Salcef S p A : 2022 Integrated Report

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2022 INTEGRATED ANNUAL

REPORT

Salcef Group S.p.A.

Registered office: Via Salaria 1027 - 00138 Rome - Italy

Salcef Group holding company

Fully paid-up share capital €141,544,532.20

Company registration number: 08061650589 | REA no.: RM - 640930

Tax code 08061650589 | VAT no. 01951301009

www.salcef.com

2022 Integrated Annual Report

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This report, prepared in PDF format for ease of consultation, is not the official version published in accordance with Directive 2004/109/EC (the "Transparency Directive") as subsequently amended

2022 Integrated Annual Report

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1

INTRODUCTION

Letter to the stakeholders	7
Highlights	9
Guide to the report	11
Methodological note	12

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DIRECTORS' REPORT

Part I - Presentation of the group

Profile and operations	17
Structure	21
The history of a key player in the	22
railway sector
Company officers	23

Part II - The group's performance

Financial figures and key	27
performance indicators - group
Economic value generated and	34
distributed
Government grants and subsidies	34
Financial figures and key	36
performance indicators - parent
Performance of consolidated	39
companies
Share performance	43
Key events of the year	44

Part III - Consolidated non- financial statement

Business model and strategy	50
Governance and sustainability	80
Risk management	99
Impacts and material topics	115
Sustainability performance	129

Part IV - Other information

2022 Integrated Annual Report

Events after the reporting date	245
Treasury share repurchase	246
programme
2022-2025 stock grant plan	247
2022-2023 performance shares	248
plan
Outlook	248
Related party transactions	252
Corporate governance and	252
ownership structure report
Disclosure required by articles 70	252
and 71 of the Issuers Regulation
Other information	252
Proposal for the approval of the	255
separate financial statements and
allocation of the profit for the year

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CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2022

Consolidated financial statements

Statement of financial position	258
Income statement	260
Statement of comprehensive	261
income
Statement of changes in equity	262
Statement of cash flows	263

Notes to the consolidated financial statements

General information on the	265
reporting entity
Basis of preparation and	266
compliance with the IFRS
Basis of presentation	267
Accounting policies	268
Key risks and uncertainties	292
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Notes to the main statement of financial position captions

Notes to the main income statement captions

Other notes to the consolidated financial statements

Significant non-recurring events and transactions

Events after the reporting date

295	Significant non-recurring events	399
	and transactions
330	Events after the reporting date	399
336	Attestation on the separate	401

345 financial statements

345

Attestation on the

347

consolidated financial statements

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SEPARATE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2022

Separate financial statements

Statement of financial position	350
Income statement	351
Statement of comprehensive	351
income
Statement of changes in equity	352
Statement of cash flows	353

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INDEPENDENT AUDITORS' REPORTS

Independent auditors' report on the consolidated financial statements

Independent auditors' report on the separate financial statements

Independent auditors' report on the 2022 consolidated non- financial statement

Notes to the separate financial statements

General information on the	355
reporting entity
Basis of preparation and	356
compliance with the IFRS
Basis of presentation	357
Accounting policies	358
Notes to the main statement of	363
financial position captions
Notes to the main income	390
statement captions
Other notes to the separate	395
financial statements

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REPORT OF THE BOARD OF STATUTORY AUDITORS

2022 Integrated Annual Report

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