBITDA	60,0	58,9	59,4	0,5	0,9%
Percentage on revenues %	26,8%	27,5%	27,0%
Depreciation and Amortisation	(30,5)	(28,4)	(29,3)	(1,3)	4,3%
EBIT	29,4	30,5	30,1	(0,7)	-2,4%
Percentage on revenues %	13,2%	14,2%	13,7%
Net financial income	(1,6)	(0,3)	(0,3)	(1,3)	n.s.
Result of companies accounted by equity method	3,7	5,6	5,8	(2,0)	-35,5%
EARNINGS BEFORE TAX	31,5	36,0	35,6	(4,0)	-11,4%
Income tax	(7,0)	(7,5)	(7,4)	0,4	-5,5%
NET RESULT FOR THE PERIOD	24,5	28,4	28,2	(3,6)	-12,9%

Variations are calculated based on a comparable scope of consolidation, i.e. by consolidating the company ATV from January 1° 2018.

thousands Amounts in	months 9	months 9
of euros	2019	2018	Difference
Trenord Srl *	520	2 359	(1 839)
** NORD ENERGIA SpA	2 484	1 980	504
Italia Srl Cargo DB	873	860	13
Omnibus Srl *** Partecipazioni	31	571	(540)
NordCom SpA	107	142	(35)
Srl Conam	47	49	(2)
.r.l ATV S		(111)	111
Srl liquidation SeMS in	31	21	10
Srl Fuorimuro	(381)	(232)	(149)
Result of companies accounted by equity method	3 712	5 639	(1 927)

* includes the result of TILO SA

** includes the result of CMC MeSta SA

*** includes the result of ASF Autolinee Srl

(millions of euros)	30/9/2019	31/12/2018	31/12/2018 PRO-FORMA IFRS 16
Inventories	7,8	7,0	7,0
Current receivables	152,9	151,2	151,2
Current payables	(185,1)	(153,9)	(153,9)
Net Working Capital	(24,4)	4,3	4,3
Net non-current assets	426,1	452,8	460,8
Equity interests	80,3	83,4	83,4
Non-current receivables	19,5	26,8	26,8
Non-current provisions and payables	(87,4)	(117,7)	(117,7)
NET INVESTED CAPITAL	414,1	449,6	457,7

Equity	446,4	435,2	435,2
Net financial position	(32,3)	14,4	22,5
TOTAL SOURCES	414,1	449,6	457,7

(millions euros) of	30/9/2019	31/12/2018	31/12/2018 PRO-FORMA IFRS 16	Change
Liquidity	(198,6)	(137,3)	(137,3)	(61,3)
Current financial receivables	(115,4)	(74,4)	(74,4)	(41,0)
Current financial debt	207,9	96,7	98,2	109,7
current financial position Net	(106,1)	(115,0)	(113,5)	7,39
Non-current financial debt	73,8	129,5	136,0	(62,1)
financial position (cash) Net	(32,3)	14,4	22,5	(54,8)

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