06 May 2013, 12:15 pm
  • Revenue of EUR 253 million (-2.5%)
  • EBIT of EUR 21 million (-4.6%)
  • Profit for the period of EUR 12 million (+0.8%)
  • New orders at EUR 120 million (-51.1%)
  • Order backlog at EUR 5,589 million (+2.8%)

The board of directors of Ansaldo STS SpA (STS.MI), which met today under the chairmanship of Alessandro Pansa, has approved the interim management report to 31 March 2013.

Revenue at EUR 253.1 million from EUR 259.5 million in the same quarter of 2012. EBIT at EUR 20.7 million, compared with the EUR 21.7 million reported for the same period of 2012.

The EBIT margin at 8.2%, compared with 8.4% in the same period last year.

In the first quarter of 2013, the Group recorded Profit for the period of EUR 12.1 million, in line with the figure of EUR 12.0 million in the same quarter of 2012.

New orders as of 31 March 2013 came in at EUR 119.7 million, from the EUR 245.0 million recorded at 31 March 2012, while the order backlog is EUR 5,588.5 million. The order performance of the period reflects the postponement of the signature related to some contracts; the current year targets are confirmed.

Consolidated results for the first quarter of 2013 Ansaldo STS

Key consolidated figures
(EUR million)
1Q 20131Q 2012%
chg
Dec. 2012
cons.
New orders119.7245-51.10%1,492.30
Order backlog5,588.505,433.802.80%5,683.30
Revenue253.1259.5-2.50%1,247.80
EBIT20.721.7-4.60%117.1
ROS8.20%8.40%-0.2 pp9.40%
Profit for the period / year12.1120.80%75.7
Net Working Capital31.5-5.5672.70%-48.1
Net Financial Position-238.8-214.211.50%-302
R&D7.38.5-14.10%32.3
Headcount (no.)4,0684,101-0.80%3,991
EPS0.080.08*0.00%0.51

*Recalculated following the bonus issue of 9 July 2012

New orders acquired in the first three months of 2013 amounted to EUR 119.7 million, of which EUR 1.4 million relate to the Transportation Solutions Unit and EUR 118.3 million relate to the Signalling Unit.

The main new orders acquired on the period are listed below:

CountryProjectCustomerCustomer
Italy, France, USComponents, services & maintenanceVARIOUS27.9
SpainAV Madrid - Llerida Maintenance 2013-15ADIF26.9
TurkeyAnkara Metro – Change to orderDLH13.4
SwedenStockholm Metro – Chg. to Red Line orderS L7.2
GermanyVelaroSIEMENS5.6
USALos Angeles CTMA Microlok ReplacementLACTMA5.3
FranceLGVEE Phase 2RFF4.7
USNew Jersey PATH WTC Signal Rec.WorkNEW JERSEY PATH4.1
AustraliaBMA Coal Loop & Spur Line-Caval RidgeTHIESS PTY LTD4
ItalySCMT / CTC – Change to orderRFI3.5
Australia*Rio Tinto – implementationRIO TINTO0.7
Italy *Florence tram system: line 2-3 – Chg. to orderFLORENCE MUNICIPALITY0.7

(*) Orders acquired by the Transportation Solutions business unit during the first quarter of 2013

The order backlog at 31 March 2013 totalled EUR 5,588.5 million of which EUR 2,603.5 million relating to the Signalling Unit, versus EUR 2,493.5 million in the same quarter of 2012 (including dealings with the Transportation Solutions Unit), and EUR 3,304.9 million relating to the Transportation Solutions Unit (versus EUR 3,266.6 million in 2012).

Net working capital was positive for EUR 31.5 million at 31 March 2013, a variation of EUR 79.6 million from the negative EUR 48.1 million reported at December 2012. The change in working capital is mainly due to the increase in net work in progress.

The group had a net financial position at 31 March 2013, in line with the expectations and with the progress of the same quarter of previous year, of EUR (238.8) million, compared with a net cash position of EUR (302.0) million at 31 December 2012.

Free operating cash flow (FOCF) before strategic investments for the current year absorbed cash totalling EUR 62.6 million, compared to cash absorption of EUR 73.6 million at 31 March 2012. This is primarily attributable to changes of working capital