www.ansaldo-sts.com

Analysis of the Income Statement, the Balance Sheet and the Financial Position

Consolidated profit for 2012 totalled €75,696 thousand, compared to €73,056 thousand in 2011. Revenue came to €1,247,849 thousand, up €35,905 thousand over the previous year (€1,211,944 thousand).

The increase is largely due to the Transportation Solutions Business Unit for works carried out under the master agreement with Rio Tinto (RAFA).

The Signalling Business Unit recognised revenue of €725,588 thousand, including amounts with other business segments, substantially in line (down €2,787 thousand) with the previous year (€728,375 thousand).

The Transportation Solutions Business Unit recognised revenue of €564,853, up €52,586 thousand over the previous year (€512,267 thousand). This figure also includes amounts with other business segments. Compared to 2011, eliminations between the two Business Units were up €13,894 thousand.

Operating profit (EBIT) came to €117,073 thousand, up €953 thousand over 2011 (€116,120 thousand).

ROS was 9.4%, compared to 9.6% in the previous year, including additional non-recurring expense, especially in relation to restructuring.

Specifically:

  • the Signalling Business Unit recognised operating profit of €62,530 thousand, compared to €75,079 thousand, with a €12,549 thousand decrease due to the different mix and profitability of the projects in the two years;
  • the Transportation Solutions Business Unit recognised operating profit of €69,130 thousand, up €14,121 thousand on the previous year (€55,009 thousand), due to greater volumes and the different mix and profitability of the contracts in the two years.

Net invested capital totalled €167,184 thousand, compared to €134,462 thousand in 2011.

The €32,722 thousand increase is due to the €8,162 thousand decrease in non-current items and the €40,884 thousand increase in net working capital.

The change in working capital is due to the joint effect of increased work in progress and trade receivables, only partly offset by the increase in trade payables and progress payments and advances from customers.

The Group’s net financial position (loan assets and cash and cash equivalents greater than loans and borrowings) was €301,982 thousand, compared to €289,674 thousand at 31 December 2011 (up €12,308 thousand), after the €28,000 thousand dividend payment (€33,592 thousand in 2011). It includes the €70,643 thousand advance received from the Russian customer, Zarubezhstroytechnology (“ZST”), for the project for the development of signalling, automation, telecommunication, power supply, security and ticketing systems on the Sirth to Benghazi section in Libya.

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 “ Ansaldo STS creates economic value and distributes it to its stakeholders, who have contributed to its production.”

> 2012 Sustainability Report for further information

“ Ansaldo STS enters into reciprocally beneficial relationships with society through: relations with institutions, research projects conducted with domestic and EC public entities, trade associations, partnerships with universities, media relations and community relations. It takes part in charity campaigns and finances humanitarian, environmental and cultural initiatives.”

> 2012 Sustainability Report for further information