asts 2012 05_02_presentazione_1_q_2012
DESCRIPTION
2012 First Quarter Results 2nd May 2012 Analysts ConferenceTRANSCRIPT
1
Ansaldo STS GroupAnsaldo STS Group
2012 First Quarter Results
2nd May 2012Analysts Conference
2
1Q 2012 Results - Key data
(M€)
Backlog
Revenues
ROS
Net Financial position
1Q 2011 FY 2011%change
EBIT
Net Profit
Working Capital
R&D
Total Headcount
Orders
1Q 2012
2.163,7
5.452,8
1.211,9
9,6%
(289,7)
116,1
73,1
(89,0)
33,9
4.100
551,4
4.793,3
278,2
9,2%
(295,4)
25,5
15,5
(130,7)
10,9
4.192
245,0
5.433,8
259,5
8,4%
(214,2)
21,7
12,0
(5,5)
8,5
4.101
-55,6%
-6,7%
-0,8p.p.
-14,9%
-22,6%
-22,6%
-2,2%
13,4%
-95,8%
-27,5%
3
(M€)
Backlog
Revenues
ROS
1Q 2012 1Q 2011
EBIT
Operating Working Capital
R&D
Total Headcount
Orders
1Q 2012 results - Key data by business unit
363,0
2.244,0
177,0
11,4%
20,2
103,3
10,6
3.290
189,2
2.797,4
104,8
7,9%
8,3
(169,1)
0,3
459
Signalling Transportation Solutions
The above mentioned figures are gross of eliminations between business units.
1Q 2012 1Q 2011
197,8
2.493,5
155,5
8,9%
13,8
122,6
8,0
3.133
49,9
3.266,6
104,8
10,7%
11,2
(102,6)
0,4
556
4
1Q 2012 – Revenues trend by quarter
110
156
54 49
84 103 105 105
57 55
151 170 176 170 177
156 163
209 204 219
260 265 278
260
-
50
100
150
200
250
300
1Q 2005 1Q 2006 1Q 2007 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012
TS, Transportation Solutions SG, Signalling Ansaldo STS Consolidato
The above mentioned figures by business units are gross of eliminations .
5
60%40%
Transportation Solutions
Signalling
1Q 2012 - Revenues by business unit and region
34%
22%10%
31%
3%
SignallingSystems
ComponentsService
&Maintenance
83% 10% 7%
Signalling:156 M€
Service & Maintenance
Tsl systems Tramways
11%
Transportation Solutions:105 M€
88% 1%
Italy
RoW
North America
APAC
RoE
Data gross of inter-company eliminations
Revenues: 260 M€ by Geographic area
6
1Q 2012 - Main order acquisitions
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
Country Project Customer Value
(M€)
(1) Representing about the 92% of total order intake for 1Q 2012(*) TSBU Orders
7
80%
20%12%
6%
37%6%
38%
Orders : 245 M€ by Geographic area
Transportation Solutions
Signalling
1Q 2012 - Orders intake by business unit and region
Data gross of inter-company eliminations
Italy
RoW
North America
APAC
RoE
8
43%57%
42%58%
27%
25%20%
13%
15%
Backlog: 5.434 M€
Italy
RoW
North America
Signalling
1Q 2012 - Backlog by business unit and region
Transportation Solutions
APAC
RoE
by Geographic area
1Q 2011
36%
26%4%
18%
16%
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Ansaldo STS: Guidance 2012
(1) Including restructuring severance costs for 8m€ in 2012 (2) Before Dividend payment
(M€)
Orders 1.500-1.700
Backlog 5.700-5.900
Revenues 1.200-1.300
ROS (1) ~9,5%
Net Financial position (~330) (2)
2012Guidance
10
1Q 2012 - Total headcount end of March
CountryMain
HeadcountLocations
ITALY Genoa 1.530Naples
TurinPotenza
FRANCE Les Ulis 529Riom
SPAIN Madrid 71
UK London 10Manchester
SWEDEN Stockholm 47
USA - CANADA PittsburghBatesburg
AUSTRALIA Brisbane 559Perth,
INDIA Bangalore 207
MALAYSIA Kuala Lumpur 158
BOTSWANA Gaborone 30
CHINA Hong Kong 70
Other Locations 15
TOTAL 4.101
875
Montreal
Bejing
21%
37%25%
1%
16%
USA - Canada ItalyAPAC OtherRest of Europe
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Five years of free capital increase - details
The free cap. increase is just an accounting operation with no effects on the financial structure of the company:
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 :
share capital
assets
liabilities
equities
reservesreserves
share capital
free capital increase
2010 2011 2012 2013 2014
i.e. Offering price adj., after eachtranche of free cap. increase
6.5= 7,8X0.833
5.57= 6,5X0.857
4.87= 5,57X0.875
4.33= 4,87X0.889
3.9= 4,33X0.9
July 05, 2010: I tranche,
free capital increase
July 04, 2011: I tranche,
free capital increase
12 Ansaldo STS Investor Relations Dept.
Financial calendar
Wednesday 2 May
Monday 7 May
Thursday 26 July
2012
Monday 29 October
Friday 30 March Sustainability Report 2011 Approved
Approval of the First-Quarter Interim Report
General Meeting of ShareholdersSingle Call - Approval of ASTS S.p.A. Financial Statements for 2011
Approval of the First-Half Interim Report
Approval of the Third-Quarter Interim Report
On July The 3rd tranche of free capital increase is scheduled for the execution
13 Ansaldo STS Investor Relations Dept.
GlossaryAF-900® —Part of an Automatic Train Control System (ATC), providingboth train detection and transmission of digital cab signalling data for theAutomatic Train Protection (ATP) function of the ATC.
ATC — Automatic Train Control, or ATC, is an integrated signallingsystem that guarantees the secure movement of trains. ATC integratesvarious subsystems positioned on-board and wayside. In addition to afull interlocking system, a complete ATC system consists of threesubsystems: (i) ATP, (ii) ATO and (iii) ATS.
ATP — Automatic Train Protection, or ATP, is an ATC subsystemresponsible for the safe operation of a signalling system. It imposesspeed limits on trains, both to maintain a safe operating distance betweenthem and to comply with safety and speed requirements. The ATPsystem is designed to be a fail-safe (vital) system.
ATO —Automatic Train Operation, or ATO, is an ATC subsystem whichperforms on-board, non-vital functions normally performed by a traindriver, including ensuring a smooth acceleration of the train to the runningspeed, speed regulation and smoothly stopping the train at the properposition at station platforms or in front of stopping signals. ATOsubsystems are primarily located on-board and represent one of theprincipal components of a driverless system. Additionally, ATOsubsystems report vehicle health status to the central control offices.
ATS — Automatic Train Supervision, or ATS, is an ATC subsystem whichoperates to control trains automatically by means of ATO and ATP, inaccordance with the railway timetable. This also involves a CTC system.
ATSF — Ansaldo Trasporti Sistemi Ferroviari, Transport SolutionsBusiness Unit.
Balise — An electronic beacon or transponder placed between the rails ofa railway as part of an Automatic Train Protection system.
CBI —Computer Based Interlocking, or CBI, is an Interlocking System(see below) where the traditional wired networks of relays are replacedby software logic running on special-purpose fail-safe control hardware.
The fact that the logic is implemented by software rather than hard-wiredcircuitry greatly facilitates the ability to make modifications when needed byreprogramming rather than rewiring.
CBTC — Communication Based Train Control, or CBTC, is a system underdevelopment that will allow for the interchangeability of different technologicalsystems in use on various metro lines. CBTC can be understood as an attemptto create an ERTMS type standard for the mass transit industry.
CPTM — The Companhia Paulista de Trens Metropolitanos runs the city of SãoPaulo's suburban passenger services.
CTC — A Centralized Traffic Control system, or CTC, monitors the status ofsignalling on a line or network and displays the relevant status information to acentral operator, assists in the management of the line or network consistentwith the timetable and exercises control to prevent small schedule disturbancesfrom becoming traffic jams. CTC also notifies the operator of ATC equipmentfailures and of failures in traction power and passenger station support facilities.
DPL — Dedicated Passenger Line.
GNSS (Global Navigation Satellite System) satellite-based global navigationsystem, can rely on US GPS (Global Positioning System) or Russian GLONASS(Global Navigation Satellite System) or European Galileo system underdevelopment.
ETCS — The European Train Control System (ETCS) is a signalling, controland train protection system designed to replace the many incompatible safetysystems currently used by European railways, especially on high-speed lines.
ERTMS — The European Rail Traffic Management System, or ERTMS, ERTMSwas introduced by the EU in 1992 as a means of creating a uniform system ofcommand, control and coordination of rail traffic to allow for ‘‘interoperability’’throughout EU territory. The ERTMS standard exists at three levels (ERTMS 1,2 and 3) depending on use, each distinguished by the type of wayside and on-board equipment used and the manner in which this equipment communicatesrelevant data.
14
Glossary
Ansaldo STS Investor Relations Dept.
EUROCAB — Onboard computer used to process ETCS information.
FS — Ferrovie dello Stato S.p.A, or FS, the operator of the Italian railwaynetwork.
HSL — High Speed Line, or HSL, refers to railway lines with capacity for speedsin excess of 200 km/h (125 mph).
ICSS — Integrated Control & Safety System. Integrated CommunicationSwitching System.
Interlocking System (IXL) — An interlocking system is responsible for the reliableand safe movement of trains inside a station, through complex junctions and forthe length of the line. The interlocking system ensures that train movement ispermitted only when a route is available and the switches along this route aresafely locked in their position. In all cases the interlocking allocates a trackportion or a route to one train at a time, excluding all others.
LRT — Light Rail Transit, or LRT, refers to a form of urban rail transit that utilizesequipment and infrastructure that is typically less massive than that used formetro systems, with modern light rail vehicles usually running along the system.
MicroLok® — Wayside control system consolidating vital and non-vital controllogic, data transmission and coded track circuits into a single package.
MT — Mass Transit.
OTP — Optimizing Traffic Planner, or OTP, is a traffic management system thatpermits real time monitoring of the positioning of trains throughout a railwaysystem. OTP optimizes system or network capacity by safely minimizing the timebetween trains, thereby reducing operating costs. OTP is primarily designed forthose markets where railway systems infrastructure is being used to full capacity.
OURAGAN — A large-scale programme implemented by RATP for the re-signalling of 13 lines. OURAGAN is intended to standardize CBTC technologyand diversify suppliers, based on the concept of interchangeability.
PTC — Positive Train Control: North American freight railway implementation ofCBTC.
RBC — Radio Block Centre. All trains automatically report their exactposition and direction of travel to the RBC at regular intervals.
RFF — Réseau Ferré de France: manager, project leader and owner ofthe French national rail network.
RFI — Rete Ferroviaria Italiana S.p.A., or RFI, is a subsidiary of FS(defined above), responsible for managing the Italian railwaysinfrastructure.
RZD — Rossiyskie Zheleznye Dorogi/Russian Railways is the state-owned railway company of Russia.
SCADA A Supervisory Control And Data Acquisition system, or SCADA,allows for the supervision of the various subsystems at work in a railwayor mass transit environment. SCADA collects information from remoteinstallations, transfers it back to a central office, analyzes theinformation, takes appropriate action and displays that data on a numberof operator screens.
SCMT — Sistema di Controllo della Marcia del Treno: automatic trainprotection system.
SNCF — Société Nationale des Chemins de fer Français. The FrenchNational Railway Company is concerned with the operation of railservices for passengers and freight, and the maintenance as well assignalling of rail infrastructure owned by RFF.
SSC —Sistema Supporto Condotta: Italian train stopping system. Lesssophisticated than SCMT.
TLC — Trainline Controller provides an interface between CBTCequipment and the rolling stock’s conventional controls.
TTCS: Train Conformity Check System verifies the conformity of runningRolling Stocks
15 Ansald STS Investor Relations Dept.
Mr. Alberto Milvio, the Manager in charge of preparing the company’s financial reports, hereby declares, pursuant to article 154-bis, paragraph 2 of the Consolidated Law on Finance, that the actual accounting information contained in this presentation corresponds to document results, books and accounting records NB: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, 316151 Genoa, Italy
V.P. Investor Relations Andrea Razeto
Tel: +39 010 655 2068Fax: +39 010 655 2055