The 2018 financial year ended with a Consolidated Net Result of EUR 88.3 million compared to EUR 64.9 million in 2017.
Revenue is EUR 1,437.1 million, with an increase of EUR 76.1 million compared to the previous year’s value of EUR 1,361.0 million; the improved performance is mainly due to the higher progress of the projects in Italy.
|Key consolidated figures (M€)||31.12.2018||31.12.2017||% Change |
|Tax Rate||26.4%||34.5%||-8.1 p.p.||33.2%||32.0%|
|Net Working Capital||126.5||127.2||-0.6%||120.5||64.5|
|Net Financial Position (positive net cash)||(398.9)||(357.5)||+11.6%||(338.0)||(338.7)|
|Economic Value Added (EVA)||53.3||34.0||+56.8%||57.9||65.8|
New Orders amount to EUR 1,889.1 million compared to EUR 1,500.8 million in 2017, with an increase of 25.9%. The most important acquisition in 2018 is related to the Riyadh Operation & Maintenance contract, assigned by ArRiyadh Development Authority (ADA) to the Flow Consortium, leaded by Ansaldo STS and participated by Alstom and Ferrovie dello Stato Italiane.
Order Backlog is EUR 6,883.4 million, compared with EUR 6,457.5 million at 31 December 2017 (+6.6%).
Operating Income (EBIT) is EUR 118.5 million, an increase of EUR 17.6 million compared with 2017; the Return on Sales (ROS) is 8.2%, compared to 7.4% in the previous year.
Starting from 1st January 2018 it has been adopted the new IFRS15 accounting standard for the revenue recognition; specifically, for 2018 the total variation in terms of revenues and EBIT, without the application of the new accounting standard, is estimated at around EUR 10.4 million, which would increase the ROS at 8.9%, significantly higher compared with the previous year, which was negatively affected by exceptional events. Net working capital is EUR 127.2 million (EUR 120.5 million in 2016); the reduction in overall inventories due to the increase in the value of advances from customers was offset by the reduction in trade payables and the increase in other net assets and liabilities.
Net Working Capital at EUR 126.5 million is practically in line with the amount of EUR 127.2 million at 31 December 2017.
Net Financial Position (surplus/positive net cash) of the Group is EUR (398.9) million, increased compared to EUR (357.5) million at 31 December 2017, also due to collections received in the last days of the year.
Free Operating Cash Flow (FOCF) before strategic investments shows a positive amount of EUR 42.0 million, increased compared with EUR 30.6 million at 31 December 2017.