According to FS results, which since 2010 have been prepared in line with international accounting standards, overall operating Ebit in the year ending December 31 2012 grew 8.3%, or €55m, to reach €719m (+8.3%), while operating costs declined 2%, or €172m.

Trenitalia saw net profits rise from €156m in 2011 to €206.5m last year, with Ebitda margin increasing from 24.4% to 24.6% year-on-year. Overall revenues fell by 3% to €5.13bn, largely as a result of a fall in demand due to the tough economic climate.

Infrastructure manager Italian Railway Network (RFI) achieved a 9.2% increase in revenues, which rose €188m to €2.24bn, boosted by a €59m increase in income from track access charges.