29 October 2012, 15:00 pm
  • Revenues of EUR 873.5 million (+3.8%)
  • EBIT at EUR 77.6 million (+0.6%)
  • Profit for the period at EUR 45.6 million (-6.6%)
  • New orders at EUR 1,050.9 million (+14.1%)
  • Order backlog at EUR 5,634.8 million (+21.9%)
  • Net financial position (cash) for 202.6 million (+60.8% on September 2011; -30.1% as of 31 December 2011)

The board of directors of Ansaldo STS SpA (STS.MI), which met today under the chairmanship of Alessandro Pansa, has examined and approved the consolidated results at 30 September 2012.

Revenues for the first nine months of 2012 were EUR 873.5 million, up 3.8% compared with EUR 841.6 million for the same period of 2011.

EBIT was EUR 77.6 million, broadly in line with the same period in 2011.

The Group’s return on sales (ROS) came in at 8.9%.

By business unit, the Signalling Unit generated revenues of EUR 505.1 million compared with EUR 515.7 million in the same period last year and EBIT of EUR 47.9 million, versus EUR 51.7 million at third quarter 2011, while the Transportation Solutions Unit generated revenues of EUR 381.5 million compared with EUR 342.1 million in the same period last year and EBIT of EUR 40.3 million, versus EUR 32.7 million at third quarter 2011.

In the first nine months of 2012, Ansaldo STS recorded profit for the period of EUR 45.6 million, a decrease of 6.6% on the same period last year (EUR 48.8 million).

Investment in research and development totalled EUR 23.8 million.

 Key consolidated figures  (EUR million)   30.09.2012  30.09.2011  % chg  31.12.2011 
 New orders   1,050,9   921,2   14,1%   2,163,7 
 Order backlog   5,634,8   4,623,0   21,9%   5,452,8 
 Revenues   873,5   841,6   3,8%   1,211,9 
 EBIT   77,6   77,1   0,6%   116,1 
 ROS   8,9%   9,2%   -0,3 pp   9,6% 
 Profit for the period/year   45,6   48,8   -6,6%   73,1 
 Net Working Capital   23,2   48,0   -51,7%   (89,0) 
 Net Financial Position (liquidity)   (202,6)   (126,0)   60,8%   (289,7) 
 R&D   23,8   27,9   -14,7%   33,9 
 Headcount (no.)  4,0374,147 -2,7%  4,100
 EPS   0,31   0,33*   -   0,48* 

*recalculated following the capital increase dated 9 July 2012.

New orders at 30 September 2012 stood at EUR 1,050.9 million, compared with EUR 921.2 million for the same period last year.

Specifically, during the period:

  • new orders in the Signalling business unit totalled EUR 598.5 million;
  • new orders in the Transportation Solutions business unit totalled EUR 460.1 million.

The main orders acquired in the nine months of 2012 relate to the following projects:

 Country    Project   Customer   Value (EUR million) 
 Australia *   AutoHaul   Rio Tinto   252,8 
 Australia   Roy Hill 1   Hancock Prospecting   118,0 
 Australia *   RCE 353 & ECP   Rio Tinto   101,0 
 Italy, France, USA   Components, Service and Maintenance   Various   90,1 
 USA   PTC   SEPTA   73,4 
 UAE – Abu Dhabi   GCC - Abu Dhabi section 1   SAIPEM   58,8 
 Australia *   Other contracts   Rio Tinto   50,3 
 South Korea   HSL Honam Line   LSIS   47,3 
 Canada   Extension of Phases 2, 3 and 4   TTC   22,8 
 Canada   North Spadina extension   TTC   18,3 
 Saudi Arabia *   Riyadh - O&M order variation   PMU   16,0 
 Italy *   Naples Metro Line 1 - PCO Colli Aminei   Naples Municipality   13,2 
 South Korea   On board equipment   ROTEM   13,0 
 Italy   AV Italia – variation orders MI-BO - RM-NA   RFI   12,7 
 China   Hangzhou Line 2   INSIGMA   10,3 
 South Korea   ATP systems for electric locomotives   ROTEM   9,4 

* Main orders acquired by the Transportation Solutions Unit

The order backlog totalled EUR 5,634.8 million at 30 September 2012, up 21.9% on the figure of EUR 1,011.8 million at 30 September 2011.

The order backlog of the Signalling business unit at 30 September 2012 totalled EUR 2,514.2 million (EUR 2,319.7 million net of transactions with the Transportation Solutions Unit), up 18.7% on the figure of EUR 2,117.8 million at 30 September 2011.

The order backlog of the Transportation Solutions business unit was EUR 3,410.7 million at 30 September 2012 (EUR 3,315.1 million net of transactions with the Signalling business unit), up 23.4% on the figure of EUR 2,763.2 million in the same period of last year.

Net working capital was positive at EUR 23.2 million compared with a negative figure of EUR 89.0 million at 31 December 2011. The change is due to the rise in inventories and work-in-progress.

The Group had a Net financial position (cash) of EUR 202.6 million compared with 126 million of 30 September 2011 (+60.8%) and 289.7 million on 31 December 2011.

Free operating cash flow (FOCF) before strategic transactions for the period absorbed cash totalling EUR 63.5 million, compared to cash flow used of EUR 151.8 million reported at 30 September 2011. The improvement is primarily due to the lower working capital requirement.