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Financial

Consolidated Statement of Changes In Equity

(€ 000) Share
capital
Retained
earnings and
consolidation
reserves
Hedging
reserve
Stock
grant
reserve
Translation
reserve
Other
reserves
Equity
attributable
to the owners
of the parent
Equity
attributable
to noncontrolling
interests
Total
equity
Equity at 1 January 201159,708
260,977
(2,386) 3,338 (554) 59,328 380,411 1,050 381,461
Change in consolidation scope - - - - - - - - -
Change in consolidation
reserves
- - - - - - - - -
Net change in
stock grant reserve
- - - (3,111) - - (3,111) - (3,111)
Other comprehensive income/
(expense),
net of taxes
- 1,329 3,267 - 1,490 (26) 6,060 (28) 6,032
Bonus issue of 20,000,000
shares
10,000 -
-
-
- (10,000) - - -
Allocation of profit for the year
to the legal reserve
- - - - - - - - -
Dividends - (33,592) - - - - (33,592) - (33,592)
Allocation of profit for the
year to the reserve for legal
reserve adjustment
- - - - - - - - -
Net change in treasury shares 290 - - - - - 290 - 290
Other changes - - - - - - - - -
Profit for the year ended
31 December 2011
- 72,956 - - - - 72,956 100 73,056
Equity at 1 January 2012 69,998 301,670 881 227 936 49,302 423,014 1,122 424,136
Change in consolidation scope
- 92 - - 678 - 770 (783) (13)
Change in consolidation
reserves
- - - - - - - (2) (2)
Net change in
stock grant reserve
- - - 1,263 - - 1,263 - 1,263
Other comprehensive income/
(expense),
net of taxes
- (2,419) (5,982) - 2,665 1,763 (3,973) 59 (3,914)
Bonus issue of 20,000,000
shares
10,000 - - - - (10,000) - - -
Allocation of profit for the year
to the legal reserve
- - - - - - - - -
Dividends - (28,000) - - - - (28,000) - (28,000)
Allocation of profit for the
year to the reserve for legal
reserve adjustment
- - - - - - - - -
Net change in treasury shares - - - - - - - - -
Other changes - - - - - - - - -
Profit for the year ended
31 December 2012
- 75,665 - - - - 75,665 31 75,696
Equity at 31
December 2012
79,998 347,008 (5,101) 1,490 4,279 41,065 468,739 427 469,166

Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows
(€ 000) 2012 of which,
related parties
2011 of which,
related parties
Cash flows from operating activities:        
Gross cash flows from operating activities 153,306 - 127,299 -
Change in working capital (51,001) (24,263) (42,657) (55,729)
Changes in other operating assets and liabilities (19,426) (3,760) (14,760) (1,697)
Net interest paid (6,253) 90 (4,608) 648
Income taxes paid (32,600) - (47,867) -
Cash flows from operating activities 44,026   17,407  
Cash flows from investing activities:        
Acquisitions of companies, net of cash acquired - - - -
Investments in property, plant and equipment and intangible assets (10,462) - (10,543) -
Sales of property, plant and equipment and intangible assets 3,536 - 355 -
Acquisition of equity investments, net of cash acquired (376) - - -
Sales of equity investments 845 - - -
Other investing activities 14 - (44) -
Cash flows used for strategic transactions (216) - (6,302) -
Cash flows used in investing activities (6,659)   (16,534)  
Cash flows from financing activities:        
Net change from other financing activities (50,849) (118,640) 5,363 146,512
Dividends paid to non-controlling investors - - - -
Cash flows generated by/(used in) financing activities (50,849)   5,363  
Net increase/(decrease) in cash and cash equivalents (13,482) - 6,236 -
Exchange rate gains (losses) (609) - 1,372 -
Opening cash and cash equivalents 160,928 - 153,320 -
Closing cash and cash equivalents 146,837   160,928  

Consolidated Statement of Financial Position

Consolidated Statement of Financial Position
(€ 000) Notes31.12.2012 of which,
related parties
31.12.2011 of which,
related parties
ASSETS         
Non-current assets         
Intangible assets 3.3.251,062 - 54,348 -
Property, plant and equipment 3.3.391,099 - 93,886 -
Equity investments 3.3.437,735 - 37,561 -
Loans and receivables 3.3.522,345 6,779 18,232 2,765
Deferred tax assets 3.3.1138,127 - 42,209 -
Other non-current assets 3.3.524,628 - 23,811 -
   264,996   270,047  
Current assets 3.3.6131,584 - 129,936 -
Inventories
Contract work in progress 3.3.7313,096 - 283,302 -
Trade receivables 3.3.8748,747 168,966 680,069 133,130
Current financial assets at fair value through profit or loss 3.3.9- - 30,756 -
Tax assets 3.3.1025,081 - 18,618 -
Loan assets 3.3.8173,520 120,533 113,343 2,531
Derivatives 3.3.224,627 - 8,688 -
Other current assets 3.3.1157,061 1,555 45,434 1,509
Cash and cash equivalents 3.3.12146,837 - 160,928 -
  1,600,553 1,471,074
Total assets 1,865,549 1,741,121 
EQUITY AND LIABILITIES  



Share capital3.3.1379,998-69,998-
Reserves 3.3.14
3.3.15
388,741 - 353,016 -
Equity attributable to the owners of the parent 468,739   423,014  
Equity attributable to non-controlling interests 3.3.16427 - 1,122 -
Total equity  469,166   424,136  
Non-current liabilities         
Loans and borrowings 3.3.17- - 438 -
Employee benefits 3.3.1930,724 - 29,159 -
Deferred tax liabilities 3.3.118,102 - 6,379 -
Other non-current liabilities 3.3.2010,839 - 11,016 -
   49,665   46,992  
Current liabilities         
Progress payments and advances from customers 3.3.7710,720 - 706,735 -
Trade payables 3.3.21500,563 58,741 431,851 45,984
Loans and borrowings 3.3.1718,375 - 14,915 -
Tax liabilities 3.3.105,727 - 1,977 -
Provisions for risks and charges 3.3.1815,842 - 23,136 -
Derivatives 3.3.224,108 - 5,818 -
Other current liabilities 3.3.2091,383 397 85,561 97
  1,346,718 1,269,993
Total liabilities 1,396,383 1,316,985 
Total liabilities and equity 1,865,549 1,741,121 

Consolidated Income Statement

Consolidated Income Statement
(€ 000) Notes2012 of which.
related parties
 2011 of which.
related parties
Revenue 3.4.21,247,849 230,305 1,211,944 210,934
Other operating income 3.4.337,325 1,633 24,423 152
Purchases 3.4.4(266,635) (13,732) (244,599) (24,232)
Services 3.4.4(538,371) (66,804) (537,675) (62,793)
Personnel expense 3.4.5(311,988) - (296,560) -
Amortisation, depreciation and impairment losses 3.4.6(20,768) - (13,410) -
Other operating expense 3.4.7(32,514) (116) (24,956) (100)
Changes in finished goods, work-in-progress and semi-finished
products
 897 - (3,915) -
(-) Internal work capitalised 3.4.81,278 - 868 -
Operating profit  117,073   116,120  
Financial income 3.4.917,107 152 26,757 648
Financial expense 3.4.9(23,593) (62) (27,529) -
Share of profits of equity-accounted investees 3.4.103,530 - 4 -
Pre-tax profit  114,117   115,352  
Income taxes 3.4.11(38,421) - (42,296) -
Profit for the year  75,696
73,056
attributable to the owners of the parent 75,665
72,956
attributable to non-controlling interests 31
100
Earnings per share  

   
Basic and diluted 0.51
0.48*
(*) Recalculated following the bonus issue of 9 July 2012.
Consolidated Statement of Comprehensive Income
(€ 000) 
2012
2011
Profit for the year 75,696 73,056
Other comprehensive income    
- Actuarial gains (losses) on defined benefit plans (2,419) 1,329
- Net change in cash flow hedges - -
fair value (5,596) (1,320)
transfer to profit or loss (386) 4,587
- Exchange rate gains 2,724 1,462
- Income tax on other comprehensive (income)/expense 1,763 (26)
Other comprehensive (income)/ expense, net of taxes
(3,914)
 6,032
Total comprehensive income for the year71,78279,088
Attributable to:  
- the owners of the parent 71,692 79,016
- non-controlling interests 90 72

Statement of Changes In Equity

Statement of Changes In Equity
 (in Euros) Share
capital
Retained
earnings
Stock grant
reserve
Hedging
reserve
Other
reserves
Total
equity
Equity at 1 January 2011 59,707,589 111,526,619 2,124,474 - 131,148,620 304,507,302
Use of treasury shares for SGP 290,586 - - -   290,586 
Bonus issue of 20,000,000 shares 10,000,000 - - (10,000,000)  
Other comprehensive income/(expense),
net of taxes
- 1,328,687 - -   (365,389)   963,298
Change in SGP reserves - Ansaldo STS S,p,A, - - (2,017,192) -    (2,017,192)
Change in SGP reserves - other companies - - - (1,498,551)   (1,498,551) 
Dividends (119,972,800 x 0.28) - (33,592,384) - -   -   (33,592,384) 
Profit for the year ended 31 December 2011 - 53,286,387 - -  -   53,286,387 
Equity at 31 December 2011 69,998,175 132,549,309 107,282 119,284,680   321,939,446 
Use of treasury shares for SGP 133 - - - 133 
Bonus issue of 20,000,000 shares 10,000,000 - - (10,000,000)  
Other comprehensive income/(expense),
net of taxes
- (2,416,362) - 26,272   657,275   (1,732,815) 
Change in SGP reserves - Ansaldo STS S,p,A, - - 1,095,456 -   1,095,456 
Change in SGP reserves - other companies - - - -   355,586  355,586 
Dividends (139,999,537 x 0.20) - (27,999,907) - -    -  (27,999,907)
Profit for the year ended 31 December 2012 - 50,737,998 - -   50,737,998 
Equity at 31 December 2012 79,998,308 152,871,038 1,202,738 26,272   110,297,541   344,395,897

Statement of Cash Flows

(in Euros) 
2012
of which,
related parties

2011 
of which,
related parties
Cash flows from operating activities:        
Gross cash flows from operating activities 87,276,630 - 101,580,601 -
Change in working capital (63,968,615) (17,591,583) (11,900,993) (15,929,786)
Changes in other operating assets and liabilities (22,419,405) 255,502 (18,712,318) 123,867
Net interest paid (2,712,473) (1,443,122) 1,636,780 1,968,317
Income taxes paid (17,681,717) - (43,306,138) -
Cash flows from/(used in) operating activities (19,505,580) - 29,297,932 -
Cash flows from investing activities:        
Acquisitions of companies, net of cash acquired (216,300) - (6,301,500) -
Investments in property, plant and equipment and intangible assets (5,240,869) - (7,493,304) -
Sales of property, plant and equipment and intangible assets - - - -
Dividends received 3,592,018 - - -
Issue (repurchase) of treasury shares - - 290,586 -
Other investing activities (5,013,867) (4,013,988) (3,665,704) (2,935,682)
Cash flows used in investing activities (6,879,018) - (17,169,922) -
Cash flows from financing activities:        
Net change in loan assets and loans and borrowings 21,261,413 (158,614,487) 12,857,947 113,058,932
Share capital increase - - - -
Coverage of losses - - - -
Dividends paid (27,999,907) 11,218,351 (33,592,384) 13,462,022
Change in reserves - - - -
Net change from other financing activities - - - -
Cash flows used in financing activities (6,738,494) - (20,734,437) -
Net decrease in cash and cash equivalents (33,123,092) - (8,606,427) -
Exchange rate gains (losses) - - - -
Opening cash and cash equivalents 106,894,102 - 115,500,529 -
Closing cash and cash equivalents 73,771,010 - 106,894,102 -

Statement of Financial Position

(in Euros) 
2012
of which,
related parties
 2011
of which,
related parties 
Non-current assets        
Intangible assets 12,553,542 - 13,031,349 -
Property, plant and equipment 67,415,945 - 69,038,125 -
Equity investments 143,960,628 - 143,413,088 -
Loans and receivables 11,324,416 7,955,310 7,127,849 3,941,322
Deferred tax assets 19,752,570 - 17,252,049 -
Other non-current assets 24,628,358 19,310,910 23,811,058 20,921,560
  279,635,459 - 273,673,518 -
Current assets



Inventories94,452,439-84,022,909-
Contract work in progress 178,389,916 - 144,528,230 -
Trade receivables 634,989,019 183,881,784 565,403,292 135,310,784
Current financial assets measured at fair value through profit or loss - - 24,742,500 -
Tax assets 10,493,157 - 8,674,928 -
Loan assets 195,410,790 166,967,786 140,166,992 61,313,371
Derivatives 8,200,350 - 9,578,819 -
Other current assets 37,554,179 1,555,374 26,338,153 1,510,065
Cash and cash equivalents 73,771,010 - 106,894,102 -
 1,233,260,860-1,110,349,925-
Total assets1,512,896,319-1,384,023,443-
Equity    
Share capital 79,998,308 - 69,998,175 -
Other reserves 111,526,551 - 119,391,962 -
Retained earnings, including the profit for the year 152,871,038 - 132,549,309 -
Total equity 344,395,897 - 321,939,446 -
Non-current liabilities        
Loans and borrowings - - 437,850 -
Employee benefits 19,263,157 - 18,380,164 -
Deferred tax liabilities 6,912,880 - 4,178,619 -
Other non-current liabilities 3,092,191 - 2,437,758 -
  29,268,228 - 25,434,391 -
Current liabilities        
Progress payments and advances from customers 529,910,994 - 563,801,901 -
Trade payables 458,316,608 95,701,319 374,517,371 64,721,902
Loans and borrowings 85,330,833 84,891,185 33,130,618 31,931,113
Tax liabilities 560,818 - - -
Provisions for risks and charges 5,568,560 - 7,753,029 -
Derivatives 6,853,261 - 10,100,676 -
Other current liabilities 52,691,120 396,944 47,346,011 96,133
 1,139,232,194-1,036,649,606-
Total liabilities1,168,500,422
-1,062,083,997
-
Total liabilities and equity1,512,896,319-1,384,023,443-

Income Statement

Income Statement
(in Euros) 2012 of which,
related parties
2011
of which,
related parties
Revenue 657,426,083 238,527,513
722,367,553
214,850,632
Other operating income
25,067,645 11,099,410 17,914,753 8,855,526
Purchases(139,982,213)(42,237,993)(165,146,134)(49,177,468)
Services(330,880,368)(74,047,162)(354,776,796)(65,979,322)
Personnel expense(118,685,961)-(114,873,784)-
Amortisation, depreciation and impairment losses (12,569,505) -
(5,257,791) -
Other operating expense(9,538,240)(115,703)(8,679,857)(99,696)
Changes in finished goods, work-in-progress and semi-finished
products
(228,826) - (3,054,394) -
(-) Internal work capitalised 818,676 - - -
Operating profit
71,427,291 -
88,493,550 -
Financial income 17,410,363 5,219,447
18,669,444 2,238,968
Financial expense
(17,234,926)
(3,776,325) (21,951,166) (4,207,285)
Profit before taxes and discontinued operations 71,602,728 - 85,211,828
-
Income taxes
(20,864,730) - (31,925,441) -
Profit/(loss) from discontinued operations -
-
- -
Profit for the year
50,737,998 - 53,286,387
-
Earnings per share (basic and diluted) 0.34
  0.35* -
* recalculated following the bonus issue of 9 July 2012.
Statement of Comprehensive Income
(in Euros)
 2012   2011
Profit for the year 50,737,998 53,286,387
- Available-for-sale financial assets - -
- Actuarial gains (losses) on defined benefit plans (2,416,362) 1,328,687
- Net change in fair value of cash flow hedges 26,272 -
Income tax on other comprehensive income (expense) 657,275 (365,389)
Other comprehensive income/(expense), net of taxes (1,732,815) 963,298
Total comprehensive income for the year 49,005,183 54,249,685
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