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Asts 2012 05_02_presentazione_1_q_2012


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2012 First Quarter Results 2nd May 2012 Analysts Conference

2012 First Quarter Results 2nd May 2012 Analysts Conference

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  • 1. Ansaldo STS Group 2012 First Quarter Results 2nd May 2012 Analysts Conference1
  • 2. 1Q 2012 Results - Key data (M€) 1Q 2012 1Q 2011 % FY 2011 change Orders 245,0 551,4 -55,6% 2.163,7 Backlog 5.433,8 4.793,3 13,4% 5.452,8 Revenues 259,5 278,2 -6,7% 1.211,9 EBIT 21,7 25,5 -14,9% 116,1 ROS 8,4% 9,2% -0,8p.p. 9,6% Net Profit 12,0 15,5 -22,6% 73,1 Working Capital (5,5) (130,7) -95,8% (89,0) Net Financial position (214,2) (295,4) -27,5% (289,7) R&D 8,5 10,9 -22,6% 33,9 Total Headcount 4.101 4.192 -2,2% 4.1002
  • 3. 1Q 2012 results - Key data by business unit Signalling Transportation (M€) Solutions 1Q 2012 1Q 2011 1Q 2012 1Q 2011 Orders 197,8 363,0 49,9 189,2 Backlog 2.493,5 2.244,0 3.266,6 2.797,4 Revenues 155,5 177,0 104,8 104,8 EBIT 13,8 20,2 11,2 8,3 ROS 8,9% 11,4% 10,7% 7,9% Operating Working Capital 122,6 103,3 (102,6) (169,1) R&D 8,0 10,6 0,4 0,3 Total Headcount 3.133 3.290 556 4593 The above mentioned figures are gross of eliminations between business units.
  • 4. 1Q 2012 – Revenues trend by quarter 300 278 260 265 260 250 219 209 204 200 177 170 176 170 163 156 156 151 150 110 103 105 105 100 84 57 55 54 49 50 - 1Q 2005 1Q 2006 1Q 2007 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 TS, Transportation Solutions SG, Signalling Ansaldo STS Consolidato4 The above mentioned figures by business units are gross of eliminations .
  • 5. 1Q 2012 - Revenues by business unit and region Revenues: 260 M€ by Geographic area Transportation RoW Solutions APAC 3% Italy 40% 31% 34% 60% North Signalling America 10% 22% RoE Signalling: Transportation Solutions: 156 M€ 105 M€ Service Service & Signalling Tsl systems Tramways Components & Maintenance Systems Maintenance 83% 10% 7% 88% 1% 11%5 Data gross of inter-company eliminations
  • 6. 1Q 2012 - Main order acquisitions (M€) Country Project Customer Value USA SEPTA PTC SEPTA 73,4 UAE – Abu Dhabi GCC - section 1 SAIPEM 58,8 Italy USA France Components, Service & Maintenance Various 27,7 Australia* Rio Tinto - ATO Implementation Rio Tinto 27,0 Italy* Naples Metro Line 1 - PCO Colli Aminei Naples Mun. 13,2 South Korea ATP System for electric locos ROTEM 9,4 Australia Revensworth North Xtrata Coal 7,8 Italy HSL - variation orders MI-BO RFI 5,2 Italy* Metro Napoli L 1 – var. order Dante-Garibaldi Naples Mun. 4,0 (1) Representing about the 92% of total order intake for 1Q 20126 (*) TSBU Orders
  • 7. 1Q 2012 - Orders intake by business unit and region Orders : 245 M€ by Geographic area Transportation Italy Solutions RoW 12% APAC 20% 6% 38% 80% 37% 6% North Signalling RoE America7 Data gross of inter-company eliminations
  • 8. 1Q 2012 - Backlog by business unit and region Backlog: 5.434 M€ by Geographic area Signalling RoW APAC 15% Italy 27% 42% 13% 58% 20% 25%Transportation North RoE Solutions America 1Q 2011 16% 36% 57% 43% 18% 4% 26% 8
  • 9. Ansaldo STS: Guidance 2012 (M€) 2012 Guidance Orders 1.500-1.700 Backlog 5.700-5.900 Revenues 1.200-1.300 ROS (1) ~9,5% Net Financial position (~330) (2) (1) Including restructuring severance costs for 8m€ in 20129 (2) Before Dividend payment
  • 10. 1Q 2012 - Total headcount end of March Main Country Headcount Locations ITALY Genoa 1.530 Naples Turin Potenza 16% FRANCE Les Ulis 529 21% Riom SPAIN Madrid 71 1% UK London 10 Manchester SWEDEN Stockholm 47 USA - CANADA Pittsburgh 875 Batesburg 25% 37% Montreal AUSTRALIA Perth, Brisbane 559 INDIA Bangalore 207 MALAYSIA Kuala Lumpur 158 BOTSWANA Gaborone 30 USA - Canada Italy CHINA Hong Kong 70 APAC Other Bejing Rest of Europe Other Locations 15 TOTAL 4.10110
  • 11. Five years of free capital increase - details July 04, 2011: I tranche, free capital increase July 05, 2010: I tranche, free capital increase Free capital increase plan: 2010 2011 2012 2013 2014 Mil of shares before the capital increase 100 120 140 160 180 Mil of shares after the capital increase 120 140 160 180 200 Factor of correction 0,833 0,857 0,875 0,889 0,9 This factor of correction (in 2011 was 0,857) must be used to make comparable the prices above periods of time. For instance in order to compare the present value of the share with the one concerning one year ago, it is necessary to correct last price multiplying it for 0,857. In fact the IPO offering price adjustment will be : 2010 2011 2012 2013 2014 i.e. Offering price adj., after each 6.5 5.57 4.87 4.33 3.9 tranche of free cap. increase = 7,8X0.833 = 6,5X0.857 = 5,57X0.875 = 4,87X0.889 = 4,33X0.9 The free cap. increase is just an accounting operation with no effects on the financial structure of the company: liabilities reserves assets reserves equities free capital increase share share11 capital capital
  • 12. Financial calendar 2012 Friday 30 March Sustainability Report 2011 Approved Wednesday 2 May Approval of the First-Quarter Interim Report Monday 7 May General Meeting of Shareholders Single Call - Approval of ASTS S.p.A. Financial Statements for 2011 On July The 3rd tranche of free capital increase is scheduled for the execution Thursday 26 July Approval of the First-Half Interim Report Monday 29 October Approval of the Third-Quarter Interim Report12 Ansaldo STS Investor Relations Dept.
  • 13. GlossaryAF-900® —Part of an Automatic Train Control System (ATC), providing The fact that the logic is implemented by software rather than hard-wiredboth train detection and transmission of digital cab signalling data for the circuitry greatly facilitates the ability to make modifications when needed byAutomatic Train Protection (ATP) function of the ATC. reprogramming rather than rewiring.ATC — Automatic Train Control, or ATC, is an integrated signalling CBTC — Communication Based Train Control, or CBTC, is a system undersystem that guarantees the secure movement of trains. ATC integrates development that will allow for the interchangeability of different technologicalvarious subsystems positioned on-board and wayside. In addition to a systems in use on various metro lines. CBTC can be understood as an attemptfull interlocking system, a complete ATC system consists of three to create an ERTMS type standard for the mass transit industry.subsystems: (i) ATP, (ii) ATO and (iii) ATS. CPTM — The Companhia Paulista de Trens Metropolitanos runs the city of SãoATP — Automatic Train Protection, or ATP, is an ATC subsystem Paulos suburban passenger services.responsible for the safe operation of a signalling system. It imposes CTC — A Centralized Traffic Control system, or CTC, monitors the status ofspeed limits on trains, both to maintain a safe operating distance between signalling on a line or network and displays the relevant status information to athem and to comply with safety and speed requirements. The ATP central operator, assists in the management of the line or network consistentsystem is designed to be a fail-safe (vital) system. with the timetable and exercises control to prevent small schedule disturbancesATO —Automatic Train Operation, or ATO, is an ATC subsystem which from becoming traffic jams. CTC also notifies the operator of ATC equipmentperforms on-board, non-vital functions normally performed by a train failures and of failures in traction power and passenger station support facilities.driver, including ensuring a smooth acceleration of the train to the running DPL — Dedicated Passenger Line.speed, speed regulation and smoothly stopping the train at the properposition at station platforms or in front of stopping signals. ATO GNSS (Global Navigation Satellite System) satellite-based global navigationsubsystems are primarily located on-board and represent one of the system, can rely on US GPS (Global Positioning System) or Russian GLONASSprincipal components of a driverless system. Additionally, ATO (Global Navigation Satellite System) or European Galileo system undersubsystems report vehicle health status to the central control offices. development.ATS — Automatic Train Supervision, or ATS, is an ATC subsystem which ETCS — The European Train Control System (ETCS) is a signalling, controloperates to control trains automatically by means of ATO and ATP, in and train protection system designed to replace the many incompatible safetyaccordance with the railway timetable. This also involves a CTC system. systems currently used by European railways, especially on high-speed lines.ATSF — Ansaldo Trasporti Sistemi Ferroviari, Transport Solutions ERTMS — The European Rail Traffic Management System, or ERTMS, ERTMSBusiness Unit. was introduced by the EU in 1992 as a means of creating a uniform system of command, control and coordination of rail traffic to allow for ‘‘interoperability’’Balise — An electronic beacon or transponder placed between the rails of throughout EU territory. The ERTMS standard exists at three levels (ERTMS 1,a railway as part of an Automatic Train Protection system. 2 and 3) depending on use, each distinguished by the type of wayside and on-CBI —Computer Based Interlocking, or CBI, is an Interlocking System board equipment used and the manner in which this equipment communicates(see below) where the traditional wired networks of relays are replaced relevant software logic running on special-purpose fail-safe control hardware. 13 Ansaldo STS Investor Relations Dept.
  • 14. GlossaryEUROCAB — Onboard computer used to process ETCS information. RBC — Radio Block Centre. All trains automatically report their exactFS — Ferrovie dello Stato S.p.A, or FS, the operator of the Italian railway position and direction of travel to the RBC at regular RFF — Réseau Ferré de France: manager, project leader and owner ofHSL — High Speed Line, or HSL, refers to railway lines with capacity for speeds the French national rail excess of 200 km/h (125 mph). RFI — Rete Ferroviaria Italiana S.p.A., or RFI, is a subsidiary of FSICSS — Integrated Control & Safety System. Integrated Communication (defined above), responsible for managing the Italian railwaysSwitching System. infrastructure.Interlocking System (IXL) — An interlocking system is responsible for the reliable RZD — Rossiyskie Zheleznye Dorogi/Russian Railways is the state-and safe movement of trains inside a station, through complex junctions and for owned railway company of Russia.the length of the line. The interlocking system ensures that train movement is SCADA A Supervisory Control And Data Acquisition system, or SCADA,permitted only when a route is available and the switches along this route are allows for the supervision of the various subsystems at work in a railwaysafely locked in their position. In all cases the interlocking allocates a track or mass transit environment. SCADA collects information from remoteportion or a route to one train at a time, excluding all others. installations, transfers it back to a central office, analyzes theLRT — Light Rail Transit, or LRT, refers to a form of urban rail transit that utilizes information, takes appropriate action and displays that data on a numberequipment and infrastructure that is typically less massive than that used for of operator screens.metro systems, with modern light rail vehicles usually running along the system. SCMT — Sistema di Controllo della Marcia del Treno: automatic trainMicroLok® — Wayside control system consolidating vital and non-vital control protection system.logic, data transmission and coded track circuits into a single package. SNCF — Société Nationale des Chemins de fer Français. The FrenchMT — Mass Transit. National Railway Company is concerned with the operation of rail services for passengers and freight, and the maintenance as well asOTP — Optimizing Traffic Planner, or OTP, is a traffic management system that signalling of rail infrastructure owned by RFF.permits real time monitoring of the positioning of trains throughout a railwaysystem. OTP optimizes system or network capacity by safely minimizing the time SSC —Sistema Supporto Condotta: Italian train stopping system. Lessbetween trains, thereby reducing operating costs. OTP is primarily designed for sophisticated than SCMT.those markets where railway systems infrastructure is being used to full capacity. TLC — Trainline Controller provides an interface between CBTCOURAGAN — A large-scale programme implemented by RATP for the re- equipment and the rolling stock’s conventional controls.signalling of 13 lines. OURAGAN is intended to standardize CBTC technology TTCS: Train Conformity Check System verifies the conformity of runningand diversify suppliers, based on the concept of interchangeability. Rolling StocksPTC — Positive Train Control: North American freight railway implementation ofCBTC. 14 Ansaldo STS Investor Relations Dept.
  • 15. Mr. Alberto Milvio, the Manager in charge of preparing the company’s financial reports, hereby declares, pursuant toarticle 154-bis, paragraph 2 of the Consolidated Law on Finance, that the actual accounting information contained inthis presentation corresponds to document results, books and accounting recordsNB:The management of Ansaldo STS also assesses the business and financial performance of the Group and its business segments based on anumber of indicators not provided for by IFRS.As required by CESR recommendation CESR/05 - 178 b, the components of each of the non-GAAP alternative performance indicators used inthis press release are defined below.EBIT: i.e. earnings before interest and tax, with no adjustments. It excludes income and expenses from the operations of unconsolidatedsubsidiaries and securities, and gains/losses on any sales of consolidated subsidiaries, which are recorded under “financial income andexpenses”, or in the case of profits/losses from shareholdings valued using the equity method, under the item “effects of the valuation ofshareholdings at equity”.EBIT margin: is calculated as the ratio of EBIT to revenues.Free operating cash flow (FOCF): this is the sum of the cash flows generated by/used in operations, cash flow generated by/used ininvestments in or disposals of tangible and intangible assets and shareholdings, net of cash flows from the purchase/sale of shareholdings that,due to their nature or size, are considered “strategic investments”. Ansaldo STS SpA Via Paolo Mantovani, 3 16151 Genoa, Italy V.P. Investor Relations Andrea Razeto Tel: +39 010 655 2068 Fax: +39 010 655 205515 Ansald STS Investor Relations Dept.