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2015 Annual Financial Report

2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair

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Page 1: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair

2015 Annual Financial

Report

Page 2: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair

ABCD

(Translation from the Italian original which remains the definitive version)

Trenitalia S.p.A.

Financial statements as at and for the year ended

31 December 2015 (with report of the auditors thereon)

KPMG S.p.A. 20 April 2016

Page 3: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 4: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 5: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 6: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 7: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 8: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 9: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 10: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 11: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 12: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 13: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 14: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 15: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 16: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 17: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 18: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 19: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 20: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 21: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 22: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 23: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 24: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 25: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 26: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 27: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 28: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 29: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 30: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 31: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 32: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 33: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 34: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 35: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 36: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 37: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 38: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 39: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 40: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 41: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 42: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 43: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 44: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 45: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 46: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 47: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 48: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 49: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 50: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 51: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 52: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 53: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 54: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 55: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 56: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 57: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 58: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 59: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 60: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 61: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 62: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 63: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 64: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 65: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 66: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 67: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 68: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 69: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 70: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
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Page 72: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 73: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 74: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 75: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 76: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 77: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 78: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
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Page 80: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
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Page 82: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
Page 83: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
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Page 85: 2015 Annual Financial Report - FS Italiane...Trenitalia S.p.A. Independent auditors ' report 31 December 2015 Opinion In our opinion, the financial statements give a true and fair
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