Data analysis

Key performance indicators - Ansaldo STS Group
(€’000) First half of 2014 First half of 2013* Change 2013*
New orders 889,617 389,869 499,748 1,483,587
Order backlog 5,870,767 5,388,584 482,183 5,567,321
Revenue 581,065 571,759 9,306 1,229,802
Operating profit (EBIT) 51,971 51,988 (17) 117,019
Adjusted EBIT 54,871 52,389 2,482 117,515
Profit for the period/year 36,298 32,367 3,931 74,815
Net working capital 82,100 32,026 50,074 30,663
Net invested capital 308,429 251,806 56,623 253,475
Net financial position (201,157) (222,147) 20,990 (245,498)
Free operating cash flow (16,287) (26,005) 9,718 9,335
ROS 8.90% 9.10% -0.2 p.p. 9.50%
ROE 16.00% 17.30% -1.3 p.p. 15.50%
EVA 23,431 23,348 83 54,402
Research and development 13,749 14,387 (638) 32,036
Headcount (no.) 3,884 3,939 (55) 3,929
* Restated figures due to the adoption of IFRS 11 governing joint arrangements, whereby the group’s interests in joint ventures are measured using the equity method as from 1 January 2014 (when the group adopted the new standard). The 2013 figures have been restated for comparative purposes.

New orders totalled €889.6 million compared to restated €389.9 million for the first half of 2013; the order backlog amounted to €5,870.8 million (restated €5,567.3 million at 31 December 2013, restated €5,388.6 million at 30 June 2013).

Revenue came to €581.1 million, up by €9.3 million on the restated €571.8 million of the first half of 2013. The increase is mainly due to a different mix as a result of commencement of the new contracts acquired in recent years.

Operating profit (EBIT) came to €52.0 million, in line with the restated figure for the corresponding period of the previous year. ROS was 8.9%, in line with the first half of 2013 (9.1%).

Adjusted EBIT (€54,9 million or 9.4% of revenue) is greater than the restated figure (€52.4 million or 9.2% of revenue) for the same period of the previous year following the increase in the overall volume of revenue.

The profit for the period came to €36.3 million (restated €32.4 million for the corresponding period of 2013).

The group’s net financial position down by €44.3 million from restated €245.5 million at 31 December 2013 to €201.2 million.

Research and development expense recognised in profit or loss amounted to €13.7 million, down from the €14.4 million expense recognised in the corresponding period of the previous year.

The group’s headcount decreased by a net 55 employees to 3,884 from restated 3,939 at 30 June 2013 and restated 3,929 at 31 December 2013.
The average headcount of 3,873 employees fell by a net 33 employees compared to restated 3,906 in the first half of 2013 and restated 3,899 for 2013.

Financial data

The reclassified income statement, reclassified statement of financial 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 100,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company