CONSOLIDATED NON-FINANCIAL 
DISCLOSURE PREPARED PURSUANT  
TO LEGISLATIVE DECREE 254/2016
SUSTAINABILITY 
REPORT

THE SUSTAINABILITY REPORT HAS BEEN TRANSLATED INTO ENGLISH 
SOLELY FOR THE CONVENIENCE OF THE INTERNATIONAL READER. 
IN THE EVENT OF CONFLICT OR INCONSISTENCY BETWEEN THE TERMS USED 
IN THE ITALIAN VERSION OF THE DOCUMENT AND THE ENGLISH VERSION, 
THE ITALIAN VERSION SHALL PREVAIL, AS THE ITALIAN VERSION CONSTITUTES THE OFFICIAL RECORD.
Cover photo: close-up of the Latte viaduct, A10 Savona-Ventimiglia, Italy

CONTENTS
ANNEXES
05
OUR RESPONSIBILITY 
TOWARDS THE 
ENVIRONMENT
01
THE ASTM GROUP  
AND SUSTAINABILITY
02
OUR RESPONSIBILITY 
TOWARD LOCAL AREAS
03
OUR RESPONSIBILITY 
TOWARDS PEOPLE
04
10 	
The ASTM Group
21 	
Sustainability for the Group
22 	
Stakeholder Map and Materiality Analysis
26 	
Corporate Governance, Internal Audit  
and Risk Management System
39 	
Group Climate Strategy
51	
The European Regulation on the Taxonomy  
of Sustainable Economic Activities
58 	
Economic value generated and distributed
65 	
Impact Measurement
67 	
Supply Chain
72 	
Motorway Infrastructure Management
90 	
Donations and sponsorships
95 	
People
103 	 Diversity and inclusion
109 	 Remuneration and benefits
113 	 Human Capital Development
118 	 Health and safety
129 	 Management of Environmental Issues
130 	 Use of Resources
138 	 Waste
140 	 Noise management
141 	 Protection of the local area, reduction of land use  
and protection of biodiversity
152	
European Taxonomy: Model KPIs for non-financial undertakings
164	
Table of the boundary of material topics for the ASTM Group
166 	 GRI Content Index
174 	 Table of SASB indicators
176 	 Independent Auditor’s Report
2 	
Letter to Stakeholders
4 	
Methodological note

Dear Stakeholders,
The presentation of our Sustainability Report is an 
opportunity for me to reach out and take stock of 
the events of the previous year, describing - albeit 
in just a few lines - the commitment to sustainability 
adopted by every one of us at the ASTM Group as 
part of our daily work.
Sustainability has firmly taken root in our organisa-
tion both in Italy and abroad, representing a catalyst 
for growth, transformation and competitiveness.
This is the seventh edition of our Sustainability Re-
port and we are continuing to add topics each year: 
from climate action to technological innovation, 
from diversity and inclusion to human rights, from 
environmental protection to corporate governance 
systems.
ASTM is a global player in the infrastructure sector 
with operations in Europe, Brazil and United States. 
We engage with a diverse range of stakeholders 
from across the world on a daily basis: employees 
and collaborators, suppliers, institutions, clients, 
motorway users and local communities.
And we feel a responsibility to each one of them 
to approach our business soundly and robustly. We 
are increasingly aware of the need to grow our re-
sponsibility to the community, and the actions we 
take to promote sustainable and inclusive develop-
ment must meet the expectations of our stakehold-
ers.
The economic and cultural evolution of modern so-
ciety requires businesses that operate on the mar-
ket to act not only as economic operators, but as 
a social institution. It is a new dimension, one that 
requires businesses to shoulder responsibility and 
drives us towards new horizons and increasingly 
ambitious targets. In response, we are investing in 
research to identify new technological solutions to 
improve transport and mobility, to develop increas-
ingly green and sustainable infrastructure, and to 
play an active role in the modernisation of the coun-
tries in which we operate.
The pages that follow describe our activities and 
performance in 2022, with a view to representing 
the Group's commitment to an increasingly con-
scious and socially responsible approach to man-
agement.
In this regard, I'd like to highlight just some of the 
key elements that encapsulate our commitment. 
In particular, we continued our internal communi-
cation campaign aimed at engaging all of our em-
ployees on the topic of sustainability; we signed 
the Disability Agenda with the aim of promoting 
greater awareness of the issue and implementing 
LETTER TO STAKEHOLDERS
2
ASTM GROUP

concrete initiatives to promote the inclusion of peo-
ple with disabilities; when defining our emission 
reduction targets approved by the Science Based 
Targets Initiative (SBTi), we identified new initiatives 
to reduce Scope 1, 2 and 3 emissions; and finally, in 
2022 ASTM was confirmed as a global leader in the 
fight against climate change by the Carbon Disclo-
sure Project (CDP) in recognition of our actions to 
reduce emissions and mitigate climate risks.
These are just some of our achievements this year 
which, I hope, offer a clear representation of our 
way of doing business.
We want to create value. For the company and its 
shareholders, for employees and their families, for 
suppliers, for communities, for the regions in which 
we operate. To this end, we are constantly regener-
ating our approach to business, promoting an in-
ternal culture in which our actions are inspired by 
respect for people and the environment.
This is our aim. And it is this aim that we wish to be 
measured by, both with regard to ourselves and to 
our Stakeholders.
Umberto Tosoni
Chief Executive Officer
3
2022 Sustainability Report
ANNEXES
ENVIRONMENT
GROUP AND SUSTAINABILITY
LOCAL AREA
PEOPLE

4
ASTM GROUP
METHODOLOGICAL NOTE
This consolidated non-financial disclosure (“NFD” 
or “Sustainability Report”) of ASTM S.p.A. (“ASTM” 
or the “Company”) and its wholly consolidated 
subsidiaries (“ASTM Group” or “Group”) at 31 De-
cember 2022 in the Group’s Consolidated Finan-
cial Statements describes initiatives and main re-
sults in terms of sustainability performance relative 
to the period from 1 January to 31 December 2022 
and complies with provisions in articles 3 and 4 of 
Italian Legislative Decree 254/2016 (the “Decree”). 
Any exceptions are expressly indicated in the text.
From 4 June 2021, the ordinary shares of ASTM are 
no longer traded on the market managed by Borsa 
Italiana. Nevertheless, ASTM, as an issuer of bonds 
traded on the Euronext Dublin, qualifies as an “en-
tity of public interest” pursuant to art. 16 of Italian 
Legislative Decree 39/2010 and is subject to the 
obligation to prepare and publish the NFD pursu-
ant to Italian Legislative Decree 254/2016.
As required by Article 5 of the Decree, this docu-
ment is a separate report, as indicated, with spe-
cific wording referring to Consolidated Non-Finan-
cial Disclosure as required by law.
The NFD, to the extent necessary to ensure an un-
derstanding of a business’s activities, its perfor-
mance, results and the impact it produces, covers 
environmental, social and personnel issues, re-
spect for human rights, and the fight against active 
and passive corruption, which are significant for 
the company’s activities and characteristics, and 
for the expectations of its Stakeholders, as shown 
in the materiality matrix in this report in the section 
“Stakeholder Map and Materiality Analysis”.
Furthermore, this document includes information 
relating to climate change, the European Taxon-
omy (EU Regulation 2020/852, June 2020), the 
boundary and quality of data, and thematic areas 
considered of particular importance for the 2022 
non-financial reporting by the European Secu-
rities and Markets Authority (ESMA) in the docu-
ment “European common enforcement priorities 
for 2022 annual financial reports” published on 28 
October 2022. With reference to the reporting ob-
ligations outlined by EU Regulation 2020/852 (the 
Taxonomy Regulation), please refer to the section 
“The European Regulation on the Taxonomy of 
Sustainable Economy Activities” in this document.
This Sustainability Report has been prepared in 
accordance with the GRI Sustainability Reporting 
Standards, published by the Global Reporting Ini-
tiative (GRI) in 2021, based on the “in accordance” 
option. To provide more information on the finan-
cial impacts of sustainability issues, also for the 
benefit of investors, SASB (Sustainability Account-
ing Standards Board) standards and the framework 
of the International Integrated Reporting Council 
(IIRC) were also considered.
The “GRI Content Index” and the “Table of SASB 
indicators” are annexed to this document, with 
details of the respective indicators used. For the 
preparation of the Sustainability Report, reference 
was made to the “Ten Principles” of the United 
Nations Global Compact (UNGC), ISO 26000 (In-
ternational Organization for Standardization) and 
Guidelines on Non-Financial Reporting of the Eu-
ropean Commission.
Regarding the main changes to the scope of con-
solidation for the NFD as at 31 December 2022, 
the following is reported:
•	 during the year the two Brazilian companies 
EIL 05 S.A. and EIL 06 S.A. were established, 
in which the EcoRodovias Group holds 100% 
of the share capital;
•	 in May, the company Sinprosys S.c.ar.l. was es-
tablished, in which the subsidiary Sina S.p.A. 
holds a 60% stake in the share capital;
•	 following the conclusion of the liquidation 
process, the subsidiaries Sicurstrada S.c.ar.l.. 
and Seranti S.c.ar.l. were removed from the 
companies register;
•	 during the year the two Brazilian companies 
ICCR-135 S.A. and ICCR-153 S.A. were estab-
lished, both controlled by Itinera Construcoes 
Ltda;
•	 during the year the Joint Venture Halmar-Rail-
works, the vehicle through which Halmar In-
ternational participates in the Penn Station 
Access project, was established.
The non-financial data and information reported in

5
2022 Sustainability Report
ANNEXES
ENVIRONMENT
GROUP AND SUSTAINABILITY
LOCAL AREA
PEOPLE
this document relating to the companies that were 
introduced into the reporting boundary during the 
year, unless specified otherwise, refer to the peri-
od beginning on the date of acquisition of control 
of the company.
Please note that in the comparative analysis be-
tween the data for FY 2022 and FY 2021, the data 
for 2021 of the companies of the SITAF Group and 
the EcoRodovias Group refer to the period from 
the date of acquisition of control, i.e., from 1 April 
and 1 December respectively.
As regards the scope of consolidation of the ASTM 
Group, data on joint operations are reported in 
full without taking into consideration the percent-
age held, and also presented separately in order 
to allow for a wider understanding of the Group’s 
activities, its performance, results and the impact 
it produces. Additionally, data relative to manual 
workers includes those associated with unions and 
on the payroll of the Halmar Group (Union Work-
ers) at 31 December 2022, regardless of the num-
ber of hours worked during the reference period.
To compare data and information over time and 
assess the trend of Group operations, a compari-
son with the previous year has been made, where 
possible. Information on actions taken in previous 
years that still apply to Group operations is also in-
cluded.
As provided for by the GRI Standards and in line 
with previous years, ASTM updated the materiality 
analysis, taking into consideration the topics pro-
vided for under article 3 of the Decree, with a view 
to identifying the so-called “material” sustainability 
topics. The results of the materiality analysis, exam-
ined beforehand by the Sustainability Committee 
and the Audit and Risk Committee, were presented 
to the Board of Directors on 23 November 2022.
It was also considered appropriate to compare the 
significant issues identified by the Group's materi-
ality matrix with those identified by the main peers 
in the reference sectors in order to ensure a broad-
er perspective.
Starting with the issues considered significant and 
considering the areas covered by the Decree, an 
analysis was carried out of the risks deriving from 
the Group’s activity, services/products, including 
information about supply chain and subcontrac-
tors where relevant and available. As described 
in more depth in the section “Corporate Govern-
ance, Internal Audit and Risk Management Sys-
tem”, to which reference is made for details, ASTM 
and its main operating subsidiaries have adopted 
a Risk Management System in line with best prac-
tices defined by the Enterprise Risk Management 
Integrated Framework (COSO ERM) and the ISO 
31000 standard.
In 2021, ASTM strengthened its commitment to the 
fight against climate change by defining objectives 
and initiatives to reduce greenhouse gas emis-
sions by 2030, approved by the Science-Based 
Targets initiative (SBTi) and integrated into its fi-
nancial strategy, by publishing the first Sustainabil-
ity-Linked Financing Framework. In this context, in 
November 2021, Sustainability-Linked Bonds were 
issued for € 3 billion.
The ASTM Group ratified the ESG commitments 
adopted in the 2022-2026 Sustainability Plan ap-
proved by the Board of Directors of ASTM S.p.A. 
in July 2022, the update to the first Sustainability 
Plan “Going Global Sustainably” 2017-2021. The 
actions taken by the Group with reference to vari-
ous sustainability topics are summarised below.
1 The main operating subsidiaries of ASTM S.p.A. include: A.T.I.V.A. S.p.A., Autostrada Asti-Cuneo S.p.A., Autostrada dei Fiori S.p.A., Società Autostrada Ligure Toscana 
p.A., S.A.T.A.P. S.p.A., S.A.V. S.p.A., S.I.T.A.F. S.p.A., Società di Progetto Autovia Padana S.p.A., Itinera S.p.A., EcoRodovias Infraestrutura e Logistica S.A., Euroimpianti 
S.p.A., Sinelec S.p.A., S.I.N.A. S.p.A.

GOVERNANCE AND THE FIGHT 
AGAINST ACTIVE AND PASSIVE 
CORRUPTION
With a zero-tolerance approach towards any form 
of active and passive corruption, ASTM and its 
main operating subsidiaries have adopted an an-
ti-corruption policy in line with the applicable best 
practices and national and international standards, 
also activating a dedicated internal channel to 
report offences or irregularities identified during 
work activities (whistleblowing).
ASTM S.p.A., Itinera S.p.A., Sinelec S.p.A., Tubo-
sider S.p.A., Ecorodovias Infraestrutura e Logística 
S.A. and Ecorodovias Concessões e Serviços S.A. 
have voluntarily implemented an anti-corruption 
management system certified in compliance with 
international standard ISO 37001.
ENVIRONMENT
The ASTM Group is committed to pursuing solu-
tions that can guarantee protection of local areas, 
a responsible use of natural resources, efficient 
energy consumption, the management of atmos-
pheric emissions and protection of biodiversity.
Since 2018, ASTM has been a member of the CDP 
Climate Change (former Carbon Disclosure Pro-
ject) Programme and in 2022 it was confirmed 
to be a global leader in the fight against climate 
change, achieving a rating of A-.
To strengthen the Group’s climate strategy, ASTM 
has aligned with Task Force on Climate-Related 
Financial Disclosures (TCFD) recommendations, 
providing clear and comparable information to 
stakeholders on risks and opportunities associated 
with climate change.
In the context of defining the emission reduction 
objectives approved by the Science-Based Targets 
initiative (SBTi), initiatives to reduce Scope 1, 2 and 
3 emissions were identified. In particular, Group 
companies contribute to the protection and safe-
guarding of the environment by promoting the 
electrification of the motorway network, energy ef-
ficiency initiatives (use of work sites with a reduced 
environmental impact, efficient lighting systems 
on motorways through increased use of LED light-
ing), protecting biodiversity and noise abatement 
plans for motorways, promoting the adoption of 
these policies also by subcontractors.
SOCIAL ASPECTS
Social issues have always been a key value and 
strategic objective of the ASTM Group, which is 
committed daily to ensuring, through its licensee 
companies, road safety and service quality, pro-
moting solutions to improve motorway infrastruc-
ture and user satisfaction.
The quality, safety and environmental manage-
ment systems are periodically updated, based on 
newly issued ISOs, maintaining all existing certifi-
cations, including ISO 39001 (Road Traffic Safety 
(RTS) Management).
The Group’s concessionaires are continuing their 
investment plans for the resilience of the infra-
structure and the safety of motorway users, includ-
ing through the use of new technologies. The main 
licensee companies of the Group implemented a 
customer experience programme intended to im-
prove services to users.
PERSONNEL
The ASTM Group has adopted policies and initia-
tives to empower its human capital, with a particu-
lar focus on employees’ health and safety, compa-
ny welfare, diversity and inclusion.
ASTM and its main operating subsidiaries have im-
plemented a Diversity and Inclusion Policy. They 
have also launched a talent policy based on an in-
tegrated human capital management system and 
employee training and development programmes, 
in order to create a shared company culture based 
on expertise and innovation.
RESPECT FOR HUMAN RIGHTS
The Group recognises the intrinsic value of each 
person and endeavours to ensure that human 
rights are respected along the entire value chain, 
promoting equal opportunities without any type of 
discrimination and encouraging the accessibility 
of services for use by persons with reduced mo-
bility.
6
ASTM GROUP

7
2022 Sustainability Report
ANNEXES
ENVIRONMENT
GROUP AND SUSTAINABILITY
LOCAL AREA
PEOPLE 
To strengthen its commitment in this area, ASTM 
and its main operating subsidiaries have adopt-
ed a Human Rights Policy, which supplements the 
Group’s Code of Ethics, Suppliers Code of Con-
duct and other sustainability policies.
ASTM S.p.A., Itinera S.p.A., Euroimpianti S.p.A., 
Tubosider S.p.A. and Ro.S.S S.p.A. implemented a 
Social Responsibility management system with SA 
8000 certification.
Where possible, the use of estimates in this doc-
ument has been limited and if present, estimates 
are indicated. Estimates are based on the best 
available information.
The reporting on the impact of Group operations 
on the local area and relative external factors in 
terms of value created and distributed, contained 
in the section “Impact Measurement” in this docu-
ment, is not based on Global Reporting Initiative 
reporting standards, but on the use of an econo-
metric input-output model. This model statistically 
analyses the interaction between a country’s indus-
tries, making it possible to further understand the 
economic context in which a business operates.
The Board of Directors of ASTM S.p.A. approved 
this Sustainability Report on 23 March 2023.
This document was subject to a limited assurance 
engagement, as defined by ISAE 3000 Revised, 
by PriceWaterhouseCoopers S.p.A., the firm also 
appointed to audit the ASTM Group’s Annual Fi-
nancial Report. This engagement was carried out 
according to procedures in the “Independent Au-
ditors’ Report” included at the end of the docu-
ment.
The Sustainability Report of the ASTM Group as at 
31 December 2022 is available on the Company’s 
website www.astm.it/en in the section “Sustaina-
bility”.
Contacts:
sostenibilita@astm.it
www.astm.it/sostenibilita

THE ASTM GROUP  
AND SUSTAINABILITY
10 	
The ASTM Group
21 	
Sustainability for the Group
22 	
Stakeholder Map and Materiality Analysis
26 	
Corporate Governance, Internal Audit  
and Risk Management System
39 	
Group Climate Strategy
51 	
The European Regulation on the  
Taxonomy of Sustainable Economic Activities

CORPORATE OWNERSHIP AT 31 DECEMBER 2022
ASTM S.p.A. is a company with headquarters at Corso Regina Margherita 165, Turin.
As at 31 December 2022, Nuova Argo Finanziaria S.p.A. - Subsidiary of Aurelia (50.5%), holding company 
of the Gavio Group, and an investee company of Ardian (49.5 %) through Mercure Investment and Mercure 
Holding 2 - holds an equity investment equal to 85.40% in ASTM, while the remaining 14.60% is represented 
by treasury shares.
THE ASTM GROUP
10
ASTM GROUP

OUR RESPONSIBILITY 
TOWARD LOCAL AREAS
REVENUES
€ 813 MILLION IN 2021
€ 3,232 MILLION 
IN 2021
 4,779
MILLION
EBITDA*
 1,305 MILLION
* Data from the ASTM Group 2022 Management Report
€ 2,983 MILLION 
IN 2021
ECONOMIC 
VALUE 
GENERATED 
AND 
DISTRIBUTED TO 
STAKEHOLDERS
4,339
MILLION
OUR RESPONSIBILITY 
TOWARDS THE ENVIRONMENT
PRODUCED 
WASTE 
RECYCLED 
OR REUSED
IN 2021
around 
79%
AROUND
94%
EMPLOYEES
OUR RESPONSIBILITY TOWARDS PEOPLE
17,474
EMPLOYEES AND OTHER
COLLABORATORS 
13,072
12,975 IN 2021
16,975 IN 2021
EMPLOYEES WITH 
PERMANENT 
CONTRACTS
97% IN 2021
HOURS OF 
TRAINING FOR 
EMPLOYEES
29%
FEMALE 
EMPLOYEES
96%
OVER 119K IN 
2021
27% IN 2021
OVER
237
K
HIGHLIGHTS 2022 ASTM GROUP
SUSTAINABILITY INDICES AND RATINGS
Read the news story
ASTM receives “MF Best ESG Rating Award”
11
2022 Sustainability Report
GROUP AND SUSTAINABILITY
Rating A-
Standard Ethics Rating EE (Strong) 
Outlook EE+ (Very strong)
Rating 11.1
(Low risk)
Rating A
(Average)
ANNEXES
ENVIRONMENT
PEOPLE
LOCAL AREA

The companies consolidated on a line-by-line basis in the Consolidated Financial Statements of the ASTM 
Group at 31 December 2022 and included in the scope of NFD reporting are listed below.
PLANT ENGINEERING
MOTORWAY CONCESSIONS
ENGINEERING
TECHNOLOGY
HOLDINGS AND OTHER COM-
PANIES
CONSTRUCTION
A.T.I.V.A. S.p.A. - Autostrada Torino-Ivrea-Valle d’Aosta
Autostrada Asti-Cuneo S.p.A.
Autostrada dei Fiori S.p.A.
Società Autostrada Ligure Toscana p.A.
S.A.T.A.P. S.p.A.
S.A.V. - S.p.A.
Società di Progetto Autovia Padana S.p.A.
S.I.T.A.F. S.p.A.
EcoRodovias Group2
ASTM S.p.A.
Autostrada Albenga Garessio Ceva S.p.A.
Elevated Accessibility Enhancements Holding Company, LLC
Elevated Accessibility Enhancements Operating Company, LLC
Finanziaria di Partecipazioni e Investimenti S.p.A.
IGLI S.p.A.
Igli Do Brasil Participaçoes LTDA
Logistica Tirrenica S.p.A.
Sistemi e Servizi S.c.a r.l.
ASTM North America
Edilrovaccio 2 S.r.l., in liquidation
EcoRodovias Group3 
Consorzio Sintec
SINA S.p.A.
Musinet Engineering S.p.A.
Sinprosys S.c.a r.l.
Sinelec S.p.A.
Sinelec USA INC
Safe Roads S.c.a r.l.
Tecnositaf S.p.A.
Tecnositaf LLC
SINTEC S.c.ar.l.
2 Concessionária das Rodovias Ayrton Senna e Carvalho Pinto S.A. – Ecopistas, Concessionária Ecovias do Araguaia S.A., Concessionária, Ecovias do Cerrado S.A., Concessionária 
Ecovias dos Imigrantes S.A., Concessionária Ponte Rio-Niteroi S.A. – Ecoponte, Eco050 – Concessionária de Rodovias S.A., ECO101 Concessionária de Rodovias S.A., Eco135 
Concessionária de Rodovias S.A., Empresa Concessionária de Rodovias do Sul S.A. – Ecosul, RDC Concessões, EIL05 S.A, EIL06 S.A, Ecoriominas Concessionária de Rodovias 
S.A., CECM Concessões.
3 Anish Empreendimentos e Participaçoes Ltda, Argovias Administracao e Participaçoes S.A, Ecopatio Logistica Cubatao Ltda, Ecoporto Santos S.A., Ecorodovias Concessões 
e Serviços S.A., EcoRodovias Infraestrutura e Logística S.A., EIL 04 S.A., EIL01 Participaçoes S.A., ELG 01 Participaçoes Ltda, Holding do Araguaia S.A., Paquetà Participaçoes 
Ltda, Termares - Terminais Maritimos Especializados Ltda
4  Subsidiaries of Itinera S.p.A.: ITINERA CONSTRUÇÕES LTDA, ICCR 135 S.A., ICCR 153 S.A., ITINERA S.p.A., Agognate S.c.ar.l. in liquidation, BIANDRATE S.c.a r.l. in liquidation, 
Cornigliano 2009 S.c.a r.l., Crispi S.c.ar.l. with sole shareholder in liquidation, CRZ01 S.c.ar.l. in liquidation, Diga Alto Cedrino S.c.a r.l. in liquidation, Lambro S.c.a r.l., Marcallo 
S.c.a r.l., MAZZÈ S.c.a r.l., Ramonti S.c.a r.l. in liquidation, Società Attività Marittime S.p.A. (SAM S.p.A.) in liquidation, Sinergie S.c.ar.l. in liquidation, Taranto Logistica S.p.A., Torre 
di Isola S.c.a r.l., Urbantech S.r.l. with sole shareholder, SEA Segnaletica Stradale S.p.A., Lanzo S.ca.r.l., ITINERA USA CORP, Halmar International LLC, HIC Insurance Company Inc., 
Halmar International Trucking Inc., Halmar Transportation System Llc, Halmar/A Servidone - B Anthony Llc, Atlantic Coast Foundations LLC, Halmar International LLC/LB Electric Co 
JV, Potomac Yard Constructors JV, HINNS JV, Storstroem Bridge JV I/S, Tubosider S.p.A., Roma Sud S.c.a r.l., Società di Progetto Concessioni del Tirreno S.p.A., Ashlar Structural LLC
5 Joint operations in which Itinera S.p.A. is an investee: JV Itinera Cimolai, Consorzio Baixada Santista, Consorcio Alças da Ponte, MG-135 Consortium, Odense HPT JV 
I/S, KØGE HPT I/S, Itinera Ghantoot JV, 3RD Track Contructors - Joint Operation, Cons. Binario Porto de Santos, Itinera-Agility JV, Consorcio BR-050, Consultoria - Eco 135, 
Consorcio SP-070, Consorcio PSG, Consorcio nn Engenharia e Consultoria, Consultoria - Novos Negòcios, TELT SEP JV, Halmar/RailWorks, a Joint Venture
Itinera S.p.A., its subsidiaries4 (including Halmar Group) 
and joint operations5
Argo Costruzioni Infrastrutture S.c.p.a.
Ponte Meier S.c.a.r.l.
S.G.C. S.c.ar.l., in liquidation
Si.Co.Gen. S.r.l.
Sitalfa S.p.A.
RO.S.S. – Road Safety Services S.r.l.
Euroimpianti S.p.A.
CERVIT Impianti Tecnologici Consortile a 
Responsabilità Limitata (C.I.T. S.c. a r.l.)
ECS MEP Contractor I/S
GROUP STRUCTURE AND BUSINESS SEGMENTS AT 31 DECEMBER 2022
EPC
ASTM GROUP
12
ASTM GROUP

ASTM has long-standing experience in the development, funding, management and maintenance 
of road and motorway infrastructure. The Group is now the second operator in the world for toll-mo-
torway management with around 6,200 km of network in Italy, Brazil and the United Kingdom. In par-
ticular, the Group manages a network of approximately 1,415 km in Italy and is the largest operator 
in the north-west of the country, one of Europe’s wealthiest areas per capita. Through EcoRodovias, 
one of Brazil’s main infrastructure players, the Group manages around 4,700 km of network in the 
country. Lastly, the Group operates in the United Kingdom through its equity investment in Road 
Link, which manages approximately 85 km of network between Newcastle and Carlisle.
MOTORWAY CONCESSIONS
ONE OF THE LEADING 
PRIVATE INVESTORS 
IN TRANSPORT 
INFRASTRUCTURE IN 
ITALY
REVENUE IN 2022*
 € 3.5
BILLION
€2 BILLION IN 2021
*Source: Consolidated financial 
statements of the ASTM Group 
at 31 December 2022
EMPLOYEES 
5,810
5,569 IN 2021
MOTORWAY NETWORK 
IN ITALY, BRAZIL AND THE 
UNITED KINGDOM
6,200 KM 6
1,415 KM
ITALY
85 KM
UNITED KINGDOM
4,700 KM
BRAZIL
INVESTMENTS 
IN MOTORWAY 
ASSETS
2022
2021
 1,304
MILLION
MILLION
 608
OF DRAINING/SOUND-ABSORBING 
ROAD SURFACES EQUAL TO 
AROUND 62% OF THE MOTORWAY 
NETWORK MANAGED IN ITALY
802KM
795 IN 2021
OF NOISE BARRIERS
165KM
157 IN 2021
6 Motorway network entirely managed by ASTM through the subsidiaries, jointly held subsidiaries and associated companies
13
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
PEOPLE
LOCAL AREA

14
ASTM GROUP
THE ITALIAN MOTORWAY NETWORK
THE ITALIAN MOTORWAY NETWORK
TURIN
IVREA
SANTHIÀ
AOSTA
GRAVELLONA
G.S. BERNARDO
MT. BLANC
FREJUS
VENTIMIGLIA
CUNEO
ALESSANDRIA
ASTI
SAVONA
SESTRI L.
LA SPEZIA
VIAREGGIO
LIVORNO
LUCCA
FLORENCE
BOLOGNA
RAVENNA
FERRARA
ANCONA
RIMINI
MODENA
PISA
GENOA
SERRAVALLE
PIACENZA
MILAN
CHIASSO
VARESE
COMO
CREMONA
BRESCIA
MANTUA
VERONA
VICENZA
PADUA
BRENNER
BOLZANO
TRENTO
BELLUNO
PORDENONE
VITTORIO VENETO
PORTOGRUARO
TRIESTE
UDINE
CARNIA
TARVISIO
ROVIGO
PARMA
VOLTRI
VENICE
S.A.V.
ADF A10
ASTI-CUNEO
S.A.T.A.P. A4
Autovia Padana
S.A.T.A.P. A21
SALT A12
SALT A15
ADF A6
SITRASB
A.T.I.V.A.
TE
S.I.T.A.F.
Subsidiary concession holders
Associated concessionaires

15
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
OUR MOTORWAY LICENSEE COMPANIES 7
S.A.T.A.P. S.p.A.
The motorway company S.A.T.A.P has the conces-
sion to manage the following motorway stretches:
•	 A4 Torino-Milano (130 km)
•	 A21 Torino-Piacenza (168 km).8
Autostrada dei Fiori S.p.A.
The company Autostrada dei Fiori has the conces-
sion to manage:
•	 the stretch of motorway from Savona ro Ven-
timiglia (A10), with an overall length of 113 
km8;
•	 the 131 km stretch of the Torino-Savona mo-
torway (A6).
Società Autostrada Ligure Toscana – SALT p.A.
The motorway company SALT has the concession to 
manage the following motorway stretches:
•	 A12 Sestri Levante-Livorno; Viareggio-Lucca; 
Fornola-La Spezia for a total of 155 km8;
•	 A15 La Spezia-Parma for a total of 182 km, of 
which 81 km under construction.
Società Autostrade Valdostane – S.A.V. S.p.A.
The motorway company S.A.V. has the concession 
to manage the A5 motorway stretch from Quin-
cinetto to Aosta Ovest and the A5 SS27 junction of 
the Gran San Bernardo road tunnel (A5) for a total 
60 km.
Autostrada Asti-Cuneo S.p.A.
The company Autostrada Asti-Cuneo has the con-
cession to manage the stretch of the Asti-Cuneo 
motorway (A33), comprising two stretches totalling 
70.6 km.
Autovia Padana S.p.A.
The company Autovia Padana has the concession to 
manage the Piacenza-Cremona-Brescia stretch of 
the A21 motorway, for approximately 100 km and 
a further 11.5 km under construction, as well as the 
Fiorenzuola d’Arda branch, which connects the A21 
with the Milano-Bologna motorway (A1).
The company is also appointed to manage the Os-
pitaletto-Montichiari motorway link for a further 17 
km, on a separate and temporary basis, on behalf 
of ANAS.
A.T.I.V.A. S.p.A.8
A.T.I.V.A. has the concession to manage the Tori-
no-Quincetto and Ivrea-Santhià (A5) motorways, the 
Tangenziale di Torino (Torino bypass) and the Tori-
no-Pinerolo motorway for a total 156 km. The com-
pany is also in charge of the planning, construction, 
management and operation of all potential related 
completions, forks and ring roads.
S.I.T.A.F. S.p.A.
The company S.I.T.A.F. has the concession to man-
age the Torino-Bardonecchia motorways (A32) 
and Frejus Tunnel (T4) for a total 94 km.
ASTM also holds an interest in the following licen-
see companies: Tangenziale Esterna S.p.A., the 
company managing the Tangenziale Esterna di 
Milano (Milan bypass) (32 km), Società Italiana Tra-
foro del Gran San Bernardo S.p.A. (13 km) and the 
Newcastle-Carlisle motorway section in the United 
Kingdom (84 km).
7 Directly controlled
8 A management “extension” has been granted, pending a new concessionaire. The A12 and A10 concession has been reassigned to an ASTM Group companies and 
will last 11 years and 6 months from the takeover date
THE ITALIAN MOTORWAY NETWORK

16
ASTM GROUP
THE BRAZILIAN MOTORWAY NETWORK
Goias
Ecovias dos Imigrantes, which connects São Paulo to Porto de Santos (177 km)
Ecopistas, which connects São Paulo to Vale do Rio Paraiba (144 km)
Ecosul, which connects Pelotas, Porto Alegre and Porto Rio Grande (457 km)
Ecoponte, which connects Rio de Janeiro and Niteroi (29 km)
Eco050 (MGO), which connects Cristalina (Goias) to Delta (Minas Gerais) (437 km)
Eco135 Montes Claros (Minas Gerais) (364 km)
Eco101, which crosses 25 municipalities in the State of Espírito Santo (479 km)
Ecovias do Cerrado, which connects Jataí to Uberlândia (437 km)
Ecovias do Araguaia, which connects Alianca do Tocantins to Anapolis (851 km)
Noroeste Paulista, which connects São José do Rio Preto, Araraquara, São Carlos and Barretos (601km)
EcoRioMinas, which connects Rio de Janeiro to Governador Valadares (727km)
EcoRodovias controls the following licensee companies:
In Brazil, the Group, through the com-
pany EcoRodovias, which is listed on 
the São Paulo Stock Exchange and 
is a leading infrastructure operator 
in the country, manages a motorway 
network of approximately 4,700 km, 
along the south-south-east corridor 
of the country in one of the wealth-
iest and most industrialised areas 
with a high population density.
RIOMINAS

17
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
EcoRodovias, a company listed on San Paolo’s 
B3 Novo Mercado, and leader in Brazil in the 
construction and management of motorway 
infrastructure. For the past several year the Ec-
oRodovias Group has been publishing its own 
Sustainability Report that is certified by an inde-
pendent auditor.
All the EcoRodovias Group’s operating motorway 
concessions have obtained ISO 9001, ISO 14001, 
ISO 45001 and ISO 39001 certifications, except 
for Ecovias do Araguaia and EcoRioMinas.
Additionally, 
Ecorodovias 
Concessoes 
e 
Serviçoes obtained ISO 37001 certification.
For further information please refer to the 
Company’s website at www.ecorodovias.com.br
SUSTAINABILITY INDICES AND RATINGS
Score B
Score A
For the 2nd  
consecutive year
For the 12th  
consecutive year
+4,700
KM
TOLL 
REVENUE 
IN 2022*
BILLION
3.5 BILLION 
IN 2021
3.5
R$
INVESTMENTS 
IN MOTORWAY 
ASSETS 
IN 2022*
2.5
BILLION
R$
92%
EMPLOYEES TRAINED 
ON BUSINESS ETHICS AND 
ANTI-CORRUPTION PRACTICES
1.4 BILLION 
IN 2021
90.9% IN 2021
17
 *FY 2022 Data from the ASTM Group 2022 Management Report
ECORODOVIAS
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
PEOPLE
LOCAL AREA

ASTM GROUP
18
CONSTRUCTION
The ASTM Group operates in the construction sector through Itinera, an international developer of 
major infrastructure and civil and industrial engineering projects. Itinera is one of the largest Italian 
companies in the sector for its expertise, know-how, revenues and backlog and offers its global cus-
tomers quality and innovative solutions. The Company operates all over the world (Europe, Africa, the 
Middle East, South America and the United States), in road and railway infrastructure, underground 
works, ports, airports, hospitals and motorway maintenance.
In the Engineering, Procurement and Con-
struction (EPC) sector, ASTM works through its 
subsidiaries Itinera, S.I.N.A. and Euroimpianti.
EPC
REVENUE 
IN 2022*
 € 1.406
MILLION
1,231 MILLION IN 2021
BACKLOG*
 € 5.6
BILLION
4 BILLION IN 2021
EMPLOYEES 
AND OTHER 
COLLABORATORS
5,436
2021
6,423
WHERE WE ARE 
IN THE WORLD:
ABU DHABI 
SAUDI ARABIA
BOTSWANA
BRAZIL
DENMARK
DUBAI
FRANCE
ITALY
KUWAIT
OMAN
ROMANIA
SWEDEN
USA
2022 REVENUES*
2021 REVENUES
 0.9
BILLION
 1
BILLION
*Source: Consolidated financial statements of the ASTM Group at 31 December 2022
* Data from the ASTM Group  
2022 Management Report
The Itinera Group
HEADQUARTERS

19
2022 Sustainability Report
ENGINEERING:
A KEY FACTOR 
FOR TRANSPORT 
AND MOBILITY 
OPERATORS
*IAS IFRS data at 31 December 2022 including intercompany relations
REVENUE 
IN 2022
€ 101
MILLION
IN 2021*
 € 96
MILLION
GUARANTEEING
A MORE EFFICIENT 
INFRASTRUCTURE 
LIFE CYCLE
ENSURING
THE BEST 
SERVICE TO 
CUSTOMERS
EMPLOYEES
IN 2021
333
306
ENGINEERING
ASTM operates in the engineering sector through its subsidiary S.I.N.A., which boasts an interna-
tional track record specialised in the auditing of tunnel safety and surveillance systems, the control 
and inspection of infrastructure of works, as well as environmental monitoring activities.
PLANTS
* Data from the ASTM Group 2022 Management Report
REVENUE 
IN 2022
 133
MILLION
 € 165
IN 2021*
MILLION
EMPLOYEES
251
IN 2021
243
TECHNOLOGY
REVENUE 
IN 2022
 132
MILLION
 € 99
MILLION
IN 2021*
*IAS IFRS data at 31 December 2022 including intercompany relations
EMPLOYEES
413
IN 2021
403
Euroimpianti is the Group company that manages plant engineering projects in captive and ex-
tra-captive markets. Its main activities involve the planning, development and maintenance of high 
technology systems.
ASTM operates in technology applied to mobility and road infrastructure through Sinelec, a com-
pany specialised in electronic tolls and Intelligent Transportation Systems (ITS). The company is a 
leader in the study, design, implementation and maintenance of advanced technology solutions for 
optimised and safe management of traffic and operations in the road ecosystem.
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
PEOPLE
LOCAL AREA

20
ASTM GROUP
PURPOSE, MISSION AND VALUES
MISSION
To provide the best possible service to our clients 
through safe and secure infrastructure and innova-
tive, robust and sustainable solutions.
OUR VALUES
Our work is based on the respect of certain eth-
ics that must inspire our every action and conduct. 
The Values that underpin our actions are rooted in 
the concepts of lawfulness, integrity, responsibility 
and transparency.
TO CONTRIBUTED TO THE GROWTH, 
SUSTAINABILITY AND DEVELOPMENT 
OF THE REGIONS IN WHICH WE 
OPERATE OUR INFRASTRUCTURE
OUR  
   PURPOSE
 
LAWFULNESS  
AND COMPLIANCE
TRANSPARENCY 
AND CORRECTNESS
SAFETY 
 AND SERVICE 
QUALITY
PROFESSIONALISM  
AND COLLABORATION
INTEGRITY
RESILIENCE
RESPONSIBILITY
CONFIDENTIALITY
PRINCIPLES 
ETHICS
OUR VALUES AND 
SUSTAINABILITY
INNOVATION

21
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
ASTM undertakes to operate responsibly and to integrate sustainability into its business model.
SUSTAINABILITY FOR THE GROUP
CORPORATE GOVERNANCE IN LINE WITH ESG BEST PRACTICES
SUSTAINABILITY PLAN WITH LONG-TERM, SCIENCE-BASED GOALS
REMUNERATION SYSTEM LINKED TO SUSTAINABILITY OBJECTIVES
TRANSPARENT AND ACTIVE STAKEHOLDER ENGAGEMENT
ESG RISKS INTEGRATED INTO THE RISK MANAGEMENT SYSTEM
POLICIES, PROCEDURES AND MANAGEMENT SYSTEMS FOR RELEVANT 
ESG ISSUES
SUSTAINABILITY REPORTING ACCORDING TO GRI STANDARDS AND 
BEST PRACTICES
THE CORNERSTONES OF SUSTAINABILITY FOR THE GROUP ARE:
CREATION OF VALUE SHARED WITH ALL STAKEHOLDERS
SPREADING A SUSTAINABILITY CULTURE
To support cultural change, involvement and the organisational well-being of employees, the internal 
communication process continued in 2022 with the aim of disseminating and fully making use of sus-
tainability initiatives. Furthermore, to strengthen a corporate culture based on shared values and to 
promote the Group’s pillars of strategic responsibility, the ASTM Sustainability Unit has promoted an 
employee training programme on important ESG topics and the relative policies adopted.

22
ASTM GROUP
The Group undertakes to identify and establish 
open and transparent dialogue with its Stakehold-
ers, i.e., all parties of any kind that contribute to 
the Group’s activities or are influenced by them. 
A section dedicated to Stakeholder Engagement 
was created on the ASTM website, which describes, 
among other things, the expectations and methods 
of engagement for each stakeholder and a number 
of completed projects. The figure shown below il-
lustrates the Group’s main stakeholders, identified 
by way of an analysis of the reference sector and 
discussion with the participants of the Group’s ma-
teriality workshop.
To identify the material topics to be discussed in 
the NFS, the Group updated its materiality analy-
sis in line with international guidelines (Sustaina-
ble Development Goals, Global Compact, OECD 
Guidelines for Multinational Enterprises), reference 
standards and frameworks (AA1000 Stakeholder 
Engagement Standard, Reporting Principles of the 
GRI Standards, recommendations of the Task Force 
on Climate-related Financial Disclosures) and Ital-
ian Legislative Decree no. 254/2016), ASTM has 
defined its own materiality analysis. Through this 
analysis, the Group identified the material topics 
associated with the organisation’s most significant 
impacts on the economy, the environment and peo-
ple, including the impact on human rights.
STAKEHOLDER MAP  
AND MATERIALITY ANALYSIS
SUPPLIERS, 
CONTRACTORS 
AND BUSINESS 
PARTNERS
CUSTOMERS 
AND CONSUMER 
ASSOCIATIONS
SHAREHOLDERS 
AND LENDERS
REGULATORY 
BODIES, 
INSTITUTIONS 
AND THE PA
EMPLOYEES AND 
TRADE UNION 
ORGANISATIONS
UNIVERSITIES 
AND RESEARCH 
CENTRES
LOCAL 
COMMUNITY
THE MEDIA

23
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
As part of the materiality analysis, ASTM carried out 
the following actions:
•	 stakeholder identification based on previous 
data;
•	 identification of material topics for the ref-
erence sector. As there is not yet a specific 
GRI Sector Standard, in addition to the re-
quirements of Italian Legislative Decree no. 
254/2016 the Group also considered the SASB 
(Sustainability Accounting Standards Board) 
standards;
•	 in line with previous years, specific stakehold-
er engagement activities were carried out. 
Specifically, specific workshops were held on 
20 and 27 September 2022, involving around 
100 internal stakeholders representing all of 
the Group's business areas in Italy and abroad;
•	 an online survey aimed at a representative 
sample of all external stakeholder categories 
was held, involving representatives from the 
supply chain, employees and trade union as-
sociations, customers and clients, universities 
and research centres and the media. The sur-
vey was also sent to an extended sample of 
motorway users who gave their consent to be 
contacted. In total around 80 responses were 
received;
•	 	identification and prioritisation of the main im-
pacts associated with the material topics iden-
tified;
•	 prioritisation of sustainability topics based on 
the priorities assigned to the various impacts;
•	 updating of the materiality matrix.
The results enabled the materiality matrix to be up-
dated, as presented below. The materiality analysis, 
examined beforehand by the Sustainability Com-
mittee and the Audit and Risk Committee, was pre-
sented to the Board of Directors on 23 November 
2022.
This year road safety, motorway infrastructure safe-
ty, occupational health and safety and anti-corrup-
tion are once again some of the most important 
sustainability issues for the Group. Meanwhile, the 
use of natural resources, waste management, eco-
nomic and financial sustainability, energy consump-
tion and greenhouse gas emissions were afforded 
greater relevance.

24
ASTM GROUP
Significance for the ASTM Group >
This year, the materiality analysis incorporated the 
concept of financial materiality (so-called “double 
materiality”) for the first time, adopting in advance 
the requirements of the Corporate Sustainability 
Reporting Directive (CSRD), which are due to be-
come mandatory from 2024. Specifically, the fol-
lowing analyses were conducted:
•	 use of the SASB Materiality Map as a tool to 
identify the material topics of various sectors 
(the standards in the following areas are par-
ticularly applicable to the ASTM Group: Infra-
structure - Engineering & Construction Servic-
es, Transportation - Road Transportation and 
Technology and Communications - Software 
& IT Services) to assess the topics that have a 
reasonable likelihood of financial impact;
•	 analysis of the correlation between sustaina-
bility materiality and the risks to which ASTM 
and its subsidiaries are exposed, enabling the 
financial topics associated with the greatest 
number of risks, and which therefore are con-
sidered more financially relevant, to be iden-
tified.
Both methodologies confirmed the materiality 
analysis and, in particular, identified the most rele-
vant sector-specific topics.
For the most important material topics, some cor-
relation tables referring to the areas defined under 
Italian Legislative Decree 254/2016, the Sustaina-
ble Development Goals (SDGs), the main associat-
ed sustainability risks and the main management 
and mitigation procedures implemented, are in-
cluded in this document.
Significance for Stakeholders >
THE ASTM GROUP’S MATERIALITY MATRIX
Road safety
Occupational 
health and 
safety
Motorway infrastructure 
safety
Anti-corruption
Attracting and developing human capital
Diversity, equal opportunities 
and inclusion
Use of natural resources  
and waste management
Respect for 
human rights
Innovation
Service quality and 
customer satisfaction
Privacy and 
information security
Stakeholder 
relations
Impact on local area
Noise 
pollution
Business continuity
Energy 
consumption and 
GHG emissions
Protection of landscape 
and biodiversity
Economic/
financial 
sustainability
Governance and 
compliance
Responsible supply 
chain management
Key
Sector-specific
Environmental
Social
Human Rights
The fight against 
corruption
Personnel
Economic and governance

25
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
SUSTAINABILITY INDICES AND RATINGS
Sustainability indices and ratings assess companies based on their environmental, social and govern-
ance (ESG) performance.
CDP CLIMATE CHANGE
In 2022, ASTM was confirmed to be a global leader in the fight against cli-
mate change by the Carbon Disclosure Project (CDP), a global non-profit en-
vironmental organisation, achieving an A- rating. The Group was assessed on 
the basis of the actions it introduced to reduce emissions, mitigate climate 
risks and develop a low-carbon emission economy. Of the some 15,000 com-
panies that signed up to the initiative in 2022, 257 are Italian, 8% of which 
achieved a Leadership (A/A-) level.
STANDARD ETHICS RATING
Standard Ethics, an independent sustainability rating agency, confirmed ASTM’s 
sustainability rating (Standard Ethics Rating) in 2022, with an EE rating (“Strong”), 
acknowledging that the Company had adopted ESG reporting models and sustain-
ability strategies aligned with the international indications promoted by the UN, the 
OECD and the European Union, addressing environmental, social and safety issues. 
The outlook assigned to ASTM is “Positive” EE+ (“Very strong”).
SUSTAINALYTICS
The ESG rating of Sustainalytics measures how companies manage en-
vironmental, social and governance matters. The rating provides an as-
sessment of the ability of businesses to mitigate risks and exploit oppor-
tunities.
Sustainalytics assigned ASTM a Top-Rated score. The ESG Risk Rating at-
tributed ASTM a score of 11.1 (Low); i.e. the economic value potentially at 
risk due to ESG factors not managed is low.
MSCI
ASTM achieved an MSCI ESG rating of A (Average). The MSCI ESG rat-
ing is designed to measure the resilience of a company to long-term 
environmental, social and governance (ESG) risks in the sector. The 
ESG ratings vary from leader (AAA, AA), average (A, BBB, BB) to lag-
gard (B, CCC).

26
ASTM GROUP
CORPORATE GOVERNANCE
ASTM’s governance structure is based on the tra-
ditional organisational model, according to which 
the company is managed by a Board of Directors 
and monitored by a Board of Statutory Auditors. 
The Corporate Governance system is inspired by 
the highest standards of transparency and correct-
ness and the Corporate Governance Code for listed 
companies in order to ensure compliance with the 
principles and ethical values to which ASTM aspires 
in relations with all stakeholders.
The Articles of Association of ASTM contain spe-
cific provisions on the composition of the compa-
ny bodies so as to guarantee, in compliance with 
best practices, the respect for gender balance and, 
with particular reference to the Board of Directors, a 
sufficient number of independent directors, whose 
requirements of independence are assessed peri-
odically.
The Board of Directors consists of 11 Directors, of 
whom 8 (73%) are men and 3 (27%) women. 3 (27%) 
are in the 30-50 age group, while 8 (73%) are in the 
over-50 age group. 4 Directors are considered in-
dependent pursuant to the Consolidated Law on 
Finance (TUF) and meet the independent require-
ments established in the Corporate Governance 
Code. The members of the Board of Directors peri-
odically take part in induction sessions on ESG top-
ics in order to remain cognizant of the company’s 
impacts on sustainability and the main international 
developments in this area.
For further information on the Corporate Govern-
ance system of ASTM S.p.A. and the composition 
of its internal committees and the Board of Direc-
tors, see the “Report on Corporate Governance and 
Ownership Structure” available on the Company’s 
website www.astm.it/en in the section “Govern-
ance”.
GOVERNANCE OF SUSTAINABILITY
ASTM has defined the organisational structure of 
sustainability governance procedures by establish-
ing roles and responsibilities for decision-making 
and overseeing the management of the organisa-
tion's impacts on the economy, the environment 
and people. ASTM’s Board of Directors establishes 
strategic sustainability guidelines with a view to cre-
ating medium- to long-term value for all Stakehold-
ers and approves the Sustainability Plan and Sus-
tainability Report.
The ASTM Board of Directors has established a Sus-
tainability Committee, consisting of three directors, 
which provides proposals and consulting to the 
Board with regards to sustainability matters. In par-
ticular, in assisting the Board of Directors, the Com-
mittee: a) offers supervision of sustainability issues 
linked to corporate activities and the impacts of the 
organisation on all Stakeholders, b) examines the 
Sustainability Plan before it is submitted for approv-
al to the Board of Directors and monitors its imple-
mentation, c) examines the content of the periodic 
non-financial disclosure before it is submitted for 
approval to the Board of Directors.
The Audit and Risk Committee, consisting of three 
directors, does the following to assist the Board of 
Directors, among other things: a) assesses the suit-
ability of the periodic non-financial disclosure in 
terms of adequately representing the Company’s 
business model and strategies, the impact of its ac-
tivities on the environment, the economy and peo-
ple, and its performance, coordinating with the Sus-
tainability Committee and b) examines the content 
of the periodic non-financial disclosure in terms of 
information on the internal audit system and risk 
management.
With a view to creating sustainable medium- to 
long-term value, the Sustainability Committee inter-
acts with the Audit and Risk Committee and with the 
Remuneration Committee as fundamentally impor-
CORPORATE GOVERNANCE,  
INTERNAL AUDIT  
AND RISK MANAGEMENT SYSTEM

27
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
tant, in order to encourage each within its remit to 
increase the integration of sustainability into corpo-
rate governance.
Moreover, the Sustainability function, reporting 
directly to the Chief Executive Officer, contributes 
to establish the company sustainability strategies 
with a view to create medium- to long-term val-
ue for all Stakeholders, identifies and suggests to 
senior management the areas and projects for im-
provement in the Sustainability model, prepares the 
Sustainability Report, promotes and distributes the 
sustainability culture within the Group and ensures, 
through coordination with other departments, the 
identification and analysis of Stakeholders’ expecta-
tions by encouraging dialogue with them.
8
27%
FEMALE DIRECTORS
GENDER BREAKDOWN OF THE BOARD  
OF DIRECTORS
AGE GROUPS OF THE BOARD  
OF DIRECTORS MEMBERS
4 Directors are considered independent 
pursuant to the Consolidated Law on 
Finance (TUF) and meet the independent 
requirements established in the Corporate 
Governance Code
73%
MALE DIRECTORS
	 30-50 years
	 > 50 years
3
MANAGEMENT OF CONFLICTS  
OF INTEREST
On 16 December 2021, the Board approved a 
new version of the procedure on transactions with 
related parties (“RPT Procedure”) in order to take 
account of the delisting and, therefore, the non-ap-
plication of the Regulation containing provisions on 
transactions with related parties approved by CON-
SOB with resolution no. 17221 of 12 March 2010, 
as subsequently amended and the provisions of the 
new articles of association approved by the Share-
holders’ Meeting.
Available on the Company’s website www.astm.it 
in the “Governance” section and updated by the 
Board on 13 December 2022, the procedure sets 
out the rules governing the approval and manage-
ment of related-party transactions carried out by 
ASTM, directly or through subsidiaries, in order to 
guarantee the transparency and procedural and 
substantive fairness of transactions.
RELATIONSHIP WITH 
SHAREHOLDERS AND THE MARKET
ASTM organises its activities according to rules that 
ensure management’s reliability and a fair balance 
between the powers of management and the in-
terests of shareholders and other stakeholders, as 
well as transparency and the market’s knowledge 
of managerial decisions and corporate events that 
can significantly influence the development of the 
securities issued, in compliance with applicable 
regulations on market abuse (Regulation (EU) no. 
596/2014), as well as procedures adopted by the 
Company to manage, process and communicate 
inside information.

28
ASTM GROUP
THE SUSTAINABILITY PLAN
Sustainability is a key component of the Group’s cor-
porate strategy. The sustainability strategy of ASTM 
has involved analysis, integration and development 
of a number of elements, such as the “Ten Princi-
ples” of the United Nations Global Compact (UNGC), 
ISO 26000 Guidelines, the Group’s materiality anal-
ysis and the 17 UN Sustainable Development Goals 
(SDGs) to be achieved by 2030, consistent with the 
Group’s Strategic Plan.
ASTM has adopted a tangible, progressive and 
proactive approach over the years for implementa-
tion of its ambitions in the ESG sphere, which are 
comprehensively presented in the 2017-2021 Sus-
tainability Plan “Going Global Sustainably”, the first 
holistic step taken by the company to incorporate 
sustainability aspects into its operations. Specifical-
ly, the Plan promotes the commitment to sustaina-
bility issues in the context of continuous improve-
ment and in order to inform all its stakeholders of 
the Group’s strategic directions in terms of sustain-
ability, sharing goals, principles and values.
In 2021, ASTM strengthened its commitment to the 
fight against climate change by defining objectives 
and initiatives to reduce greenhouse gas emissions 
by 2030, approved by the Science-Based Targets ini-
tiative (SBTi) and integrated into its financial strategy, 
by publishing its first Sustainability-Linked Financing 
Framework (available on the Company website un-
der the “Investor Centre" section), in the context of 
which 3 billion worth of Sustainability-Linked Bonds 
were issued in November.
In July 2022 the ASTM Board of Directors approved 
the new 2022-2026 Sustainability Plan, which catego-
rises concrete goals into three areas - “People”, “Plan-
et” and “Prosperity”. Among other things, the Plan 
includes science-based GHG emission reduction 
targets to 2030, updated to align with the 1.5 °C tar-
get, and includes  the companies of the EcoRodovias 
Group and the SITAF Group, both acquired by ASTM 
in 2021, into the carbon footprint calculation.
PROCEDURE FOR DRAFTING, APPROVING AND PUBLISHING  
THE NON‑FINANCIAL DISCLOSURE PURSUANT TO ITALIAN LEG. DECREE 
NO. 254/2016
In 2019, ASTM adopted an operating procedure “Procedure for Drafting, Approving and Publishing the 
Non-Financial Disclosure Pursuant to Italian Legislative Decree 254/2016”, which defines the operating 
process for drafting, approving and publishing the NFD based on that established under Legislative De-
cree 254/2016 and the GRI Sustainability Reporting Standards.
In January 2023 ASTM updated its operating procedure to strengthen its controls and improve alignment 
to the best practices associated with the evolving context. Moreover, the main operating subsidiaries are 
preparing a procedure based on the one adopted by ASTM to ensure continuous improvement in the 
collection and processing of data.

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2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
PLANET
PROSPERITY
SUSTAINABLE
PEOPLE
DIRECT CONTRIBUTION
INDIRECT CONTRIBUTION
•	
•	 Reduction of CO2 emissions
•	 Protection of  biodiversity
•	 	Development of circular economy 
projects
•	
•	 Promotion of diversity and inclusion
•	 Human capital development
•	 Protection of health and safety
•	 Protection of human rights
•	
•	 Support for technological innovation
•	 Contribution to the development  
of local areas and communities
•	 Protection of road safety
Planet
People
Prosperity

30
ASTM GROUP
ROADMAP OF SDGs
In line with the guidelines published by the World Business Council for Sustainable Development 
(WBCSD), in 2019 ASTM defined a roadmap to improve the Group’s contribution to achieving the United 
Nations’ Sustainable Development Goals (SDGs) by 2030.
In particular, through an assessment of consistency, validity and application of the Sustainable Devel-
opment Goals (SDGs) to the sustainability issues and policies of the Group, also taking into account the 
context and reference sector and the main impacts generated and experienced along the value chain, 
actions were identified to improve the performance and impact in relation to the SDGs.
The analysis made it possible to prioritise the SDGs based on the greater and lesser ability of the Group 
to contribute to achieving them through the impact generated along the value chain. A summary of the 
achieved results is shown below: the SDGs at the top are of greatest significance for ASTM in terms of 
contribution/impact. The lines shown in the chart show the existing connection between the develop-
ment issues identified and represented by the SDGs. The analysis made it possible to identify targets of 
particular relevance and indicators used to improve the monitoring of the Group’s contribution to the 
targets. These indicators are monitored periodically and reported on annually in this document.
Of particular relevance were SDG 9 - Industry, innovation and infrastructure – given that ASTM is com-
mitted to developing quality, reliable, sustainable and resilient infrastructure - and SDG 11 - Sustainable 
cities and communities – which reflects the commitment to providing access to safe and sustainable trans-
port systems and improving road safety.
CORRELATION
CONTRIBUTION/IMPACT

31
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
ASTM AND MOBILITY OF THE FUTURE
ASTM is aware that, in addition to being complex works of engineering, infrastructure represents a 
strategic asset for economic growth and the well-being of citizens. Working on these projects, then, 
not only means changing the connective tissue of a territory, but also contributing to its development, 
creating connections between people, goods and ideas.
By integrating Sustainability Policies into its business strategy, by giving people and the environment 
a central role, ASTM intends to be a protagonist and to participate actively in the digital and ecologi-
cal transformation of mobility, promoting technological innovation and ecological transition projects 
to make infrastructure even safer, smarter and more sustainable.
The A4 Torino-Milano motorway is at the centre of the first important modernisation plan promoted 
by ASTM, which involves high-technology interventions to make the infrastructure more resilient, sus-
tainable and one of the most modern and cutting-edge in Europe and the world. The first part of these 
projects will be completed by 2024 on a 30-km pilot stretch between the Novara Est junction and the 
Milano Ghisolfa barrier, before being extended to the entire stretch managed – subject to the Ministry 
of Infrastructure and Transport (MIT) authorisation. By 2030, ASTM aims to create a model for the entire 
motorway system in Italy: safer infrastructure equipped with innovative solutions, designed with the 
aim of continuing and improving the travel experience and the quality of service for customers.
The envisaged works can be divided into three areas:
•	 road safety and assisted driving;
•	 infrastructure monitoring and maintenance;
•	 sustainability.
At the end of the works, the users of the A4 Torino-Milano will benefit, for example, from the introduc-
tion of hydrogen distributors, the increase in the infrastructure monitoring system, wrong way vehi-
cle and hazardous goods detection systems, new asphalt surfaces obtained from recycled materials, 
anti-fog and vehicle-infrastructure communication systems (the latter being fundamental, in the short 
term, for improving the efficiency of traffic flows and, in the long term, for the introduction of self-driv-
ing vehicles, the arrival point of the “smart road”). In terms of connectivity, the A4 has a stretch that is 
already fully kitted out to allow for vehicle-infrastructure “dialogue”.
The ecological and digital transition project of the A4 Torino-Milano motorway involves significant 
investments, which will have a positive impact on the territory, in terms of the economic contribution 
and employment generated along the entire value chain.
Read the press release

32
ASTM GROUP
INTERNAL AUDIT  
AND RISK MANAGEMENT SYSTEM
The Internal Audit and Risk Management System 
is part of the organisational, administrative and 
accounting structure and more in general the cor-
porate governance structure. It is inspired by best 
practices and the Corporate Governance Code of 
Borsa Italiana9.
The Board of Directors is responsible for the Inter-
nal audit and Risk Management System in relation 
to which, through the specific Committee, it de-
fines the guidelines and periodically checks their 
adequacy and actual operation, ensuring that main 
company risks are identified and managed in line 
with the strategic objectives set.
The Internal Audit and Risk Management Model 
adopted by ASTM is in line with best practices de-
fined by the Enterprise Risk Management Integrat-
ed Framework (“COSO ERM”) and ISO 31000.
With support from dedicated internal functions, the 
model adopted guarantees monitoring of risk as-
sociated with the attainment of strategic company 
objectives, including in terms of sustainability.
As an industrial holding, ASTM S.p.A. coordinates 
and develops its equity investments, identifies new 
investment opportunities and mainly manages fi-
nancial and compliance risks related to its nature as 
a holding.
As part of their legal and operational autonomy, the 
subsidiaries are responsible for the autonomous 
management of the risks concerning the specific 
business activities.
During 2022, each company monitored/revised the 
assessment of main risks generated or sustained, 
relating to business operations, including aspects 
concerning environmental, social aspects and per-
sonnel issues, respect for human rights, the fight 
against active and passive corruption.
In particular, the facing page describes the main 
risks concerning sustainability issues of ASTM and 
its subsidiaries.
9 For further information on the Internal Audit and Risk Management System, see ASTM’s “Report on Corporate Governance and Ownership Structure” available on the 
company’s website in the Governance/Corporate Governance Report section
SUSTAINABILITY POLICIES
To support its efforts in the ESG 
sector, ASTM has adopted specific 
policies on relevant sustainability 
issues which can be found on the 
Company's website, promoting 
their adoption also by the main op-
erating subsidiaries which, taking 
into account their own operations 
and organisational structures, have 
adopted them through their rele-
vant bodies.
ANTI-CORRUPTION 
POLICY
SUPPLIERS CODE  
OF CONDUCT
ENVIRONMENT 
MANIFESTO
DIVERSITY AND 
INCLUSION POLICY
HUMAN RIGHTS  
POLICY
BIODIVERSITY  
POLICY

33
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
MAIN RISKS CONCERNING SUSTAINABILITY ISSUES
RISKS RELATED TO THE SUPPLY 
CHAIN AND SUBCONTRACTING
Risks related to the conduct of suppliers and subcon-
tractors and lack of monitoring of supplier practices, 
particularly in the construction sector, with particular ref-
erence to occupational health and safety issues, respect 
for human rights, anti-corruption and compliance with 
environmental regulations, including regulations on 
climate change.
BUSINESS CONTINUITY RISKS
Risks linked to temporary limitations or interruptions 
to company business and/or operation due to external 
events and/or factors which affect one or more operat-
ing subsidiaries of the Group.
ENVIRONMENTAL  
COMPLIANCE RISKS
Risks related to environmental, legal and related regula-
tions (in particular those on climate change) in Countries 
where the Group companies operate and that could affect 
the business activities.
RISKS RELATED TO INNOVATION 
AND THE MARKET
Risks related to ecological/digital transition and techno-
logical innovation processes not in line with the strate-
gic, sustainable development and market competitive-
ness objectives
RISKs OF OPERATIONAL 
DISRUPTION TO INFRASTRUCTURE
Risks related to the operational disruption to motorway 
infrastructure caused by unpredictable events outside 
the control of the licensees of the Group, such as ex-
treme weather events, natural disasters or man-made 
disasters (accidents, fires, acts of terrorism), and risks 
related to inadequate monitoring of the safe condition 
of infrastructure.
“NIMBY” RISK
Risks related to NIMBY (Not In My Back Yard) cam-
paigns, i.e. when local communities or trade associ-
ations protest against the development of large in-
frastructure and/or projects to improve road systems 
undertaken by the Group companies.
RISKS RELATED TO THE 
MANAGEMENT OF EMERGENCY 
EVENTS AND MOTORWAY USER 
SERVICES
Risks related to the inadequate management of emer-
gency events by the Group licensees in motorway oper-
ation and management of motorway services not in line 
with the standards defined in the services charter.
COMPLIANCE RISKS AND RISKS 
RELATED TO ETHICAL BEHAVIOUR
Risks related to non-compliance with environmental 
regulations by the Group companies, including those 
on climate change, occupational health and safety and 
the lack of integrity of management and employees 
that could result in unethical, unauthorised, unlawful or 
fraudulent behaviour, with particular reference to active 
and passive corruption, corruption between individuals 
and human rights.
RISKS RELATED TO PERSONNEL
Risks related to the ability to attract, hire, develop, 
motivate and retain qualified professionals within the 
Group companies while guaranteeing diversity and 
equal opportunities.

34
ASTM GROUP
THE GROUP’S RESPONSE  
TO RISK
ASTM and its main operating subsidiaries have 
adopted a Risk Management system conforming 
to the best practices identified by CoSo ERM and 
ISO 31000, defining the organisational structure 
and assigning clear roles and responsibilities in 
this regard. The strategic objectives and the as-
sociated risk profile, inspired by the principles 
of Governance, have been identified as the main  
strategic risk management tool. Specific process-
es to identify, monitor and mitigate main company 
risks have also been defined.
As regards the main risk mitigation activities, 
ASTM and its operating subsidiaries have adopted 
a Code of Ethics and Conduct and a Management 
Programme since 2004, pursuant to Italian Legisla-
tive Decree 231/01 (Model 231), also establishing 
the operating procedures and a disciplinary sys-
tem.
Itinera S.p.A. also holds a certificate of conformity 
for its production cycle in relation to the provisions 
of ISO 31000 guidelines on risk analysis for activi-
ties carried out in Italy and overseas by work sites 
and branches.
The main policies adopted by ASTM and its sub-
sidiaries, to mitigate identified sustainability risks, 
are described in this document, with particular ref-
erence to the “Ethics and Integrity” section.
ASTM and its main operating subsidiaries have 
implemented management systems in line with 
UNI ISO norms with reference to health, safety, en-
vironment and quality aspects. For more details, 
please see the dedicated sections.
In regards to whistleblowing legislation, ASTM 
and its main operating subsidiaries adopted a sys-
tem in 2018 to report irregularities and potential 
offences committed by employees and third par-
ties, to supplement the channels already set up for 
reporting to the Supervisory Body. EcoRododias 
introduced an “Ethics Channel” from 2018. This 
online platform allows employees, customers and 
third parties to report potential infringements of 
the Code of Ethics or any policy and procedure 
adopted by the Group, including anonymously. An 
Ethics Committee was also established, with the 
task of investigating the reports received, with the 
support of the Compliance Team.
APPROACH TO RISK MANAGEMENT
RISK 
ASSESSMENT
Identify, monitor 
and mitigate risks
CULTURE
Spread a risk 
management culture 
within the organisation
RISK LIMITS 
AND 
STRATEGY
Define and 
integrate risk 
limits with 
strategic 
objectives
PROCESSES
Integrate risk management in 
company processes
GOVERNANCE
Define the Risk 
Management 
organisational 
structure
GOVERNANCE, 
RISK AND 
COMPLIANCE 
FRAMEWORK
CRISIS MANAGEMENT
ASTM and its main operating subsidiaries have 
adopted an interdepartmental procedure for crisis 
management.
In particular, the procedure identifies the types of 
possible crises, defines the organisational struc-
ture, processes and information flows in the event 
of a crisis.
The analysis of the various business segments of 
the Group identified the types of crises essentially 
attributable to safety issues (e.g. pollution or envi-
ronmental disaster, serious injury at work, imped-
iment of senior management) and to external fac-
tors (e.g. serious damage to works or infrastructure 
caused by external events, serious epidemics or 
infectious diseases, IT accidents, extreme weath-
er events or natural disasters) and the criteria for 
assessing their severity on the basis of the event’s 
specific characteristics.

35
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
In the event of a crisis assessed to be of maximum 
severity, the Crisis Manager (identified as the Chief 
Executive Officer) of the company affected can ac-
tivate the Crisis Management Team, which will be 
responsible for the overall crisis management strat-
egy. In relation to the type of crisis, the Crisis Man-
ager may also involve external professionals and 
experts.
In the event that a crisis affects a subsidiary, in ad-
dition to initiating its own dedicated Crisis Manage-
ment organisation, that company informs ASTM 
S.p.A., which provides an Advisory Committee to 
consult with the subsidiary’s Crisis Manager.
Material topic: 
BUSINESS CONTINUITY
Area of Leg. D. 254/2016:
ENVIRONMENTAL, SOCIAL, PERSONNEL, RESPECT FOR HUMAN 
RIGHTS, FIGHT AGAINST ACTIVE AND PASSIVE CORRUPTION 
 
Main sustainability risks associated:
•	 Business continuity risks;
Summary of main management and mitigation actions:
•	 Interdepartmental 
Crisis 
Management 
operating 
procedure, which defines the organisational structure, 
processes and information flows in the case of a crisis
•	 Flexible organisational structure to be adopted in 
emergencies to guarantee continuity of business and of 
services in the public interest
•	 Adequate infrastructure and IT equipment
•	 Training and operating guidelines for the use of software, 
communication systems, connection methods
•	 Supplier Register to guarantee Business Continuity

36
ASTM GROUP
ETHICS AND INTEGRITY
The Company's Code of Ethics and Conduct, in 
the version most recently adopted by the Board of 
Directors on 16 December 2021, was prepared in 
terms of the Group and, inspired by the ESG prin-
ciples and values contained in the various sustain-
ability policies adopted by ASTM and its main op-
erating subsidiaries, summarises all the elements 
which serve as the foundation for the ASTM Group’s 
identity and culture.
The Code of Ethics and Conduct, available on the 
Company's website, applies to ASTM S.p.A. and its 
Italian and foreign subsidiaries, and is binding for 
all employees and collaborators of said companies 
and for all those who, in any capacity and regard-
less of the type of contractual relationship, contrib-
ute to the attainment of the Group's targets and 
objectives, including members of company bodies.
In 2022 there were no violations relating to predi-
cate crimes pursuant to Legislative Decree 231/01. 
For the sake of completeness, it is noted that five 
instances of employee conduct not in line with the 
general principles set out in the Code of Ethics 
were reported, which were handled in accordance 
with the operating procedures and disciplinary sys-
tems in force.
Material topic:
ANTI-CORRUPTION
Area of Leg. D. 254/2016:
THE FIGHT AGAINST ACTIVE AND PASSIVE CORRUPTION
Main sustainability risks associated:
•	 Compliance risks and risks related to ethical behaviour;
Summary of main management and mitigation actions:
Implementation of an integrated human capital management 
system, through:
•	 Anti-corruption policy in line with the applicable best 
practices and national and international standards;
•	 Anti-corruption management system certified to ISO 
37001 for ASTM S.p.A. , Itinera S.p.A., Sinelec S.p.A., 
Tubosider S.p.A., Ecorodovias Infraestrutura e Logística 
S.A. and Ecorodovias Concessões e Serviços S.A.; • Anti-
corruption officer;
•	 Internal channel to report offences or irregularities 
identified during work activities.
Training courses on corruption risks are held at regular intervals for 
executives and people most exposed to these risks.

37
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
ANTI-CORRUPTION MANAGEMENT SYSTEM  
CERTIFIED TO ISO 37001
ASTM S.p.A. and its subsidiaries Itinera S.p.A., Sinelec S.p.A., Tubosider S.p.A., EcoRodovias Infraestru-
tura e Logistica S.A. and EcoRodovias Concessões e Serviços S.A have implemented an Anti-Corrup-
tion Management System, certified to UNI ISO 37001, for the Italian remit.
The UNI ISO 37001 Management System has been harmonised with the existing controls, contribut-
ing to the optimisation of the organisational structure and the decision-making and control processes 
aimed at the tangible implementation of the anti corruption Policy, with a view to the continuous im-
provement of the ISO standards. ASTM’s Anti-Corruption Policy was most recently updated through a 
Board of Directors resolution on 13 November 2020.
As envisaged by the voluntary standard, an anti-corruption officer has been appointed, in the figure of 
the Internal Audit Function Manager, who has been allocated with tasks and responsibilities to over-
see the implementation of the management system for corruption prevention, in compliance with the 
existing regulations and requirements of ISO 37001, and to communicate with senior management 
regarding the system’s adequacy, highlighting any shortcomings or areas for improvement.
Training sessions are carried out periodically on the anti-corruption management System for all em-
ployees, with the objective of increasing awareness about each individual’s contribution to promoting 
the culture of legality according to a zero-tolerance approach towards behaviours that do not meet 
the ethical principles adopted by the Company.
In accordance with the standard, specific internal audits are also carried out periodically on the compli-
ance of the anti-corruption management System. The results of the monitoring activities and any reports 
are analysed systematically in order to assess the implementation of possible improvement actions.
ANTI-CORRUPTION
With a zero-tolerance approach, the Group repu-
diates and disincentives all types of corruption, 
whether in Italy or abroad, and is committed to ac-
tively fighting it by complying with the anti-corrup-
tion regulations in effect in all the countries in which 
it works, requiring its stakeholders to work honestly 
and with integrity.
To that end, inspired by the best practices of the 
anti-corruption Compliance program and the in-
ternational reference standards, such as UNI ISO 
37001, ASTM and its main Italian operating subsid-
iaries have adopted a structured system of rules, 
controls and notification mechanisms with the aim 
of preventing crimes of corruption. In particular, 
the measures implemented to prevent corruption 
are governed by the Organisation, Management 
and Control Model pursuant to Italian Legislative 
Decree 231/2001 and the Anti-Corruption Policies 
of the main operating companies controlled by the 
Group who have adopted them.

38
ASTM GROUP
	
 INTERNAL AUDIT FUNCTION
ASTM and its main Italian operating subsidiaries 
have appointed a manager of the Internal Audit 
Function. This individual is in charge of verifying 
the operations and suitability of the internal audit 
and risk management System, through an audit 
plan approved by the Board of Directors, based on 
a structured process of analysis and prioritisation 
of the main corporate risks.
RISK ANALYSIS 
FOR EACH PROCESS
AUDIT PLAN 
DEVELOPMENT
IDENTIFICATION OF 
MITIGATING ACTIONS
1
3
2
The Board of Directors of ASTM, with the support of 
the Audit and Risk Committee, approves the work-
ing plan annually prepared by the manager of the 
Internal Audit Function, having consulted the Board 
of Statutory Auditors and the Chief Executive Of-
ficer.
As the Manager of the compliance and corruption 
prevention function, ASTM’s Internal Audit Function 
Manager carried out the necessary investigations 
and reported to the relevant bodies regarding the 
ISO 37001 Management system adopted by the 
Company.
WHISTLEBLOWING SYSTEM
To promote a culture of lawfulness with a zero toler-
ance policy for behaviour not in line with the ethical 
principles adopted by the Company and with cur-
rent rules and regulations, ASTM and its operating 
italian subsidiaries have implemented a notification 
(or “Whistleblowing”) which, through the use of a 
digital platform managed by a specialised and inde-
pendent third party, allows all stakeholders to anon-
ymously report presumed or confirmed violations of 
laws, regulations, company procedures and policies 
or values set out by the Code of ethics.
With regard to the EcoRodovias Group, in 2022 there 
were 229 reports received through the Ethic Chan-
nel, of which 16 related to cases of corruption, 62 to 
crimes against the individual, 34 to conflicts of interest 
and 117 to antitrust issues. Furthermore, 2 reports of 
alleged breaches to company regulations at Itinera 
were received. All reports were investigated confiden-
tially and independently by the competent bodies ac-
cording to the established procedures.
With reference to the inquiries connected to events 
which occurred prior to the acquisition of control 
by the ASTM Group and which involved some Eco-
Rodovias Group companies, please refer to the ex-
planation in the paragraph "Other information" of 
the Explanatory Notes to the consolidated financial 
statements of the ASTM Group as at 31 December 
2022.
PRIVACY
The Group continues to focus on protecting the per-
sonal data of its Stakeholders, aware that protecting the 
privacy of natural persons is a fundamental right, also 
recognised by the Charter of Fundamental Rights of the 
European Union.
In line with the provisions of EU Regulation 2016/679 
(“GDPR” – General Data Protection Regulation), a data 
protection organisational and operational model has 
been implemented which requires: the definition of 
roles and responsibilities within the company, including 
the identification of a Data Privacy Officer (or “DPO”), 
a focal point (or “Data Protection Officer”) and internal 
managers for functional areas (known as “Data Manag-
ers”) who oversee personal data processing, also man-

39
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
aging relations with third parties; the adoption of a data 
privacy policy and specific data protection procedures 
and protocols; the implementation of a digital platform 
for the management and accountability of all data pro-
tection activities.
A coordinating body has also been established, 
formed of the Data Protection Officers of the indi-
vidual companies (known as the “Data Protection 
Officers Group”), with the role of raising collective 
awareness and connecting methodologies. Over 
the year, periodic meetings were held by the Of-
ficers Group and the DPO.
The Group pays particular attention to training com-
pany resources and raising employee awareness by 
organising training initiatives based on the corpo-
rate profiles of the participants.
ASTM has implemented the Task Force on Cli-
mate-Related Financial Disclosures (TCFD) recom-
mendations, in order to strengthen the Group’s 
commitment relative to climate change and, in 
particular, help meet the objective of limiting the 
increase in the average global temperature in line 
with the Paris Agreement.
The main goal of the TCFD recommendations is to 
help companies to inform their stakeholders, clearly 
and in a comparable fashion, about risks and op-
portunities linked to climate change, with reference 
to four thematic areas representing the fundamen-
tal pillars of an organisation: Governance, Strategy, 
Risk Management, Metrics and Targets.
GOVERNANCE
To promote the sustainable success of the Group 
also through environmental performance moni-
toring and, in particular, of the impacts of climate 
change on the company's operation and financial 
results, the ASTM Group has created a governance 
model in line with ESG best practices which guar-
antees top management are involved in the defini-
tion of strategic sustainability guidelines, also with 
reference to climate change issues. Further, each 
company, based on their operations, considers the 
impacts of climate change in their risk management 
policies, financial planning, operating activities and 
investment planning, as well as in designing and 
STRATEGY
RISK 
MANAGEMENT
METRICS 
AND TARGETS
FUNDAMENTAL ELEMENTS IN TCFD REPORTING
GOVERNANCE
The organisation’s governance with regards to climate-related 
risks and opportunities.
STRATEGY
The effective and potential impacts of climate-related risks and 
opportunities on an organisation’s assets, strategy and financial 
planning.
RISK MANAGEMENT
The processes used by the organisation to identify, evaluate and 
manage climate-related risks.
METRICS AND TARGETS
The metrics and targets used to evaluate and manage climate-
related opportunities and risks.
GROUP CLIMATE STRATEGY
GOVERNANCE

40
ASTM GROUP
monitoring organisational performance objectives.
In 2022, ASTM was confirmed to be a global leader 
in the fight against climate change by the Carbon 
Disclosure Project (CDP), a global non-profit envi-
ronmental organisation, achieving an A- rating.
STRATEGY
The medium/long-term planning, starting from the 
first Sustainability Plan “Going Global Sustainably”, 
also takes account of the UN’s 17 Sustainable De-
velopment Goals (SDG) for 2030, including target 
13.1 “Strengthen resilience and adaptive capacity 
to climate related hazards and natural disasters in 
all countries”. The Group’s strategic guidelines in-
clude the promotion of energy efficiency policies, 
specifically through objectives and measurable ac-
tions for every area, over the medium/long term.
In 2020 ASTM introduced climate scenario analysis 
to its strategy to:
•	 assess how risks and opportunities linked to 
the climate impact all of the Group's business 
areas
•	 investigate the Group’s resilience/robustness 
in the face of risks and opportunities linked to 
the climate
•	 identify a strategy to reduce the Group's emis-
sions over the medium/long-term.
The scenarios used for analysis reflect various future 
possibilities, specifically the “Transition Scenarios”, 
the technological and economic changes needed 
to mitigate climate change and, the “Physical Sce-
narios”, how the Earth's climate reacts to changes in 
concentrations of greenhouse gases (GHG).
In compliance with TCFD recommendations, vari-
ous scenarios were considered, including: one 2°C 
scenario and two much more ambitious ones (well 
below 2°C and 1.5°C); a scenario appropriate to the 
geographic context in which the organisation oper-
ates (Integrated National Energy and Climate Plan 
(INECP), the expression of the Nationally Deter-
mined Contributions (NDC) for Italy); and a physical 
scenario used to anticipate possible climate effects 
which will impact the Group's activities in the future 
(RCP8.5).
From the physical scenarios, the International Panel 
on Climate Change (IPCC) RCP8.5 was selected in 
order to include the most significant impacts con-
nected to physical climate variables (e.g. temper-
ature increase, extreme precipitation) which could 
directly influence the Group’s activities, in particular 
infrastructure safety and road safety.
The physical effects which over the long term have 
the highest probability of impacting ASTM’s busi-
ness in the geographic areas of greatest interest to 
the Group were extracted (Europe and Latin Amer-
ica):
•	 increased damages associated with floods and 
landslides, overflowing of rivers and coastal 
erosion
•	 increase in water scarcity and consequent re-
strictions on water use
•	 increase in damage due to extreme heat and 
forest fires.
Relative to the transition scenario applied to Group 
business, various scenarios were selected in com-
pliance with TCFD recommendations: the scenarios 
“2DS”, “Well Below 2°C” and “1.5°C” (designed by 
the Science Based Target initiative - SBTi10 and the 
International Energy Agency - IEA11), used for target 
setting to assess the maximum available “carbon 
budget” and to obtain plausible emissions reduc-
tion trajectories, as well as the INECP-based scenar-
io12 , used to assess regulatory and technological 
changes in the geographic area in which most of 
the ASTM Group’s assets are located.
This analysis made it possible to assess the possi-
bility of adopting a feasible Science Based Target 
and update the mapping of climate-linked risks and 
opportunities as described below.
10 https://sciencebasedtargets.org/resources/legacy/2019/04/foundations-of-SBT-setting.pdf
11 https://www.iea.org/reports/energy-technology-perspectives-2016
12 mise.gov.it/images/stories/documenti/PNIEC_finale_17012020.pdf

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2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
RISK MANAGEMENT
As part of its responsibilities regarding the Internal 
Audit and Risk Management System, the Board of 
Directors ensures that the main corporate risks are 
identified and managed in line with the strategic 
objectives identified. Management of ESG risks is 
integrated into the Risk Management System im-
plemented by ASTM and its main operating sub-
sidiaries. Risk mitigation actions also include op-
portunities for development which could lead to a 
competitive advantage over time.
Climate change and its effects on the economic ac-
tivities represent a potential risk factor for the oper-
ations of the Group companies and the resilience of 
the infrastructure managed by ASTM. However, at 
the same time, the current ecological and techno-
logical innovation transition processes could create 
important opportunities for growth and develop-
ment.
The risk assessment process considers both phys-
ical and transition risks. The first category includes 
the occurrence of extreme weather events (intense 
rain, flooding, landslides), caused by changes in 
climate conditions which could damage motor-
way infrastructure; the second includes changes in 
the market, increasingly sensitive to sustainability 
issues, or developments in environmental regula-
tions, with the introduction of new minimum en-
vironmental requirements and new limitations on 
GHG emissions.
Group companies are implementing various ac-
tions to mitigate these physical and transition risks. 
With particular reference to the most vulnerable ar-
eas and works, the status of motorway infrastructure 
under concession is constantly monitored in order 
to guarantee, in compliance with the applicable 
laws, the safety of those infrastructure for the use 
of motorway traffic, in addition to a suitable mainte-
nance work programme and planning. Along some 
stretches of the A6 Torino-Savona, the A5 Quin-
cinetto-Aosta, and the A15 Parma-La Spezia motor-
ways, as regards the particular morphology of the 
local area, specific systems are in place to monitor 
landslide movements and mountainsides which, in 
some cases, require continuous measurement of 
pre-established parameters and the activation of 
alarms if the pre-set thresholds are exceeded.
The implementation of a specific methodology for 
monitoring the condition of the infrastructures, di-
agnostics and definition of the actions is necessary 
to ensure over time the safety, functionality, robust-
ness and durability of the works on all of the infra-
structures under concession.
Climate change and the associated policies and 
regulations adopted by the countries in which the 
Group operates also create new opportunities that 
could go on to impact the competitive mechanisms 
of the various sectors in which the Group operates.
For this reason, each company must be able to pro-
actively identify and exploit the opportunities in or-
der to maintain high levels of competitiveness. For 
example, with reference to motorway management, 
technological innovation plays an increasingly im-
portant role in guaranteeing safety and high user 
service standards through a gradual digital trans-
formation of infrastructure able to communicate 
with next generation connected vehicles, to use au-
tomatic driving assistance systems and to mitigate 
and lighten traffic, reduce motorway accidents and 
monitor technical and climate-related parameters.
With regard to the EPC sector, there is growing cus-
tomer demand for the design and implementation 
of infrastructure and civil and industrial engineer-
ing projects with a low environment impact and 
high LEED (Leadership in Energy and Environmen-
tal Design) rating, responding to the EU Taxonomy 
Regulation and, in Italy, the Guidelines for the con-
struction of public works issued by the Ministry of 
Infrastructure and Transport (MIT).
The following tables present details of the main 
risks and opportunities related to climate change 
that impact the Group’s business segments.

42
ASTM GROUP
Risk
Classification
Description
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Acute environ-
mental risk
Physical risk
Risks associated with 
unforeseeable events related to 
climate change and outside the 
control of the Group companies 
such as violent weather events 
and natural disasters that could 
cause operational disruption 
to the motorway infrastructure 
managed by the Group licensees.
Short term
As likely as it is 
unlikely
High
The financial impact is 
linked to the operational 
disruption to the 
motorway infrastructure 
with a decrease in 
revenues, increase of 
maintenance costs, 
as well as additional 
expenses for the return 
to normal operations 
and direct and indirect 
compensation for 
damages to third parties.
Risk management methods
Within its own legal and operational autonomy, each Group licensee oversees and mitigates the risk through multiple structured engineering and operational 
initiatives. The extraordinary maintenance and investment programme envisages interventions such as:
•	 stabilisation of mountainsides superjacent to the motorway stretches with particular risk aspects, through containment works, surface and deep drain-
age, bolted and rockfall protection netting, soil bioengineering works;
•	 protection and reinforcement of bridge and viaduct foundations including parapets, weirs and hydraulic works;
•	 interventions aimed at the seismic improvement/upgrading of structures.
The motorway maintenance work programme is defined on the basis of specific and structured monitoring systems and models implemented through 
inspections, measurements and periodic surveys that allow each company to plan activities in order of priority, verified and approved also by external and 
independent experts.
For some motorway stretches (such as the A15 Parma-La Spezia, the A6 Torino-Savona and the A5 Quincinetto-Aosta), the licensees in collaboration with 
Institutions and Bodies have initiated specific systems to monitor landslide movements which in some cases require continuous measurements of parameters 
with the activation of alarm systems when certain thresholds are exceeded and consequent suspension of traffic. The monitoring activities are also extended, 
where necessary, to riverbanks to control the evolution of ongoing erosion.
In addition, the licensees have stipulated specific insurance policies to cover any damages to infrastructure, direct and indirect damages caused to third parties 
and lost revenue caused by the suspension of traffic.
The potential effects of climate change on infrastructure are considered in the design of new works and in the extraordinary maintenance of existing works. In 
infrastructure design decisions, and in particular for hydraulic works and the consolidation of mountainsides at hydrogeological risk, variables are assessed 
such as the return times of flooding events and the frequency of extreme weather events.
RISKS RELATED TO CLIMATE CHANGE

43
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
Risk
Classification
Description
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Chronic 
environmen-
tal risk
Physical risk
Risks related to the inadequate 
management of emergency 
events by the Group licensees 
in motorway operation and 
management of motorway 
services not in line with the 
standards defined in the services 
charter.
The increased frequency of 
weather phenomena – such 
as particularly heavy rainfall 
including of short duration, 
frozen rain (i.e. glaze), exceptional 
snowfall and prolonged periods 
of drought – could compromise 
the safety of traffic on the 
motorway stretches (e.g. reduced 
visibility, loss of grip, etc.), as well 
as cause damage to the motorway 
body and make a temporary traffic 
block necessary.
Short term
More likely than 
not
Medium to 
high
The financial impact is 
linked to a potential 
increase in the ordinary 
preventive maintenance 
costs to guarantee 
operation of the 
infrastructure and, in 
the event of temporary 
operational disruption, 
to any recovery costs 
and compensation to 
third parties, as well as 
decreased revenues.
Risk management methods
Within its own legal and operational autonomy, each Group licensee oversees and mitigates the risk through multiple structured engineering and operational 
initiatives.
The ordinary maintenance programme that each licensee company prepares annually provides for specific interventions such as cleaning ditches and gutters, 
culverts and the water collection and disposal systems in general in order to streamline their functioning in the event of particularly heavy rain. The banks, 
embankments and motorway areas in general are periodically mown and trimmed in order to avoid potential damage to traffic and infrastructure in the event 
of particularly adverse weather (e.g. wind, exceptional snowfall and frozen rain, fires).
Periodic interventions are carried out on the works, buildings and systems in order to mitigate the effects of frequent and cyclical events, and to prevent 
considerable damage to them with consequent potential hazards for traffic and the need for more significant maintenance interventions. Specific procedures 
have been adopted, especially along the “valico” (crossing) stretches, to manage snowy rainfall, and local governance bodies and police forces have been 
involved. In particularly serious cases, heavy vehicles may also be stopped from travelling and temporarily directed to pre-defined lay-bys.
The licensees have also stipulated specific insurance policies to cover potential damages to infrastructure, direct and indirect damages caused to third parties 
and lost revenue caused by the suspension of traffic.

44
ASTM GROUP
Risk
Classification
Description
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Compliance 
risk
Transition risk
Risk related to non-compliance 
with the environmental regulation 
applicable to the business 
segments in which the Group 
companies operate
Short term
Highly unlikely
The media
The financial impact is 
linked to the potential 
fines and/or lawsuits 
deriving from violations 
of the applicable 
environmental regulation, 
as well as the potential 
redevelopment costs 
required to recover the 
conditions envisaged by 
the regulation.
Risk management methods
Since 2004, ASTM and its main operating italian subsidiaries have had a Compliance Programme, in compliance with Italian Legislative Decree 231/01, which 
defines, among other things, procedures, protocols and a disciplinary system in order to prevent damage and guarantee compliance with environmental 
regulations. In addition, some Group companies have adopted an Environmental Management System certified to ISO 14001, providing specific operating 
procedures for environmental issues management with a view to continuous improvement.
Lastly, the design of new works and the maintenance of existing works, overseen by the subsidiaries of ASTM, are developed in respect of the applicable 
technical and environmental regulations (including environmental impact assessments). Furthermore, ASTM constantly monitors the development of 
sustainability regulations (e.g., Regulation (EU) 2022/852 on the European Taxonomy and the Corporate Sustainability Reporting Directive (CSRD).
Risk
Classification
Description
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Regulatory 
risk
Transition risk
Risk associated with changes to 
the environmental regulations 
in countries in which the Group 
companies operate with an 
impact on the business activities.
Medium term
As likely as it is 
unlikely
Low
The financial impact 
is linked to the costs 
of upgrading to new 
regulations, as well as 
the potential fines and/
or lawsuits deriving from 
violations of the new 
environmental regulation.
Risk management methods
Within its own business activity, each Group company constantly monitors the evolution of environmental regulations, including through dialogue and active 
participation in specific work groups.
In particular, S.I.N.A. has actively participated for over 30 years in the research programmes of the PIARC – World Road Association. It has also chaired the 
Italian National Technical Committee for 14 years, which deals with climate change, mitigation policies, conversion and the resilience of infrastructure.

45
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
Risk
Classification
Description
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Market/
technology 
risk – EPC and 
Technology
Transition risk
Risk associated with the 
non-implementation of 
innovative solutions that reduce 
environmental impact and meet 
the expectations of the market, 
which is increasingly more aware 
of aspects pertaining to climate 
change.
In particular, the construction 
sector is exposed to the risk 
associated with not meeting 
the requirements to participate 
in tenders that require specific 
environmental expertise, as 
well as the ability to operate 
in contexts with scarce water 
resources.
Medium term 
As likely as it is 
unlikely
Low
The financial impact 
is linked to the failure 
to be awarded new 
potential contracts 
that require particular 
technical expertise with 
consequent loss of profits 
and revenues.
Risk management methods
The EPC and Technology sectors of the Group are constantly involved in implementing, maintaining or updating the environmental requirements and/or 
certifications and developing analyses and in-depth studies into the use of new technologies. The construction sector has developed expertise to design and 
develop transport infrastructure and civil and industrial buildings with a low environmental impact and a high LEED (Leadership in Energy and Environmental 
Design) classification, which involves, among other things, the reuse and recycling of water resources. The engineering sector also promotes the development 
of expertise in the Envision Sustainability Protocol, a ratings system for the assessment of sustainable infrastructure. In addition, expertise is being developed 
in order to undertake redevelopment, compliance and energy efficiency projects for lighting systems. To implement actions, initiatives and policies consistent 
with the goals of the UN 2030 Agenda, the EU Action Plans to fund sustainable growth and, in particular, Regulation (EU) 2022/852 (the Taxonomy 
Regulation), the “Group Strategic Planning Guideline to align operating activities (Turnover) and interventions (CapEx and OpEx) to the technical criteria of 
the EU Taxonomy and the criteria of the Envision protocol” was defined. This tool provides criteria and tools to be used during the design and implementation 
of new initiatives to contribute to the climate change mitigation and adaptation targets.

46
ASTM GROUP
Risk
Classification
Description
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Market/
technology 
risk – 
Concessions
Transition risk
Risk associated with the 
non-implementation of 
innovative solutions that reduce 
environmental impact and meet 
the expectations of the market, 
which is increasingly more aware 
of aspects pertaining to climate 
change. With particular reference 
to the concessions sector, one 
of the main risks is that of not 
adapting the infrastructure to 
technology changes and the 
requirements of its users.
Medium term
As likely as it is 
unlikely
The media
The financial impact 
is linked to a loss in 
profits and revenues (toll 
revenues and service area 
royalties) in the motorway 
concessions sector.
Risk management methods
The Group licensees promote dedicated work groups in order to identify innovative solutions for the management of infrastructure (i.e. smart infrastructure), 
including the involvement of the Group companies operating in the technology and engineering sectors. In addition, the licensees have launched a 
programme for the dissemination of alternative fuels within the service areas of the motorway stretches under concession. To implement actions, initiatives 
and policies consistent with the goals of the UN 2030 Agenda, the EU Action Plans to fund sustainable growth and, in particular, Regulation (EU) 2022/852 
(the Taxonomy Regulation), the “Group Strategic Planning Guideline to align operating activities (Turnover) and interventions (CapEx and OpEx) to the 
technical criteria of the EU Taxonomy and the criteria of the Envision protocol” was defined. This tool provides criteria and tools to be used during the design 
and implementation of new initiatives to contribute to the climate change mitigation and adaptation targets.
Risk
Classification
Description
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Reputation 
risk
Transition risk
Risk associated with the 
reputational effects occurring in 
the events described above.
Short term
Highly unlikely
Low
Impact mainly linked 
to the indirect effects 
on the perceived 
competitiveness on the 
market and the market 
value of the bonds issued.
Risk management methods
The management of risks related to climate change is integrated into the Risk Management System implemented by ASTM and its main operating subsidiaries. 
Each risk is assessed for financial impact deriving from any non-compliance, as well as for reputational impact. Therefore, the organisational structure of each 
company and the related actions put in place to mitigate the various risks also contribute to the mitigation of reputation risk. Furthermore, the Investor 
Relations and Communication Unit defines the communication plans, prioritising periodic information flows with analysts, institutional investors, rating 
agencies and stakeholders.

47
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
OPPORTUNITIES RELATED TO CLIMATE CHANGE
Opportunity Scope
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Execution costs
Market/
technology 
opportunities 
– EPC
Products and 
services
Medium term
Highly likely
Medium to high
The potential financial impact 
is connected to the increase 
in revenues and profits 
following the increase in 
customer demand for the 
design and construction of 
works with low energy impact.
The execution costs of the 
opportunities are mainly 
linked to training courses to 
develop internal expertise 
and knowledge about 
LEED requirements, the EU 
Taxonomy Regulation and the 
Envision Protocol.
Strategy
In order to seize new business opportunities related to the growing demand for buildings with low energy impact and, more generally, initiatives aligned 
with the EU Taxonomy Regulation, the Group companies operating in the EPC sector are promoting the development of internal expertise for the design and 
construction of infrastructural works and civil and industrial buildings with lower primary energy consumption through the use of technologies with low 
environmental impact (e.g. LEED and Envision Sustainability Protocol), aligned with the principles of the EU Taxonomy Regulation. Opportunities have also 
been highlighted for the development of energy production systems with photovoltaic technology, in addition to redevelopment, compliance and energy 
efficiency projects for lighting systems.
Opportunity Scope
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Execution costs
Market/
technology 
opportunities 
– Concessions 
and 
Technology
Products and 
services
Short term
More likely than 
not
The media
The financial impact is linked 
to the increased demand for 
innovative and competitive 
services that could lead to an 
increase in revenues.
The execution costs of the 
opportunities are mainly 
linked to initiating the 
necessary partnerships.
Strategy
To support the market transition to electric vehicles, a specific plan to roll out charging services is underway, aimed at providing full coverage of the managed 
network by 2026. Moreover, a pilot project involving high-power electric charging stations has been launched.
In the context of new technologies applied to tolls, Sinelec, the Group’s technology company, has developed the first open toll collection system in Italy in Free 
Flow Multilane mode, which enables users to pay tolls without having to transit through a toll station, thus reducing queues and consequent CO2 emissions. In 
addition, the use of Artificial Intelligence (AI) is considered at research and development level as a potential assistance tool for identifying trends more quickly 
and operating more predictively with a view to continuously improve road safety.

48
ASTM GROUP
For more information on the risks and opportunities related to climate change identified by the Group, please refer to the CDP Climate Change questionnaire available 
at www.cdp.net/en.
Opportunity Scope
Time period
Probability
Magnitude of 
the financial 
impact
Financial impact
Execution costs
Market/
technology 
opportunities 
– Concessions
Energy efficiency
Medium term
Highly likely
The media
The estimate of the 
investment and economic 
return (i.e. reduced spending 
on electricity purchases) is 
assessed based on the specific 
lighting requirements of 
each motorway stretch within 
the remit of each concession 
agreement.
The execution costs are mainly 
related to the replacement of 
traditional lamps with LEDs 
and the preparation of the 
system.
Strategy
The use of LED technology to light the motorway stretches under concession, in particular tunnels, junctions and toll booths, along with energy saving 
policies and the development of energy production plants with photovoltaic technology, may contribute to reduce electricity consumption and the associated 
emissions.
METRICS AND TARGETS
ASTM Group consumption and GHG emissions are 
monitored and certified annually by an independ-
ent external company in order to identify and as-
sess any changes and, additionally, are used to cal-
culate the Group’s carbon footprint in line with the 
guidelines contained in the GHG Protocol “Corpo-
rate Accounting and Reporting Standard” and the 
“Global Reporting Initiative Sustainability Reporting 
Standards” published by the Global Reporting Initi-
ative (GRI).
To support this type of reporting, the Group has in-
stalled internal monitoring tools to identify where 
the greater impacts are concentrated in terms of 
GHG emissions, relative to emission sources, busi-
ness areas and geographic areas.
For more information, please see the section “Our 
commitment to the environment” in this document.
ASTM is the first European motorway operator – and 
the largest in terms of km managed in the world – to 
have set science-based emission reduction targets 
validated by the Science-Based Targets initiative 
(SBTi), in line with the reduction trajectories set out 
by the Paris Agreement.
In particular, ASTM set out a path to reduce its car-
bon footprint in the medium term, with different 
levels of ambition for different categories of emis-
sions (Scope). This commitment led the Group to 
set ambitious emission reduction targets based on 
scientific criteria to help to combat climate change. 
The targets set were submitted and validated by 
the international initiative “Science Based Targets” 
and appear from October 2021 on the official list of 
“Companies Taking Action”.
To strengthen its commitment to the fight against 
climate change, the emission reduction targets 
have been integrated into the financial strategy 
through the formalisation of a Sustainability-Linked 
Financing Framework.

49
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
 ASTM SCIENCE BASED TARGETS
ASTM was the first European motorway operator – and the 
largest in terms of kilometres of network managed in the 
world – to have set science-based emission reduction tar-
gets validated by the Science-Based Targets initiative (SBTi) 
in October 2021, in line with the reduction trajectories set 
out by the Paris Agreement.
The ASTM Group is committed to reducing its Scope 1 and 
2 GHG emissions by 25% by 2030, compared to 2020 lev-
els. The Group is also committed to reducing Scope 3 GHG 
emissions for goods and services purchased from third-parties by 13% in the same period.
To achieve the GHG emission reduction targets, the Group has defined an action plan that, as well as 
strengthening the governance on energy issues (e.g., appointment of the Group Energy Manager, imple-
mentation of the Energy Management System under ISO 50001:2018) includes, for scope 1 and 2 emis-
sions, the following initiatives:
•	 progressive replacement of construction vehicles and the company fleet with more environmen-
tally friendly models
•	 plan to replace lamps with LED technologies
•	 dynamic management systems to reduce energy consumption for lighting and HVAC by infrastruc-
ture and offices to a minimum
•	 self-generation and the purchase of renewable energy
•	 promotion of technologies and initiatives for energy efficiency, so as to reduce the carbon foot-
print of operations and properties
•	 research and innovation for the development of energy recovery technologies.
The initiatives identified to reduce Scope 3 emissions include:
•	 improving the efficiency of processes to reduce the demand for goods and services and promo-
tion of green procurement policies that prioritise more sustainable suppliers and the purchase of 
products and services with a low carbon footprint
•	 	engagement of suppliers to increase awareness about environmental issues and promote the 
transition towards green materials and technology
•	 	technological innovation of materials, energy mixes, efficiency trends and electrification.
It should be noted that the Scope 3 emission reduction target represents an ambitious commitment to 
extend the ESG objectives to third parties that the ASTM Group does not control. The emission reduc-
tion targets of the 2022-2026 Sustainability Plan were updated to increase the ambition of the Scope 
1 and 2 target to 1.5°C and to incorporate the companies of the EcoRodovias Group and SITAF Group, 
acquired in 2021, into the scope of the Plan.

50
ASTM GROUP
SUSTAINABLE FINANCE
In November 2021, ASTM S.p.A. placed three Sustainability-Linked Bonds (SLB) for a total of €3 billion, 
receiving four times more requests than the offering. The operation represented the first Sustainabili-
ty-Linked Bond (SLB) issued in the world by an infrastructure operator, incorporating the science-based 
targets of reducing emissions validated by the SBTi.
The bonds were issued in the scope of the Sustainable-Linked Finance Framework (SLFF), whereby the 
Group has further consolidated its commitment to fight climate change, by linking its financial strategy to 
significant and ambitious sustainability targets.
The Framework was structured so that it is aligned to the relevant market principles and contributes to 
achieving the United Nations Sustainable Development Goals. ASTM has identified two KPIs that cover 
70% of the Group’s carbon footprint, more specifically: Scope 1 and 2 emissions and Scope 3 emissions 
from purchased goods and services.
An independent external entity has confirmed that the Framework aligns with the relevant market princi-
ples, as well as the ambitious nature of the targets identified.
More information is available on the Company’s website under the “Investor Centre/Sustainable finance” 
section.

51
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
REGULATION (EU) 2020/852: 
PURPOSE, LEGISLATIVE 
FRAMEWORK AND REPORTING 
OBLIGATIONS
Some time ago, the European Union defined a stra-
tegic framework for the implementation of political 
actions and initiatives in line with the UN’s Agenda 
2030 objectives and, in that context, in March 2018 
the European Commission formalised for the first 
time an action plan to fund sustainable growth, with 
the declared objective of redirecting capital towards 
sustainable investments, integrating sustainability 
into risk management and promoting transparen-
cy and long-term vision, with the awareness of the 
important role that the financial sector may have in 
driving private investments that support sustainable 
development.
The European Union’s commitment, also confirmed 
in the “Strategy for Financing the Transition to a Sus-
tainable Economy” published in 2021, also includes 
Regulation (EU) 2020/852 (the “Taxonomy”), the goal 
of which is to provide investors and the market with a 
shared language of sustainability metrics which guar-
antees comparability between operators, reduce 
the risks of greenwashing and increase the quantity 
and quality of information about the environmental 
and social impacts of business, thus favouring more 
responsible investment decisions. This Regulation 
requires that as of 1 January 2022, the NFD infor-
mation of companies subject to the obligation to 
publish non-financial information pursuant to article 
19-bis or article 29-bis of Directive 2013/34/EU must 
include how and to what extent their activities (meas-
ured in terms of turnover, capital expenditure and 
operating expenses) are associated with sustainable 
economic activities pursuant to the Taxonomy. In the 
same way, participants of the financial market must 
report to what extent the financed activities and their 
investments meet the criteria of the Taxonomy.
In June 2021, the European Commission formally 
adopted the Technical Delegated Acts (hereinafter, 
“Climate Delegated Acts”) which define the list of 
sectors and economic activities currently included 
in the Taxonomy and the related technical screen-
ing criteria that make it possible to verify whether 
they contribute substantially to the environmen-
tal goals of climate change mitigation and climate 
change adaptation; in 2023 the publication of fur-
ther delegated acts is expected with reference to 
the remaining four environmental goals (sustaina-
ble use and protection of water and marine resourc-
es; transition to a circular economy; pollution pre-
vention and control; protection and restoration of 
biodiversity and ecosystems).
The process to verify the sustainability of an eco-
nomic activity (so-called “alignment” with the Tax-
onomy) involves the following steps:
1.	 verification of the Technical Screening Crite-
ria to assess the effective contribution of the 
economic activity to a certain environmental 
objective, in compliance with the principle of 
technology neutrality and taking account of 
the long and short-term impact of the eco-
nomic activity; 
2.	 verification of the “DNSH” (Do No Significant 
Harm) criteria to ensure that the economic ac-
tivity does not cause significant harm to any of 
the other environmental objectives.
In addition, verification is also envisaged of com-
pliance with Social Minimum Safeguards, intended 
to guarantee that the economic activities are con-
ducted in compliance with the main guidelines and 
international treatises on human rights.
THE TAXONOMY FOR THE 
ASTM GROUP
As declared by the European Commission, the 
Taxonomy includes the sectors that could play the 
largest active role in meeting the challenges posed 
THE EUROPEAN REGULATION  
ON THE TAXONOMY OF SUSTAINABLE  
ECONOMIC ACTIVITIES

52
ASTM GROUP
by climate change to guide the EU’s ecological 
transition, with the end goal of achieving climate 
neutrality by 2050. Of these sectors, the Climate 
Delegated Act has outlined specific economic 
activities dedicated to the construction, modern-
isation, maintenance and operation of infrastruc-
ture for road, rail, sea and air transport (as part of 
section “6. Transport”) as well as the construction 
and renovation of buildings (as part of section 
“7. Construction and real estate activities”), rec-
ognising the importance of these sectors for the 
achievement of the objectives of climate change 
mitigation and climate change adaptation. In 
particular, according to information communicated 
by the European Commission, transport opera-
tions account for one third of total consumption 
of energy and around 23% of total direct green-
house gas emissions in the EU, while construction, 
considering all sectors, is responsible for 40% of 
energy consumption and 36% of carbon emissions 
at European level.13
As a result, the ASTM Group is one of the eco-
nomic operators that could most contribute to 
the environmental transition process promoted 
and encouraged by the European Union and it 
is expected that this circumstance will also be 
confirmed following publication of the additional 
delegated acts related to the remaining four envi-
ronmental objectives (sustainable use and protec-
tion of water and marine resources, transition to a 
circular economy, pollution prevention and control, 
protection and restoration of biodiversity and 
ecosystems).
Already in 2020, the ASTM Group had intro-
duced an analysis of climate-linked scenarios into 
its strategy in order to assess how the risks and 
opportunities linked to climate change influence 
the operations of its business areas and launched 
numerous initiatives14 with a view to energy effi-
ciency, emission reduction and management and 
monitoring of climate risks. The implementation of 
further strategic actions in response to the legisla-
tive requirements introduced by the Taxonomy will 
therefore be part of the journey already undertak-
en by the Group to strengthen its commitment in 
terms of climate change.
FOREWORD
In 2021, the ASTM Group, understanding the rel-
evance and innovative extent of the Taxonomy, 
launched dedicated actions to respond to legislative 
obligations and to promptly and effectively plan the 
preliminary activities for the reporting process as part 
of its consolidated non-financial disclosure.
Furthermore, on 13 December 2022 the Board of 
Directors approved the “Group Strategic Planning 
Guideline to align operating activities (Turnover) 
and interventions (CapEx and OpEx) to the techni-
cal criteria of the EU Taxonomy and the criteria of 
the Envision protocol” with a view to defining the 
guidelines and control principles of the Group's 
strategic planning process and to provide the cri-
teria and tools to be used in planning processes, 
participation in tenders for the acquisition of new 
ventures, as well as in the planning of investments 
(including the Economic Financial Plans (“PEF”) for 
the motorway concessions sector) and the purchase 
of assets for operational activities. According to the 
Guideline, each company must verify whether the 
economic activities it implements have the poten-
tial to contribute substantially to the achievement of 
the climate mitigation objective or the climate ad-
aptation objective, i.e., whether they are "eligible", 
and whether they are carried out in compliance with 
the Technical Screening Criteria, the DNSH criteria 
and the minimum safeguards, and can therefore be 
considered "aligned".
In 2022 the aforesaid monitoring actions involved 
the organisation as a whole, requiring the proactive 
participation of the business structures for the iden-
tification of the Taxonomy “eligible” and “aligned” 
activities and for the management of data collection 
process at the Italian and foreign Group companies. 
In this regard, it should be noted that this report-
ing on the Taxonomy covers the entire scope of the 
companies included in the financial consolidation.
13 See Regulation (EU) 2021/2139, sec. 33 e 36
14 For example, the development of innovative solutions for infrastructure management (i.e. smart infrastructures), the high-power electric charging trial project to sup-
port the market’s transition to electric vehicles and the commitment to implement, maintain or update the environmental requirements and/or certifications both in the 
construction of transport infrastructure (eNVISION Sustainability Protocol) and in civil and industrial construction works (mainly LEED).

53
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
The reporting process, as required by legislation, 
envisaged continuous discussions with the struc-
tures dedicated to financial reporting in order to 
guarantee consistency between the data examined. 
In this regard, it is noted that the calculation of the 
KPIs involved the following considerations:
•	 	the balances were calculated on a consolidat-
ed basis, net of intercompany data, to avoid 
any potential risk of double counting;
•	 the accounting effects deriving from the ap-
plication of IFRIC 12 were neutralised with 
reference to revenues and construction costs 
of non-compensated revertible assets (motor-
ways).
Finally, the ASTM Group has always operated in 
accordance with the “minimum safeguards” estab-
lished in the Regulation and, in particular, has adopt-
ed robust procedures on human rights, anti-corrup-
tion, tax management and competition practices. 
For more information on the policies adopted by 
the Group, the management model, the risk analy-
ses and specific actions on the above topics, please 
see the “Corporate Governance, Internal Audit and 
Risk Management System” section.
ELIGIBLE AND ALIGNED ECONOMIC 
ACTIVITIES OF THE ASTM GROUP15
The three KPIs that represent the extent to which 
the activities of the ASTM Group are “eligible” and 
“aligned” under the Taxonomy Regulation are shown 
below. The standard reporting models provided for 
by Annex II to Delegated Regulation (EU) 2021/2178 
are contained in the Annex “European Taxonomy: 
Model KPIs for non-financial undertakings”.
KPIS
Portion of “eligible” turnover
95%
Portion of “eligible” CapEx
98%
Portion of “eligible” OpEx
93%
KPIS
Portion of “aligned” turnover
27%
Portion of “aligned” CapEx
35%
Portion of “aligned” OpEx
37%
Turnover KPI
The turnover of the ASTM Group is considered al-
most entirely attributable to “eligible” economic ac-
tivities; this area includes motorway management 
revenues, EPC sector revenues, technology sector 
revenues and a number of specific residual items 
accounted for among other revenues (KPI numera-
tor). In particular:
•	 the “eligible” revenues from motorway man-
agement refer to proceeds from tolls and an-
cillary revenues that fall under the economic 
activity “6.15 Infrastructure enabling low-car-
bon road transport and public transport”16;
•	 the “eligible” EPC sector revenues are attributa-
ble to the following activities: i) construction of 
infrastructure, included associated engineering, 
planning and inspection activities (mainly infra-
structure referring to economic activities “6.14 
Infrastructure for rail transport”, “6.15 Infrastruc-
ture enabling low-carbon road transport and 
public transport” and “6.17 Low carbon airport 
infrastructure” of the Climate Delegated Act), 
and ii) construction of buildings (economic ac-
tivities included in section “7. Construction and 
real estate activities” of the Climate Delegated 
Act). The “eligible” revenues in this context also 
15 With reference to the disclosure pursuant to Article 8, paragraphs 6 and 7 of Delegated Regulation (EU) 2021/2178, which provides for the use of the models provided 
in Annex XII for the reporting of nuclear energy and fossil gas activities, it should be noted that all such models have been omitted as they are not representative of the 
activities of the ASTM Group.
16 The FAQs published by the European Commission on 2 February 2021 clarify that the wording “low carbon emissions” is not relevant for the purposes of the “eligibility” 
assessment but for the alignment checks (see FAQ 9).
17 The FAQs published by the European Commission on 29 December 2022 clarify that “Intelligent transport system activities could be eligible engineering and technical 
consultancy services under Section 6.15 of Annex I, when they consist in systems enabling connected and automated multimodal mobility of passengers, traffic flow 
optimisation, congestion reduction, facilitation of energy efficiency in road transport, and/or electronic tolling systems” (ref. FAQ 101).

54
ASTM GROUP
include those deriving from plant engineering 
and energy efficiency works;
•	 	the “eligible” revenues from the technology 
sector, as specified in the clarifications pub-
lished by the European Commission in De-
cember 2022,17 mainly fall within the scope of 
economic activity “6.15 Infrastructure enabling 
low-carbon road transport and public trans-
port” of the Climate Delegated Act.
The compliance of each identified economic ac-
tivity with the technical screening and DNSH cri-
teria required in order to qualify as “aligned” was 
assessed. In general, the economic activities of the 
ASTM Group considered “eligible” but not “aligned” 
mainly relate to toll revenues associated with exist-
ing motorway stretches that in 2022 were not yet 
equipped with e-vehicle charging stations and, in 
the EPC sector, to revenues from participation in the 
construction of new infrastructures or buildings for 
which the technical screening criteria were not met 
or the information required by the regulations was 
not available for the purposes of the analysis, since 
the project was managed directly by the develop-
er of the work. The KPI denominator is formed of 
the “Total turnover” reported in the Management 
Report under the paragraph “Financial highlights”, 
which represents the consolidated revenues for 
FY 2022 net of the fee/additional fee payable to 
ANAS and the reversal of the accounting effects of 
IFRIC12.
CapEx KPI
The proportion of “eligible” economic activities 
with reference to capital expenditure (KPI numera-
tor) mainly refers to investments in the motorway in 
compliance with conventional obligations and with 
particular attention to the improvement of quality 
and safety standards. These investments, which for 
example refer to the construction of new infrastruc-
ture, paving and motorways, noise and safety barri-
ers and plant engineering, fall within the economic 
activity “6.15 Infrastructure enabling low-carbon 
road transport and public transport” since they are 
closely related to motorway management revenues. 
For more information, refer to the paragraph  “In-
vestments in motorway assets” of the Management 
Report and to section “Investments in safety” of the 
Sustainability Report. The KPI is also determined by 
additional investments of a lower amount referring 
to properties and vehicles owned or in leasing.
The compliance of each identified economic ac-
tivity with the technical screening and DNSH cri-
teria required in order to qualify as “aligned” was 
assessed. In general, the economic activities of the 
ASTM Group considered “eligible” but not “aligned” 
mainly relate to investments in maintenance aimed 
at safeguarding existing motorway stretches not yet 
equipped to facilitate the transit of e-vehicles and, 
in the EPC sector, to investments associated with the 
construction of new infrastructures or buildings for 
which the technical screening criteria were not met 
or the information required by the regulations was 
not available for the purposes of the analysis, since 
the project was managed directly by the developer 
of the work. The KPI denominator is formed of the 
sum of the gross increases accounted for in FY 2022 
with reference to intangible assets (goodwill, other 
intangible assets and concessions – non-compen-
sated revertible assets) and tangible assets, includ-
ing rights of use, as shown in Note 1 and Note 2 of 
the Explanatory Notes to the Consolidated Finan-
cial Statements.
OpEx KPI
The operating expenses18 of the ASTM Group, as 
defined in the scope of Taxonomy, are considered 
almost entirely “eligible” (KPI numerator) since they 
are direct costs closely related to the “eligible” eco-
nomic activities considered in the calculation of 
the turnover and investment KPIs. This area mainly 
includes concession fees, accounted for in “Oth-
18 It should be noted that the Climate Delegated Act states that the denominator of this KPI “shall cover direct non-capitalised costs that relate to research and devel-
opment, building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of 
property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning 
of such assets”. The FAQs published by the European Commission on 2 February 2021 further clarify this provision (ref. FAQ 12).

55
2022 Sustainability Report
GROUP AND SUSTAINABILITY
ANNEXES
ENVIRONMENT
LOCAL AREA
PEOPLE 
er costs” (Note 30 of the Explanatory Notes to the 
Consolidated Financial Statements), and the costs 
of maintenance of non-compensated revertible as-
sets, accounted for in “Costs for services” (Note 28 
of the Explanatory Notes to the Consolidated Finan-
cial Statements).
The compliance of each identified economic activi-
ty with the technical screening and DNSH criteria re-
quired in order to qualify as “aligned” was assessed. 
In general, the activities of the ASTM Group consid-
ered “eligible” but not “aligned” are mainly attribut-
able to expenses related to investments for which 
the analysis did not meet the technical screening 
criteria as described in the previous paragraph.
FUTURE STRATEGIC AREAS
Through its business activities, the ASTM Group 
aims to contribute to the social and economic 
growth of the territories in which it operates, by put-
ting people first and integrating sustainability poli-
cies into its business strategy.
The ASTM Group is committed to progressively 
aligning its activities to the EU Taxonomy, with a 
view to further strengthening its concrete commit-
ment towards climate action and in acknowledge-
ment of the fact that the underlying logic of the Eu-
ropean Regulation is already becoming an integral 
part of the Italian legislative and regulatory frame-
work in which the Group operates. Furthermore, 
to take into account the highest standards in sus-
tainability and to ensure respect for the ecosystem 
and improve the quality of life of the communities 
in which it operates, the companies of the ASTM 
Group incorporate the criteria of the Envision Pro-
tocol into their ventures, considering whether to 
make those of particular relevance subject to certi-
fication. In this regard, the aforementioned Guide-
lines will be the main tool used. Moreover, in order 
to ensure greater accountability of the indicators 
of the EU Taxonomy, the process of collecting data 
and qualitative information is being systematised in 
parallel, as well as implementing certain changes to 
the management and reporting systems to support 
this process.
Finally, as noted above, the Taxonomy Regulation 
is still evolving, and despite the clarifications pro-
vided to date by the European Commission, con-
tinues to present certain areas of interpretation that 
have not been clearly defined. In 2023 the ASTM 
Group will continue to focus on the EU Taxonomy 
and to promptly assess the impacts associated with 
the new regulations issued by the European Com-
mission (particularly with regard to the other four 
environmental targets) or other methodological or 
interpretative guidelines published at all levels.

OUR RESPONSIBILITY 
TOWARD LOCAL AREAS
58 	
Economic value generated and distributed
65 	
Impact measurement
67 	
Supply Chain
72 	
Motorway Infrastructure Management
90 	
Donations and sponsorships

58
ASTM GROUP
The table showing the breakdown of economic val-
ue generated and distributed by the ASTM Group 
was based on reclassifying items in profit and loss 
of the Consolidated Financial Statements of ASTM 
at 31 December 2022.
In 2022, the Group’s net global added value was 
4,339 (2,983 million in 2021).
Most of this value, equal to 67% (62% in 2021), re-
fers to “Supplier remuneration”, in the amount of 
approximately €  2,905 million, consisting mainly 
of costs for services and raw materials. This is fol-
lowed, in line with the previous year, by “Personnel 
remuneration” (15%, 17% in 2021), totalling € 651 
million and mainly referring to salaries and social 
security contributions.
“Financial system remuneration” accounts for 9% 
(9% in 2021), for a value of around € 395 million.
“Public administration remuneration” accounts for 
around 7% (10% in 2021) and amounts to around 
€ 295 million. It essentially includes income taxes of 
€ 134 million, plus concession fees totalling € 161 
million.
“Company remuneration”, representing around 2% 
of the total (2% in 2021), comes to € 87 million and 
includes the value retained by ASTM for the Group’s 
future development.
Finally, community remuneration amounted to 
around € 6 million.
ECONOMIC VALUE GENERATED  
AND DISTRIBUTED

59
2022 Sustainability Report
LOCAL AREA
ANNEXES
ENVIRONMENT
PEOPLE 
GROUP AND SUSTAINABILITY
DISTRIBUTION OF ECONOMIC VALUE
(in millions of EUR)
2,905 (67%)
651 (15%)
87 (2%)
395 (9.1%)
295 (6.8%)
	 Supplier remuneration
	 Personnel remuneration
	 Financial system remuneration
	 Public administration remuneration
	 Company remuneration
	 Community remuneration
6 (0.1%)
2022
2021

60
ASTM GROUP
GROUP TAXES
OUR APPROACH
As described in the previous section, the Group 
contributes to the creation and distribution of value, 
also by paying taxes.
ASTM is aware that taxes, although not currently 
classified among the most relevant sustainability 
issues, are important sources for public funds and 
are fundamental for fiscal policy and the macroe-
conomic stability of the countries in which it works.
The Group’s companies carry out their business in 
compliance with the fiscal norms established in the 
legislation for the jurisdictions in which they oper-
ate, promoting the principle of integrity, meaning 
correctness, honesty, loyalty and good faith, in car-
rying out their company activities and in their rela-
tionships, both internal and external. In line with that 
defined in the Code of Ethics, the values and ethical 
principles which inspire tax governance with an eye 
to creating medium/long-term value for stakehold-
ers and protecting its reputation are:
•	 Legality and compliance: respect for the laws 
and regulations in force in the countries in 
which the Group operates.
•	 Transparency and correctness: attention to 
the needs and expectations of Stakeholders, 
including tax authorities, guaranteeing com-
pleteness, reliability, uniformity and prompt-
ness in disclosures and avoiding misleading 
communication, in compliance with the law 
and best market practices, so as to guarantee 
full understanding of events underlying the 
application of tax norms.
•	 Sustainability: creation of sustainable value 
over time for all Stakeholders, contributing to 
the economies of the countries in which the 
Group operates.
FISCAL GOVERNANCE,  
CONTROL AND RISK  
MANAGEMENT
The principles which guide tax management are 
intended to mitigate potential reputation and finan-
cial risks relative to corporate tax practices, includ-
ed as part of the wider internal audit and risk man-
agement systems defined by each Group company.
Management of fiscal risks, including compliance 
risks and those linked to uncertainty about tax po-
sitions and changes in legislation are integrated in 
the Risk Management System, as well as the Organ-
isation, Management and Control Model pursuant 
to Legislative Decree 231/2001, of the main oper-
ating italian subsidiaries, who have adopted them.
ASTM has implemented administrative-accounting 
procedures which identify responsibilities, roles, 
processes and types of controls, in compliance with 
Legislative Decree 231/2001 and Law 262/2005, as-
signing responsibility for managing fiscal issues to 
the head of the Administration and Budget function 
who, in exercising these responsibilities, also makes 
use of specialised external consultants.
When evaluating extraordinary transactions in line 
with the Group’s strategy, if necessary making use 
of specialised external consultants, any relevant 
fiscal issues are also assessed in compliance with 
applicable regulations, to be submitted for exam-
ination by the relevant decision making body. In 
managing business carried out in foreign jurisdic-
tions, local tax professionals are involved to guar-
antee better monitoring of local applicable norms, 
as well as to provide support in relations with the 
tax authorities in the various countries in which the 
Group operates.
Company structures responsible for handling tax 
issues constantly monitor legislative developments 
in this area, also through participation on specific 
working groups organised by experts. Note that the 
ASTM Model 231 was most recently updated on 16 
December 2021, to include, among other things, 
the predicate offences regarding taxes introduced 
by Italian Law 157 of 19 December 2019.

61
2022 Sustainability Report
LOCAL AREA
ANNEXES
ENVIRONMENT
PEOPLE 
GROUP AND SUSTAINABILITY
In the context of the internal audit and risk man-
agement system, activities to verify the efficacy of 
controls implemented to mitigate fiscal risks were 
carried out by Internal Audit pursuant to the Model 
262/2005 by the appointed manager and to Model 
231/2001 by the Supervisory Board, also with the 
support of qualified external consultants.
Through the whistleblowing management system 
implemented by ASTM and its main operating 
italian subsidiaries, all Stakeholders can provide 
information about problems linked to unethical or 
illegal behaviours and organisational integrity also 
for fiscal aspects. EcoRodovias also introduced an 
“Ethics Channel” from 2018. This online platform al-
lows employees, customers and third parties to re-
port potential infringements of the Code of Ethics 
or any policy and procedure adopted by the Group, 
including anonymously.
STAKEHOLDER ENGAGEMENT AND 
MANAGEMENT OF TAX WORRIES
In managing fiscal issues, ASTM promotes coopera-
tive and transparent professional relationships with 
the relevant authorities, recognising that resolving 
risks in advance is in the best interest of both the 
Group and the tax authorities, through the use of 
tax clearance application process. In the case of dis-
agreement with a fiscal interpretation or decision, 
companies begin formal disputes only after having 
attempted to resolve all problems through proac-
tive and transparent discussions and negotiations 
with the financial authorities.
Tax audits and any tax disputes are managed by the 
appropriate company functions, with the assistant 
of external tax consultants if hired. At 31 December 
2022 there were no significant tax disputes and, for 
more information, please see that reported in the 
ASTM Group's consolidated financial statements at 
31 December 2022, audited by Pricewaterhouse-
Coopers.
COUNTRY BY COUNTRY REPORTING
The ASTM Group complies with the obligations im-
posed by Italian Law 208 of 28 December 2015 re-
garding the Country by Country Report established 
by the OECD as part of the“Base erosion and profit 
shifting – BEPS” project (see Action 13). To that end, 
Aurelia S.r.l. was identified as the ultimate parent 
entity, to which ASTM S.p.A. and its subsidiaries 
provide the information and data needed to com-
ply with current regulations.
As required by Disclosure GRI 207- 4, the table on 
the next page provides information for each tax ju-
risdiction.

62
ASTM GROUP
Tax jurisdiction
Resident 
entities
Algeria
Tecnositaf S.p.A. (Permanent Establishment - Algeria)
Angola
Itinera S.p.A. Angola (Branch)
Saudi 
Arabia
Itinera S.p.A. Saudi Arabia (Branch)
Austria
Itinera S.p.A. Austria (Branch)
Botswana
Itinera/Cimolai JV, Itinera S.p.A. Botswana (Branch)
Brazil
Concessionaria das Rodovias Ayrton Senna e Carvalho Pinto S.A. - Ecopistas; Ecoriominas Concessionaria de Rodovias S.A.; CECM Concessões 
S.A.; Concessionaria Ecovias dos Imigrantes S.A.; Concessionaria Ponte Rio-Niteroi S.A. - Ecoponte; ECO101 Concessionaria de Rodovias S.A.; 
Eco050 – Concessionária de Rodovias S.A.; Eco135 Concessionaria de Rodovias S.A.; Ecoporto Santos S.A.; Ecorodovias Concessoes e Serviços 
S.A.; EIL 01 Participações S.A.; ELG 01 Participaçoes Ltda; Empresa Concessionaria de Rodovias do Sul S.A. - Ecosul; RDC Concessões S.A.; Ter-
mares - Terminais Maritimos Especializados Ltda; Holding do Araguaia S.A.; EIL 04 S.A.; Concessionaria Ecovias do Cerrado S.A.; Ecopatio Logis-
tica Cubatao Ltda; Concessionária Ecovias do Araguaia S.A.; Itinera Construcoes Ltda; ICCR 135 S.A.; ICCR 153 S.A.; EcoRodovias Infraestrutura 
e Logística S.A.; Igli do Brasil Participacoes Ltda; Argovias Administracao e Participacoes S.A.; Paquetà Participacoes Ltda; Anish Empreendi-
mentos e Participacoes Ltda; Consortium Baixada Santista; Cons. Binario Porto de Santos; MG-135 Consortium; Alcas da Ponte Consortium; 
CONSORCIO BR-050;Consorcio SP-070; Consultoria – ECO135;Consultoria - Novos Negócios; Consorcio PSG;
Denmark
Storstroem Bridge JV I/S; ECS MEP Contractor I/S; Itinera S.p.A. Denmark (Branch); I/S Koge Hospital; I/S Odense Hospital; Euroimpianti S.p.A. 
Denmark (Branch)
United 
Arab 
Emirates
Itinera S.p.A. Abu Dhabi (Branch); Itinera - Ghantoot JV; Itinera Agility JV; Sinelec S.p.A. Abu Dhabi (Branch)
France
Itinera S.p.A. France (Branch); TELT JV
Italy
Autostrada Albenga-Geressio-Ceva S.p.A.; Società Autostrade Valdostane S.A.V. - S.p.A.; Società di Progetto Autovia Padana S.p.A.; Autostrada 
dei Fiori S.p.A.; Società Autostrada Ligure Toscana p.A.; Società Italiana Traforo Autostradale del Frejus S.p.A. - S.I.T.A.F. S.p.A.; Autostrada As-
ti-Cuneo S.p.A.; Società di Progetto Concessioni del Tirreno S.p.A.; A.T.I.V.A. S.p.A. - Autostrada Torino-Ivrea-Valle d'Aosta; SATAP S.p.A.; Crispi 
S.c.a r.l. sole shareholder company, in liquidation; Marcallo S.c.a r.l.; Carisio S.c.a r.l. in liquidation; SEA Segnaletica Stradale S.p.A.; Agognate 
S.c.a r.l. in liquidation; Biandrate S.c.a r.l. in liquidation; Argo Costruzioni Infrastrutture S.c.p.a.; Edilrovaccio 2 S.r.l. in liquidation; Sinergie S.c.a 
r.l. in liquidation; Si.Co.Gen. S.r.l.; S.G.C. S.c.ar.l. in liquidation; Ramonti S.c.a r.l. in liquidation; CRZ01 S.c.ar.l. in liquidation; Lambro S.c.a 
r.l. in liquidation; Ponte Meier S.c. a r.l.; Torre di Isola S.c. a r.l.; MAZZE’ S.c.a r.l.; Tubosider S.p.A.; Urbantech S.r.l.; Società Attività Marittime 
S.p.A. in liquidation(SAM S.p.A. in liquidation); Lanzo S.c. a r.l.; Logistica Tirrenica S.p.A.; Taranto Logistica S.p.A.; S.I.N.A. S.p.A.; Consorzio Sin-
tec; Musinet Engineering S.p.A.; Sitalfa S.p.A.; Tecnositaf S.p.A. in liquidation; Sinprosys S.c.a r.l.; Finanziaria di Partecipazioni e Investimenti 
S.p.A.; Diga Alto Cedrino S.c. a r.l. in liquidation; ASTM S.p.A.; Igli S.p.A.; Euroimpianti S.p.A.; Sinelec S.p.A.; RO.S.S. - Road Safety Services S.r.l.; 
CERVIT Impianti Tecnologici Consortile a Responsabilità Limitata (C.I.T. S.c. a r.l.); Safe Roads S.c.a r.l.; SINTEC Scarl; Cornigliano 2009 S.c. a r.l.; 
Partecipazione Roma Sud Scarl; Itinera S.p.A.
Kuwait
Itinera S.p.A. Kuwait (Branch)
Romania
Itinera S.p.A. Sucursala Cluj Napoca (Branch), Euroimpianti S.p.A. Cluj Napoca (Branch)
Russia
Tecnositaf L.L.C.
South 
Africa
Itinera S.p.A. South Africa (Branch)
Sweden
Itinera S.p.A. Sweden (Branch)
USA
Itinera USA CORP; Halmar International LLC; HIC Insurance Company Inc.; Halmar International Trucking Inc; Halmar Transportation System Llc; 
Halmar/A Servidone - B Anthony Llc; Atlantic Coast Foundations Llc; Halmar International LLC/LB Electric Co JV; Potomac Yard Constructors JV; 
ASTM North America Inc.; HINNS JV; Ashlar Structural LLC; Sinelec USA Inc; 3rd Track Constructors
Zambia
Itinera S.p.A. Zambia (Branch)
TOTAL

63
2022 Sustainability Report
Main Activities
Number of 
employees
Infragroup 
revenues in 
the same tax 
jurisdiction
Sum of 
infragroup 
revenues 
in other tax 
jurisdictions
Revenues from 
sales to third 
parties
Profit/loss 
before taxes
Tangible assets 
other than 
cash and cash 
equivalents
Income taxes 
paid based 
on the cash 
criterion
Income taxes 
accrued on 
profits/losses
Technology
-
-
-
(899)
1
-
-
EPC
-
-
-
-
-
-
EPC
1
-
-
-
(51)
-
-
-
EPC
1
-
13
34
(1,776)
5
-
-
EPC
19
-
-
10,114
(1,081)
1,012
-
-
EPC, Motorway and 
Services/Holdings
5,811
144,013
-
1,199,951
18,540
94,746
56,563
(61,554)
EPC
476
17,245
1,171
119,106
(201,806)
43,543
-
-
EPC
794
15,164
259
118,628
(36,400)
3,531
-
-
EPC
1
294
-
9,604
611
149
-
-
EPC, Motorway, Tech-
nology and Services/
Holdings
4,800
868,676
31,185
2,788,558
475,804
131,962
94,382
(196,119)
EPC
4
-
15
47,597
(35)
4
-
-
EPC
39
474
-
35,284
(2,638)
310
-
-
Technology
9
-
-
(504)
(179)
-
-
-
EPC
-
-
-
28
(13)
5
-
-
EPC
91
-
54,435
(2,253)
8,333
-
-
EPC, Technology and 
Services/Holdings
1,026
9,049
-
396,490
(25,048)
27,287
2,577
(1,801)
EPC
-
-
-
-
()
-
-
-
13,072
1,054,915
32,644
4,779,325*
222,776*
310,888*
153,522*
(259,474) *
* Total as in the ASTM Group's consolidated financial statements at 31 December 2022
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ASTM GROUP
The total amount of “taxes” for 2022 is € 134.4 mil-
lion and includes current taxes of € 259.5 million (of 
which corporate income tax (IRES) of € 161.0 mil-
lion, regional production tax (IRAP) of € 35.1 million 
and international taxes of € 63.4 million), tax assets 
of € 123.9 million and taxes related to prior years of 
€ 1.2 million.
These tax disclosures, together with the reconcilia-
tion of effective and “theoretical” taxes, are found 
in the ASTM Group's consolidated financial state-
ments at 31 December 2022, audited by Pricewa-
terhouseCoopers, to which the reader is referred for 
further information. Taxes are paid almost entirely in 
Italy, where the Group contributes to the economic 
and social development of the areas in which most 
of its operations occurs, with an eye to creating sus-
tainable value over the medium/long-term.
Additionally, note that in the ASTM 2022 consoli-
dated financial statements, subsidies, contributions 
and other public aid are listed, received by the Ital-
ian subsidiaries of the ASTM Group. In financial year 
2022 these totalled € 15.1 million.

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The business segments in which the Group oper-
ates, and in particular concessions and construc-
tion, are fundamentally important for the economy.
As regards motorway concessions, numerous 
studies have demonstrated the strong correlation 
between an area’s infrastructure and its rate of de-
velopment. The economic growth of a nation is in 
fact related to an increase in passenger and goods 
mobility in its territory19.
Moreover, the construction industry is the driving 
sector of the domestic economy and purchases 
goods and services from 90% of economic sec-
tors20.
The estimate of the economic impact makes it pos-
sible to measure the incremental wealth generated 
by an investment in the relative sector and there-
fore relate the business activity to other economic 
variables such as the economic value produced 
and employment.
For this reason, the ASTM Group, aware of the eco-
nomic and social impact of its business operations, 
has a developed – and refined over the years – a 
calculation model to quantify the direct, indirect 
and related contributions generated by its own 
business.
The analysis is based on the use of an input-output 
model21 which statistically analyses interactions 
between a country’s industries, to obtain a pro-
found understanding of the economic context in 
which a business operates.
The total economic impact generated is €  13.1 
billion. Of this, € 4.3 billion is a direct effect, € 3.7 
billion is an indirect effect occurring along the 
value chain and €  5.1 billion derives from relat-
ed employment generated by spending by those 
employed. The total economic impact is around 
€  3.1 exchanged for each Euro spent. The total 
employment impact generated is 87 thousand 
jobs. Of these, 35 thousand are generated direct-
ly, 23 thousand are indirect along the value chain 
and 29 thousand are positions activated as relat-
ed employment, through service and consump-
tion spending by those employed. Jobs activat-
ed directly, indirectly and in related employment 
amount to around 21 for every € 1 million spent 
by ASTM.
IMPACT MEASUREMENT
19 Source: “Processing an economic impact indicator for developing new linear transport infrastructure” – CRMT (Transport and Infrastructure Research Centre) – Union-
camere Lombardia
20 Source: “The construction industry: structure, sector interdependence and economic growth” by the Economic Affairs Department and Research Centre, ANCE (Italian 
Association of private construction contractors)
21 Model developed by Wassily Leontief, the world-famous economist and scientist, winner of the Nobel Prize for Economics in 1973 and inventor of the input-output 
system

66
ASTM GROUP
**Includes direct employees (13,072) and jobs created with Group suppliers through the purchase of goods and services
Source for multipliers for input/output analysis is based on Eurostat databases, especially “Symmetric input-output table at basic prices (industry by industry)”, “National 
accounts employment data by industry” and “Household saving rate”
DIRECT: Economic and employment contribution directly connected to business activities.
INDIRECT: Economic and employment contribution indirectly connected to business activities, con-
sisting of the value generated by the Group's partners throughout the value chain activated.
RELATED: economic and employment contribution linked to business levels at the larger level, con-
sisting of value generated through the demand for goods and services coming from personnel em-
ployed throughout the value chain activated.
EUR 4.3 BN
Direct contribution* 
of the ASTM Group
EUR 3.7 BN
Indirect contribution
EUR 5.1 BN
Related contribution
EUR 13.1 BN
Direct, indirect 
and related 
contribution
35 thousand
Direct 
employment 
impact**
23 thousand
Indirect 
employment 
impact
29 thousand
Satellite 
employment 
impact
87 thousand
Direct, indirect 
and satellite 
employment 
impact
*The direct contribution is equal to the economic value generated and distributed without considering “Company remuneration”

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The ASTM Group recognises the importance of 
guaranteeing a transparent procurement cycle 
and of regulating social and environmental impact 
in order to safeguard its Stakeholders. To that end, 
each company undertakes to select suppliers and 
manage relations with them according to criteria 
of transparency, fairness and impartiality, avoiding 
conflicts of interest, even potential.
The choice of suppliers is based on assessments 
that aim to identify and select parties of proven 
quality, professionalism, integrity and reliability 
with the necessary legal requirements, as well as 
the best standards in terms of human rights, work-
ing conditions, ethics and respect for the environ-
ment.
As part of the internal audit system, each company 
formalises roles and responsibilities, criteria and 
operating methods for the monitoring and man-
agement of the procurement process.
ASTM S.p.A. has adopted specific policies and 
procedures to guarantee a sustainable manage-
ment of its supply chain and, among other things, 
in 2020 implemented a Supplier Register which, 
among other things, verifies reputation checks car-
ried out in part through the use of databases.
ASTM and its main operating subsidiaries have 
adopted a Suppliers Code of Conduct which ap-
plies together with current regulations, comple-
menting the Code of Ethics, the Anti-Corruption 
Policy and other company policies and procedures, 
defining the standards of behaviour that suppliers, 
partners, business agents and distributors shall 
adopt, as well as the procedures for disseminating 
the code and recruiting suppliers. The document 
reinforces the commitment of the Group compa-
nies to applying international standards such as the 
Ten Principles of the United Nations Global Com-
pact (UNGC), the Universal Declaration of Human 
Rights and the Fundamental Conventions of the In-
ternational Labour Organization (ILO). Through the 
introduction of specific clauses in contracts signed 
with suppliers, the latter undertake to observe - on 
penalty of contract termination and without prej-
udice to compensation for damages - the behav-
ioural principles and rules established under the 
Code of Ethics, Model 231, Anti-Corruption Policy 
and other company policies adopted.
In particular, for all Italian licensee companies, 
the transparency of the process to award works 
for motorway construction is guaranteed by legal 
provisions that the licensees must observe when 
assigning works. In addition, all the licensees have 
a Suppliers List, which is managed and updated by 
the Department of Purchases, Contracts and Qual-
ity. As regards the execution of works and services 
for the construction of new works or the mainte-
nance of the motorway structures under manage-
ment, the Group companies operate in line with 
the official ANAS price list, which is used to deter-
mine the “threshold” prices of the works to be car-
ried out. Costs are subject to periodic checks by 
the Italian Ministry of Infrastructure and Transport 
(“MIT” or “Granting Body”).
For the Brazilian licensee companies, supplier 
management is coordinated by the Purchasing 
Department, which is connected to the Corporate 
functions, and follows financial and social quality 
and compliance criteria. Through the use of its 
own system, the Department guarantees the trace-
ability and documentation of each supplier, which 
must adopt the standards of the Company Code of 
Conduct. The Supplier Management Programme 
assesses the degree of compliance of suppliers 
with the EcoRodovias standards, including aspects 
linked to ESG topics. After finalising the contract 
with suppliers, they are assessed by three comple-
mentary initiatives:
•	 assessment by the Purchasing Office: legal 
aspects and quality of service are taken into 
consideration. This assessment considers the 
strategic suppliers.
•	 PAF (Program of Suppliers Assessment): the 
compliance of suppliers is evaluated in terms 
of health and safety and environmental as-
pects. All service suppliers are covered by 
this programme.
•	 programme of social and environmental as-
sessment and engagement of strategic sup-
pliers: in this programme, strategic suppliers 
SUPPLY CHAIN

68
ASTM GROUP
answer a questionnaire with 5 aspects (Gov-
ernance, Administrative, Technical, Social and 
Environmental).
Aspects pertaining to human rights, such as the 
fight against child labour and forced labour, are 
regulated by the Suppliers Code of Conduct.
These practices guarantee a satisfactory selection 
of new suppliers, compliance with current laws 
and the promotion of good practices, while reduc-
ing risks related to the supply chain.
The supply chain occupies a strategic position in 
the construction sector. These companies oper-
ate in work sites for the construction of civil engi-
neering and infrastructure works. A significant quo-
ta of the works is subcontracted to third parties. 
When recruiting subcontractors, the characteris-
tics of the contracted companies in relation to the 
work to carry out and relevance for environmental 
issues are assessed. Special attention is paid to 
excavation and earth moving works, environmen-
tal clean-ups and specialist works such as special 
foundation works, waterproofing and asphalting.
The sustainability parameters are part of the as-
sessment procedure for offers for goods, frame-
work agreements and professional agreements 
and shall be extended to the assessment of the 
Suppliers List.
The supply chain in the engineering sector is also 
managed so as to allow complete traceability of 
suppliers and, where present, any subcontractors. 
The checks are intended to guarantee the high 
quality of services and, through contractual claus-
es and specific requirements for insertion in the 
Suppliers list, to ensure the ethical nature of the 
suppliers network. In order to guarantee a satisfac-
tory performance standard, the standard contrac-
tual format now includes a special clause linked 
to the fulfilment of obligations concerning the 
maintenance of specific quality and performance 
standards. To guarantee the ethical conduct of 
third parties, the contractual template includes a 
specific clause that requires third parties to comply 
with the Supplier Code of Conduct, the Anti-Cor-
ruption Policy and the Code of Ethics; this com-
mitment applies to the entire supply chain and is 
a necessary requirement for the continuation of 
the contractual relationship. A specific contractual 
clause was also introduced which renders the effi-
cacy of the contract subordinate to registration of 
the third party in the Suppliers list. By virtue of the 
principle of continuous improvement, and in the 
aim of guaranteeing the traceability of the chain, 
the clause related to subcontractors has been 
amended, requiring that the Company’s prior ap-
proval must also be given in relation to sub-suppli-
ers and not limited to subcontractors. This way, it 
is possible to verify compliance with the principles 
by any party in the chain in advance. Finally, the 
entire supply chain, including any third party sub-
contractor, is subject to administrative document 
checks to verify the ethical conduct and profes-
sional standing of the third party.
In line with that established in the Suppliers Code 
of Conduct, the best standards in supply chain 
management are also adopted for the technolo-
gy sector.
During 2022, approximately 97% of Group pur-
chases were sourced from local suppliers 22. The 
chart below shows the percentage of local pur-
chases, by geographic area.
22 In relation to the Significant Locations of Operations: Italy, Rest of Europe, United States, Latin America, South Africa, Middle East. The data refers to the purchase of 
main materials, the quantities of which are shown on the following page

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LOCAL PURCHASES
(% of expenditure on local suppliers)
South Africa 
46%
The Middle 
East 73%
Italy 
98%
Rest of Europe 
78%
Latin America 
100%
United 
States 100%
EXTERNAL AUDITS ON ITINERA S.p.A. SUPPLIERS
In 2022 Itinera conducted supplier audits on a sample of suppliers, considering the following criteria:
•	 the type and critical aspects of the supply;
•	 work site feedback;
•	 particular needs, such as the existence of harmful conditions for Safety, the Environment and 
Quality of supplied products/services or information reported from work sites.
Any cases of non-compliance identified are managed in accordance with the management system proce-
dures and involve the definition of improvement plans and the performance of follow-up checks to ensure 
their verification. The involvement of subcontractors in such aspects also includes periodic coordination 
meetings.
In any case, the findings did not reveal any critical issues that would result in a change to the certification 
of the audited suppliers: the recommendations highlighted the need for verification of operational control 
and regulatory compliance, but specified that such checks should be implemented without difficulty by the 
suppliers.
The audits also identified some suggestions for improvement, which were shared with the suppliers. Their 
implementation will be monitored in the context of the follow-up activities.

70
ASTM GROUP
The main non-renewable materials purchased by 
the Group during 2022 are broken down as follows, 
by reference category.
MAIN MATERIALS PURCHASED23
2021
2022
Oil products [litres]
63,141,103
45,853,437
Concrete [m3]
323,584
734,914
Quarry material [m3]
495,942
2,645,756
Bituminous mixes [ton]
560,726
603,040
Road barriers [ml]
59,825
177,129
Cement and other binding 
agents [ton]
124,552
65,819
Iron and steel [ton]
106,208
48,767
Bitumen [ton]
13,776
80,969
Chlorides [ton]
29,136
27,379
Prefabricated cement products 
[m3]
4,689
5,227
SUPPLIER SCREENING  
AND ASSESSMENT
Supplier screening and assessment mainly takes 
place through monitoring supplier conformity to 
applicable laws and specific labour and environ-
mental requirements.
In the motorway concessions sector, the servic-
es and works contracts of the licensee companies 
specifically refer to applicable laws and collective 
bargaining agreements in use, with particular refer-
ence to occupational health and safety, and insur-
ance, welfare and salary conditions. In compliance 
with management systems adopted, suppliers 
used are generally assessed by the Procurement 
23 The figure is the result of estimates made in consideration of the total cost and average unit cost incurred for the materials listed above
Function of each Group company, assisted by rel-
evant Technical Managers and competent compa-
ny functions. If examination of the documentation 
produced were to show any irregularities com-
pared to the contract, the termination clauses en-
visaged in each order and contract would be used.
Regarding the construction industry, suppliers 
are screened – as part of criteria concerning work 
practices – according to whether activities are to be 
carried out in Italy, the EU or the rest of the world. 
For Italy and EU countries, documents on person-
nel to use for activities to carry out are examined 
beforehand. For non-EU partners, a special focus 
is also placed on child labour (regarding sub-
contractors directly at the work site and external 
manufacturers of materials which are then used at 
work sites), and on living conditions at base camps 
(accommodation, board, leisure and recreational 
facilities, transport to and from the home country). 
In the case of suppliers operating at external pro-
duction units, specific audits may be directly con-
ducted at the units concerned. As regards environ-
mental issues, when recruiting subcontractors, the 
characteristics of individual companies in relation 
to the work to carry out and relevance for environ-
mental topics are normally assessed, requesting 
information on environmental certification and 
registration with applicable registers.
The criteria concerning work practices, used for 
screening in the engineering sector, vary accord-
ing to the countries analysed. In Italy and the Euro-
pean Union, specific references to the current leg-
islation and the collective agreements applied are 
taken into consideration. In the other countries, in 
addition to the above criteria, compliance with the 
UN Convention on the Rights of the Child (Articles 
31-40) is also considered, and contractual obliga-
tions are included on the maintenance of workers 
on site and their treatment.

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ITINERA SUPPLIERS LIST
Itinera has implemented an on-line platform for the prior assessment (pre-qualification) of its suppliers 
of goods and services worth more than € 10 thousand per year. In particular, the process is divided into 
two phases: (i) qualification of headquarters’ staff (prior assessment – pre-qualification) and (ii) monitor-
ing of the qualified supplier during its activity in the work site by competent Project Managers and Site 
Directors (direct assessment – work site feedback) and through specific audits. Having qualified sup-
pliers meets the requirement to operate with reliable suppliers in quality, technical and organisational 
terms, the protection of health and safety and the environment, which guarantee the provision of the 
service requested in full compliance with the contractual requirements. In addition to the certifications 
achieved, some accident indicators in terms of health and safety have been inserted as a preferred 
criterion for awarding contracts. At the end of 2022, out of the 2340 suppliers recorded on Itinera’s 
supplier register, 218 new suppliers were certified.
	 Suppliers in the register
	 Qualified suppliers
	 of which with Certificate 9001
	 of which with Certificate ISO 14001
	 of which with Certificate ISO 45001
	 of which registered on environmental 
operator registers
	 of which with Certificate SA 8000
	 of which with Certificate ISO 39001
	 of which with Certificate ISO 37001
TOTAL SUPPLIERS
ACTIONS TO MITIGATE 
MAIN RISKS REGARDING 
CHILD LABOUR
Considering the specific nature of its business and 
geographic scope of its operations, in the world, 
the main risks identified for the Group regard-
ing child and forced labour concern construction 
sites, with particular reference to the responsible 
management of the supply chain in Africa and the 
Middle East. Specifically, Itinera requests a state-
ment of compliance with the UN Convention on 
the Rights of the Child, Articles 31-40, in relation to 
activities and main suppliers, both Italian and for-
eign, with a greater risk of the use of child labour. 
At the Botswana work site, the Human Resources 
and Health, Safety and Environment departments 
carry out controls. At the Abu Dhabi work site, work 
visas are checked before personnel can enter the 
site. As regards activities and main suppliers with a 
4,883
4,387
2021 2022
2,340
2,098
2022
2021
702
619
2022
2021
102
86
2022
2021
94
72
2022
2021
1,468
2022
645
2022
2021
734
628
558
2022
2021
65
50
2022
2021

72
ASTM GROUP
OUR COMMITMENT  
TO ROAD SAFETY
The roads designed, built and managed by ASTM 
Group licensees aim to fulfil the need for the safe 
transit of people and goods. The complex and reg-
ulated road system calls for formal compliance with 
sector regulations, which is a qualifying element of 
the planning and management process, but still only 
one part. In fact, for some time the ASTM Group li-
censee companies have understood the need for a 
multi-factor approach to road safety management, 
choosing to integrate the aspects usually considered 
with criteria that can be used to assess and compare 
road user behaviour, traffic flows and the condition 
of infrastructure in an integrated manner.
ROAD 
NETWORK
ENVIRONMENTAL 
CONDITIONS
HUMAN 
 BEHAVIOUR
VEHICLE  
SAFETY
SPEED
ROAD  
SAFETY
MOTORWAY INFRASTRUCTURE  
MANAGEMENT
considerable risk of the use of forced labour, work-
ers selected on a random sample are interviewed 
during internal audits on human rights and any un-
lawful situations, in accordance with requirements 
of SA 8000 and Corporate Accountability. Boxes are 
provided at foreign work sites to post anonymous 
reporting of any breaches.

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These criteria mean:
•	 Design and construction choices geared to-
wards safety, as part of a cycle of technical and 
administrative efficiency, with measures that 
target the development and adaptation of the 
roads that are devised to incorporate the hu-
man factor in design criteria, in order to pre-
vent accidents and mitigate consequences for 
people.
•	 careful maintenance of infrastructure. inspec-
tion technologies and methods adopted tend 
to establish the consistency and safety of the 
work and foresee its future deterioration, refer-
ring this to the conditions of use of the infra-
structure which the work is a part of. Activities 
comprise inspections and checks, controls and 
monitoring of works and the overall manage-
ment of road infrastructure.
•	 safe management of infrastructure, with careful 
monitoring of events on the network and use of 
feedback relating to managed motorways.
•	 public notices and promotion of safety through 
the Autostradafacendo safe driving campaign.
THE ROLE OF PREVENTION
In managing safety policies, prevention plays a 
central role. The technical departments of the 
ASTM licensee companies are supported by EPC 
sector companies to develop a multitude of ac-
tions for prevention and to improve infrastructure. 
Additionally, to improve the motorway infrastruc-
ture management process, all Italian Group licen-
see companies have launched an accident anal-
ysis process, following a shared methodological 
approach.
Material topic:
ROAD SAFETY
Area of Leg. D. 254/2016:
ENVIRONMENTAL, SOCIAL
Main sustainability risks associated:
•	 risk of operational disruption to infrastructure
•	 risks related to the management of emergency events 
and motorway services;
Summary of main management and mitigation actions:
•	 management qualification and personnel training, in-
cluding through drills
•	 operating procedures for timely and coordinated traffic 
and emergency management
•	 continual planning and monitoring of maintenance
•	 memorandums of understanding with neighbouring 
licensees and authorities (the police, civil protection, pre-
fectures, etc.);
•	 service contracts with third parties (e.g. winter services);
•	 grantor monitoring plan
•	 systems to identify customer satisfaction.
All Group licensees have an operating unit that users may contact 
in the event of emergencies, and SOS points along the entire mo-
torway network.
Autostrada dei Fiori S.p.A., for the A10 Savona-Ventimiglia and A6 
Torino-Savona sections, S.A.V. S.p.A. - SOCIETA’ AUTOSTRADE VAL-
DOSTANE, S.A.T.A.P. S.p.A, for the A4 Torino-Milano and A21 Tori-
no-Piacenza sections, Autovia Padana S.p.A. for the Piacenza-Cre-
mona-Brescia stretch of the A21; SALT S.p.A., for the A12 and A15 
sections within its remit and Asti Cuneo S.p.A. for the A33 stretch, 
A.T.I.V.A. S.p.A. for the Torino-Quincinetto and Ivrea-Santhià (A5) 
stretches and Tangenziale di Torino and Torino-Pinerolo (A55), 
Concessionaria das Rodovias Ayrton Senna e Carvalho Pinto S.A. 
– Ecopistas, Concessionaria Ecovias dos Imigrantes S.A., Conces-
sionaria Ponte Rio-Niteroi SA – Ecoponte, Eco050 – Concessionária 
de Rodovias S.A., ECO101 Concessionaria de Rodovias S.A., 
Eco135 Concessioanria de Rodovias S.A., Empresa Concessionaria 
de Rodovias do Sul S.A. – Ecosul e Concessionaria Ecovias do Cer-
rado S.A. .have obtained ISO 39001 certification.

74
ASTM GROUP
MONITORING  
THE CONDITIONS OF  
MOTORWAY INFRASTRUCTURE
The ASTM Group’s licensees have defined and 
adopted a method – formalised in the Action Plan 
for Maintaining Infrastructure efficiency – for the 
integrated process which monitors the conditions 
of infrastructure, provides diagnostics and defines 
necessary measures, to ensure the safety, function-
ality, robustness and durability of works over time.
The process is based on specific procedures that 
target the acquisition of information about the con-
ditions of the infrastructure and developments over 
time, in order to understand the “current” condi-
tions of works, reasonably predict future conditions 
and thus promptly and effectively plan necessary 
measures.
In addition to the ordinary checks required by 
the concession agreements, there are additional 
checks managed by the internal structure and ex-
ternal professionals, which provide the Technical 
Departments of the Group licensees with all results, 
making it possible to define which measures to un-
dertake, the type and the planning of interventions.
The methodology adopted also envisages specif-
ic checks and validations by third-party and inde-
pendent experts.
After priorities for actions and the planning are de-
fined, the projects are prepared (OpEx and CapEx) 
and, as provided for by applicable regulations, are 
validated by a competent person; capex activities 
are also approved by the Granting Body or other 
competent organisations.
In close connection with this monitoring process, 
the Group is developing an industrial project to 
define a standard for the safety of infrastructure 
which, thanks to a combination of the most ad-
vanced techniques and civil engineering plus ap-
plied mathematics, as well as innovative monitoring 
Material topic:
MOTORWAY INFRASTRUCTURE 
SAFETY
Area of Leg. D. 254/2016:
ENVIRONMENTAL, SOCIAL 
Main sustainability risks associated:
•	 risk of operational disruption to infrastructure;
•	 compliance risk and risks related to ethical behaviour.
Summary of main management and mitigation actions:
•	 monitoring and planning of maintenance to check and 
guarantee the safety status of motorway infrastructure
•	 the seismic and hydrogeological monitoring plan;
•	 grantor monitoring of infrastructure
•	 the “Code of Ethics and Conduct” and “Compliance 
Programme” 231/01 (hereafter “Model 231”) adopted 
by ASTM and its operating subsidiaries, including specific 
operating procedures monitoring environmental offences 
and occupational health and safety;
•	 environmental and occupational health and safety 
management systems in line with applicable best 
practices
technologies and advanced cognitive cloud com-
puting systems, will improve the quality and safety 
of works, extending their useful life and reducing 
management costs.
The methodology is therefore characterised by an 
integrated approach which is also innovative. This 
is because establishing values and specific indexes 
for infrastructure conditions is difficult, and so math-
ematical models and specific algorithms are used 
to measure any inefficiencies, to enable the conse-
quent planning of actions to ensure safety and sus-
tainability over time.
More specifically, the system will automate data 
collection and processing in order to standardise 
inspections and identify any critical aspects. To this

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end, SHM (structural health monitoring) systems are 
used comprising high-quality installed sensors to 
monitor significant structural parameters, connect-
ed to the cloud, for data acquisition, processing and 
storage. Real-time measurements of main structur-
al parameters are compared with expected results, 
calculated using the structure mathematical model, 
to promptly identify any critical aspects of works.
Considering the importance of the development of 
methodologies and technologies described above 
regarding the infrastructure under concession, and 
considering the opportunities of the project in the 
safety industry, the Group will put its experience 
and skills to use in the civil engineering sector.
Lastly, project partners include world leaders in the 
sectors of materials, components, systems and IT, as 
well as major universities.
Read the news story
ASTM supports the new PhD programme of the Univer-
sity of Pisa on the analysis and control of structures and 
infrastructural works
INVESTMENTS IN SAFETY
The Group’s licensees continue investing constantly 
in their own motorway network, with particular at-
tention to improving quality and safety standards, in 
compliance not only with conventional obligations 
but, mostly, with the industrial approach to business 
that has always distinguished the Group.
Investments in motorway assets in FY 2022 totalled 
around €1,304 million (€608 million in 2021). In par-
ticular, investments in motorway assets from Italian 
SPENDING FOR INVESTMENTS AND MAINTENANCE
(amounts in EUR/million)
2021
2022
Ordinary 
maintenance
Investments
Ordinary 
maintenance
Investments
A4 Torino-Milano
33.4
19.7
34.6
29.0
A21 Torino-Piacenza
33.9
57.0
33.4
68.5
A6 Torino-Savona
25.4
83.0
17.9
104.4
A12 Livorno-Sestri Levante
32.8
96.6
30.9
114.3
A15 Parma-La Spezia
27.8
93.7
21.0
86.7
A33 Asti-Cuneo
8.7
19.8
11.7
99.4
A10 Savona-Ventimiglia
24.4
73.0
26.0
98.6
A5 Quincinetto-Aosta Ovest
16.2
12.1
11.6
20.7
A21 Piacenza-Cremona-Brescia
14.0
43.2
13.9
68.1
A5 Torino -Quincinetto e Ivrea-Santhià
A55 Tangenziale di Torino & Torino-Pinerolo
25.5
30.6
33.3
56.8
A32 Torino-Bardonecchia
T4 Frejus Tunnel*
27,0
54.9
34.0
100.1
Total Italian concessions
269.1
583.6
268.3
846.6
EcoRodovias**
18.1
24.5
232.0
457.5
Total
287.2
608.1
500.3
1,304.2
* Wholly consolidated from 1 April 2021
** Wholly consolidated from 1 December 2021

76
ASTM GROUP
concession holder companies amounted to € 847 
million, an increase of 45% compared to the same 
period the previous year, reflecting the Group’s 
commitment to guarantee high safety standard on 
all the sections managed.
Investments carried out by the Brazilian investee 
companies in 2022 amounted to €547 million (€25 
million in December 2021 alone).
Most of the investments in motorway assets made 
during the year relate to investments to improve 
the safety of the network (€841 million), including 
upgrading of tunnels to comply with EU directives, 
work on bridges, viaducts, overpasses and the up-
grading of safety and noise barriers. Investments in 
the development of new infrastructure amounted to 
€432 million, of which €190 million refer to the Brazil-
ian network, €98 million to the Asti-Cuneo Motorway, 
€47 million to the Tyrrhenian-Brenner multi-modal 
corridor (TIBRE) and €45 million to the Autovia Pada-
na “Corda Molle” project. Finally, around €31 million 
relate to investments in innovative technology pro-
jects across the Group's motorway network.
MANAGING EMERGENCIES
The Group is committed to managing all types of 
risks and emergencies as efficiently as possible, to 
ensure transit on its managed motorway stretches 
in all situations and in the case of any type of event. 
Main emergency situations refer to snow, flood-
ing, fire and landslides. In 2022, a total of 63 snow 
events lasting a total of approximately 505 hours 
(111 snow events lasting approximately 787 hours 
in 2021) were managed, using 1,655 vehicles and 
around 21 thousand tonnes of fluxing agents (salt 
and chlorides, approximately 28 thousand tonnes 
of fluxing agents in 2021). During 2022, 187 flood-
ing events were also managed, using 23 items of 
equipment. All Group licensees have an operating 
unit that users may contact in the event of emer-
gencies, and 2,976 SOS points along the entire mo-
torway network. The increased amount of data on 
flooding, landslides and fires is mainly due to the 
entry into the scope of consolidation of the Brazilian 
licensees of the EcoRodavias Group for the entire 
year.
APPROXIMATELY 802 KM 
 
OF DRAINING/SOUND-ABSORBING 
ROAD SURFACES EQUAL TO AROUND 
62% OF THE MOTORWAY  
NETWORK MANAGED

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EMERGENCY SITUATIONS ON GROUP STRETCHES
TYPE OF EVENT
2021
2022
no. of events/duration
no. of events/duration
Snow events (hours of snow)
787
505
Flooding (no. of events)
43
187
Landslides (no. of events)
5
52
Fires (no. of events)
120
3,001
SAFE INFRASTRUCTURE  
MANAGEMENT
During 2022, development continued on the pro-
ject to implement an ISO 39001 compliant road 
traffic safety management system by motorway 
companies, with the aim of decreasing the number 
of accidents on sections managed through appli-
cation and continuous improvement of the system, 
specifically in terms of cases involving serious con-
sequences for those involved.
Safe infrastructure management starts from careful 
attention to usage conditions, circulation features 
and information on accidents: these elements rep-
resent an extraordinarily rich knowledge base to 
work towards progressive improvement in travel 
conditions on the road network. In 2022, the licen-
sees perfected their methods of collecting, cata-
loguing and assessing these information assets by 
improving a detailed system that supports decision 
making, able to integrate various data sources. The 
ADAM® (Accidents Data Analyser Module) plat-
form, now used through the ASTM Group's Italian 
network, makes it possible to:
•	 create a descriptive road database, indicat-
ing the technical and geometric features of 
interest obtained from field measurements 
(e.g., viaducts, tunnels, turns, lengths, slopes, 
pavement features);
•	 acquire dynamic information from the man-
ager of interest for processing (e.g., traffic, 
accidents);
•	 use the above data to create a wide num-
ber of indicators (e.g. accident rate, severity 
index, social cost);
•	 calculate indicators based on various types of 
road segmentation (automatic segmentation 
algorithm, guided by the indicators, or fixed);
•	 create infrastructure “models” based on the 
technical/geometric characteristics of sections 
to as to make homogeneous comparisons 
between indicators for arteries (e.g. compare 
only indicators in areas in which traffic is dis-
turbed by junctions);
•	 compare the same motorway section over 
intervals of various times, to verify whether or 
not safety measures implemented are effec-
tive.
The aforesaid action represents a useful tool for 
implementing a virtuous process of improvement 
in road safety and the operating measures imple-
mented for such purposes, namely to choose meas-
ures that, on the basis of feedback on the operating 
experience, are objectively targeted to reduce the 
accident rate on the network.
All licensee companies of the Group have Servic-
es Charters, which report the quality indicators and 
related reference standards with which compliance 
is assured. Updated annually, the Services Charters 
represent an opportunity to review the service and 
the value of the information for motorway custom-
ers. The Group, in compliance with the objectives of 
the quality and road safety policy, is also committed 
to monitoring quality perceived by users of its own 
motorway infrastructure. To this end, the licensee 
companies carry out customer surveys on a regular 
basis and the results are analysed and used inter-
nally to identify strengths and weaknesses, plan im-
provement actions and follow them up.

78
ASTM GROUP
ACCIDENT RATE ON THE GROUP’S ITALIAN NETWORK
The graph shows the rate of fatal accidents and the mortality rate on the network managed by the Group in Italy. 
The strong decrease in rates reflects the efforts to continually improve safety on its managed infrastructure.
In 2022, there were a total of 3,945 accidents on this infrastructure (3,380 in 2021), of which 34 were fatal accidents 
(23 in 2021), with 1,637 injuries (1,235 in 2021) and 43 deaths (27 in 2021).
FATAL ACCIDENT RATE
(Rate for the years 1998-2022, no. of fatal accidents/mileage in millions of vehicles/km*100)
MORTALITY RATE
(Rate for the years 1998-2022, no. of deaths due to road accidents/mileage in millions of vehicles/km*100)
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
2001
2003
2005
2007
2009
2011
2013
2015
2017
2021 2022
2019
62% of vehicles involved in accidents are light vehicles (63% in 2021), the remainder heavy vehicles.
Fatal accidents since 2001
-55%
Technical improvement to infrastructure
Completion of operational capacity
Development of the road safety 
campaign Autostradafacendo
The following 
elements contributed:
0.94
0.79
0.63
0.52
0.50
0.51
0.55
0.49
0.33
0.33
0.30
0.30
0.41
0.26
0.31
0.29
0.25
0.21
0.20
0.66
0.51
0.50
0.42
0.41
0.48
0.44
0.30
0.21
0.20
0.25
0.28
0.29
0.33
0.22
0.18
0.26
0.26
0.81
0.40
0.20
0.26
0.23
0.33
0.33

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705,158
624,133
96,064
91,177
12,783
12,314
8,610
8,610
91,981
90,728
AVERAGE ACTUAL DAILY VEHICLES BY TYPE OF VEHICLE 25
2022
914,596
2021
826,961
 
Class A (height ≤ 1.3 m)
 
Class B (height > 1.3 m)
 
Class 4 (4-axle vehicles)
 
Class 5 (vehicles with 5 or more axles)
 
Class 3 (3-axle vehicles)
TRAFFIC DATA ON THE GROUP’S ITALIAN NETWORK
74% of journeys assessed in vehicles/km24 are light vehicles (72% in 2021), the remainder heavy vehicles.
Graphs and data on traffic served daily by the Group’s motorway licensee companies in Italy are shown below, 
indicating services provided to the public.
24 Includes paying vehicles, vehicles subject to paying and exempt vehicles. The definition of vehicles/km refers to total km travelled by vehicles joining the motorway, in 
particular between the start and end of the stretch, and makes a distinction between actual vehicles, which are the number of all vehicle units, regardless of the category, 
joining the motorway and regardless of the km travelled.
25 Includes paying vehicles, vehicles subject to paying and exempt vehicles.

80
ASTM GROUP
ACCIDENT RATE ON THE GROUP’S 
BRAZILIAN NETWORK
In 2022, for the licensee companies of the 
EcoRodovias Group, a fatal accident rate of 1.50 
is recorded (1.63 in 2021) and a mortality rate of 
1.68 (1.90 in 2021). The indices are calculated 
as number of events each 100 millions vehicle/
km travelled26. The accident rate on Brazilian 
motorways is higher compared to Italian 
motorways in relation to the differences in vehicle 
fleets and traffic patterns characteristic of the 
two countries. This discrepancy is general and 
also confirmed, for the entire national networks, 
by the World Health Organisation’s 2018 report, 
according to which Brazil has more than 3.5 times 
as many road accidents per 100,000 inhabitants as 
the corresponding figure for Italy.
TRAFFIC DATA ON THE GROUP’S 
BRAZILIAN NETWORK
For the licensee companies of the EcoRodovias 
Group, there were 227,530 thousand equivalent 
paying light vehicles (237,825 in 2021) and 175,182 
thousand equivalent paying heavy vehicles (173,420 
in 2021).
Traffic performance for EcoRodovias in 2022 shows, 
as a whole, a 2.1% decrease in traffic volume com-
pared to the previous year (+1.0% light vehicles, 
-4.3% heavy vehicles), mainly due to the expiration 
at the end of 2021 of the Ecovia Caminho do Mar 
and Caminho do Mar ed Ecocataratas concessions, 
which reduced the scope of business in 2022, not 
fully offset by the start of tolling in the fourth quarter 
on the new concessions EcoRioMinas and Ecovias 
do Araguaia.
The traffic increase of light vehicles is mainly due 
to the progress during 2022 of the vaccination pro-
grammes and campaigns intended to tackle the 
Covid-19 pandemic, which allowed for an easing in 
the social distancing and travel restriction measures 
adopted by the Brazilian authorities.
Heavy traffic, in terms of the areas managed by the 
licensee companies of the EcoRodovias Group, also 
benefited from the recovery of industrial produc-
tion, growth of agricultural exports and imports of 
fertilisers.
26 2021 figures for the fatal accident rate and the fatality rate have been restated for a more transparent evolutionary comparison with the 2022 figure.

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LOCAL PROJECTS IMPLEMENTED
Accident rate studies
In application of Italian Legislative Decree 35/2011 
on motorway infrastructure safety management, 
S.I.N.A. carries out widespread accident rate anal-
ysis on the motorway network managed, contrib-
uting to evaluating safety developments on the 
stretches of the individual licensee companies.
Group licensee companies implement progressive 
safety improvement measures also on the basis of 
these assessments. After these measures, accident 
rate studies also serve to verify the actual efficacy 
of the measures implemented. After identifying the 
type of action, the period in which it was executed 
and the date in which the work was completed, it 
is possible to do subsequent analysis to determine 
whether accident rates have effectively fallen over 
time after execution.
AUTOSTRADAFACENDO
One of the fundamental elements for road safety 
is represented by the human factor. Aware of the 
importance of this aspect, the Group seeks to raise 
its users’ awareness through the road safety cam-
paign, Autostradafacendo. It seeks to influence the 
human factor through user communication on virtu-
ous behaviours and misuse.
ICARO Project
The ICARO project is a road safety campaign aimed 
at young people in lower and upper level second-
ary schools in every Italian province. Its aim is to 
disseminate the importance of following the rules 
and laws through correct road user behaviour. Par-
ticipation is not open to individuals, but to classes 
located throughout Italy.
Through S.I.N.A., the ASTM Group contributes to 
the work of the Icaro project alongside the Italian 
Traffic Police and other illustrious partners who seek 
to educate young people, and future drivers, about 
road safety culture. In the second half of the year, 
new criteria were established for the next competi-
tion aimed at young people in 2023, and the awards 
ceremony for the winning classes of the 2022 cam-
paign was organised for the end of the year.

82
ASTM GROUP
COOPERATION WITH  
EUROPEAN INSTITUTIONS
The mobility system has always had a large influence 
on local and global socio-economic growth. In re-
cent years, technological developments are demon-
strating potential which could favour further acceler-
ation of the same.
It is then easy to understand why mobility is one of 
Europe’s priorities, as it recognises that technology 
is absolutely necessary for positive changes in the 
transport system. For this reason, it has invested bil-
lions of euros in developing the Intelligent Transport 
System (ITS), which integrates digital knowledge 
with transport engineering. The aim is to improve 
driving safety, protecting people, vehicles and 
goods, while improving both the quality and effi-
ciency of the systems used to transport passengers 
and goods, optimising the use of natural resources 
and respecting the environment. Moreover, given 
the major programmes and commitments aimed at 
the ecological and digital transition adopted by the 
ASTM Group, these topics are becoming more rele-
vant on both a subjective and objective level.
PANEUROPEAN COOPERATION  
TO IMPLEMENT  
NEW TECHNOLOGIES
The work of the European road technology forum 
comes to fruition in the NAPCORE projects, an inten-
tional coordination on the exchange of traffic data, 
and the ITS Corridors (MedTIS 3, URSA MAJOR neo 
and CROCODILE 3) which are currently coming to 
an end, as well as in the MERIDIAN project (the latter 
officially started on 21 October 2022). The platform 
represents a space where the Ministries, national 
road authorities, motorway operators and public and 
private sector partners coming from almost all Euro-
pean Union member states and bordering countries 
can cooperate. Interested operators cooperate to 
promote, accelerate, harmonise and optimise cur-
rent and future developments in the implement of 
road technologies on the Trans-European Network. 
The European platform for Intelligent Transport Sys-
tems (ITS) was established and is co-financed by the 
European Commission. It is managed by European 
institutions through the European Climate, Infra-
structure and Environment Executive Agency (CIN-
EA) with the general coordination of the Ministry of 
Infrastructures and transport (MIT).
These projects unite most European Stakeholders 
with the goal of cooperation, through an open fo-
rum able to provide a helpful contribution to future 
strategies, as well as providing recommendations for 
new European policies intended to improve devel-
opment and more widely implement technological 
services throughout the European road corridors. 
The Group provided the project management of the 
initiatives throughout 2022 and has drafted a future 
proposal in response to the new European CEF2 call.
COOPERATION WITH NATIONAL 
COMMITTEES
SINA – THE PRESIDENCY OF THE PIARC 
NATIONAL COMMITTEE ON “ROAD SAFETY 
POLICIES AND PROGRAMMES”  
FOR THE 2021-2024 FOUR-YEAR PERIOD
In 2022 three meetings of the PIARC national commit-
tee on “Road safety policies and programmes” were 
held. S.I.N.A. will chair the committee for the 2021-
2024 four-year period. The Committee's chair, acting 
on behalf of the ASTM Group, was an active presence 
at the meetings, which were attended by leading Ital-
ian experts including representatives of the Ministry of 
the Interior, the Ministry of Infrastructures and Trasport 
(MIT) and local government officials.
In 2022 the Committee organised two seminars: one 
international event involving countries form the Bal-
kan–Danubian region, and one ANAS-PIARC event 
that formed a key element of the conference held to 
mark the Day of Remembrance of Road Traffic Vic-
tims. In addition, work was carried out to draft the 
Technical Committee Report.

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SAFETY MANAGEMENT SYSTEMS OF ITALIAN CONCESSION HOLDERS 
AND NEW ANSFISA GUIDELINES
Over time, the motorway concession holders of the ASTM Group have adopted a road safety manage-
ment system that complies with standard ISO 39001.
After the first goals achieved initially by Autostrada dei Fiori S.p.A., which developed the pilot project 
and obtained certification in September 2019 for the A10 Savona-Ventimiglia and A6 Torino-Savona 
sections, and then, in the last quarter of 2020, by S.A.T.A.P. S.p.A. for the A4 Torino-Milano and A21 To-
rino-Piacenza sections, followed in 2021 by Autovia Padana S.p.A. (Piacenza-Cremona-Brescia stretch 
of the A21), SALT S.p.A. (A12 and A15 sections), Asti Cuneo S.p.A. (A33 stretch), A.T.I.V.A. S.p.A. (Tori-
no-Quincinetto and Ivrea-Santhià sections (A5) and Tangenziale di Torino and Torino-Pinerolo (A55), in 
July 2022 SAV S.p.A. also achieved the same goal for the A5 Quincinetto – Aosta section.
After the audits carried out in 2021 by ANSFISA - National Agency for the Safety of Railways and Road 
and Motorway Infrastructure (the agency responsible, among other things, for certifying maintenance 
procedures, surveys and infrastructure controls) on the A10 section managed by ADF S.p.A., in 2022 
inspections were also carried out on the A6 section managed by ADF as well as on other licensees of 
the Group such as SALT, SATAP and ATIVA.
The audits, which regarded aspects of the management system such as the organisational context and 
corporate structure, the safety policy, duties and responsibilities, and HR and appointment of safety 
officers, as well as aspects related to operations such as infrastructure surveys, maintenance and mod-
ernisations, were successfully concluded.
Following the work of the Technical Round Table established by ANSFISA in 2021 with the aim of pro-
viding a space for consultation among the relevant parties and collecting the relative suggestions, in 
which the Group was an active participant, in May 2022 the “Guidelines for the implementation, cer-
tification and evaluation of the performance of Safety Management Systems (SMS) for the verification 
and maintenance of road and motorway infrastructure” were issued.
Meanwhile, in consideration of the voluntary management systems already adopted by ASTM, the 
Group welcomed the proposal of ANSFISA and confirmed its intention to launch a specific project to 
ensure the adoption of a security management system to certify the correct maintenance of motorway 
infrastructure in line with the guidelines among its licensees.

84
ASTM GROUP
CUSTOMER SATISFACTION
The Group, in compliance with the objectives of 
the quality and road safety policy, is committed to 
monitoring the level of quality perceived by its key 
clients - the users of its motorway infrastructure.
To this end, the licensee companies carry out cus-
tomer surveys on a regular basis and the results are 
analysed and used internally to identify strengths 
and weaknesses, plan improvement actions and 
follow them up.
In April 2022, with Resolution no. 59/22, ART - the 
Italian Transport Regulatory Authority - launched a 
fact-finding survey aimed at implementing a proce-
dure to define the minimum content of the specific 
rights that road users may exercise against licen-
sees and motorway service area operators.
ART also invited motorway concession holders to 
submit observations and proposals on the various 
areas considered by the survey.
CONTRIBUTION OF S.I.N.A. TO INFRASTRUCTURE SAFETY
With reference to infrastructure safety, a key material sustainability topic for the ASTM Group, as regards 
the development and implementation of road restraint systems, S.I.N.A. has consolidated its know-how 
since the 1960s through the engineering and full-scale testing of its own-design safety barriers, partner-
ing with the most important and highly qualified research centres and laboratories over the years.
In this field, it uses specific operating procedures to study the most appropriate and advanced technical 
and design solutions for restraint systems, which are tested using calculation and numerical simulation 
models. The operation process culminates in crash tests on the device prototype. The purpose of these 
tests is to certify the designed system, so it may receive the CE conformity mark from a Notified Body.
On this basis, S.I.N.A. restraint products and systems, all with CE marking, have been developed and con-
tinually implemented, with a different performance class depending on the intended use. There are more 
than twenty products currently available, including solutions combining safety barriers with sound-ab-
sorbing panels for bridge/viaducts, certified, with the addition of specific reach for LED lighting fixtures, 
as an optimal solution including in terms of environmental sustainability.
With the publication in 2022 of the approval of the “Guidelines for risk classification and management, 
safety assessment and monitoring of existing bridges and and tunnels” in the Official Journal, S.I.N.A. has 
become even more involved in the ongoing activities to assess and monitor the works managed by the 
ASTM Group.
Specifically, working in collaboration with the Group's technology companies and as part of its efforts to 
continually monitor works using remote sensor technology, S.I.N.A. launched a technologically advanced

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and innovative project aimed at defining a Group monitoring system complete with data exchange and 
analysis platforms. In this context, S.I.N.A. helped concession holders to define the monitoring plans for the 
funds made available by the NRRP through the MIT.
The bridge and viaduct assessment activities are repeated annually and take into account the evolving 
condition of the structures as recorded during the year as a result of the surveys and the monitoring sys-
tems installed.
S.I.N.A., also in synergy with Group companies operating in the technology sector, developed a project 
for the standardised automation of operating processes for tunnels and the management of systems 
through the definition of specific emergency management algorithms. Through this project, tunnel safety 
is improved thanks to the application of automated strategies that consider scenarios ranging from the 
presence of roadworks to the most severe scenario of a fire involving heavy vehicles. An automated man-
agement system is gradually being rolled out to all tunnels present on the managed motorway network.
In summary, the technologies being implemented in tunnels associated with the innovative equipment 
management system will make it possible to improve safety and energy efficiency, also thanks to the mon-
itoring of the equipment present. In particular, to promote energy saving an innovative lighting manage-
ment system is currently being calibrated, which aims to optimise use by enabling the adjustment of light-
ing systems to reduce energy consumption.
The skills and professionalism of S.I.N.A. acquired during the planning and development of new works, 
tunnel safety and surveillance and infrastructure control and inspection systems, as well as environmental 
monitoring activities, were also placed at the disposal of the Group companies in order to build even safer 
and more resilient works, infrastructure and systems.
All of the Group's motorway licensees responded 
within the required deadlines, contributing infor-
mation on current procedures and practises, and 
suggesting possible improvements.
One such suggestion was to optimise travel time 
data to enable motorway users to make better route 
decisions and thereby improve comfort and safety.
In brief, this involves the development of a system 
that detects travel times for primary routes (toll 
booth-toll booth) of the motorway stretches in con-
cession, showing details of any traffic disruption or 
roadworks on an interactive map that can be ac-
cessed on the company website or from a mobile 
device.
The test phase is currently ongoing; once complete, 
travel times will be displayed by the Group's licen-
see companies via variable message boards and 
other available channels of communication.

86
ASTM GROUP
THE ASTM GROUP’S COMMITMENT 
TO THE ECOLOGICAL AND DIGITAL 
TRANSITION TOWARDS THE 
MOBILITY OF TOMORROW
PROJECTS TO SUPPORT SUSTAINABLE 
MOBILITY: BY 2026 THE ENTIRE NETWORK 
WILL BE ELECTRIFIED
In the context of sustainable mobility, the ASTM 
Group, in order to contribute to the decarbonisation 
goals and facilitate the dissemination of electric mo-
bility including on motorways, launched initiatives a 
few years ago that reduce environmental impact and 
contribute to meeting the market’s expectations. In 
particular, within the perimeter defined by the EU 
Directives and national legislation for the dissemi-
nation of electric mobility on motorways, the Group 
has prepared through its licensee companies specif-
ic Dissemination plans for charging services.
The implementation of the aforesaid plans, based 
on compliance with the principles of technology 
neutrality and market openness, is still ongoing also 
thanks to the commitment of the operators active in 
service areas.
As at 31/12/2022, along the motorway network man-
aged by the Italian licensee companies of the ASTM 
Group, and in particular along the Tyrrhenian-Bren-
ner (A12-A15) corridor, along the stretches connect-
ing with France and Switzerland (A10 and A5) and 
at the gates to Milan (A4), 14 charging stations were 
activated, with a total of 65 charging units (including 
55 ultrafast charging units) and 71 charging points. 
These include the stations installed at the Versilia Est 
and Versilia Ovest service areas, located along the 
A12 motorway under concession to SALT p.A., which 
are particularly significant due to the region's pro-
nounced tourism industry.
The Les Îles de Brissogne Nord service area and the 
area of the former disused barrier opposite it, along 
the A5 motorway stretch (Quincinetto – Aosta) of the 
licensee company S.A.V., have been identified as op-
timal areas for the development of a trial project con-
sisting of the installation of high-power fast charging 
points. The service within the Les Îles de Brissogne 
Nord area is active. The station in the former barrier 
area, which will be the first exclusively dedicated to 
an electric charging service, is under construction. 
The position has strategic significance. In fact, the 
motorway stretch managed by S.A.V. S.p.A. through 
the concession connects the national major road sys-
tem with France and Switzerland, through the Monte 
Bianco and Gran San Bernardo tunnels and the Pic-
colo and Gran San Bernardo passes, serving as an 
access point to numerous and important Alpine tour-
ism areas.
Through different implementing methods and con-
sidering the evolution of the market, technology 
and compliance with the indications of the Granting 
Body, the Ministry of Infrastructure and Transport 
(MIT) and the competent authorities, the number of 
charging stations at service areas will be progres-
sively increased in 2023 (over 20 new stations with 
over 50 charging points) and the coming years. The 
medium and long-term strategy of the ASTM Group, 
organised into subsequent phases in order to guar-
antee a number of stations and an interdistance be-
tween them that is adequate for changes in demand, 
aims to disseminate electric charging services in all 
Service Areas of its network in Italy by 2026.
With regard to the Brazilian licensees, while the 
country has not yet adopted electrification targets 
or binding regulations for the car industry or for the 
implementation of charging stations, the progressive 
penetration of e-vehicles on the market is nonethe-
less foreseeable, albeit likely with a hybrid compo-
nent. Currently only 0.03% of vehicles are electric 
or plug-in hybrids. Of these, 39% are located in the 
State of São Paulo and most are located in the state 
capitals.
In line with the strategic framework adopted by 
ASTM and in confirmation of its commitment to the 
ecological and digital transition, EcoRodovias is 
nonetheless implementing a plan to install charging 
stations across its network which will mean that users 
will never have to travel more than 60 km between 
charging points. Given the evolution of the market 
and the characteristics of the energy production and 
distribution systems, the charging stations will have 
the standard output capacity. As at 31 December 
2022 there were 21 charging stations in operation, 
with complete coverage of the managed network 
planned by 2026.

A6
A21
A10
A12
A15
A5
A21
A33
A4
A32
Methane gas (CNG) distribution service
Electric charging stations active at 31 December 2022
Rinovo Nord
Ceriale Sud
Parking area (Tesla systems)
Frejus Nord
Nichelino Sud
Les Îles de Brissogne Nord
Nichelino Nord
26
Rho Sud
Villarbroit Nord
Villarbroit Sud
Crocetta Sud
Settimo Torinese Sud
Castagnolo Est
Montaio Ovest
Brugnato Est
Tugo Ovest
Brugnato Ovest
Versilia Ovest
Versilia Est
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27Trial project launched

88
ASTM GROUP
SINELEC, CREATIVE TECHNOLOGY FOR THE MOBILITY OF TOMORROW
Sinelec is the technological player of the ASTM Group. It accumulates its expertise in intelligent transporta-
tion systems (ITS) and electronic tolls. Specialising in the development, implementation and maintenance 
of innovative solutions for safe and smart traffic management, and with over 20 years of experience in 
the motorway sector, Sinelec is actively involved in the process to digitalise Italy’s transport infrastructure, 
aimed at enabling road operators to tackle the challenge of providing more sustainable and connect-
ed mobility in the future. Sinelec connects and manages the devices and technological systems installed 
across over 1,400 km of motorway. Furthermore, thanks to a fibre optic network extending for some 2,000 
km, it also operates on the telecommunications infrastructure market.
TOLL COLLECTION SYSTEMS
Sinelec offers complete systems for toll collection: lane devices, data acquisition systems, station control 
platforms and financial information processing and reconciliation systems. Installed at over 900 points, 
Sinelec’s system has been designed to manage users of the European Electronic Toll System (EETS).
Already a leader in traditional toll collection, Sinelec developed the “free flow” system S*GATE, based on 
artificial intelligence, machine learning technologies and 3D tracking. The “free flow” system makes it pos-
sible to identify and classify the vehicle passing under the sensor without it having to stop at the collection 
booth, improving traffic management and delivering environment benefits by reducing emission. The use 
of cutting-edge technologies increase the accuracy of the collection process, while reducing the use of 
electronics on site, with a consequent reduction in costs during the acquisition, installation and mainte-
nance stages.
INTELLIGENT TRANSPORTATION SYSTEMS (ITS)
For Sinelec, the roads of the future are characterised by a new management paradigm which involves a 
multi-level technological and operating transformation process, to be applied gradually to the entire in-
frastructure system. Smart roads include multiple areas such as connectivity, cybersecurity, real-time traffic 
monitoring and infrastructure status, with the short/medium-term objective of enabling a safer mobility, 
and with one long-term goal: the introduction of self-driving connected vehicles.
In this context, Sinelec offers operators valid tools to support their roadmap towards digital roads, provid-
ing diverse solutions to guarantee an increasingly high level of safety and more effective traffic manage-
ment.
SINCRO is an integrated system that monitors motorway stretches, manages information and coordinates 
infrastructure intervention and maintenance activities. SINCRO guarantees the complete and functional 
integration of different systems used in ITS (e.g. cameras, variable message signs and SCADA systems) and 
simplifies their coordination by collecting data in a single complete and intuitive interface. In addition, the 
system acts as a Decision Support System (DSS) by providing operators, operating managers and mainte-
nance staff with tools to effectively manage daily operations and emergencies, optimising response times 
and coordination with third parties, such as law enforcement and emergency services. SINCRO has been 
adopted at 14 operating centres in Italy which manage more than 1,400 km of motorway network.
LIBRA/S is the Sinelec solution for Weigh-In-Motion (WIM). Weigh-in-motion systems were created from 
the need to govern the phenomenon of overloaded vehicles in the context of road transportation. There 
are multiple negative externalities caused by these vehicles: in addition to reducing the life expectancy of 
road infrastructure, causing further deterioration to the paving and works such as bridges or viaducts, they

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have an impact on safety and environmental pollution. The LIBRA/S platform consists of an on-site com-
ponent (weighing stations) and a central control system, which uses diagnostic, data analysis and report-
ing instruments to allow the monitoring and overview of the network of weighing stations, supporting 
customers in the optimisation of day-to-day management and the processing of predictive maintenance 
models related to the circulation of heavy traffic.
Sinelec has recently integrated its portfolio by introducing EMERAS, a platform for C-ITS (Cooperative-In-
telligent Transportation Systems) services. The digitalisation of transport infrastructure is driving us to-
wards a new smart and connected mobility. The creation of a system that supports vehicle-infrastructure 
dialogue is therefore an essential step for cooperative scenario openness, where operators and users 
have the possibility to exchange information to optimise journeys, thus reducing accidents, congestion 
and polluting emissions. EMERAS enables the real-time two-directional communication between vehi-
cles and infrastructure and guarantees integration with both ITS on the road and with traffic control cen-
tres. In addition, by collecting and aggregating information related to the current scenario, the platform 
immediately activates dedicated response plans taking account of the risk factors, disseminating ge-
olocalised messages addressed to enabled vehicles. Furthermore, EMERAS manages complex critical 
situations, thus assisting road operators in the achievement of their safety objectives.
ROADS OF THE FUTURE
The development of innovative solutions for the safe and intelligent management of traffic and transport 
infrastructure is one of the key priorities of Sinelec which, in line with the strategies of the ASTM Group, 
considers the creation of a sustainable mobility model to be a key condition for Italy’s growth and the 
wellbeing of its citizens.
This approach is consolidated in the A4 Torino-Milano technological innovation and ecological transi-
tion project, which will transform the stretch into a digital, resilient and sustainable motorway and one 
of the most advanced sections in Italy and Europe. The initiative represents a veritable test bench for 
the ecological and digital transition projects that the ASTM Group hopes to roll out progressively across 
the entire motorway network under its management in Italy. The project will involve the extension of the 
V2X vehicle-infrastructure dialogue system, the application of traffic monitoring systems, the use of a 
Multilane Free Flow system, the expansion of the infrastructure sensor system, the use of dynamic weight 
control systems for heavy traffic, and detection systems for wrong-way vehicles, weather conditions and 
hazardous loads. This will increase the resilience and sustainability of the infrastructure, guaranteeing 
greater durability over time, increasingly its ability to respond to climate change and lowering mainte-
nance costs, benefiting the entire system.
Furthermore, Sinelec is not only involved in the “digital transformation” project of the A4 Torino-Milano 
motorway, which is being developed on a stretch managed by the ASTM Group, but is also involved in 
other initiatives outside of the Group. For example, Sinelec has been instructed on the construction of 
smart road systems on the A2 Salerno-Reggio Calabria motorway, various projects on the A90 (Grande 
Raccordo Anulare) and the A91 Roma-Fiumicino, as well as the design and implementation of the Smart 
Road and dynamic monitoring systems on the A24 Roma-L’Aquila and A25 Torano-Pescara motorways. 
Sinelec will also construct a new traffic management operating centre and a mobility platform connected 
to the A4 Brescia-Padova and A31 Valdastico motorway stretches.
The involvement of Sinelec as a technological partner in these major infrastructure digitalisation projects 
is a clear demonstration of the company's leadership in the development and implementation of ad-
vanced motorway solutions that will lead us into the future.

90
ASTM GROUP
The ASTM Group is aware that relations with local 
communities are an important driver in creating 
shared value, and promotes initiatives that help the 
economic, social and cultural development of local 
areas. With this in mind, the Group fosters relation-
ships based on trust and cooperation with local 
communities, contributing directly or indirectly to 
supporting and/or funding projects and initiatives 
with a significant impact on the areas where it op-
erates.
ASTM has defined principles and methods for of-
fering donations and sponsorships in the internal 
procedures forming part of the Anti-Corruption 
System, certified in accordance with ISO 37001, as 
guarantee that the interventions are carried out in 
accordance with the approved budget and only fol-
lowing the positive outcome of certain checks on 
the validity of the purpose and the intentions of the 
payment, and on the credibility and moral integrity 
of the potential beneficiary.
In particular, through donations the Group compa-
nies promote humanitarian and social initiatives in 
order to contribute to the development of the so-
cial fabric in which they operate; the sponsorships 
are instead used as a communication instrument 
through which each company supports cultural, ar-
tistic, sport, social or technological initiatives, with 
the aim of increasing its popularity and promoting 
its reputation positively.
In 2022, the Group made donations of around € 
318 thousand (€ 269 thousand in 2021) and spon-
sorships for around € 6,083 thousand (€ 2,477 
thousand in 2021). As part of the sponsorships, 
in particular, the Group allocated around € 2,304 
thousand to community initiatives with a commer-
cial impact (€ 837 thousand in 2021) and invested 
around € 173 thousand in the community (€ 36 
thousand in 2021). ASTM considers community re-
lations as a vital part of its business. This is why it 
establishes long-lasting relations, setting up initia-
tives and projects that can benefit local areas from 
both a social and cultural standpoint. In particular, it 
considers sport an important way to encourage the 
growth of local communities and the development 
of young people.
DONATIONS AND SPONSORSHIPS
TYPE OF INITIATIVE
	 Community initiatives with a commercial impact
	 Donations
	 Community investments
	 Sport
	 Other
	 Welfare
	 Health
	 Economic development
90%
5%
5%
TARGET SECTOR
87%
5%
2%
2%
4%

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ASTM FOR SPORT
ASTM invests in sport and the values it represents, aware of the role that it plays in the training of people, 
in particular of young people, in the local areas where the Group operates.
In basketball, the Group has for many years supported Derthona Basket, the historic team from the city of 
Tortona. ASTM sponsored the team for the 2022-2023 season. Derthona, with its first team, currently par-
ticipates in the Italian Serie A basketball championship, representing absolute excellence at national level.
In 2022, works continued on the Cittadella dello Sport in Tortona, the new sports centre for the city. The 
new infrastructure on the one hand will be tangible proof of the Company’s sports journey, and on the 
other, will represent an opportunity for the territory, linked to sport and much more.
As well as an awareness of the important role of sport, the Group’s sponsorship activity also has an en-
trepreneurial aspect. Investments are made in people and in infrastructure, too, equipping Tortona with a 
Sports “Citadel” open to everyone and destined to last over time, a building that will change the face of 
the city itself, becoming a distinctive element of it. The “Citadel” will include poly-functional sports instal-
lations, ample green spaces and of course the indoor sports stadium that hosts up to 5,000 people.
FAI (FONDO AMBIENTE ITALIANO - ITALIAN ENVIRONMENTAL FUND)
During 2020, the ASTM Group became part of the “FAI 200”, a group of patrons and companies estab-
lished in 1987 to support the Foundation and its work to protect culture, art and nature.
For over 40 years, the Foundation has worked every day, together with its members, to maintain the spe-
cial places of Italy for present and future generations. Today, FAI protects some 70 sites, including castles, 
villas, monasteries, parks and forests.
THE ECOVIVER SOCIAL PROGRAMME OF ECORODOVIAS
EcoRodovias has implemented various social projects in the communities where it operates. Developed 
by environmentalists and educators, Ecoviver is an educational and artistic project that aims to promote 
environmental awareness among community residents and primary school pupils.

03

OUR RESPONSIBILITY 
TOWARDS PEOPLE
95 	
People
103 	 Diversity and inclusion
109 	 Remuneration and benefits
113 	 Human Capital Development
118 	 Health and safety

94
ASTM GROUP

PEOPLE
ASTM considers its employees as the most impor-
tant resource it has in order to create value within 
the organisation and also lay the foundations for its 
success.
ASTM’s human resources management policies 
promote stable, long-lasting working relationships, 
which include part-time, that can meet employees’ 
needs for a more flexible, dynamic approach.
17,474
EMPLOYEES AND  
OTHER COLLABORATORS
96%
EMPLOYEES WITH  
PERMANENT CONTRACTS
“We believe in our people and 
invest in them, developing their 
skills. We support the protection 
of human rights, recognising the 
equal dignity of all people and 
diversity as essential resources for 
the development of humanity. We 
promote the health and safety of 
our people and the creation of an 
ethical working environment.”
The Code of Ethics
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NO. OF PEOPLE
AT 31 DECEMBER 2021
AT 31 DECEMBER 2022
Men
Women
Total
Men
Women
Total
Employees
9,437
3,538
12,975
9,280
3,792
13,072
of which joint operations
656
73
729
525
57
582
Other collaborators
3,925
75
4,000
4,359
43
4,402
of which joint operations
1,771
40
1,811
1,047
15
1,062
Total
13,362
3,613
16,975
13,639
3,835
17,474
2022
2021
The Group’s overall work force at 31 December 2022 totalled 17,474 people (16,975 in 2021), of whom 13,072 
were employees (12,975 in 2021) and 4,402 other collaborators (4,000 in 2021).
The item “Other collaborators” (4,402 in 2022 and 4,000 in 2021) effectively refers to temporary workers de-
ployed at operating sites in the following areas: 3,006 in Latin America, 933 in the Middle East, 319 in Italy, 130 
in the rest of Europe and 14 in the United States.
The change in the number of collaborators is due to the combined effect of the increase in the concessions 
sector (particularly across the Group's network in Brazil, which recorded a 50% increase) and the reduction re-
lated to the completion of works at the Reem Mall site in Abu Dhabi. In 2022, around 71% of employees were 
male, and nearly all other collaborators were male.
EMPLOYEES AND OTHER COLLABORATORS BY GENDER
GROUP PERSONNEL
13,072
EMPLOYEES
(75%)
12,975
EMPLOYEES
(76%)
4,402
OTHER COLLABORATORS
(25%)
4,000
OTHER COLLABORATORS
(24%)
96
ASTM GROUP

NO. OF PEOPLE
AT 31 DECEMBER 2021
AT 31 DECEMBER 2022
Men
Women
Total
Men
Women
Total
Temporary
279
132
411
317
227
544
of which joint operations
78
23
101
13
6
19
Permanent
9,158
3,406
12,564
8,963
3,565
12,528
of which joint operations
578
50
628
512
51
563
Total
9,437
3,538
12,975
9,280
3,792
13,072
Looking at the breakdown of personnel by business segment, approximately 44% (43% in 2021) work in the mo-
torway concessions sector, approximately 41% (42% in 2021) in the EPC sector, of which 35% (38% in 2021) in the 
construction sector, 3% (2% in 2021) in engineering and 2% (2% in 2021) in plant engineering, whereas business, 
technology and other sectors employ the residual 16% of resources (15% in 2021).
GROUP EMPLOYEES BY BUSINESS SEGMENT
GROUP EMPLOYEES BY GENDER AND TYPE OF CONTRACT (PERMANENT, TEMPORARY)
ENGINEERING
3%
TECHNOLOGY
3%
CONSTRUCTION
35%
MOTORWAY CONCESSIONS
44%
HOLDINGS AND OTHER MINOR 
COMPANIES
13%
PLANTS
2%
2022
2021
2022
2021
2022
2021
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2022
2021
2022
2021
2022
2021

NO. OF PEOPLE
AT 31 DECEMBER 2021
AT 31 DECEMBER 2022
Men
Women
Total
Men
Women
Total
Full-time
9,031
3,132
12,163
8,863
3,359
12,222
of which joint operations
655
72
727
523
47
570
Part-time
406
406
812
417
433
850
of which joint operations
1
1
2
2
10
12
Total
9,437
3,538
12,975
9,280
3,792
13,072
NO. OF PEOPLE
AT 31 DECEMBER 2021
AT 31 DECEMBER 2022
Men
Women
Total
Men
Women
Total
Italy
3,702
1,017
4,719
3,753
1,047
4,800
Latin America
3,072
2,307
5,379
3,260
2,551
5,811
Middle East
967
20
987
782
17
799
South Africa
79
23
102
15
4
19
United States
1,146
66
1,212
956
70
1,026
Rest of Europe
471
105
576
514
103
617
Total
9,437
3,538
12,975
9,280
3,792
13,072
As proof of the Group’s commitment to promoting stable, long-lasting working relationships, around 96% of 
employees have permanent contracts. This percentage is another excellent result regarding the current mac-
ro-economic context in which the Group operates.
Employees on permanent contracts totalled 5,635 in Latin America (5,379 in 2021), 4,539 in Italy (4,477 in 
2021), 1,026 in the United States (1,212 in 2021), 799 in the Middle East (987 in 2021), 528 in the rest of Eu-
rope (508 in 2021) and 1 in South Africa (1 in 2021). Employees with temporary contracts totalled 261 in Italy 
(242 in 2021), 176 in Latin America, 89 in the Rest of Europe (69 in 2021) and 18 in South Africa (101 in 2021).
In 2022, 850 (812 in 2021) employees have part-time contracts, approximately 7% of all employees (6% in 
2021). These are equally distributed between men and women.
GROUP EMPLOYEES BY GENDER AND PROFESSION (FULL-TIME, PART-TIME)
GROUP EMPLOYEES BY GEOGRAPHIC AREA
98
ASTM GROUP

In 2022, approximately 37% of Group employees were based in Italy (36% in 2021), around 44% in Latin Amer-
ica (42% in 2021), around 8% in the United States (9% in 2021), around 6% in the Middle East (8% in 2019), 5% 
in the Rest of Europe (4% in 2021) and around 0.15% in South Africa (1% in 2021).
5,811
4,800
19
799
1,026
617
GROUP EMPLOYEES BY GEOGRAPHIC AREA
	 Latin America
	 Italy
	 United States
	 Middle East
	 Rest of Europe*
	 South Africa
GENDER
AGE
2021
2022
no. of people
Turnover %
no. of people
Turnover %
Women
<30 years
1,007
100.60%
353
33.40%
30-50 years
1,526
78.10%
394
18.77%
>50 years
195
33.45%
90
14.15%
Total women
2,728
77.11%
837
22.07%
Men
<30 years
1,092
71.14%
1,012
74.58%
30-50 years
3,588
71.99%
1,862
38.27%
>50 years
744
25.50%
670
21.92%
Total men
5,424
57.48%
3,544
38.19%
Total
8,152
62.83%
4,381
33.51%
NEW HIRES BY GENDER AND AGE GROUP
*Including the 9 employees from Tecnos-
itaf LLC, company in the S.I.T.A.F Group, 
with headquarters in Russia
2022
2021
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The turnover rate (leavers) at 31 December 2022 was equal to around 32.77% (around 19% in 2021). During the 
year, a total of 4,284 people left the company (2,465 in 2021), of whom 583 were women and 3,701 men, mainly 
in the 30-50 age group. Leavers in Italy totalled 796, in Latin America 2,732, in the Middle East 221, in South 
Africa 86, in the United States 205 and in the Rest of Europe 244.
The turnover rate for leavers as at 31 December 2022 was 17% in Italy, 47% in Latin America, 28% in the Middle 
East, 453% in South Africa (resulting from a sharp reduction in the number of employees due to reduced opera-
tors), 20% in the United States and 40% in the rest of Europe.
GENDER
AGE
2021
2022
no. of people
Turnover %
no. of people
Turnover %
Women
<30 years
118
11.79%
257
24.31%
30-50 years
173
8.85%
249
11.86%
>50 years
79
13.55%
77
12.11%
Total women
370
10.46%
583
15.37%
Men
<30 years
298
19.41%
1,040
76.64%
30-50 years
1,351
27.11%
1,929
39.64%
>50 years
446
15.28%
732
23.95%
Total men
2,095
22.20%
3,701
39.88%
Total
2,465
19.00%
4,284
32.77%
LEAVERS BY GENDER AND AGE GROUP
In 2022, 4,381 people joined the ASTM Group (8,152 in 2021), with a turnover rate (new hires) equal to around 
33.51% (around 62.83% in 2021).
In particular, in Italy, the number of new hires in 2022 amounted to 877, in Latin America 3,164, in the Middle 
East 33, in South Africa 3, in the United States 19 and in the Rest of Europe 285. The turnover rate for new hires 
at 31 December 2022 was 18% in Italy, 54% in Latin America, 4% in the Middle East, 16% in South Africa, 2% 
in the United States and 46% in the Rest of Europe.
With a view to the sustainable development of skills and human resources, the Group tries to recruit candi-
dates from areas where it operates, that preferably meet the professional profiles necessary for it to achieve 
its objectives.
In 2022, around 92% of Group executives were working in their home country (96% in 2021).
100
ASTM GROUP

69% of new hires and around 77% of leavers are in 
the construction sector, with 3,031 new hires and 
3,283 leavers in 2022. The concessions sector record-
ed 1,049 (24%) new hires and 813  (19%) leavers.
In addition, the concessions sector, as a result of 
some unique aspects particularly related to staffing 
motorway toll booths, is characterised by a high num-
ber of seasonal employees.
ASTM and its operating subsidiaries are defining, 
through their internal policies and procedures, the 
responsibilities, criteria and methods followed for 
personnel employment: from planning and identify-
ing profiles for candidates for specific operating seg-
ments to identifying the employment category and 
salary package.
These activities are inspired by impartiality, transpar-
ency, autonomy and independent judgement crite-
ria. In particular, favouritism of any kind is prohibited, 
and a policy is pursued that recognises expertise, 
ability and professionalism and ensures inclusion.
INDUSTRIAL RELATIONS
The operations of ASTM Group Italian companies 
are extensive, and are covered by a large number of 
collective bargaining agreements and consequent-
ly a considerable number of second-level company 
and/or local contracts.
100% of employees in Italy are covered by collec-
tive bargaining agreements and the most repre-
sentative, in terms of number of employees are: the 
building industry and local-level agreements, the 
engineering industry, motorways and road tunnels, 
items manufactured in concrete and senior man-
agement in industry.
Italian Law 300/70 (Workers’ Statute) which forms 
the basis for all labour laws and national and local 
bargaining agreements, and for all trade union ne-
gotiations, is the reference legal framework for com-
panies to manage industrial relations. Companies 
acknowledge that the trade union organisations 
who are signatories of national and local collective 
bargaining agreements are the “natural” parties to 
deal and negotiate with regarding financial and le-
gal aspects of redundancy procedures.
TURNOVER FOR NEW HIRES AND LEAVERS BY BUSINESS SECTOR
	 Technology
	 Plant engineering
	 Holdings and other minor companies
	 Engineering
	 Motorway concessions
	 Construction
Leavers in 2022
Leavers in 2021
New hires in 2022
New hires in 2021
3,000
4,000
5,000
6,000
7,000
8,000
2,000
1,000
0
500
813
464
3,283
1,910
5
63
33
21
22
1,049
3,671
3,031
2,657
133
1,560
49
113
48
54
71
97
38
31
66
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Given the high number of contracts in place, in-
dustrial relations play an important role in human 
resources management, also considering the ram-
ifications at a geographic level of the Group’s op-
erations in Italy and abroad. As part of its strate-
gies, which target growth and the optimisation of 
work, including safety and quality levels in human 
resources management, ASTM Group companies 
focus first and foremost on empowering work, pro-
fessional qualifications and improving employee 
satisfaction levels as part of provisions established 
by law and by contracts. The involvement of trade 
unions in an industrial relations system that is more 
functional to achieving results for both companies 
and employees is strategic to reach objectives.
In the context of industrial relations, the companies 
have therefore strengthened regional solutions 
through innovative tools such as welfare measures 
and supplementary healthcare schemes. Industrial 
relations also cover all bargaining for the profession-
al training of resources, involving both trade union 
representatives and workers in order to maintain 
high professional standards. The companies again 
confirmed their commitments to the Fondimpresa/
Fondirigenti/Fonte training fund and consider it a 
valid tool in preparing training programmes and in 
providing supplementary funding for training costs.
Take-up among employees for supplementary pen-
sion and healthcare schemes is very high.
Regarding staff employed abroad, local regulations 
concerning industrial relations, salaries, insurance 
and welfare are complied with in full, in accordance 
with laws in effect in countries where the Group op-
erates.
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ASTM GROUP

DIVERSITY AND INCLUSION
“Empowering human capital based on meritocracy, 
professional competencies, appropriate behaviour, 
honesty and trust, and promoting a working 
environment that is inclusive and open to diversity, 
are the cornerstones of the ASTM Group’s human 
resources policies.”
Diversity and Inclusion Policy
ASTM recognises the diversity of its employees as 
a success factor and seeks to maximise their expe-
rience, capabilities and qualities. ASTM believes that 
diversity, in all its forms, is a strategic benefit as it 
enhances cultural initiatives, promoting a work en-
vironment that is inclusive and focused on coopera-
tion and innovation. The Group is careful to avoid all 
forms of discrimination concerning employment and 
work, and does not tolerate any form of discrimina-
tion based on ethnic or racial origin, skin colour, gen-
der, sexual orientation, religious beliefs, nationality, 
age, political opinions, trade union representation, 
marital status, health, and any other social or person-
al conditions.
These principles are set out in the Diversity and In-
clusion Policy adopted by ASTM which all personnel 
shall comply with in relations with colleagues, cus-
tomers, suppliers and all people they come into con-
tact with while carrying out activities.
Confirming its commitment to eliminate all forms of 
discrimination and obstacles to inclusion, in 2020 
ASTM subscribed the Women’s Empowerment 
Principles (WEPs), promoted by the United Nations 
Global Compact to guide companies towards gen-
der parity in employment, on the market and in the 
community.
Read the news story
With “The Right Words”, ASTM supports the Disability 
Agenda
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NO. OF PEOPLE
AT 31 DECEMBER 2021
AT 31 DECEMBER 2022
Men
Women
Total
Men
Women
Total
Executives
179
22
201
184
18
202
Middle managers
471
134
605
514
148
662
Office workers
3,670
1,810
5,480
3,494
1,773
5,267
Manual workers
5,117
1,572
6,689
5,088
1,853
6,941
Total
9,437
3,538
12,975
9,280
3,792
13,072
of which joint operations
656
73
729
525
57
582
GROUP EMPLOYEES BY EMPLOYMENT CATEGORY AND GENDER
Employees must adopt conduct that respects the 
rights and individual nature of colleagues, collabora-
tors and third parties, regardless of their position with-
in the Group’s hierarchy.
53% of Group employees are manual workers (52% in 
2021), 40% are office workers (42% in 2021) and the 
remainder are middle managers (5%) and senior ex-
ecutives (2%).
Additionally, data relative to manual workers includes 
those associated with unions and on the payroll of the 
Halmar Group (Union Workers) at 31 December 2022, 
regardless of the number of hours worked during the 
reference period. This choice is in line with the fea-
tures of the US labour market which has different reg-
ulations and incentivises obtaining workers through 
unions.
In 2022, approximately 29% of employees were fe-
male (27% in 2021). Around 48% are manual workers 
(44% in 2021), 47% are office workers (51% in 2021), 
4% are middle managers (4% in 2021), while 18 wom-
en hold managerial positions (22 in 2021). The pres-
ence of women at ASTM is an important factor in the 
Group’s development and growth.
BREAKDOWN BY GENDER
EXECUTIVES
91%
MEN
9%
WOMEN
MIDDLE 
MANAGERS
78%
MEN
22%
WOMEN
OFFICE 
WORKERS
66%
MEN
34%
WOMEN
WORKERS
73%
MEN
27%
WOMEN
104
ASTM GROUP

3,147
188
51
MOTORWAY CONCESSIONS
GROUP EMPLOYEES BY EMPLOYMENT CATEGORY AND BUSINESS SEGMENT
1,307
2,999
211
77
2,424
CONSTRUCTION
5,810
ENGINEERING
281
35
17
333
281
88
35
9
TECHNOLOGY
413
4,594
88
151
7
5
PLANTS
251
886
556
186
43
HOLDINGS AND OTHER MINOR COMPANIES
1,671
 
Executives
 
Middle managers
 
Office workers
 
Workers
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2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021

GROUP FEMALE EMPLOYEES BY EMPLOYMENT CATEGORY
	 Office workers
	 Workers
	 Middle managers
	 Executives
	 Office workers
	 Workers
	 Middle managers
	 Executives
GROUP EMPLOYEES BY EMPLOYMENT CATEGORY AND AGE GROUP
 NO. OF PEOPLE
AT 31 DECEMBER 2021
AT 31 DECEMBER 2022
<30
30-50
>50
 Total
<30
30-50
>50
 Total
Executives
-
62
139
201
-
62
140
202
Middle managers
10
355
240
605
15
391
256
662
Office workers
831
2,905
1,744
5,480
764
2,718
1,785
5,267
Manual workers
1,695
3,616
1,378
6,689
1,635
3,794
1,512
6,941
Total
2,536
6,938
3,501
12,975
2,414
6,965
3,693
13,072
of which joint operations
261
402
66
729
152
319
111
582
53% of employees are in the 30-50 age group (53% 
in 2021), 28% in the over-50 group (27% in 2021), 
18% in the under-30 group (20% in 2021).
The average age of employees is 41 years, the 
same as in the previous year. Employees in the en-
gineering and technology sector have the highest 
average age at around 45, while employees in the 
plants and other minor companies sector have the 
lowest average age at 32.
41 YEARS
AVERAGE AGE
49% (1,853)
47% (1773)
4% (148)
0% (18)
2022
2021
106
ASTM GROUP

At 31 December 2022, the Group had 228 employees in protected categories (289 in 2021), of whom 70 
women and 158 men.
3,820 employees or 29% have been with the company for over 10 years (3,835 employees or 30% in 2021), 
3,088 employees or 23% for between 10 and 29 years (3,146 employees or 24% in 2021) and 732 employees 
or 5% for over 30 years (689 employees or 5% in 2021). These figures confirm the Group’s commitment to 
long-lasting, solid relationships and investments in its employees.
	 Middle managers
	 Executives
	 Office workers
	 Workers
GROUP EMPLOYEES IN PROTECTED CATEGORIES
2022 men
2021 men
 2022 women
 2021 women
0
40
80
280
240
200
160
120
45
69
112
116
31
64
67
3
3
3
1
3
GROUP EMPLOYEES BY LENGTH OF SERVICE
41% PEOPLE WORKING  
FOR THE COMPANY FOR MORE  
THAN 5 YEARS
29% PEOPLE WORKING  
FOR THE COMPANY FOR MORE  
THAN 10 YEARS
23%PEOPLE WORKING  
FOR THE COMPANY FOR BETWEEN  
10 AND 29 YEARS
5%PEOPLE WORKING  
FOR THE COMPANY FOR MORE  
THAN 30 YEARS
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INITIATIVES FOR ECORODOVIAS EMPLOYEES
•	 Programmes and Committees centred around the promotion of diversity and inclusion (e.g. gender 
equality, disability, ethnicity, sexual orientation and gender);
•	 signing of the United Nations “Free and Equal Pact”, which targets respect for the human rights of 
employees, customers and members of the LGBT+ community, also removing barriers and support-
ing its LGBT+ employees in their working environments;
•	 an internal survey on diversity, based on statements given by employees on a voluntary basis and 
aimed at understanding the demographics and designing strategies for a sustainable growth in the 
diversity of the work force within an inclusive environment;
•	 structured committees for health and safety, focused on the quality of life and safety of employees 
and suppliers, intended to support and monitor actions that seek to reduce the number of accidents 
at work and increase everyone’s quality of life;
•	 award of certification ISO 45001 (Health and Safety Management System) for each licensee.
108
ASTM GROUP

REMUNERATION AND BENEFITS
ASTM’s salary system recognises each person’s 
skills, role and responsibilities within the Group. Sal-
ary policies aim to attract and reward new hires with 
outstanding professional profiles and talent and are 
designed to increase employee motivation.
Special attention is paid to career paths and ap-
propriate contract categories, with some Group 
companies also using various salary parameters of 
national collective bargaining agreements, for ex-
ample in the motorway concessions sector, to as-
sess employee performance.
Senior management reviews the positions and re-
sults of the resources on an annual basis, and con-
sequently, the improvement plans with an impact on 
contract employment categories and relative chang-
es in salary levels, as part of a wide-ranging, exten-
sive bonus programme.
Since 2017, a variable annual MBO (Management 
By Objectives) incentive system has been in place. 
This system establishes objectives to be achieved 
and rewards individual performance, valuing a 
sense of belonging to the Group and the contribu-
tion of each person in developing its strategy.
In compliance with national collective bargaining 
agreements adopted by Group companies, sup-
plementary packages are provided that often antic-
ipate existing welfare regulations and supplement 
provisions recognised by law. These benefits, of-
fered to employees on both full-time and part-time 
contracts, include:
•	 supplementary pension policies, which also 
replace contractual funds;
•	 policies reimbursing medical expenses for 
employees and their family members, also in 
addition to that included under the relative na-
tional collective bargaining agreement;
•	 Long-Term Care (“LTC”);
•	 special conditions for company microloans, to 
assist employees with unexpected expenses;
•	 policies and schemes in addition to law and 
employment contracts (e.g., life and accident 
insurance policies);
•	 agreements with trade union organisations for 
advances/loans to employees at special con-
ditions.
For personnel under the “Motorways and road tun-
nels” contract, an update was made to the Welfare 
and Flexible Benefits in light of the updates that 
will be introduced during the renewal of the na-
tional collective bargaining agreement and its sec-
ond-level derivations.
The aim of the Remuneration Policy of directors with 
specific roles and key management personnel is to:
•	 define salary packages that can: (i) acknowl-
edge the managerial value of persons involved 
and their contribution to company growth, in 
relation to their duties and functions; (ii) at-
tract, retain and motivate people with the pro-
fessional skills and abilities that meet the com-
pany’s needs;
•	 align the interests of the executive directors with 
the priority of creating medium/long-term value 
for shareholders;
•	 ensure a connection between managers’ 
remuneration and actual Company perfor-
mance;
•	 promote sustainability in the medium to long 
term, with a particular focus on the interests of 
all Stakeholders.
In line with the above, short and long term incentive 
schemes have been established, to promote the 
attainment of the Company’s qualitative and quan-
titative objectives, thus promoting the loyalty and 
engagement of resources. Sustainability goals have 
been introduced to the incentive schemes, also in 
response to the increasing focus of institutional in-
vestors on these topics and in line with the strategic 
importance of ESG policies.
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OBLIGATIONS FOR COMPANIES 
APPLYING THE NATIONAL 
COLLECTIVE BARGAINING 
AGREEMENT FOR CONSTRUCTION 
WORKERS
The National Collective Bargaining Agreement 
for staff of Industrial Construction Companies and 
Similar requires registration with the Construction 
Workers Fund. This Fund is a joint association bring-
ing together workers’ trade unions and employers, 
set up under collective bargaining for construction 
industry workers, providing benefits and allowanc-
es.
Under Italian Leg. Decree no. 276/2003 as amend-
ed, the Fund has public functions, such as the certi-
fication of welfare contributions paid by its member 
companies and verification of the adequacy of la-
bour costs on contracts.
HEALTHCARE SCHEMES
The national collective bargaining agreements ap-
plied to employees of the ASTM Group call for the 
registering of personnel in healthcare funds which 
supplement the national healthcare system.
ASTM complies with the provisions of these con-
tracts with the firm belief that the services provided 
by these funds offer a concrete and effective re-
sponse to employee requirements, complementary 
to corporate welfare.
FLEXIBLE BENEFITS
The 2016 Stability Law increased tax incentives for 
companies that provide company welfare services 
for their employees. At the same time, it re-intro-
duced non-taxation of production bonuses and sal-
ary items related to increased performance.
This financial manoeuvre introduced various meas-
ures intended to incentivise corporate welfare. The 
flexible benefits plan covers areas relevant to em-
ployees: education (reimbursement of education 
fees, school fees, study holidays, school books) 
family care mortgages and loans culture and free 
time (gyms and sports’ associations, baby sitting, 
vouchers).
WAGE RATIO BY GENDER
For each geographic area and each professional cat-
egory, the ratio between the base salary (or remuner-
ation) for women and men is calculated as the ratio 
between (i) the arithmetic average of the base salary 
(or remuneration) for women and (ii) the arithmetic 
average of the base salary (or remuneration) for men. 
When calculating the total ratio, professional catego-
ries which do not include members of both genders 
have been excluded, as they would have rendered 
the ratio algebraically null.
Finally, note that the total ratio may be greater than 
the ratio for each geographic area/professional 
category in relation to the gender composition of 
the various professional categories; for example, in 
Latin America the total ratio is influenced by a high 
percentage of men in the manual workers category 
relative to women who are for the most part office 
workers, with average salaries higher than those 
paid to manual workers.
The following tables highlight the ratio between the 
basic salary of women and men by category and 
gender28.
28 In order to improve comparability between the information collected by geographic area, before being compared, the values in local currency were translated to USD 
at purchasing power parities according to the World Bank
110
ASTM GROUP

RATIO BETWEEN BASIC SALARY 29 OF WOMEN AND MEN BY EMPLOYMENT CATEGORY
2021
2022
Executives
Middle 
managers
Office 
workers
Manual 
workers
Total Executives
Middle 
managers
Office 
workers
Manual 
workers
Total
Italy
0.86
0.88
0.88
1.14
0.91
0.93
0.87
0.88
1.14
0.91
Latin America
0.88
0.87
0.83
0.52
0.59
0.86
1.04
0.89
0.65
0.65
United States
0.81
0.65
0.61
0.86
1.10
-
0.51
0.81
0.71
1.02
South Africa
-
-
0.55
0.29
0.36
-
-
0.43
0.54
0.53
Rest of 
Europe
 -
0.72
0.76
0.59
0.90
-
0.62
0.80
0.39
0.76
Middle East
 -
-
0.91
-
0.91
-
-
0.84
-
0.84
RATIO BETWEEN THE REMUNERATION 30 OF WOMEN AND MEN BY EMPLOYMENT CATEGORY
2021
2022
Executives
Middle 
managers
Office 
workers
Manual 
workers
Total
Execu-
tives
Middle 
managers
Office 
workers
Manual 
workers
Total
Italy
0.83
0.90
0.86
1.12
0.87
0.90
0.90
0.86
1.09
0.88
Latin America
0.93
0.87
0.83
0.52
0.57
1.44
0.98
0.82
0.54
0.57
United States
0.82
0.65
0.61
0.82
0.96
-
0.51
0.81
0.68
0.85
South Africa
 -
 -
0.53
0.24
0.31
-
-
0.62
0.52
0.60
Rest of Europe
-
0.69
0.77
0.66
0.91
-
0.90
0.90
0.69
0.94
Middle East
-
-
0.99
-
0.99
-
-
0.83
-
0.83
The ratio between the remuneration of women and men is just under 1 for Italy, the United States, the Rest of 
Europe and the Middle East, and significantly lower than 1 for Latin America and South Africa.
The ratio between the basic salary of women and men is higher than 1 for the United States, just under 1 for 
Italy, the Middle East and the Rest of Europe, and significantly lower than 1 for Latin America and South Africa.
29 Basic salary is the fixed minimum amount paid to an employee for the execution of his/her functions
30 Remuneration is the basic salary increased by additional amounts, with reference to MBO and one-off bonuses/awards and any other benefits.
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MILLENNIALS FOR INNOVATION
To support the sharing of ideas, experiences and expectations of Millennials in the Group with regards to 
work, sustainability and opportunities for improving daily life within the company, the “Millennials for Inno-
vation” forum was created on the intranet #Agorà.
The Forum has four sections:
•	 	Innovation: an area in which to discuss innovative ideas for business and processes
•	 Sharing: intended for the sharing of thoughts on initiatives the company could implement to in-
crease its attraction and retention levels
•	 Millennials for social: used to share charitable initiatives promoted by members
•	 Team building: used to plan team building events
Read the news story
ASTM at Politecnico di Torino’s Career Day
112
ASTM GROUP

The ASTM Group believes strongly in training for 
personnel growth and is committed to providing 
programmes to build up the professional skills and 
managerial, technical and professional competen-
cies of its employees.
Group companies also adopt programmes for 
managing competencies. In this framework, each 
organization has already been mapping the com-
petencies of its employees for several years, re-
questing employees to compile questionnaires on 
professional skills with reference to their profes-
sional background, including training with previous 
employees and educational background, as well as 
specific qualifications certified by training organi-
sations. This mapping, which is reviewed at regular 
intervals, can be used to immediately identify com-
pany positions required, within the broader context 
of the Group.
Training offered by the various companies differs 
based on specific activities carried out by various 
company areas and is attributable to the following 
areas:
•	 quality: promote the necessary skills to achieve, 
maintain and improve quality standards defined by 
each company;
•	 health and safety: develop the skills to manage 
safety in the workplace;
•	 technical/professional: acquire and/or reinforce 
innovation of technical/professional skills pertain-
ing to the management of the various business seg-
ments;
•	 broad-ranging: develop skills shared by various 
organisational levels and professional categories 
(foreign language courses, IT skills, legal updates, 
soft skills).
HUMAN CAPITAL DEVELOPMENT
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2022
MEN
WOMEN
TOTAL
Training hours
Per capita
Training hours
Per capita
Training hours
Per capita
Executives
2,004
10.9
465
25.8
2,469
12.2
Middle managers
8,834
17.2
2,218
15.0
11,052
16.7
Office workers
73,105
20.9
19,587
11.0
92,692
17.6
Manual workers
106,956
21.0
24,148
13.0
131,104
18.9
Total
190,899
20.6
46,418
12.2
237,317
18.2
In 2022, the Group provided over 252  thousand total hours of training for employees and collaborators 
(192 thousand hours in 2021), of which around 52% was focused on issues regarding health and safety.
Over 237 thousand hours of training were provided to employees (over 119 thousand in 2021, +98%) with a 
per capita value of 18.2, of which 116,009 in the area of health and safety (75,943 in 2021, +53%).
Over 14 thousand training hours were provided to Group collaborators, most of which were provided in the 
Itinera Ghantoot and Itinera Agility JV joint operations on health and safety.
HOURS OF TOTAL AND PER CAPITA TRAINING FOR GROUP EMPLOYEES BY EMPLOYMENT 
CATEGORY AND GENDER
2021
MEN
WOMEN
TOTAL
Training hours
Per capita
Training hours
Per capita
Training hours
Per capita
Executives
1,557
8.7
262
11.9
1,819
9.0
Middle managers
2,829
6.0
267
2.0
3,096
5.1
Office workers
27,037
7.4
16,693
9.2
43,730
8.0
Manual workers
66,990
13.1
3,930
2.5
70,920
10.6
Total
98,413
10.4
21,152
6.0
119,565
9.2
114
ASTM GROUP

SUSTAINABILITY TRAINING
ASTM promoted training for Group personnel on ESG topics - including the protection of human 
rights, the fight against active and passive corruption - focusing particularly on the policies adopted, 
presenting the reference macro-trends in relation to specific issues.
During 2022, the Sustainability function organised e-learning training courses on “Sustainability, a 
shared route”, aimed at over 3,400 Group employees in Italy, with training received by a total of 
1,767 employees.
HUMAN CAPITAL DEVELOPMENT: PROMOTING A RESULTS DRIVEN 
ORGANIZATION AND EXTENDING THE PERFORMANCE APPRAISAL 
PROCESS
In 2022 the Performance Appraisal model was created to extend the current performance assessment 
perimeter.
Specifically, the project aims to achieved the following: be a Results Driven Organisation, adopt shared 
systems and approaches that promote the growth and development of human capital and aim to 
guarantee inclusion, and adopt systems to promote business sustainability and optimise the Group's 
future-proofing capabilities.
Moreover, by adopting a common performance appraisal model for the ASTM Group, the project aims 
to raise awareness and deliver alignment on ASTM's strategic skills and related expected behaviours, 
support the evolution of leadership models, structure and formalise growth paths and facilitate talent 
development.
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HUMAN RIGHTS
ASTM endeavours to ensure that human rights are respected along the entire value chain. To con-
solidate its commitment to human rights, also considering the Group’s international development, 
ASTM and the main operating subsidiaries adopted a Human Rights Policy, inspired by international 
standards such as the Universal Declaration of Human Rights and the Fundamental Conventions 
of the ILO (International Labour Organization), the ILO Declaration on Fundamental Principles and 
Rights at Work and its Follow-up, the Guiding Principles on Business and Human Rights of the United 
Nations, the Principles of the United Nations Global Compact and the OECD Guidelines for Multina-
tional Enterprises.
In 2020 the CEO of ASTM signed the Italian version of the CEO Guide for Human Rights issued by 
the World Business Council for Sustainable Development (WBCSD).
ASTM S.p.A., Itinera S.p.A., Euroimpianti S.p.A., Tubosider S.p.A. and Ro.ss S.p.A. implemented a 
management system with SA8000 certification, a voluntary verifiable standard based on the Univer-
sal Declaration of Human Rights, ILO documents and other domestic and international norms on 
human and employment rights, to develop and protect individuals following under the control and 
influence of the organisation.
PUBLICATION OF A HUMAN RIGHTS REPORT ACCORDING TO INTERNATIONAL GUIDELINES
In 2022, a Human Rights Report was developed for Itinera according to the international UN Guiding 
Principles, with a view to mapping the Group's impact on the various aspects related to the respect 
and protection of human rights, such as irregular, forced or compulsory labour and child labour.
The Group has always paid the utmost attention to the respect of human rights throughout its value 
chain. Operating in an international context, and given that the infrastructure and construction market 
represents a supply chain with a risk of human rights violations, it is crucial for the Group to prevent and 
mitigate such violations in the various countries in which it operates, which are often subject to different 
levels of human rights protection based on specific local regulations or different cultural norms.
In fact, the first report on human rights published by Itinera stems from its desire to share its commit-
ment to promoting the proper management of human rights among its stakeholders to enable the 
adoption of an increasingly structured due diligence process across the value chain.
116
ASTM GROUP

S.I.N.A. HIGHER EDUCATION SCHOOL
In 2022, the activities continued by the “S.I.N.A. - ASTM Group Higher Education School for Infra-
structure Engineering”. The activities implemented in collaboration with the Milan Order of Engi-
neers (FOIM) involved training initiatives for S.I.N.A. and ASTM Group personnel on highly current 
topics for the sector of engineering and road infrastructure.
Specifically, five training days that focused on aspects of the road infrastructure sector (e.g., tunnel 
safety, static capacity of motorway bridges, motorway infrastructure innovation, etc.) were held, in-
volving a broad audience. To promote interest in the initiatives, contributions were made by profes-
sionals from ministries and universities, as well as the world of motorways. In total, 2,297 hours of 
training were delivered to the ASTM Group alone.
Furthermore, in 2022 S.I.N.A. decided to promote periodic meetings called “Dialoghi professionali” 
(“Professional conversations”), during which experts from various disciplines and project manag-
ers had the opportunity to share their expertise with interested colleagues. The topics, which were 
chosen from suggestions provided by employees, were environmental monitoring, management of 
materials, tunnel surveillance and participation in tenders.
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HEALTH AND SAFETY
The material issues of primary importance for the 
ASTM Group include the health and safety of work-
ers, which is protected by all Group companies with 
the aim not only of respecting laws, but of undertak-
ing at all times to improve working conditions.
This commitment has resulted in Policies and oc-
cupational health and safety management systems 
being adopted to ensure that each employee is in a 
suitable working environment, which does not pose 
hazards and provides conditions that respect the 
individual. In particular, 65% of Group employees 
are covered by an Occupational Health and Safe-
ty Management System certified to ISO 45001. The 
remaining 35% are covered by Health and Safety 
Management Systems that are not certified or are in 
the process of being certified.
In addition, employees are protected by spreading 
a culture of safety, encouraging responsible behav-
iour, as well as monitoring and assessing hazardous 
situations.
A considerable number of solutions have been 
adopted in the construction sector to ensure the 
health and safety of employees, as they are more 
exposed to risks in their day-to-day activities.
Itinera’s accident and near miss management pro-
cedure makes it possible to collect useful data for 
protecting the health and safety of employees and 
subcontractors.
The data refer to cases of:
•	 Near misses: events that have no consequenc-
es on people or objects but have the potential 
to cause an accident;
•	 First Aid: health intervention that does not re-
quire equipment or particular training (first aid 
officer). In this case, no working days are lost;
•	 Medical Treatment: health intervention by qual-
ified healthcare personnel (doctor, nurse, par-
amedic). In this case, no working days are lost;
•	 Restricted workdays: any event that translates 
to a person’s inability to carry out his/her nor-
mal job and that leads to the employee’s as-
signment to a temporarily lighter workload. In 
this case, no working days are lost (not appli-
cable in Italy);
•	 Injuries with serious consequences: an injury 
from which the worker cannot or is not expect-
ed to fully recover to his/her pre-injury state of 
health within 6 months.
In relation to the processes intended to facilitate 
workers’ participation in the Occupational Health 
and Safety Management Systems and in order to 
provide access and communicate relevant infor-
mation in this respect for the concessions sector a 
specific course named “Occupational Health and 
Safety Management System” was inserted into the 
usual training projects involving all personnel, and 
in particular workers in the collection and traffic de-
partment. Through various topics, the course cov-
ers policy, manual and procedures relating to the 
activities of the learners, reporting modules and the 
importance of reporting any accidents or near miss-
es.
As part of the 45001 Management System, a spe-
cific reporting module was established for the en-
gineering sector, through which each worker can 
communicate/report information about health and 
safety in the workplace, participating in the imple-
mentation/application of the system.
In relation to the existence of formal joint manage-
ment-employee committees for health and safe-
ty, for the concessions sector specific committees 
were planned and established during the year. The 
committees include: the coordinator, appointed by 
the Employer, the Safety Manager (RSPP), the Safety 
Officers, the Workers’ Safety Representatives (RLSs) 
and the Emergency Team Manager (RSE). The meet-
ings are organised in order to assess and determine 
any interventions/activities that may be necessary 
to improve the safety standards.
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ASTM GROUP

There are no formal joint management-employ-
ee committees for the other sectors. However, the 
provisions of the law in relation to the activities of 
Workers’ Safety Representatives (RLSs) are put in 
place and constant periodic dialogue takes place 
between the Safety Manager and the Workers’ Rep-
resentatives.
INJURIES AND OCCUPATIONAL DISEASES INVOLVING GROUP EMPLOYEES BY GENDER
NO. OF CASES
2021
2022
Men
Women
Total
Men
Women
Total
Occupational diseases
2
-
2
-
-
-
Injuries
122
17
139
158
68
226
of which with prognosis > 6 months
1
1
2
3
1
4
of which fatal
1
-
1
1
-
1
TYPE OF ACCIDENTS INVOLVING GROUP EMPLOYEES BY GENDER
NO. OF CASES
2021
2022
Men
Women
Total
Men
Women
Total
Work-related injuries
111
12
123
137
54
191
Injuries while commuting to and from work32 
using company vehicles
6
-
6
2
-
2
Total
117
12
129
139
54
193
In 2022, 226 injuries were reported (191 occurring at the workplace, 2 while commuting to and from work using 
company vehicles, and 33 while commuting to and from work using own vehicles, of which one has a prognosis 
greater than 6 months; 139 in 2021, of which 123 at the workplace, 6 injuries while commuting to and from work 
using company vehicles and 10 using own vehicles).
4 injuries with a prognosis greater than 6 months were recorded for 2022, and one fatal injury referring to a 
worker in Brazil who fell from a vehicle and sustained a head injury on collision with the asphalt while travelling 
between construction sites.
10 cases of medical treatment for Group employees, 74 first aid injuries and 233 near misses were also record-
ed, 28 first aid injuries, 3 near misses were recorded for Group collaborators.
As for collaborators, 9 workplace accidents for male (3 in 2021, including 1 while commuting to and from work 
using own vehicle), 0 for women (0 in 2021), of which none with a prognosis greater than six months and/or 
fatal, and 3 accidents while commuting to and from work using own vehicles, were also recorded.
31 Including accidents while commuting to and from work using own vehicles.
32 Accidents while travelling to and from work are those sustained by an employee during their normal commute between home and work, or during their normal journey 
between two workplaces if the employee has multiple employment relationships.
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GROUP EMPLOYEE HEALTH AND SAFETY INDICATORS BY GENDER
2021
2022
Men
Women
Total
Men
Women
Total
Lost day rate 35
0.16
0.11
0.15
0.19
0.09
0.16
Occupational disease rate 36
0.03
-
0.03
-
-
-
Absentee rate 37
2.72
5.46
3.15
3.12
3.91
3.34
33 Absence means the days when the worker was absent, not only due to illness or an accident. Days of absence do not include agreed on leave such as holidays, study 
leave, maternity or paternity leave
34 Lost days mean days when work was not carried out due to the worker not being able to carry out his/her usual work because of an injury in the work place or an occu-
pational disease. Resuming work with limited or alternative duties carried out for the same organisation is not considered a lost day
35 The lost day rate for injuries is the ratio between the total number of lost days through occupational injuries and diseases and the total number of hours that could be 
worked in the same period, multiplied by 1,000 (GRI 403 (2016))
36 The Occupational disease rate is the ratio between the total number of cases of occupational disease and the total of hours worked in the same period, multiplied by 
200,000 (GRI 403-2 (2016))
37 The Absentee rate is the ratio between the total days of absence and the total working days in the same period, multiplied by 100 (GRI 403-2 (2016))
38 The rate of fatalities as a result of work related injuries is the ratio between the number of deaths resulting from injuries at work and the number of hours worked, 
multiplied by 1,000,000 (GRI 403-9 (2018))
39 The high-consequence work-related injury rate (excluding deaths) is the ratio between the number of injuries at work with serious consequences (excluding deaths) 
and the number of hours worked, multiplied by 1,000,000 (GRI 403-9 (2018))
40 The recordable work-related injuries rate is the ratio between the number of recordable injuries at work, excluding injuries while travelling to and from work using own 
vehicles, and the number of hours worked, multiplied by 1,000,000 (GRI 403-9 (2018)
2021
2022
Men
Women
Total
Men
Women
Total
Rate of fatalities as a result of work-related injury 38
0.07
-
0.06
0.05
-
0.03
High-consequence work-related injury rate 39
0.07
0.40
0.13
0.14
0.12
0.13
Recordable workplace injury rate  40
8.73
4.81
8.11
6.38
6.38
6.38
 NO. OF DAYS
2021
2022
Men
Women
Total
Men
Women
Total
Absences
46,157
17,566
63,723
77,873
37,631
115,503
of which joint operations
792
147
939
3,897
303
4,200
Lost days
2,266
294
2,560
3,947
767
4,714
of which joint operations
240
-
240
720
-
720
ABSENCES33  AND LOST DAYS34  OF GROUP EMPLOYEES BY GENDER
Days of absence went from 63,723 in 2021 to 115,503 in 2022. In 2022, 30,249 thousand hours were worked 
by Group employees (15,899 thousand hours in 2021), of which 21,789 thousand hours by men (13,402 
thousand hours in 2021) and 8,460 thousand hours by women (2,497 thousand hours in 2021). In 2022, 9,366 
thousand hours were worked by collaborators (8,265 thousand hours in 2021), of which 9,286 thousand hours 
by men (8,156 thousand hours in 2021) and 80 thousand hours by women (109 thousand hours in 2021).
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GROUP COLLABORATOR HEALTH AND SAFETY INDICATORS BY GENDER
2021
2022
Men
Women
Total
Men
Women
Total
Rate of fatalities as a result of work-related injury
-
-
-
-
-
-
High-consequence work-related injury rate
-
-
-
-
-
-
Recordable work-related injuries rate
0.37
-
0.36
0.10
-
0.10
Material topic:
OCCUPATIONAL HEALTH  
AND SAFETY
Area of Leg. D. 254/2016:
EMPLOYEE RELATED THEMES
Main sustainability risks associated:
•	 compliance risk and risks related to ethical behaviour;
•	 risks related to the supply chain and subcontracting.
Summary of main management and mitigation actions:
•	 the “Code of Ethics and Conduct” and “Compliance 
Programme” 231/01” (hereafter “Model 231”) adopted by 
ASTM and its significant operating subsidiaries, including 
specific operating procedures monitoring compliance with 
the provisions in the Consolidated Health and Safety at Work 
Act (Italian Legislative Decree no. 81/08);
•	 occupational health and safety management systems in 
line with applicable best practices
•	 specific health and safety training and prevention 
programmes, to reduce accidents, guarantee a safe 
working environment, and promote and encourage 
virtuous behaviour in the workplace
•	 Suppliers’ Code of Conduct that establishes the behaviour 
to adopt in dealings with suppliers and business partners.
With a view to continual improvement, the Group promotes the 
harmonisation of occupational health and safety policies within 
each business segment, also through the adoption of an Inte-
grated Quality, Safety and Environmental Management System, 
in line with applicable international standards.
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TRANSPARENCY IN THE SUPPLY CHAIN: SUBCONTRACTORS
The health and safety information required by the reporting standards used by the Group, GRI Standards, 
refers to all workers, employees or otherwise, whose work and/or workplace is controlled by the organi-
sation.
With a view to continuous improvement and in order to provide more information about the value chain, 
Itinera has implemented, on a voluntary basis, a system to collect information about subcontractors re-
gardless of whether the organisation controls the work and/or workplace.
The data reported in this Report refer to the subcontractors of Itinera S.p.A. in Italy and at foreign branch-
es.
Information such as the number of workers employed, the number of hours worked, the number of inju-
ries and the hours of training provided, is collected to guarantee Itinera increased monitoring over the 
working standards of the subcontractors.
As at 31 December 2022, 1,382 workers of subcontractor firms, of which 1,361 men and 21 women, 
worked at the Itinera work sites. The overall hours worked totalled 3.35 million.
Details of subcontractor injuries are shown below:
There were no fatal injuries. In 2022, 13 thusand hours of training were provided to the subcontractors.
NO. OF 
SUBCONTRACTOR 
CASES
2021
2022
Men
Women
Total
Men
Women
Total
Work-related injuries
13
-
13
18
-
18
Injuries while commuting to and from 
work using company vehicles
-
-
-
-
-
-
High-consequence injuries
1
-
1
-
-
-
Medical treatment
7
-
7
-
-
-
First aid injuries
20
-
20
-
-
-
Near misses
53
-
53
41
-
41
122
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COVID-19 PANDEMIC
In the context of the Covid-19 epidemic, in 2022 the Group companies continued to monitor the evo-
lution of the external and internal context, and to apply rigorously and, where necessary, to update all 
measures adopted previously, in accordance with the measures of the relevant authorities and institu-
tions, as well as the recommendations, indications and guidelines distributed by the parent company.
In order to protect the health and safety of workers and external parties, appropriately updated regu-
lations and protective guidelines were promoted at all Group companies; in particular, the work con-
texts in which FFP2 masks were important were highlighted and the measured adopted previously 
were substantially confirmed.
Regulatory provisions on administrative, tax, fiscal, social security and assistance issued during the 
period and applicable to the company continued to be constantly monitored and consequently com-
plied with.
The operations of ASTM and its subsidiaries, including essential public services, were not interrupt-
ed. In particular, with regards to management of the motorway network granted in concession, all 
user services relative to the road network were guaranteed, and actions relative to maintenance and 
investment activities also continued, aimed at continuously increasing the safety standards for infra-
structure and operation. In the EPC sector, activities to carry out work projects in the order portfolio 
continued regularly.
In order to protect the health and safety of its employees and collaborators, the Group continued its 
activities to monitor and control, and focused its efforts on identifying and implementing all possible 
measures to contain the impact of the health crisis on its economic, financial and ESG results. Particu-
lar efforts were made to safeguard the Group’s financial soundness and cash availability, so as to keep 
both aspects fit for and consistent with existing commitments and operating programmes, with the 
goal of ensuring the maintenance of absolute levels of efficiency in the service provided to users and 
the safety of the managed infrastructure.
COVID-19 TOOL BOX
From the start of the epidemiological emergency, a specific section was created on the #Agora in-
tranet to promptly and effectively communicate with Group personnel. It was constantly updated and 
documents and information were made available to all employees.
 
More specifically, all the Group's Protocols and instructions were made available, as well as videos, 
informational material and institutional links. Additionally, awareness was increased about the use of 
the company intranet which offers, among other things, numerous initiatives aimed at employees.
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WORK SITE SAFETY
Itinera has developed and gradually adopted an In-
tegrated Management system with a specific focus 
on controlling safety at all operating sites (work sites, 
head offices, warehouses and plants).
Moreover, the Management Systems Department 
conducts inspections and audits of operating areas, 
on a regular basis, in order to analyse the implemen-
tation and application status of the Management 
System, as well as the implementation status of ac-
tions to manage non-conformities concerning safety, 
environment and quality issues. The results of these 
audits are recorded in audit reports and system re-
cords, and any findings (non-conformities, observa-
tions and comments) are managed through docu-
mented action plans.
In 2022, 22 internal System Management audits 
were carried out in Italy, of which: 14 at operating 
units and 8 at management offices, as well as 36 in-
spections/training meetings. As a consequence of 
these activities, no cases of non-compliance were 
recorded, while 7 observations and 77 recommen-
dations were recorded.
Meanwhile, audits were performed for renewal/
maintenance of certifications by ICMQ for the Arab 
Emirates branch and, in the context of activity for 
renewal/maintenance of Itinera S.p.A. certifications, 
the certification body visited the site of the Sku-
rusund bridge project in Sweden.
Operating control and regulatory control are highly 
relevant in Italy. Overseas, on the other hand, the 
focus is mainly on monitoring the application of the 
Integrated Management System on a voluntary ba-
sis, as well as on compliance with local law and, in 
cases where this is less robust than Italian legisla-
tion, Italian law.
In the current year, supervisory bodies (local health 
authority – ASL, national labour inspectorate – ITL, 
specifically) conducted 27 health and occupational 
safety inspections in the Italian work sites (construc-
tion and motorway maintenance), with inspection 
reports issued, with five sanctions issued against 
Itinera.
In addition, in the Storstrøm Bridge project, the 
contract requires that quality audits be performed 
on the main suppliers. In order to ensure effective 
and efficient monitoring, these audits are also ex-
tended to environment and safety aspects.
PROMOTION OF WORKER HEALTH
As part of health monitoring for the concessions sec-
tor, the companies – in agreement with the workers’ 
safety representatives – have decided to promote, 
using benefits in line with previous years, an aware-
ness and prevention campaign for a number of sig-
nificant illnesses. In addition, the licensee compa-
nies, through the external company that oversees 
the workers’ health monitoring activities, provide 
all their employees, including their household with 
spouses and dependent children, the possibility 
to receive diagnostic and instrumental outpatient 
healthcare services, with short waiting times and 
subsidised prices, at multiple partner structures.
The engineering sector has a healthcare policy for 
all personnel which provides for the reimbursement 
of medical expenses.
For the construction and technology sectors, there 
are currently no ways to subsidise workers’ access 
to medical and healthcare assistance services un-
related to work, above and beyond those required 
by law.
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04

OUR RESPONSIBILITY  
TOWARDS THE  
ENVIRONMENT
129 	 Management of Environmental Issues
130	 Use of Resources
138 	 Waste
140 	 Noise management
141	 Protection of the local area, reduction of land use  
and protection of biodiversity

128
ASTM GROUP

29 COMPANIES
2 ITINERA BRANCHES OVERSEAS
CERTIFICATION ISO 14001
Itinera's certifications also cover the branches and JOs, net of the 
ASTM North America remit.
ASTM and its main operating italina subsidiaries 
have adopted a Model 231 and implemented opera-
tional controls to guarantee conformity to applicable 
environmental regulations.
With a view to continuous improvement, various 
companies, joint operations and branches have im-
plemented an Environmental Management System 
with ISO 14001 certification. This system establishes 
specific management procedures for the continual 
improvement of company performance.
Group companies operating in the technology sec-
tor and construction industry have also developed 
an integrated management system to guarantee that 
all applicable safety, health and environmental laws 
have been identified and evaluated and that all nec-
essary measures to guarantee the legal compliance 
of all operating units have been taken.
MANAGEMENT OF ENVIRONMENTAL ISSUES
COMPLIANCE  
WITH ENVIRONMENTAL LAWS  
AND REGULATIONS
One significant fine was recorded in 2022; 
this amounted to approximately €18 thou-
sand and concerned a bad smell detected 
on a Ecoporto Santos cargo ship.
SIGNIFICANT SPILLS
In 2022, four significant spills were reported. The first, relating to Conc. das Rodovias Ayrton Senna e 
Carvalho Pinto S.A.- Ecopistas, concerned 400 kg of ethyl alcohol and synthetic paint on the SP070 mo-
torway. The second, relating to Eco135 Concessionaria de Rodovias S.A., concerned 19 thousand cubic 
metres of activated carbon, lubricating oil and corrosive liquid on the BR-135 motorway. The third, 
relating to Concessionaria Ecovias do Araguaia S.A., concerned 27 cubic metres of water-based paint, 
hydrochloric acid and vegetable fat. The fourth, relating to Ecoporto Santos, concerned high-severity 
spillages of hydraulic and diesel oil.
The companies involved promptly activated company procedures in force aimed at remediation works.
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ENERGY CONSUMPTION
In 2022, the energy consumption of the ASTM Group 
totalled over 1,783 thousand GJ (1,382 thousand 
GJ in 2021), up by 29% compared to the previous 
year. In particular, electricity consumption is equal to 
around 561 thousand GJ (505 thousand GJ in 2021), 
diesel fuel over 839 thousand GJ (625 thousand GJ 
in 2021) and natural gas around 78 thousand GJ (93 
thousand GJ in 2021). In 2022, consumption of gas 
oil used to produce electricity from generators also 
totalled around 141 thousand GJ (56 thousand GJ in 
2021), petrol around 63 thousand GJ (52 thousand 
GJ in 2021), heating fuel around 21 thousand GJ (30 
thousand GJ in 2021) and fuel oil around 10 GJ (122 
thousand GJ in 2021). Consumption of self-produced 
electricity from renewable sources, net of the share 
sold and fed to the grid, was equal to 2,933 GJ (8,794 
thousand GJ in 2021), LPG around 15 thousand GJ (4 
thousand GJ in 2021) and, lastly, 60 thousand GJ of 
ethanol were consumed (7,331 GJ in 2021).
USE OF RESOURCES
ENERGY CONSUMPTION OF THE GROUP 41
41 Some data related to energy consumption are the result of estimates
ENERGY SOURCE
2021
2022
Total
Total
Electricity purchased
140,321
157,920
Electricity purchased from renewable sources [kWh/000]
108,646
108,989
Electricity purchased from non-renewable sources [kWh/000]
31,675
48,932
Electricity self-produced from renewable sources [kWh/000]
2,734
1,572
Electricity sold and put on the grid [kWh/000]
292
2,778
Natural gas (m3/000)
2,584
2,172
Heating fuel (l/000)
834
585
Diesel fuel (l/000)
17,304
23,270
Gas oil used to produce electricity from generators [l/000]
1,539
3,934
Fuel oil (l/000)
3
0.3
Petrol (l/000)
1,564
1,917
LPG (l/000)
176
630
Ethanol [l//000]
225
1,861
Total electricity used is equal to over 157,929 thousand kWh. Electricity used from renewable sources is equal 
to 109,804 thousand kWh, of which 108,989 thousand kWh purchased from renewable sources and 815 thou-
sand kWh self-produced from renewable sources net of the energy sold and fed to the grid.
130
ASTM GROUP

839,246 (47.07%)
ENERGY CONSUMPTION OF THE GROUP BY SOURCE
(figures in GJ)
60,432 (3.39%)
77,947 (4.37%)
63,491 (3.56%)
141,429 (7.93%)
21,045 (1.18%)
561,238 (31.48%)
ENERGY SAVING AS PART OF UPGRADING PUBLIC LIGHTING
Environmental stewardship and protection is also achieved through a rational use of resources and 
this is why actions to rationalise the energy consumption of public lighting systems is an important 
measure. Euroimpianti is the Group company that manages plant engineering projects in captive and 
extra-captive markets. Its main activities involve the planning, development and maintenance of high 
technology systems. In this context, Euroimpianti has developed a number of activities as part of Ener-
gy Saving projects to re-qualify public lighting systems in order to reduce energy consumption, light 
pollution and improve performance thanks to LED lighting.
Moreover, actions will include:
•	 the use of latest technologies applied to public lighting to increase system use through remote 
management and integration with the network of IT services for users, CCTV and Wi-Fi (Smart 
City);
•	 the development of energy efficiency projects as an ESCo (Energy Service Company), resulting in 
lower primary energy consumption for the same final services. In the ESCo sphere, the concession 
contracts for the management and maintenance of the public lighting systems - including the 
supply of energy vectors - of the municipalities of Piossasco and Giaveno, both in the province 
of Turin, were continued in the year 2022, and the energy diagnosis and efficiency upgrading 
activities of the lighting systems of the Cuneo Est junction of the A33 Asti-Cuneo motorway were 
completed.
•	 the development of competencies for the planning and construction of buildings with a reduced 
primary energy consumption, using low environmental impact technologies, also with LEED 
(Leadership in Energy and Environmental Design) classification.
	 Diesel fuel
	 Electricity
	 Gas oil used to produce 
electricity from generators
	 Natural gas
	 Petrol
	 Ethanol
	 Heating fuel
	 LPG
	 Electricity self-produced  
from renewable sources net of 
electricity sold and sent  
to the grid
	 Fuel oil
2,933 (0.16%)
15,338 (0.86%)
10 (0.00%)
2022
2021
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•	 In 2022 the construction works of the technology systems at the Nuovo Ospedale Galeazzi in 
Milan were completed, in compliance with the requirements of the LEED protocol for the award 
of the LEED GOLD certification.
ENERGY EFFICIENCY PLAN ON 
ITALIAN MOTORWAY STRETCHES
With reference to the motorway sector, all Italian li-
censee companies of the Group are continuing to 
implement the energy efficiency plan through the 
adoption of new generation technologies on par 
with the most advanced sustainability performances.
In this regard, throughout 2022, works to modernise 
the lighting systems located in the motorway areas 
continued, mainly in the tunnels, parking lay-bys, 
junctions and toll booths, transitioning from SAP sys-
tems to LED technology. The process of adjusting to 
the standards established under Italian Legislative 
Decree 264/06 continued for 49 tunnels of over 500 
meters located through the areas managed by the 
Group and included under the European Transport 
Network (TEN).
The “Tunnel System Automation” project, which con-
cerns all tunnels over 500 metres in length operated 
by the Group's licensee companies, was brought to 
an end and the implementation of the new system is 
under way, which to date is being introduced for the 
management of the fully adapted tunnels of SAV (3), 
SALT A12 section (13), SALT A15 section (4) and AdF 
A6 section (2 of 7).
The coordinated management of several systems 
will allow for a significant improvement in the effi-
ciency of energy consumption monitoring. For light-
ing systems, with the launch of the system, optimised 
regulation is also in place of the lighting levels to be 
adopted for the reduction of energy consumption 
based on variable operating conditions.
The company S.I.N.A. is also involved in projects to 
adjust the lighting systems for tunnels not falling un-
der the scope of Italian Legislative Decree 264/06 for 
motorway junctions, service areas and toll stations. 
These adjustments have the main objectives of com-
plying with regulations and improving energy effi-
ciency.
In general, for lighting in the motorway areas, effi-
ciency is obtained through installation of LED light-
ing which consumes less energy, as well as allowing 
the installation of radio-wave regulation systems. By 
requiring a management method which aims for 
use only when lighting is effectively needed in the 
design, an additional advantage is obtained through 
the reduction of energy consumption, in combina-
tion with the already lower consumption deriving 
from the use of lighting which consumes less energy.
132
ASTM GROUP

EMISSIONS
In 2022, the direct emissions of CO2e (Scope 142) 
were equal to around 85,879 tonnes (62,435 tonnes 
in 2021), indirect Scope 2 emissions43 were equal 
to around 10,081 tonnes of CO2 (market-based, 
15,237 tonnes in 2021) and around 41.563 tonnes 
of CO2 (location-based, 47,818 tonnes in 2021) 
and Scope 344 indirect emissions were equal to 
2,314,537 CO2e tonnes (1,975,763 tonnes in 2021).
TOTAL DIRECT EMISSIONS (SCOPE1) [tCO2e] AND INDIRECT (SCOPE 2) [tCO2] AND INDIRECT  
SCOPE 3 [tCO2e] 45
42 Scope 1 (direct emissions): this category includes emissions from own sources or sources controlled by the organisation
43 Scope 2 (indirect emissions): this category includes emissions inferred from purchased electricity use. Scope 2 emissions are expressed in tonnes of CO2, however the 
% of natural gas and nitrous oxide had a negligible effect on total greenhouse gas emissions (CO2 equivalent) as may be inferred from the technical literature
44 Scope 3 (indirect emissions): this category includes the emissions arising from company activities that include emission sources not under the direct control of the 
company, but where the emissions are indirectly attributable to company activities
45 Source of conversion factors used: DEFRA 2022. Source of conversion factors used: TERNA 2020 and AIB 2021
Total Scope 1 and Scope 2 (market based) emis-
sions increased by 24% due to the consolidation 
of the annual data of the EcoRodovias Group and 
SITAF Group companies. The increase in Scope 3 
emissions refers mainly to the increase in the cat-
egory of Purchased goods and services relating to 
the purchase of raw materials with high emission 
levels, such as iron and steel and bituminous mixes 
and the consolidation of the annual data of the Eco-
Rodovias Group and SITAF Group companies.
2021
2022
Scope 1
62,435
85,879
Scope 2 (market-based)
15,237
10,081
Total Scope 1 and Scope 2 (market based)
77,672
95,960
Scope 2 (location-based)
47,818
41,563
Scope 3
1,975,763
2,314,537
Purchased goods and services
1,872,530
2,180,218
Capital goods
15,923
40,587
Fuel-and-energy-related activities
27,413
28,619
Upstream transportation and distribution
15,240
16,897
Waste generated in operations
2,799
2,399
Employee commuting
20,400
22,222
Investment
21,459
23,595
Total Scope 1 and Scope 2 (market based) and Scope 3
2,053,435
2,410,497
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SCOPE 3 EMISSIONS
In addition to the Scope 1 and Scope 2 emissions, ASTM has also calculated or estimate the Scope 3 
indirect emissions, selecting from the categories deemed relevant for the Group.
Specifically, the following categories of emissions were calculated: Purchased goods and services (par-
tially calculated, partially estimated using the Scope 3 screening tool, Quantis - “The Scope 3 Evalu-
ator”), Fuel-and-energy-related activities (not included in Scope 1 or 2) and Waste generated in op-
erations. In addition, the Group estimate the following categories GHG Scope 3 emissions identified 
on the basis of the GHG Protocol guidelines using the Scope 3 screening tool Quantis – “The Scope 3 
Evaluator”, issued by the GHG Protocol in collaboration with Quantis: Purchased goods and services 
(partially calculated, partially estimated using the Scope 3 screening tool, Quantis - “The Scope 3 Evalu-
ator”), Capital goods, Upstream transportation and distribution, Employee commuting and Investment.
The other emission categories included in thel GHG Protocol Scope 3 Standard were deemed not ap-
plicable or insignificant.
ASTM GROUP
134

2022 ENERGY SAVING INITIATIVES
The main energy saving initiatives adopted by the Group companies during 2022 include energy ef-
ficiency upgrades to the lighting systems on the S.A.T.A.P. A4 motorway which produced an annual 
energy saving of 423 MWh.
PROMOTION OF GREEN PROCUREMENT POLICIES AND SUPPLIER 
ENGAGEMENT ACTIVITIES TO REDUCE SCOPE 3 EMISSIONS
With a view to ensuring continuous improvement, in 2022 a programme was launched to change the 
IT platform used to certify suppliers of Itinera S.p.A.
In this context, considering the Group's commitment to climate action and, in particular, to monitor and 
reduce emissions across the value chain, around 40 of Itinera’s main suppliers were invited to sign up 
to Carbon Tracker, a specific emissions tracking platform. The platform enables suppliers to share the 
data necessary to calculating Scope 3 indirect emissions deriving from purchased goods and services.
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WATER CONSUMPTION
In 2022, the companies of the ASTM Group consumed a total of around 999 thousand megalitres (ML) of water 
(688 ML in 2021).
In particular, around 57 % (59% in 2021) of water use refers to third party water46, 11% (11% in 2021) to surface 
water, around 32 % (30% in 2021) to ground water, and around 0% to sea water (0.1% in 2021).
WATER CONSUMPTION 47 OF THE GROUP
(figures in ML)
2021
2022
All areas
Areas with 
water stress
All areas
Areas with 
water stress
Surface water
73
59
113
16
fresh water
71
56
113
16
other types of water
2
2
-
-
Ground water
206
164
317
118
fresh water
74
32
257
58
other types of water
133
132
60
60
See water
1
1
-
-
fresh water
-
-
-
-
other types of water
1
1
-
-
Water produced
-
-
-
-
fresh water
-
-
-
-
other types of water
-
-
-
-
Third party water
408
334
569
403
fresh water
339
269
485
318
other types of water
69
66
85
85
Total third-party water withdrawal by withdrawal source
334
403
surface water
143
186
ground water
130
73
see water
62
144
water produced
-
-
Total water
688
558
999
537
of which joint operations
337
314
268
258
46 “Third party water” means water supplied from water mains, municipal wastewater treatment plants, public or private services and other organisations involved in the 
supply, transportation, treatment, disposal or use of water and affluents.
47 Some data related to water consumption are the result of estimates
136
ASTM GROUP

As shown in the graph, 58% of water consumption refers to the construction sector (70% in 2021). In particular, 
water is mainly used at work sites, with a consumption equal to 581 ML (486 ML in 2021).
Regarding the concessions sector, water consumption at maintenance work sites was equal to 357 ML (192 ML 
in 2021), accounting for approximately 36% of the Group’s total consumption (28% in 2021).
On the other hand, water use for the engineering, technology and other sectors is significantly lower at 59 ML, 
equal to 6% of the Group’s total consumption (10 ML, equal to 2% of the Group’s total consumption in 2021), 
mainly intended for use at the operating sites.
WATER CONSUMPTION OF THE GROUP BY BUSINESS SEGMENT
(percentages in ML)
	 Construction
	 Concessions
	 Holdings and other minor 
companies
	 Engineering
	 Plant engineering
58.2%
35.9%
0.7%
5.1%
0.1%
2022
2021
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In line with the Group’s policies, waste produced is 
recycled where possible, otherwise it is disposed of 
at the most suitable sites depending on the type of 
waste. The Group’s policy on waste management 
aims to guarantee sustainable waste management, 
while increasing the percentage of recycled waste 
and ensuring a responsible management of hazard-
ous waste.
The type of waste produced varies, due to the differ-
ent nature of the Group’s business segments.
Most waste is produced by the construction sector 
(91% of the total), followed by the concessions sec-
tors at around 8%, and finally engineering, technol-
ogy, plants and holdings at less 1% collectively. The 
percentage of waste attributable to the concession 
holder companies’ sector is higher than the previous 
year due to the entry into the scope of consolidation 
of the licensee companies of the Ecorodovias Group, 
which directly disposes of considerable quantities of 
milled asphalt.
Waste rose from over 870 thousand tonnes in 2021 
to over 1,601 thousand tonnes in 2022 with an in-
crease of 84%.
In 2022, most of the waste produced by the Group 
was recycled and reused (94%, 79% in 2021), while 
around 6% was sent to landfill, incinerated or dis-
posed of in another way. Waste disposal is managed 
through municipal service companies and specialist 
firms. Almost all waste (99%) falls into the category 
of non-hazardous waste and the majority of hazard-
ous waste (877 tonnes) is from the Storstrøm bridge 
worksite and originates from handling of materials 
already present on the site at the start of the project 
and owned/produced by the Port Authority.
WASTE
GROUP WASTE BY DISPOSAL METHOD
(figures in tonnes)
DISPOSAL 
METHOD
2021
2022
Hazardous
 Non-
hazardous
 Total
Total (%)
Hazardous
 Non-
hazardous
 Total
Total (%)
Reuse [t]
2
129,112
129,114
10.8%
0
295,865
295,865
18.47%
Recycling [t]
76
883,550 48
883,626
73.9%
372
1,211,471
1,211,843
75.65%
Energy recovery [t]
48
524
572
0.0%
106
492
598
0.04%
Incineration [t]
13
655
668
0.1%
26
377
403
0.03%
Landfill [t]
124
90,980
91,104
7.6%
617
55,682
56,299
3.51%
Other [t]
1,658
88,415
90,073
7.5%
941
35,969
36,910
2.30%
Total
1,921
1,193,236
1,195,157
100.0%
2,062
1,599,856
1,601,918
100%
of which joint 
operations
30
652,325
652,355
54.6%
56
735,584
735,640
45.92%
48 The 2021 data on non-hazardous waste was restated to enable a more accurate comparison with 2022 data.
138
ASTM GROUP

99.9%
0.1%
GROUP WASTE BY DISPOSAL METHOD
GROUP WASTE BY TYPE
	 Non-hazardous
	 Hazardous
94%
6%
	 Reuse and recycling
	 Landfill and other
2022
2021
2022
2021
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Noise management is particularly important in the 
concessions and construction sectors.
Transport infrastructure and their related motor-
way traffic are a widespread and significant source 
of noise pollution for the local areas. Nevertheless, 
the impact for the community and the perception 
of noise are notably affected by the location of the 
infrastructure with respect to inhabited areas.
Aware of the importance of mitigating the potential 
negative effects on communities, the Group licen-
sees continuously monitor the level of noise pol-
lution through measurement and impact studies, 
planning and the construction of mitigation works 
launched in previous years. In 2022, according to 
the commitments defined in the financial plans of 
each licensee, activities to plan, develop and test 
mitigation measures continued, as provided for in 
the implementing sections of the Noise Abatement 
Plans pursuant to the Decree of 29 November 2000 
of the Italian Ministry of the Environment and Ener-
gy Security (MaSE). In particular, the Noise Abate-
ment Plans require that following the issue of the 
legislation (2007) and approval of the Plan by the 
Ministry, the licensee companies must complete the 
interventions within 15 years.
As at 31 December 2022, around a total 165 km of 
noise barriers were installed along the Group’s mo-
torway stretches, of which around 9 km installed in 
2022.
The table below provides details for each individual 
concession holder company in Italy.
2021 
(LENGTH 
IN KM)
2022 
(LENGTH 
IN KM)
A4 Torino-Milano
26.6
27.9
A21 Torino-Piacenza
15.5
15.5
A6 Torino-Savona
7.7
7.7
A12 Livorno-Sestri Levante
26.3
31.3
A15 Parma-La Spezia
9.0
9.0
A33 Asti-Cuneo
8.4
8.4
A10 Savona-Ventimiglia
10.5
10.7
A5 Quincinetto-Aosta Ovest
2.1
2.5
A21 Piacenza-Cremona-Brescia
11.1
12.9
A5 Torino -Quincinetto e 
Ivrea-Santhià
A55 Tangenziale di Torino & 
Torino -Pinerolo
28.4
28.4
A32 Torino-Bardonecchia
T4 Frejus Tunnel
11.2
11.2
Total
156.8
165.5
NOISE BARRIERS ON THE ITALIAN NETWORK
(figures in km)
On the motorway stretches managed by the Italian 
licensee companies of the Group, a draining sur-
face has been used whenever the characteristics of 
the stretch allowed. It is noted that for safety rea-
sons, this paving cannot be laid in tunnels, nor is it 
recommended on the stretches subject to frequent 
snowy rainfall in winter months. Noise abatement 
draining paving is currently present on around 62% 
of the total kilometres managed by the licensees of 
the Group in Italy, which represents nearly all of the 
motorway stretches where this type of asphalt can 
be used.
In the construction sector, the environmental aspect 
of noise generated by operations at work sites (e.g. 
excavation and earth moving works, assembly, con-
crete mixers, handling operating equipment) is man-
aged based on the location of the work site, as per 
specific operating instructions.
NOISE MANAGEMENT
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ASTM GROUP

Group activities are carried out with a focus on 
protecting the environment, seeing it as an asset 
to protect and value. The aim is therefore to adapt 
the environment’s characteristics to the needs of 
communities and standards of institutions in its 
motorway network maintenance and updating 
projects, as well as for the construction of new 
stretches.
Local areas have always been considered as a fun-
damental asset to protect. With this in mind, the 
Group carries out its activities with a view to pro-
tecting the environment and safeguarding histori-
cal and cultural heritage.
In 2022, the activities planned under the Environ-
mental Monitoring Plans, defined during the de-
sign stage, mainly involved the motorway stretch-
es of the A4 Torino-Milano, the A12 Livorno-Sestri 
Levante, anad the and the SP357R Bypass under 
construction near the town of Noceto (Tangen-
ziale di Noceto) In particular, in line with the de-
velopment of the infrastructure modernisation 
works along the stretch between Pero and Milan, 
the monitoring of in-process works was continued 
and completed during the year, while the in-pro-
cess works along the Interconnection between the 
A12 Sestri Levante-Livorno and the A15 Parma-La 
Spezia continued. With reference to the Tangen-
ziale di Noceto, the monitoring of the pre-works 
phase was concluded and the in-progress moni-
toring was started. Environmental auditing, which 
is essential to verifying the environmental reper-
cussions generated by the work activities within 
the boundaries of the work site, was also launched.
Monitoring also continued in relation to the Ti.Bre. 
(Tirreno Brennero, Corridoio plurimodale Tirre-
no-Brennero) also continued, with subsequent val-
idation and publication on the Local Information 
System of the measurement data sheets related 
PROTECTION OF THE LOCAL AREA, 
REDUCTION IN LAND USE  
AND PROTECTION OF BIODIVERSITY
BIODIVERSITY POLICY
In November 2020, the ASTM Board of Directors approved the Biodiversity Policy.
ASTM and its subsidiaries are committed to the conservation and protection of biodiversity and eco-
system services. In this context, the Policy defines the Group’s commitment in relation to protecting 
biodiversity.
In carrying out its business, the Group interacts with various ecosystems, landscapes and animal spe-
cies. Therefore, ASTM is committed to promoting biodiversity in ecosystems, developing new projects 
in a sustainable manner, protecting and promoting the development and growth of natural assets. 
These commitments are made and promoted through the Policy, so that the various levels of the or-
ganisation and other Group companies might continue developing methods of analysis and action 
for the conservation of biodiversity when planning and undertaking their activities. The end goal is to 
integrate biodiversity conservation into the Group's strategy, considering it when making decisions 
about construction, management and dismantling of all infrastructure.
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to the individual natural components potentially 
impacted by the works; considering the progress 
of the works, particular interest was also paid to 
the vegetation and wildlife falling under the green 
works.
As part of the legally mandated upgrading of tun-
nels longer than 500 metres, the construction of 
a water drainage system is also planned. These 
works enable the spread of toxic or flammable 
liquids across a road surface spilled by an acci-
dent or vehicle breakdown to be controlled, thus 
helping to limit the consequences of an accident. 
The spilled liquids are collected in a specific tank 
of an appropriate size, made of reinforced con-
crete and internally impermeable, to prevent them 
from contaminating the surrounding environment. 
Along the Group's motorway sections, 32 of the 
59 planned tanks have already been constructed.
In October 2022, along the A4 Torino-Milano mo-
torway, and more precisely at Biandrate-Vicolun-
go, the construction of a six-thousand cubic metre 
rainwater storage tank was launched. The system 
is designed to collect and regulate water resourc-
es by allowing water to flow into storage tanks for 
future use, including internal use (e.g. washing 
of photovoltaic panels, inertial thermal energy of 
low-temperature air conditioning systems, etc.).
Read the news story
MANAGEMENT OF 
HYDROGEOLOGICAL RISK
The Group also focused heavily on the hydrogeo-
logical context of motorways, developing numer-
ous initiatives in 2022.
The Group’s Italian licensee companies have an 
Action Plan for Maintaining Infrastructure Efficien-
cy (APMI), which, in particular for “Mountain Sides 
and Monitoring Works”, provides instructions on 
how to manage the monitoring and maintenance 
of the works and on checks including: support 
works (e.g., reinforced terrain, gabion walls), pas-
sive defence works (e.g., rockfall barriers, bolted 
nettings), surface draining works (e.g.,ditches, 
gutters), deep draining works (e.g., sub-horizontal 
drains, draining trenches, draining wells).
Some of the specific initiatives include the contin-
uation in 2022 of an advanced integrated monitor-
ing system for mountainside landslides, located in 
the Municipality of Quincinetto, Chiappetti district 
by the licensee S.A.V., in collaboration with the Civ-
il Defence System at Florence University. Similarly, 
using technical round tables, the licensee compa-
ny continued dialogue with Local Organisations, 
National Civil Defence and all players affected by 
the phenomenon. In this context, the Conference 
of Services on the protection of the motorway sec-
tion affected by the rockfall was successfully con-
cluded in 2022, and the executive plan aimed at 
the rapid execution of the works was launched.
Again for the licensee company S.A.V., the man-
agement of hydraulic and hydrogeologic risks as-
sociated with exceptional weather events contin-
ues, through the hydrometric and solid material 
movement monitoring network near certain crit-
ical overpass sections of motorway infrastructure 
near water features, with technical and scientific 
support from the Civil Defence System at Florence 
University.
Since the early 2000s, SALT’s hydrogeological risk 
studies have made it possible to identify, record 
and monitor over 100 landslide events affecting 
the motorway stretch of the A15 Motorway Par-
ma-La Spezia. In 2022, all planned surveys for each 
hydrogeological instability were carried out ac-
cording to the defined and scheduled schedules, 
with the aim of monitoring the evolutionary trend. 
In addition, numerous field checks were conduct-
ed to assess both the progress of specific works 
and the condition of the monitoring equipment. 
The landslide events considered most at risk are 
inspected annually, and additional tests are also 
carried out using specific instruments that have 
been installed on the structures to guarantee 
continual monitoring of the landslide, including 
during critical events, and to offer the possibility 
of remote control through a dedicated website. 
Annual or twice yearly topographic surveys are 
also carried out by specialist technicians from the 
licensee company SALT, in association with Par-
ma University, for checks on the station and guid-
ance points. In 2022, the surveys also focused on 
142
ASTM GROUP

a number of regionally important hydrogeological 
instability issues involving underground infrastruc-
ture. Solutions to control ground water aimed at 
ascertaining the response of the geological gravi-
tational movements and, therefore, the infrastruc-
ture itself were assessed, and are currently still in 
the practical testing phase. In other cases (e.g., 
bridges and viaducts), solutions that consider the 
geomorphology and the condition (such as the 
weather and climate) of the sites were assessed, 
aimed at avoiding particularly direct interferences 
that could, in the short term, diminish the lifespan 
of the infrastructure.
Finally, by monitoring landslide events it is possi-
ble to plan specific actions with varying levels of in-
tervention. In 2022, in-depth studies were carried 
out to improve the characterisation and definition 
of landslide movements. In general, the devices 
installed during studies and projects to monitor 
natural phenomena that can interfere with infra-
structure are constantly monitored.
Following the completion of the works to repair 
and consolidate the slope in the Madonna del 
Monte area in the first part of 2022, the activities 
implemented by Autostrada dei Fiori after the no-
torious landslide in 2019, which led to the partial 
collapse of the Madonna del Monte viaduct locat-
ed between the Savona and Altare junctions on 
the Turin direction carriageway, came to an end. 
The activities were aimed at monitoring the evolu-
tion of the landslide risk in that area.
In the year 2022, evaluations were launched to 
calculate the hydraulic and landslide warning cat-
egories for all motorway network works over 6 me-
tres, as required by the “Guidelines for risk classi-
fication and management, safety assessment and 
monitoring of existing bridges”. This project led to 
the adoption of a standardised hydrogeological 
risk assessment framework for all works belonging 
to the Group's licensee companies.
PROTECTION OF BIODIVERSITY
The Group is committed to protecting biodiversity 
through planning, subsequent development and 
post-construction verification of environmental 
mitigation work, involving careful study of poten-
tial vegetation for operating areas and native flora.
In particular, during 2022 and as part of ten-year 
agreements stipulated by SATAP with the Universi-
ty of Turin for the Torino-Milano motorway stretch, 
activities to develop trial systems for green areas 
continued, to redevelop the landscape and re-nat-
uralise degraded areas affected by work sites for 
motorway modernisation in several municipalities.
In the trial site of Vicolungo, during the fifth grow-
ing season, management and monitoring activities 
were carried out on the trial reforestation complet-
ed in the spring of 2018. At the end of the sea-
son, the trees and shrubs had grown in line with 
the growth recorded from second year after plant-
ing onwards. The height of the reforested area is 
around twelve metres and the shade generated by 
the tree canopy offers better survival and develop-
ment conditions for the saplings that will be plant-
ed later. Again during this growing season various 
traces of the passage of animals were seen, includ-
ing small rodents, amphibians, boars, buzzards 
and other birds which nested among the plants: 
this makes it possible to state that the system is 
becoming naturalised, another indication that the 
design was done well.
The ecological permeability of infrastructure for 
fauna is an increasingly important topic in plan-
ning, with specific defragmentation measures 
studied, as applicable.
For example, six large pass-through items (meas-
uring 3 m by 2 m) were installed for the passage 
of fauna in the area of the Torino-Milano motorway 
(A4) which crosses the Ticino Park. These items 
are specifically monitored with camera traps that 
demonstrate effectiveness, recording a moderate 
number of small and medium-sized fauna passing 
through.
In addition to areas below viaducts and second-
ary roads, the Group’s infrastructure has over 600 
items that, due to their size and location, serve for 
the fauna to pass through. One example are the 
large culverts (1.5 m x 1.5 m) in areas with high 
biodiversity levels which enable animals to pass.
As part of the investments aimed at improving the 
motorway system and offering greater environ-
mental protection, major works to upgrade the 
motorway fencing networks were launched, with 
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the aim of adapting the protective fencing along 
the sections most exposed to the potential en-
croachment by wild animals, and consequently in-
creasing the safety of road users. Currently, along 
the A6 Torino-Savona section of the motorway, 
work is in progress to develop approximately 100 
km of fencing, of which 20 km will be completed in 
2022, while along the A10 Savona-Ventimiglia sec-
tion, work is in progress to develop approximately 
40 km, of which 14 km will be completed in 2022.
In relation to the activities associated with the con-
struction of the TI.BRE., in 2022 artificial nests in-
stalled the previous year were monitored, to en-
courage the development of the red-footed falcon 
colony that has settled near the work site. These 
nest boxes again this year guaranteed that nesting 
pairs had greater protection from predators and 
helped to support the survival of new chicks. The 
results of the checks carried out on all the nests 
used for the species were added to measurement 
data sheets included on the SIT (Local Information 
System) and accessible to the public. Meanwhile, 
other birds and wildlife, as well as a number of par-
ticularly important fish species, were monitored at 
the sites.
IMPACT OF THE GROUP ON BIODIVERSITY
The ASTM Group has mapped the impacts of its operational activities at 31 December 2022 on biodiversi-
ty in terms of the motorway network under management and worksites. This analysis was carried out with 
support from the Integrated Biodiversity Assessment Tool (IBAT), a multi-institutional work programme 
involving BirdLife International, Conservation International, IUCN (International Union for Conservation 
of Nature) and UNEP-WCMC (United Nations Environment Programme -World Conservation Monitoring 
Centre). In particular, to increase the transparency and inclusion of issues related to biodiversity in the 
annual sustainability report, a Multi-site Report was prepared. The Report makes it possible to evaluate 
the biodiversity characteristics of the operating sites for disclosure at aggregate level. For each operating 
site chosen, the following details related to biodiversity are provided:
•	 the protected areas and the key areas for biodiversity within a 3 km radius deemed significant by the 
Group;
•	 the species on the IUCN Red List classed as Critically Endangered, Endangered or Vulnerable which 
are potentially found within a 50 km radius from the operating sites considered.
In particular, 70% of the Group’s operating sites are within 3 km of a protected area and 24% are within 3 
km of a key area for biodiversity.
The operating sites with the highest number of species from the IUCN Red List potentially found within 
a 50 km radius include: Autostrada dei Fiori S.p.A. (A10) with a total of 187 species, of which 22 Criti-
cally Endangered, 60 Endangered and 105 Vulnerable; Società Autostrada Ligure Toscana - SALT p.A. 
(A15) with a total of 150 species, of which 22 Critically Endangered, 47 Endangered and 81 Vulnerable; 
ECO101 Concessionaria de Rodovias S.A. with a total of 289 species, of which 35 Critically Endangered, 
124 Endangered and 130 Vulnerable and Concessionaria Ponte Rio-Niteroi SA – Ecoponte with a total of 
233 species, of which 32 Critically Endangered, 99 Endangered and 102 Vulnerable.
The ASTM Group companies use this analysis to assess the biodiversity initiatives to be implemented.
144
ASTM GROUP

REDUCTION IN LAND USE  
AND REUSE OF MATERIALS
Regarding the reduction in land use and gener-
al drive at the European level to reuse resources, 
considered a preferable alternative to the use of 
non-renewable raw materials, the maximum reuse 
of excavation materials is considered both during 
planning and operation.
In particular, after testing the geotechnical and 
chemical characteristics, in order to limit as far 
as possible the use of natural quarry materials at 
extraction sites, new works are designed and de-
veloped by re-using the natural excavated terrain 
where the new infrastructure will be located. In the 
same way, the reuse of recycled aggregates from 
authorised and certified external plants and from 
internal processes was promoted. Furthermore, 
where direct re-use was not possible, the transport 
of excavated materials to alternative sites (e.g. 
backfills, environmental restoration sites) or to au-
thorised recovery providers was preferred as op-
posed to final disposal, which is always considered 
as a last resort. In general, in 2022, after a careful 
study of the budgets and geology of the sites, the 
best solutions for each project were evaluated in 
terms of reuse, aimed not only a reducing the im-
pact of the works on the landscape but also to pro-
mote a circular economy model at all levels.
To guarantee sustainable development during the 
construction of new motorways and in the mainte-
nance and restoration of existing ones, the Group 
is also committed to promoting the use of inno-
vative raw materials with a reduced environmental 
impact and, specifically, to prioritising the reuse of 
material from road surface milling.
REUSE OF RECLAIMED ASPHALT 
PAVEMENT
The application of the regulations that declassify 
bituminous conglomerate asphalt as waste ena-
bled the ASTM Group to undertake new initiatives 
in 2022, prioritising the reuse of this material and 
engaging external suppliers to produce new bitu-
minous mixtures and aggregates as part of pro-
jects that promote the circular economy.
Moreover, in 2021 the ASTM Group activated a 
research contract  through S.I.N.A. with the Civil, 
Chemical, Environmental and Materials Engineer-
ing Department at the University of Bologna on 
the potential use of recycled asphalt and special 
chemical additives in road surfacing aimed at the 
development of more sustainable highways infra-
structure. The use of recycled asphalt in the new 
applications would make it possible to reduce the 
quantities of material for landfill disposal and the 
demand for new virgin natural resources.
The study involved the most advanced methodolo-
gies and technologies on the market for the reuse 
of reclaimed asphalt pavement (RAP) and Special 
Polymer Compounds (SPC) in the production of bi-
tuminous mixes, verifying whether performance was 
maintained in terms of safety, useful life and user 
comfort, and expressing the appropriate economic 
and environmental evaluations through Life Cycle 
Analysis (LCA) and Life Cycle Costing approach-
es. According to the study, these innovative road 
surface layers are more durable than commonly 
adopted solutions, while the use of greater quanti-
ties of recycled and/or recovered materials leads to 
a significant reduction in CO2 equivalent emissions 
during the bitumen mixture production cycle.
This new initiative complements the usual recy-
cling activities carried out by the ASTM Group, in-
cluding the cold recycling of RAP in the creation 
of the road superstructure of the Torino-Milano 
Motorway Modernisation project (with the use of 
around 1 million cubic metres of RAP), and the 
in-situ base layer recovery using the foamed bi-
tumen technique for various maintenance works 
conducted in 2022.
MINIMUM ENVIRONMENTAL 
CRITERIA (MEC)
In 2022, S.I.N.A. continued its participation on the 
technical round tables set up by the Italian Ministry of 
Environment and Energy Security (MaSE), which over-
sees the definition of the “Minimum Environmental 
Criteria (MEC) for the planning and works pertaining 
to the construction and maintenance of road infra-
structure”, in implementation of the National Action 
Plan for Green Public Procurement - NAP GPP.
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These criteria are the environmental requirements 
defined for the various stages of the acquisition 
process, intended to identify the best design solu-
tion, product or service with regard to the envi-
ronment through the life cycle: once they take 
effect – with their adoption in a specific decree – 
they will be used by the contracting stations for 
the achievement of the environmental objectives 
set out by the NAP GPP, in the context of tender 
procedures, as provided for by Italian Legislative 
Decree 50/2016.
A4 TORINO-MILANO: FIRST HIGH-TECH GREEN ASPHALT MOTORWAY  
IN EUROPE
On the A4 motorway section (Turin-Milan), the ASTM Group will use Gipave, an asphalt technology that uses 
a patented, innovative process, the result of six years of research by Iterchimica, an Italian company operat-
ing in over 90 countries and a leader in the production and development of products and technologies for 
sustainable asphalts, in collaboration with G.Eco (A2A Group), the University of Milan-Bicocca and Directa 
Plus. The works will involve both directions of travel for a total of 250 km.
The resurfacing works will make the A4 the first motorway in Europe to use high-tech green asphalt thanks 
to the use of graphene and 70% recycled asphalt. The activity is part of the ASTM Group's “Smart Roads” 
project. In particular, the use of the Gipave technology will offer greater sustainability and resistance per-
formance, increasing the durability of the road surface by up to 75% compared to the alternatives currently 
available on the market. This solution will reduce energy consumption by around 90 million kWh (-30%), cor-
responding to the annual demand of approximately 30,000 households, and will offset around 18,350,000 
kg of CO2eq emissions (-38.5%), equal to the absorption of about 115,000 trees.
Furthermore, compared to conventional road surfaces, around 1.5 million kg of hard plastics will be re-
used, roughly equivalent to the weight of more than 1,200 cars, saving almost 23 million kg of bitumen and 
around 480 million kg of raw materials extracted from quarries (-40% non-renewable materials used com-
pared to traditional technologies).
The project, which proceeded at a slower pace 
than in previous years, was intended to provide 
technical contributions and suggestions for the 
issue of a document that responds to the funda-
mental requirement of environmental protec-
tion, indicating methods to manage the planning 
phases and works, which can be implemented 
and achieved by the various parties involved and 
which are therefore truly effective.
Pending definition of the specific MEC for the 
road sector, attention has nevertheless been on 
minimising, throughout the entire life cycle of the 
road, the use of resources for the production of 
construction materials, the conservation of hab-
itats and water resources, and the reduction of 
noise and atmosphere emissions. To this end, 
S.I.N.A. conducted a study to characterise the 
noise emission of road surfaces on certain motor-
way sections managed by the Group, using the 
CPX (Close Proximity Method) technique. The aim 
of this project is to progressively create a com-
plete mapping of the acoustic characteristics of 
the motorway network managed by the Group 
146
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SINA AND ENVIRONMENTAL PROTECTION
Relative to the issue of environmental protection, S.I.N.A. has invested since 2018 to acquire skills in 
the context of the Envision Sustainability Protocol, a rating certification system to assess sustainable 
infrastructure, providing training courses each year and providing updates for its personnel certified as 
Envision Sustainability Professionals, i.e. professional figures qualifying for the certification of projects 
according to the protocol.
Envision rates the development of the infrastructure in a holistic manner, from the design and develop-
ment stages to its sustainability and end of life.
In 2022, a partnership with ICMQ for the Envision pre-assessment evaluation was launched with a view 
to certifying some of the Group's projects. In particular, an assessment was carried out for the "Pilot 
project for the resilient, digital and sustainable modernisation/transformation of the A4 Torino-Milano 
motorway", based on the metrics of the Envision Protocol and considering the impacts and benefits 
of the entire project based on the existing elements of the project, while also identifying the potential 
level of satisfaction in relation to the topics considered by the protocol.
S.I.N.A. also launched a process to define specific guidelines for the progressive integration of the prin-
ciples of the Envision Protocol in planning processes.
Again with regards to environmental issues, and in particular relative to protection of local areas, bio-
diversity and reduction of soil consumption, the company has strengthened its qualifications and skills 
through the execution of environmental impact studies, including the prior verification of archaeo-
logical interest, and the design of works for environmental mitigation, conservation and compensa-
tion. Additionally, the company is an expert in noise pollution studies (supporting the Group’s licensee 
companies for over 20 years), in managing excavated dirt and rocks and in carrying out environmental 
audits at construction sites.
S.I.N.A. also has specific and specialist expertise in environmental monitoring and in the design and 
organisation of databases and territorial information systems for the data management of various en-
vironmental matrices.
For over 30 years, it has actively participated in the research programmes of the World Road Associa-
tion (PIARC) and, for 15 years, has chaired the National Technical Committee which oversees climate 
change, mitigation and adaptation policies and infrastructure resilience. In particular, in the current 
four-year research period (2020-2023), S.I.N.A. is chair of the National Committee 1.4 “Climate Change 
and Resilience of Road Infrastructure” within the strategic topic of “Road Concessions Management”. 
Specifically, the Committee oversees in-depth analyses of topics related to the impact on roads of 
climate change and other risks, how to assess and increase the resilience of infrastructure and identify 
the socio-economic impacts that such events could have on road users and all stakeholders in general. 
As part of its activities, the Committee evaluates and updates the PIARC Climate Change Adaptation 
Framework.
over a number of years, monitoring the noise 
impact of road surfaces over time to assess their 
condition and ageing.
For application of already approved MECs, the 
ASTM Group licensee companies began to call for 
their insertion in the Special Tender Specifications 
and Evaluation Criteria for the Most Economically 
Advantageous Tenders.
147
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TECHNOLOGICAL INNOVATION 
FOR THE ECOLOGICAL TRANSITION
Through its subsidiary licensees, the ASTM Group 
has confirmed its commitment to provide the best 
possible service to its customers through safe in-
frastructure and the use of innovative, resilient and 
sustainable solutions. In this context, in 2022 the 
Group entrusted S.I.N.A. with the development of 
the “Technological Innovation for the Ecological 
Transition” project on a 30-km pilot section of the 
A4 Torino-Milano motorway, from the Novara Est 
junction to the Milano Ghisolfa barrier.
The adopted approach will enable the develop-
ment of the new motorway system, with the follow-
ing benefits:
•	 	 reduced environmental impact with the 
continuous evolution of the relational system 
over time;
•	 	 improved road safety;
•	 	 shared value with all stakeholders;
•	 	 increased activities generated by relations 
within the system;
•	 more operators involved in the activities.
The primary objectives of the project can be divid-
ed into three main areas:
Environmental Sustainability Target:
•	 Rainwater recovery: introduction of a rainwa-
ter recovery system to be stored and returned 
to the water system for industrial and internal 
use, e.g., to wash future photovoltaic panel 
systems and as thermal energy for air condi-
tioning systems.
•	 Graphene asphalt mixed with currently unre-
cyclable plastic waste: construction of a sec-
tion of road surface using a bituminous-pol-
ymer compound containing graphene and 
selected recovered plastics. Thanks to the 
materials used, this surface will ensure better 
durability (+50%) with a significant reduction 
in direct costs (maintenance costs, environ-
mental mitigation costs) and indirect costs 
(CO2 production by users, disposal costs for 
non-recyclable plastics).
•	 Ultrafast and conventional electric charging 
stations: construction of 8 charging stations 
for electric vehicles for use by licensee com-
pany personnel.
Road Safety and Assisted Driving Target (Smart 
Transportation):
•	 Traffic detection and monitoring: installation 
of devices able to provide information on ve-
hicle class, numbers, speed, traffic jams.
•	 	 Real-time communication: continuous cov-
erage of the road axis with an IoT connection 
service and routing to the data communica-
tion network to signal hazards (accidents, traf-
fic jams) and other elements to improve traffic 
flow (road surface condition, weather), infor-
mation on fuel stations including fuel types, 
the presence of SOS units, speed limits and 
recommended speeds on various motorway 
sections displayed to users in real time.
•	 Wrong way vehicle detection system: Instal-
lation of an automatic system that detects 
wrong-way traffic in the exit lanes of the 
Chivasso Ovest junction and effectively alerts 
drivers of the error.
•	 Dynamic and static truck weighing system 
(weigh in motion, WIM): construction of 2 
dynamic truck weighing stations and 1 static 
station in the Villarboit Sud service area. The 
measured weight of passing heavy vehicles 
and the monitoring of the structures can be 
correlated in order to conduct structural sur-
veillance of the infrastructure along the mo-
torway route.
•	 Average speed detection and control.
•	 Detection of hazardous loads: Installation of 
four detection stations to intercept these ve-
hicles in real time, in order to signal the re-
al-time location of accidents, traffic jams or 
major delays and to also be able to notify 
emergency vehicles of any special need for 
intervention.
148
ASTM GROUP

Infrastructure Monitoring and Maintenance Target:
•	 Predictive infrastructure maintenance based 
on sensor data to predict and carry out any 
necessary restoration works as soon as the 
first signs of deterioration are detected.
•	 Installation of sensors on road surfaces, bridg-
es, junctions and barriers: implementation of 
a system to monitor deep road surface layers 
in order to detect structural failures, and mon-
itoring of structures with a system of specific 
sensors installed at significant and/or critical 
points.
Weather sensors: Installation of a weather station 
to support existing weather monitoring systems.
149
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05

ANNEXES
152	 European Taxonomy: Model KPIs for non-financial undertakings
164 	 Table of the boundary of material topics for the ASTM Group
166 	 GRI Content Index
174 	 Table of SASB indicators

Criteria for substantial contribution
Economic activities 
(1)
Code(s) (2)
Turnover (3)
Portion of turnover (4)
Climate change mitigation (5)
Climate change adaptation 
(6)
Water and marine resources 
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems 
(10)
Climate change mitigation 
(11)
€/M
%
%
%
%
%
%
%
Y/N
A. TAXONOMY-ALIGNED ACTIVITIES
A.1 Environmentally 
sustainable activities 
(taxonomy-aligned)
Infrastructure enabling low-
carbon road transport and 
public transport
6.15
856.89
25.41%
25.41%
0.00%
Construction of new 
buildings
7.1
51.54
1.53%
1.53%
0.00%
Installation, maintenance 
and repair of energy 
efficiency equipment
7.3
7.61
0.23%
0.23%
0.00%
Installation, maintenance 
and repair of instruments 
and devices for measuring, 
regulation and controlling 
energy performance of 
buildings
7.5
3.04
0.09%
0.09%
0.00%
Installation, maintenance 
and repair of renewable 
energy technologies
7.6
3.62
0.11%
0.11%
0.00%
Turnover of 
environmentally 
sustainable activities 
(Taxonomy-aligned) (A.1)
922.69
27.36%
27.36%
0.00%
EUROPEAN TAXONOMY:  
MODEL KPIS FOR NON-FINANCIAL 
UNDERTAKINGS
MODEL - TURNOVER DERIVED FROM PRODUCTS OR SERVICES THAT ARE TAXONOMY-ALIGNED - 
DISCLOSURE FOR FY 2022
152
ASTM GROUP

Criteria for  
“Do No Significant Harm”
Climate change adaptation 
(12)
Water and marine resources 
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems 
(16)
Minimum safeguards (17)
Net turnover 
derived from 
products or 
services that 
are taxonomy-
aligned, FY 2022 
(18)
"(Enabling 
activity)  
category (20)”
“(Transition 
activity)  
category (21)"
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
PERCENTAGE
A
T
Y
Y
Y
Y
Y
Y
25.41%
A
Y
Y
Y
Y
Y
Y
1.53%
Y
Y
Y
0.23%
A
Y
Y
0.09%
A
Y
Y
0.11%
A
27.36%
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Criteria for substantial contribution
Economic activities 
(1)
Code(s) (2)
Turnover (3)
Portion of turnover (4)
Climate change mitigation (5)
Climate change adaptation 
(6)
Water and marine resources 
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems 
(10)
Climate change mitigation 
(11)
€/M
%
%
%
%
%
%
%
Y/N
A.2 Taxonomy-eligible 
activities that are 
not environmentally 
sustainable (not 
Taxonomy-aligned)
Infrastructure for rail 
transport
6.14
343.04
10.17%
Infrastructure enabling low-
carbon road transport and 
public transport
6.15
1,762.23
52.25%
Infrastructure enabling low 
carbon water transport
6.16
79.96
2.37%
Low carbon airport 
infrastructure
6.17
7.19
0.21%
Construction of new 
buildings
7.1
78.83
2.34%
Installation, maintenance 
and repair of energy 
efficiency equipment
7.3
4.47
0.13%
Turnover of Taxonomy-
eligible activities that 
are not environmentally 
sustainable (not 
Taxonomy-aligned) (A.2)
2,275.73
67.47%
Total (A.1 + A.2)
3,198.42
94.83%
B. ACTIVITIES THAT ARE 
NOT TAXONOMY-ELIGIBLE
Turnover of activities 
that are not Taxonomy-
eligible(B)
174.35
5.17%
Total (A + B)
3,372.77
100.00%
154
ASTM GROUP

Criteria for  
“Do No Significant Harm”
Climate change adaptation 
(12)
Water and marine resources 
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems 
(16)
Minimum safeguards (17)
Net turnover 
derived from 
products or 
services that 
are taxonomy-
aligned, FY 2022 
(18)
"(Enabling 
activity)  
category (20)”
“(Transition 
activity)  
category (21)"
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
PERCENTAGE
A
T
155
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Criteria for substantial contribution
Economic activities 
(1)
Code(s) (2)
CapEx (3)
Portion of CapEx (4)
Climate change mitigation (5)
Climate change adaptation 
(6)
Water and marine resources 
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems 
(10)
Climate change mitigation 
(11)
€/M
%
%
%
%
%
%
%
Y/N
A. TAXONOMY-ALIGNED ACTIVITIES
A.1 Environmentally 
sustainable activities 
(taxonomy-aligned)
Infrastructure enabling low-
carbon road transport and 
public transport
6.15
398.84
27.67%
27.67%
0.00%
Infrastructure enabling low-
carbon road transport and 
public transport
6.15
102.23
7.09%
0.00%
7.09%
Y
Construction of new 
buildings
7.1
1.19
0.08%
0.08%
0.00%
Installation, maintenance 
and repair of energy 
efficiency equipment
7.3
0.18
0.01%
0.01%
0.00%
Installation, maintenance 
and repair of renewable 
energy technologies
7.6
1.03
0.07%
0.07%
0.00%
CapEx of environmentally 
sustainable activities 
(Taxonomy-aligned) (A.1)
503.48
34.92%
27.83%
7.09%
A.2 Taxonomy-eligible 
activities that are 
not environmentally 
sustainable (not 
Taxonomy-aligned)
Infrastructure for rail 
transport
6.14
8.24
0.57%
MODEL - PROPORTION OF CAPEX DERIVED FROM PRODUCTS OR SERVICES THAT ARE TAXONOMY-
ALIGNED - DISCLOSURE FOR FY 2022
156
ASTM GROUP

Criteria for  
“Do No Significant Harm”
Climate change adaptation 
(12)
Water and marine resources 
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems 
(16)
Minimum safeguards (17)
Net turnover 
derived from 
products or 
services that 
are taxonomy-
aligned, FY 2022 
(18)
"(Enabling 
activity)  
category (20)”
“(Transition 
activity)  
category (21)"
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
PERCENTAGE
A
T
Y
Y
Y
Y
Y
Y
27.67%
A
Y
Y
Y
Y
Y
7.09%
Y
Y
Y
Y
Y
Y
0.08%
Y
Y
Y
0.01%
A
Y
Y
0.07%
A
34.92%
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Criteria for substantial contribution
Economic activities 
(1)
Code(s) (2)
CapEx (3)
Portion of CapEx (4)
Climate change mitigation (5)
Climate change adaptation 
(6)
Water and marine resources 
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems 
(10)
Climate change mitigation 
(11)
€/M
%
%
%
%
%
%
%
Y/N
Infrastructure enabling low-
carbon road transport and 
public transport
6.15
849.17
58.90%
Low carbon airport 
infrastructure
6.17
0.17
0.01%
Transport by motorbikes, 
passenger cars and light 
commercial vehicles
6.5
38.24
2.65%
Construction of new 
buildings
7.1
1.83
0.13%
Installation, maintenance 
and repair of energy 
efficiency equipment
7.3
0.11
0.01%
Acquisition and ownership 
of buildings
7.7
11.31
0.78%
CapEx of Taxonomy-
eligible activities that 
are not environmentally 
sustainable (not 
Taxonomy-aligned) (A.2)
909.05
63.06%
Total (A.1 + A.2)
1,412.53
97.98%
B. ACTIVITIES THAT ARE 
NOT TAXONOMY-ELIGIBLE
CapEx of activities that are 
not Taxonomy-eligible(B)
29.14
2.02%
Total (A + B)
1,441.68
100.00%
158
ASTM GROUP

Criteria for  
“Do No Significant Harm”
Climate change adaptation 
(12)
Water and marine resources 
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems 
(16)
Minimum safeguards (17)
Net turnover 
derived from 
products or 
services that 
are taxonomy-
aligned, FY 2022 
(18)
"(Enabling 
activity)  
category (20)”
“(Transition 
activity)  
category (21)"
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
PERCENTAGE
A
T
159
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MODEL - PROPORTION OF OPERATING EXPENDITURE DERIVED FROM PRODUCTS OR SERVICES 
THAT ARE TAXONOMY-ALIGNED - DISCLOSURE FOR FY 2022
Criteria for substantial contribution
Economic activities 
(1)
Code(s) (2)
OpEx (3)
Portion of OpEx (4)
Climate change mitigation (5)
Climate change adaptation 
(6)
Water and marine resources 
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems 
(10)
Climate change mitigation 
(11)
€/M
%
%
%
%
%
%
%
Y/N
A. TAXONOMY-ALIGNED ACTIVITIES
A.1 Environmentally 
sustainable activities 
(taxonomy-aligned)
Infrastructure enabling low-
carbon road transport and 
public transport
6.15
204.55
34.21%
34.21%
0.00%
Construction of new 
buildings
7.1
1.94
0.32%
0.32%
0.00%
Installation, maintenance 
and repair of energy 
efficiency equipment
7.3
7.09
1.19%
1.19%
0.00%
Installation, maintenance 
and repair of instruments 
and devices for measuring, 
regulation and controlling 
energy performance of 
buildings
7.5
2.84
0.47%
0.47%
0.00%
Installation, maintenance 
and repair of renewable 
energy technologies
7.6
4.26
0.71%
0.71%
0.00%
Operating expenditure 
of environmentally 
sustainable activities 
(Taxonomy-aligned) (A.1)
220.68
36.90%
36.90%
0.00%
A.2 Taxonomy-eligible 
activities that are 
not environmentally 
sustainable (not 
Taxonomy-aligned)
Infrastructure for rail 
transport
6.14
1.77
0.30%
160
ASTM GROUP

Criteria for  
“Do No Significant Harm”
Climate change adaptation 
(12)
Water and marine resources 
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems 
(16)
Minimum safeguards (17)
Net turnover 
derived from 
products or 
services that 
are taxonomy-
aligned, FY 2022 
(18)
"(Enabling 
activity)  
category (20)”
“(Transition 
activity)  
category (21)"
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
PERCENTAGE
A
T
Y
Y
Y
Y
Y
Y
34.21%
A
Y
Y
Y
Y
Y
Y
0.32%
Y
Y
Y
1.19%
A
Y
Y
0.47%
A
Y
Y
0.71%
A
36.90%
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Criteria for substantial contribution
Economic activities 
(1)
Code(s) (2)
OpEx (3)
Portion of OpEx (4)
Climate change mitigation (5)
Climate change adaptation 
(6)
Water and marine resources 
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems 
(10)
Climate change mitigation 
(11)
€/M
%
%
%
%
%
%
%
Y/N
Infrastructure enabling low-
carbon road transport and 
public transport
6.15
331.37
55.41%
Low carbon airport 
infrastructure
6.17
0.06
0.01%
Construction of new 
buildings
7.1
1.74
0.29%
Operating expenditure 
of Taxonomy-eligible 
activities that are 
not environmentally 
sustainable (not 
Taxonomy-aligned) (A.2)
334.94
56.01%
Total (A.1 + A.2)
555.62
92.91%
B. ACTIVITIES THAT ARE 
NOT TAXONOMY-ELIGIBLE
Turnover of activities that 
are not Taxonomy-eligible 
(B)
42.39
7.09%
Total (A + B)
598.01
100.00%
162
ASTM GROUP

Criteria for  
“Do No Significant Harm”
Climate change adaptation 
(12)
Water and marine resources 
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems 
(16)
Minimum safeguards (17)
Net turnover 
derived from 
products or 
services that 
are taxonomy-
aligned, FY 2022 
(18)
"(Enabling 
activity)  
category (20)”
“(Transition 
activity)  
category (21)"
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
PERCENTAGE
A
T
163
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MATERIAL 
TOPICS
RECONCILIATION WITH GRI 
STANDARDS
SDGs
BOUNDARY 
OF IMPACTS
ASTM’S ROLE
SUSTAINABILITY 
RISKS
Economic/
financial 
sustainability
•	GRI 3: Material topics (2021)
•	GRI 201: Economic Performance (2016)
•	8
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	risk of operational 
disruption to infra-
structure
Governance and 
compliance
•	GRI 3: Material topics (2021)
•	GRI 307: Environmental Compliance 
(2016)
•		9, 16
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	compliance risk and 
risks related to ethical 
behaviour
Responsible 
supply chain 
management
•	GRI 3: Material topics (2021)
•	GRI 204: Procurement practices (2016)
•	9
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	risks related to the 
supply chain and 
subcontracting
Anti-corruption
•	GRI 3: Material topics (2021)
•	GRI 205: Anti-corruption (2016)
•	16
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	compliance risk and 
risks related to ethical 
behaviour
Energy 
consumption and 
GHG emissions
•	GRI 3: Material topics (2021)
•	GRI 302: Energy (2016)
•	GRI 305: Emissions (2016)
•	7, 11, 
12, 
13
•	ASTM Group
•	Electricity 
suppliers
•	Direct - Caused by 
the ASTM Group
•	Indirect - Related 
to ASTM Group 
activities through 
business relations
•	Environmental 
compliance risks
Use of natural 
resources 
and waste 
management
•	GRI 3: Material topics (2021)
•	GRI 301: Materials (2016)
•	GRI 303: Water (2018)
•	GRI 306: Effluents and waste (2016)
•	GRI 306: Waste (2020)
•	7, 11, 
12, 
13
•	 ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Environmental 
compliance risks
Motorway 
infrastructure 
safety
•	GRI 3: Material topics (2021)
•	3, 11
•	 ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Risks related to the 
management of 
emergency events 
and motorway 
services
•	risk of operational 
disruption to infra-
structure
Occupational 
health and safety
•	GRI 3: Material topics (2021)
•	GRI 403: Occupational health and safety 
(2018)
•	3, 8
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Risks related to 
personnel
Diversity, equal 
opportunities 
and inclusion
•	GRI 3: Material topics (2021)
•	GRI 402: Labour/management relations 
(2016)
•	GRI 405: Diversity and equal opportunity 
(2016)
•	GRI 406: Non-discrimination (2016)
•	5, 8, 
10, 
16
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Risks related to 
personnel
TABLE OF THE BOUNDARY OF MATERIAL 
TOPICS FOR THE ASTM GROUP
164
ASTM GROUP

MATERIAL 
TOPICS
RECONCILIATION WITH GRI 
STANDARDS
SDGs
BOUNDARY 
OF IMPACTS
ASTM’S ROLE
SUSTAINABILITY 
RISKS
Attracting and 
developing 
human capital
•	GRI 3: Material topics (2021)
•	GRI 401: Employment (2016)
•	GRI 404: Training and education (2016)
•	 4, 8
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Risks related to 
personnel
Respect for 
human rights
•	GRI 3: Material topics (2021)
•	GRI 408: Child labour (2016)
•	GRI 409: Forced or compulsory labour 
(2016)
•	8, 16
•	 ASTM Group
•	Suppliers
•	Direct - Caused by 
the ASTM Group
•	Indirect - Related 
to ASTM Group 
activities through 
business relations
•	Risks related to 
personnel
•	risks related to the 
supply chain and 
subcontracting
Stakeholder 
relations
•	GRI 3: Material topics (2021)
•	GRI 413: Local communities (2016)
•	11, 
17
•	 ASTM Group
•	Direct - Caused by 
the ASTM Group
•	All risks
Impact on local 
area
•	GRI 3: Material topics (2021)
•	GRI 202: Market Presence (2016)
•	GRI 203: Indirect Economic Impacts (2016)
•	8, 9, 
11
•	ASTM Group
•	 Direct - Caused 
by the ASTM 
Group
•	“NIMBY” risk
•	Risks related to 
innovation and the 
market
Road safety
•	GRI 3: Material topics (2021)
•	3, 11
•	ASTM Group
•	Motorway 
users, with 
reference 
to driving 
behaviour
•	Direct - Caused by 
the ASTM Group
•	Indirect – Related 
to ASTM Group 
activities
•	Risks related to the 
management of 
emergency events 
and motorway 
services
•	risk of operational 
disruption to infra-
structure
Protection of 
landscape and 
biodiversity
•	GRI 3: Material topics (2021)
•	11, 
12
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Environmental 
compliance risks
Privacy and 
information 
security
•	GRI 3: Material topics (2021)
•	GRI 418: Customer privacy (2016)
•	16
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	compliance risk and 
risks related to ethical 
behaviour
Innovation
•	GRI 3: Material topics (2021)
•	9
•	ASTM Group
•	Universities 
and research 
centres
•	Direct - Caused by 
the ASTM Group
•	Indirect - Related 
to ASTM Group 
activities through 
business relations
•	Risks related to 
innovation and the 
market
Service quality 
and customer 
satisfaction
•	GRI 3: Material topics (2021)
•	9, 17
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Risks related to the 
management of 
emergency events 
and motorway 
services
Noise pollution
•	GRI 3: Material topics (2021)
•	9, 11
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Environmental 
compliance risks
Business 
continuity
•	GRI 3: Material topics (2021)
•	8, 9, 
11
•	ASTM Group
•	Direct - Caused by 
the ASTM Group
•	Business continuity 
risk
165
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GRI Standard
Description of General Standard Disclosures
Page
Notes/Omissions
GRI 2: General disclosures (2021)
The organisation and its reporting practices
2-1
Organisational details
4; 10; 13
2-2
Entities included in the organisation’s sustainability reporting
4; 12
2-3
Reporting period, frequency and contact point
4; 7
The NFD is published 
annually
2-4
Restatements of information
138 -80
2-5
External assurance
176
Activities and workers
2-6
Activities, value chain and other business relationships
12-19; 67-68; 122
2-7
Employees
11; 96-99; 104-106
2-8
Workers who are not employees
96
Corporate Governance
2-9
Governance structure and composition
26-27
2-10
Nomination and selection of the highest governance body
26
2-11
Chair of the highest governance body
Please refer to the 
“Executive Directors” 
section of the “Report on 
corporate governance and 
ownership structure”
2-12
Role of the highest governance body in overseeing the management 
of impacts
26
2-13
Delegation of responsibility for managing impacts
26-27
2-14
Role of the highest governance body in sustainability reporting
26
2-15
Conflicts of Interest
27
2-16
Communication of critical concerns
36-38
2-17
Collective knowledge of the highest governance body
26-27
2-18
Evaluation of the performance of the highest governance body
N/A
2-19
Remuneration policies
109
2-20
Process to determine remuneration
27; 109
2-21
Annual total compensation ratio
The annual total 
compensation ratio is 
omitted for confidentiality 
purposes
GRI CONTENT INDEX
166
ASTM GROUP

GRI Standard
Description of General Standard Disclosures
Page
Notes/Omissions
GRI 2: General disclosures (2021)
Strategy, policies and practices
2-22
Statement on sustainable development strategy
2
2-23
Policy commitments
32-35, 20-21, 36-39; 
67; 116
2-24
Embedding policy commitments
69
2-25
Processes to remediate negative impacts
36-39; 42-48
2-26
Mechanisms for seeking advice and raising concerns
36-39
2-27
Compliance with laws and regulations
129; 174-175
2-28
Membership associations
82; 91
Stakeholder engagement
2-29
Approach to stakeholder engagement
22-24
2-30
Collective bargaining agreements
101-102
167
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GRI Standard
Description of Specific Standard Disclosures
Page
Notes/Omissions
Material Topics
GRI 3: MATERIAL TOPICS (2021)
3-1
Process of determining material topics
4-5; 22-24; 164-
165
3-2
List of material topics
4; 24; 164-165
Economic/financial sustainability
GRI 3: MATERIAL TOPICS (2021)
3-3
Material topics management
4-7; 32-35; 42-48; 
164-165
GRI 201: ECONOMIC PERFORMANCE (2016)
201-1
Direct economic value generated and distributed
11; 58-59
Impact on local area
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 65-66; 
90-91; 164-165
GRI 202: MARKET PRESENCE (2016)
202-2
Proportion of senior management hired from the local community
58-59
GRI 203: INDIRECT ECONOMIC IMPACTS (2016)
203-2
Significant indirect economic impacts
58-59
Responsible supply chain management
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 67-72; 
164-165
GRI 204: PROCUREMENT PRACTICES (2016)
204-1
Proportion of spending on local suppliers
68-69
Anti-corruption
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 36-37; 42-48; 
164-165
GRI 205: ANTI-CORRUPTION (2016)
205-3
Confirmed incidents of corruption and actions taken
38
No incidents of corruption were 
recorded in 2022
GRI 207: TAXES (2019)
207-1
Approach to tax
60
207-2
Tax governance, control and risk management
60-61
207-3
Stakeholder engagement and management of tax worries
61
207-4
Country by Country Reporting
61-63
168
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GRI Standard
Description of Specific Standard Disclosures
Page
Notes/Omissions
Energy consumption and GHG emissions
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 129-
135; 146-147; 
164-165
GRI 302: ENERGY (2016)
302-1
Energy consumption within the organisation
130-131
302-4
Reduction of energy consumption
131-132; 135
GRI 305: EMISSIONS (2016)
305-1
Direct (Scope 1) GHG emissions
133
305-2
Energy indirect (Scope 2) GHG emissions
133
305-3
Other indirect GHG emissions (Scope 3)
133-134
Use of natural resources and waste management
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 138-
139; 164-165
GRI 301: MATERIALS (2016)
301-1
Materials used by weight or volume
70
GRI 303: WATER 2018
303-1
Interactions with water as a shared resource
136-137
303-2
Management of water discharge-related impacts
136-137
303-3
Water withdrawal
136-137
GRI 306: WASTE (2020)
306-1
Production of waste and significant impacts related to waste
138-139
306-2
Management of significant waste-related impacts
138-139
306-3
Waste generated
138-139
306-4
Waste diverted from disposal
138-139
306-5
Waste directed to disposal
138-139
GRI 306: WASTE (2016)
306-3
Significant spills
129
169
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GRI Standard
Description of Specific Standard Disclosures
Page
Notes/Omissions
Attracting and developing human capital
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 101; 
109-110; 164-165
GRI 401: EMPLOYMENT (2016)
401-1
New employee hires and employee turnover
99-101
401-2
Benefits provided to full-time employees that are not provided to 
temporary or part-time employees
109-110
GRI 404: TRAINING AND EDUCATION (2016)
404-1
Average hours of training per year per employee
114
Occupational health and safety
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 118-
119; 121; 125; 
164-165
GRI 403: OCCUPATIONAL HEALTH AND SAFETY (2018)
403-1
Occupational health and safety management system
118
403-2
Hazard identification, risk assessment, and incident investigation
118-119; 125
403-3
Occupational health services
118
403-4
Worker participation, consultation, and communication on 
occupational health and safety
118
403-5
Worker training on occupational health and safety
113-114
403-6
Promotion of worker health
125
403-7
Prevention and mitigation of occupational health and safety impacts 
directly linked by business relationships
125
403-9
Work-related injuries
119-121
Diversity, equal opportunities and inclusion
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 103-
104; 107; 110; 
164-165
170
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GRI Standard
Description of Specific Standard Disclosures
Page
Notes/Omissions
GRI 402: LABOUR/MANAGEMENT RELATIONS (2016)
402-1
Minimum notice periods regarding operational changes
The minimum notice period for 
workers and their representatives 
regarding organisational changes 
that could significantly impact them 
is established in compliance with 
laws applicable in the country where 
the group operates and, where 
applicable, with National Collective 
Bargaining Agreements
GRI 405: DIVERSITY AND EQUAL OPPORTUNITY (2016)
405-1
Diversity of governance bodies and employees
27; 103-107
405-2
Ratio of basic salary and remuneration of women to men
110-111
GRI 406: NON-DISCRIMINATION (2016)
406-1
Incidents of discrimination and corrective actions taken
Five cases of discrimination were 
recorded in 2022. All five cases were 
analysed and action plans were 
prepared, which are currently being 
implemented.
Respect for human rights
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 67-68; 
116; 164-165
GRI 408: CHILD LABOR (2016)
408-1
Operations and suppliers at significant risk for incidents of child 
labour
71-72
GRI 409: FORCED OR COMPULSORY LABOUR (2016)
409-1
Operations and suppliers at significant risk for incidents of forced or 
compulsory labour
67-72
Stakeholder relations
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 22-24; 42-48; 
164-165
GRI 413: LOCAL COMMUNITIES (2016)
413-2
Operations with significant actual and potential negative impacts on 
local communities
No operations with significant actual 
and potential negative impacts on 
local communities were reported
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GRI Standard
Description of Specific Standard Disclosures
Page
Notes/Omissions
Privacy and information security
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 40-48; 164-
165
GRI 418: CUSTOMER PRIVACY (2016)
418-1
Substantiated complaints concerning breaches of customer privacy 
and losses of customer data
Two complaints regarding the 
breach of customer privacy by 
external parties were received by 
companies of the EcoRodovias 
Group. Sinelec recorded two data 
breaches. All reports were managed 
in compliance with the applicable 
procedures.
Material topics not directly linked to GRI disclosures
Road safety
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 72-85; 
164-165
Governance and compliance
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 26-27; 42-48; 
164-165
Protection of landscape and biodiversity
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 141; 
164-165
Innovation
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 31; 42-48; 
86-59; 164-165
Service quality and customer satisfaction
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 94; 
164-165
Motorway infrastructure safety
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 72-85; 
164-165
172
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GRI Standard
Description of Specific Standard Disclosures
Page
Notes/Omissions
Noise pollution
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 42-48; 140; 
164-165
Business continuity
GRI 3: MATERIAL TOPICS (2021)
3-3
Management of material topics
4-7; 32-35; 42-48; 
164-165
173
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SASB 
indicator
Description
Section/ Notes
Material topic
ASTM GRI 
Standard
SECTOR: INFRASTRUCTURE - ACTIVITY: ENGINEERING & CONSTRUCTION SERVICES
Activity Metrics
Number of active projects
There are 124 active projects 
(excluding intercompany)
N/A
N/A
Activity Metrics
Number of commissioned projects
There are 54 commissioned projects 
(excluding intercompany)
N/A
N/A
Activity Metrics
Total backlog
The backlog is equal to around € 
6,114 million
N/A
N/A
IF-EN-160a.1
Number of incidents of non-compliance with 
environmental permits, standards and regulations
Management of environmental 
issues
Governance and 
compliance
GRI 307-1
IF-EN-250a.2
Total amount of monetary losses as a result of legal 
proceedings associated with defect- and safety-
related incidents
In 2022 the monetary losses 
sustained as a result of legal 
proceedings associated with 
defect- and safety-related incidents 
amounted to €32,000 for the 
company Koge Hospital Project Team 
I/S, €22,000 for the company Odense 
HPT JV I/S, and €58,000 for the 
company Storstroem Bridge.
Governance and 
compliance
N/A
IF-EN-320a.1
(1) Total recordable incident rate (TRIR) and (2) 
fatality rate for: (a) direct employees and (b) 
contract workers
Health and safety
The total recordable incident rate 
(TRIR) is equal to 1.28 for direct 
employees and 0.19 for contract 
workers. The mortality rate is equal to 
0.01 for direct employees and 0 for 
contract workers.
Occupational health and 
safety
GRI 403-9
IF-EN-410a.1
Number of (1) commissioned projects certified to 
a third-party multi-attribute sustainability standard 
and (2) active projects seeking such certification
Two commissioned projects 
(excluding intercompany projects) 
are certified to sustainability 
standards. There were 7 active 
projects (excluding intercompany 
projects) requiring certification
Energy consumption and 
GHG emissions
N/A
IF-EN-510a.2
Total amount of monetary losses as a result of legal 
proceedings associated with charges of (1) bribery 
or corruption and (2) anticompetitive practices
No fine was paid.
 For the sake of completeness, please 
note that an appeal is currently 
pending before the Lazio Regional 
Administrative Court in relation to 
a fine applied to Itinera as part of 
an anti-trust proceeding. For more 
information, see the 2022 Annual 
Financial Report of the Itinera Group.
Governance and 
compliance
Anti-corruption
GRI 205
GRI 206
TABLE OF SASB INDICATORS
GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board) represent the most 
recognised standards at international level for sustainability reporting. Considering the growing importance 
of SASB reporting for investors, the following table contains the indicators integrated into the 2022 Sustaina-
bility Report.
174
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SASB 
indicator
Description
Section/ Notes
Material topic
ASTM GRI 
Standard
IF-EN-510a.3
Description of policies and practices for prevention of 
(1) bribery and corruption, and (2) anti-competitive 
behaviour in the project bidding processes
No fine was paid
Governance and 
compliance
Anti-corruption
GRI 205
GRI 206
SECTOR: TRANSPORTATION - ACTIVITY: ROAD TRANSPORTATION
TR-RO-110a.1
Gross global Scope 1 emissions
Emissions
Energy consumption and 
GHG emissions
GRI 305-1
TR-RO-320a.1
(1) Total recordable incident rate (TRIR) and (2) 
fatality rate for: (a) direct employees and (b) 
contract workers
Health and safety
The total recordable incident rate 
(TRIR) is equal to 1.28 for direct 
employees and 0.19 for contract 
workers. The mortality rate is equal to 
0.01 for direct employees and 0 for 
contract workers.
Occupational health and 
safety
GRI 403-9
TR-RO-540a.3
(1) Number and (2) aggregate volume of spills and 
releases to the environment
In 2022, four significant spills were 
reported.
Use of natural resources 
and waste management
GRI 306-3
SECTOR: TECHNOLOGY & COMMUNICATIONS SECTOR - ACTIVITY: SOFTWARE & IT SERVICES
TC-SI-130a.1
(1) Total energy consumed, (2) percentage grid 
electricity, (3) percentage renewable
Energy consumption
Energy consumption and 
GHG emissions
GRI 302-1
TC-SI-130a.2
(1) Total water withdrawn, (2) Total water 
consumed, percentage of each in regions with 
High or Extremely High Baseline Water Stress
Water consumption
Use of natural resources 
and waste management
GRI 303-3
TC-SI-230a.1
(1) number of data breaches, (2) percentage 
involve personally identifiable information (PII), 
(3) number of users affected
Two complaints regarding the breach 
of customer privacy by external 
parties were received by companies 
of the EcoRodovias Group. Sinelec 
recorded two data breaches. All 
reports were managed in compliance 
with the applicable procedures.
Privacy and information 
security
GRI 418-1
TC-SI-520a.1
Total amount of monetary losses as a result of 
legal proceedings associated with anticompetitive 
behaviour regulations
No monetary loss as a result of 
legal proceedings associated 
with anticompetitive behaviour 
regulations
Governance and 
compliance
GRI 206-1
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ASTM SPA  
 
INDEPENDENT AUDITOR’S REPORT ON THE 
CONSOLIDATED NON-FINANCIAL STATEMENT PURSUANT 
TO ARTICLE 3, PARAGRAPH 10, OF LEGISLATIVE DECREE 
NO. 254/2016 AND ARTICLE 5 OF CONSOB REGULATION 
NO. 20267 ADOPTED BY RESOLUTION OF 18 JANUARY 2018 
 
YEAR ENDED 31 DECEMBER 2022
176
ASTM GROUP

Independent auditor’s report on the consolidated non-
financial statement 
pursuant to article 3, paragraph 10, of Legislative Decree No. 254/2016 and article 5 of CONSOB 
Regulation No. 20267 adopted by Resolution of 18 January 2018 
 
 
To the Board of Directors of 
ASTM SpA  
 
 
Pursuant to article 3, paragraph 10, of Legislative Decree No. 254 of 30 December 2016 (the “Decree”) 
and article 5 of CONSOB Regulation No. 20267/2018, we have undertaken a limited assurance 
engagement on the consolidated non-financial statement of ASTM SpA and its subsidiaries (hereafter 
the “ASTM Group” or the “Group”) for the year ended 31 December 2022 prepared in accordance with 
article 4 of the Decree and approved by the Board of Directors on 23 March 2023 (the “NFS”). 
 
Our review does not extend to the information set out in the paragraph “The European Regulation on 
the Taxonomy of Sustainable Economic Activities” and in the related annex “European Taxonomy: 
Model KPIs for non-financial undertakings” of the NFS, required by article 8 of European Regulation 
2020/852. 
 
Responsibilities of the Directors and the Board of Statutory Auditors for the NFS 
 
The Directors are responsible for the preparation of the NFS in accordance with articles 3 and 4 of the 
Decree and with the “Global Reporting Initiative Sustainability Reporting Standards” defined in 2021 
by the GRI - Global Reporting Initiative (the “GRI Standards”), identified by them as the reporting 
standard. 
 
The Directors are also responsible, in the terms prescribed by law, for such internal control as they 
determine is necessary to enable the preparation of NFS that is free from material misstatement, 
whether due to fraud or error.  
 
Moreover, the Directors are responsible for identifying the content of the NFS, within the matters 
mentioned in article 3, paragraph 1, of the Decree, considering the activities and characteristics of the 
Group and to the extent necessary to ensure an understanding of the Group’s activities, its 
performance, its results and related impacts.  
 
Finally, the Directors are responsible for defining the business and organisational model of the Group 
and, with reference to the matters identified and reported in the NFS, for the policies adopted by the 
Group and for the identification and management of risks generated or faced by the Group. 
 
The Board of Statutory Auditors is responsible for overseeing, in the terms prescribed by law, 
compliance with the Decree. 
 
 
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2 of 3 
Auditor’s Independence and Quality Control 
 
We are independent in accordance with the principles of ethics and independence set out in the Code 
of Ethics for Professional Accountants published by the International Ethics Standards Board for 
Accountants, which are based on the fundamental principles of integrity, objectivity, competence and 
professional diligence, confidentiality and professional behaviour. Our audit firm adopts International 
Standard on Quality Control 1 (ISQC Italia 1) and, accordingly, maintains an overall quality control 
system which includes processes and procedures for compliance with ethical and professional 
principles and with applicable laws and regulations. 
 
Auditor’s responsibilities 
 
We are responsible for expressing a conclusion, on the basis of the work performed, regarding the 
compliance of the NFS with the Decree and with the GRI Standards. We conducted our work in 
accordance with International Standard on Assurance Engagements 3000 (Revised) – Assurance 
Engagements Other than Audits or Reviews of Historical Financial Information (“ISAE 3000 
Revised”), issued by the International Auditing and Assurance Standards Board (IAASB) for limited 
assurance engagements. The standard requires that we plan and apply procedures in order to obtain 
limited assurance that the NFS is free of material misstatement. The procedures performed in a 
limited assurance engagement are less in scope than those performed in a reasonable assurance 
engagement in accordance with ISAE 3000 Revised, and, therefore, do not provide us with a sufficient 
level of assurance that we have become aware of all significant facts and circumstances that might be 
identified in a reasonable assurance engagement. 
 
The procedures performed on the NFS were based on our professional judgement and consisted in 
interviews, primarily of company personnel responsible for the preparation of the information 
presented in the NFS, analyses of documents, recalculations and other procedures designed to obtain 
evidence considered useful. 
 
In detail, we performed the following procedures: 
1. 
analysis of the relevant matters reported in the NFS relating to the activities and characteristics 
of the Group, in order to assess the reasonableness of the selection process used, in accordance 
with article 3 of the Decree and with the reporting standard adopted; 
2. 
analysis and assessment of the criteria used to identify the consolidation area, in order to assess 
their compliance with the Decree;  
3. 
comparison of the financial information reported in the NFS with the information reported in 
the ASTM Group’s consolidated financial statements; 
4. 
understanding of the following matters: 
- 
business and organisational model of the Group with reference to the management of the 
matters specified by article 3 of the Decree; 
- 
policies adopted by the Group with reference to the matters specified in article 3 of the 
Decree, actual results and related key performance indicators; 
- 
key risks generated and/or faced by the Group with reference to the matters specified in 
article 3 of the Decree. 
 
With reference to those matters, we compared the information obtained with the information 
presented in the NFS and carried out the procedures described under point 5 a) below; 
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ASTM GROUP

3 of 3 
5. 
understanding of the processes underlying the preparation, collection and management of the 
significant qualitative and quantitative information included in the NFS. In detail, we held 
interviews and discussions with the management of ASTM SpA and we performed limited 
analyses of documentary evidence, to gather information about the processes and procedures for 
the collection, consolidation, processing and submission of the non-financial information to the 
function responsible for the preparation of the NFS. 
 
Moreover, for material information, considering the activities and characteristics of the Group:  
 
- 
at Group level,  
a) 
with reference to the qualitative information included in the NFS, and in particular 
to the business model, the policies adopted and the main risks, we carried out 
interviews and acquired supporting documentation to verify its consistency with 
available evidence;  
b) 
with reference to quantitative information, we performed analytical procedures as 
well as limited tests, in order to assess, on a sample basis, the accuracy of 
consolidation of the information;  
- 
for the following companies, ASTM SpA, Itinera SpA, Società Autostrada Ligure Toscana 
pA, ECO101 Concessionária de Rodovias SA, Itinera Construções Ltda, which were 
selected on the basis of their activities, their contribution to the performance indicators at 
a consolidated level and their location, we gathered supporting documentation regarding 
the correct application of the procedures and calculation methods used for the key 
performance indicators. 
 
Conclusion 
 
Based on the work performed, nothing has come to our attention that causes us to believe that the NFS 
of the ASTM Group as of 31 December 2022 is not prepared, in all material respects, in accordance 
with articles 3 and 4 of the Decree and with the GRI Standards. 
 
Our conclusions on the NFS of the ASTM Group do not extend to the information set out in the 
paragraph “The European Regulation on the Taxonomy of Sustainable Economic Activities” and in the 
related annex “European Taxonomy: Model KPIs for non-financial undertakings” of the NFS, required 
by article 8 of European Regulation 2020/852. 
 
Turin, 11 April 2023 
 
PricewaterhouseCoopers SpA 
 
Signed by 
 
 
 
 
 
 
 
    Signed by 
 
Piero De Lorenzi 
Paolo Bersani 
(Partner) 
(Authorised signatory) 
 
This report has been translated from the Italian original solely for the convenience of international 
readers. We have not performed any control on the NFS 2022 translation. 
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