Analysis of financial statements

Key performance indicators - Ansaldo STS group

 (€’000)
 First half of 2013
 First half  of 2012  Change
2012
New orders
389,869 796,127 (406,258)  1,492,346
Order backlog
 5,431,284
 5,689,024
(257,74)  5,683,253
Revenue
583,398 568,486 14,912  1,247,849
Operating profit (EBIT)
52,591 50,584 2,007 117,073
Adjusted EBIT
52,992 53,503 (511) 123,526
Profit for the period/year
32,367 29,668 2,699 75,696
Net working capital
18,23 (1,305) 19,535 (48,147)
Net invested capital
232,236 217,807 14,429 167,184
Net financial position
(241,719) (213,317) (28,402) (301,982)
Free operating cash flow
(24,752) (54,74) 29,988 37,569
ROS
9.0% 8.9%  +0.1 p.p.
9.4%
ROE
17.3% 17.5%  -0,2 p.p.
17.0%
EVA
24,732 22,73 2,002 62,514
Research and development
14,387 16,199 (1,812) 32,26
Headcount (no.)
4,109 4,028 81 3,991

Revenue came to €583,398 thousand, up €14,912 thousand over the corresponding period of the previous year (€568,486 thousand).

The Signalling business unit recognised revenue of €343,149 thousand in the period, with a modest increase of €8,975 thousand over the corresponding period of the previous year (€334,174 thousand).

The Transportation Solutions business unit recognised revenue of €255,759 thousand in the first half of 2013, up €13,319 thousand over the corresponding period of 2012 (€242,440 thousand). The increase is largely due to further progress on the Copenhagen Cityringen project and the master agreement with Rio Tinto in Australia.

Compared to the corresponding period of 2012, eliminations between the two business units were up €7,382 thousand (see paragraph 9).

Revenue for the periods ended 30 June 2013 - 2012 (€m) and the contribution of the business units

Revenue for the periods ended 30 June 2013 - 2012 (€m) and the contribution of the business units

Operating profi t (EBIT) for the period ended 30 June 2013 came to €52,591 thousand, with a €2,007 thousand increase (in absolute amount) over the corresponding period of the previous year (€50,584 thousand). ROS was 9.0% compared to 8.9% in the fi rst half of 2012. Specifi cally:

  • the Signalling business unit recognised an operating profi t of €29,866 thousand in the fi rst half of 2013 (€34,798 thousand in the corresponding period of 2012). The €4,932 thousand decrease is due to the different mix and profi tability of projects in the reporting period and the corresponding period of the previous year;
  • the Transportation Solutions business unit recognised an operating profi t of €26,217 thousand, up a slightly €1,131 thousand on the corresponding period of the previous year (€25,086 thousand), due to greater volumes and the different mix and profi tability of the contracts in the reporting period and the corresponding period of the previous year.

EBIT and ROS for the periods ended 30 June 2013 - 2012 (€m)

EBIT and ROS for the periods ended 30 June 2013 - 2012 (€m)

The reclassifi ed income statement, reclassified statement of fi nancial position, reclassified net financial position and reclassified statement of cash flows follow to provide further disclosure on the group’s financial position, results of operations and cash flows.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company