Investor Presentaiton
Debt service capacity
Effective funding management and still solid equity position
•
•
Net Financial Debt / EBITDA has keeping stable around to 3x, while Total Debt / EBITDA has keeping stable around to 5x in last years before
pandemic; after the increase caused by Covid in 2020, these ratios are gradually returning to pre-pandemic values.
Historically low borrowing costs and effective management of financial costs, including interest rate risk management policies, resulted in EBITDA
interest cover improved substantially in the last years and back to pre-pandemic levels by 2021 (14,8x).
FS Italiane maintains a strong and stable capitalisation even after COVID impact.
Leverage evolution
Capitalisation
80
7
6
5
4
52
5,2
5,0
7,1
35%
31%
30%
30%
28%
28%
28%
27%
27%
42
6,2
5,3
4,6
46
5,4
25%
4,7
4,3
19%
18%
3,6
20%
18%
16%
3
2,9
2,9
3,1
2,7
2
1
2016
2017
15%
21%
21%
19%
10%
2016
2017
2018
2019
2020
2021
2022
2018
2019
2020
2021
Total Debt \ EBITDA
2022
Net Financial Debt\Equity
Total Debt\EQUITY
F
FERROVIE
DELLO STATO
ITALIANE
Net Financial Debt\EBITDA
Source: FS Annual Reports
Informazione pubblica
f
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