financial statements at 31 december - Ferrovie dello Stato Italiane

abovementioned transactions, RFI replenished these fixed-rate hedges by entering into 9 new interest rate swaps for
a notional value equal to the amount of the overall residual debt of Euro 833.5 million, maintaining, from a financial
point of view, the same result as the initial hedges.
December
On 17 December 2012, effective from 20 December 2012, FS Italiane entered into all necessary deeds to terminate
the guarantee issued in the interests of Cisalpino out of 50% of the master loan agreement of rolling stock (the socalled
MHPA 2587) that was signed by Cisalpino and Eurofima on 31 December 2003; at the same time, by replicating
the financing and guarantee mechanisms currently in place between FS Italiane and Eurofima, the former took over
50% of the abovementioned MHPA, issuing, in private placement, no. 5 bonds executed by Eurofima. The obligations
relating to these loans were secured by a pledge on the rolling stock of Trenitalia, which was the ultimate recipient of
the sums as a result of the execution of 5 intercompany loans with FS, with effect from 20 December 2012.
Other events
February
On 9 February 2012 the CEO of Ferrovie dello Stato Italiane, Mauro Moretti, was appointed as Chairman of the
Community of European Railway and Infrastructure Companies (CER), for the third time in a row. He is the first
Chairman that has been appointed for three times in a row.
April
On 16 April 2012 Trenitalia set 15 June as the time limit for the submission of bids for the supply of 130 electric and
diesel trains, plus an option for 60 additional trains, intended to upgrade and strengthen the fleet of regional trains,
improving quality and comfort of travel and regularity of service, in accordance with the service contracts entered into
by the Regional Governments.
The procedure of the two tenders, one for electric trains and one for diesel trains, both of them being based on
negotiated procedure, has completed the selection phase and the main national and international players in the sector
will compete for the supply in question, the value of which can be estimated at about one billion and 250 million
euros.
The participants in the tender for electric trains, which is divided into two lots, will be required to produce 70 electric
trains with at least 280 seats, plus an option for other 20 trains, and 20 electric trains with at least 500 seats, plus an
option for other 20 trains, which are expected to be delivered in 2015.
The other tender relates to 40 diesel trains with at least 130 seats, plus an option for other 20 trains, which are able
to travel on the entire traditional railway network, are intended for regional transport on non-electrified lines and are
expected to be delivered in 2015.
May
This year’s summer timetable was presented on 29 May: new quality services were also included in the expanded
range. The pricing system was further modified to make access to transport services flexible and economical. There
are two Frecciarossa trains more between Turin, Milan and Rome, four more Frecciabianca trains on the Adriatic line
and two more on the Tyrrhenian line. The new pricing system is based on three levels: Super-Economy, Economy and
Base, conceived to increase simplicity, flexibility and economy with different levels of discount with respect to the Base
2012 Report on Operations 23