Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
A ld STS GA ld STS GAnsaldo STS GroupAnsaldo STS Group
Year End 2010 ResultsYear End 2010 ResultsMilanMilan 22ndnd March 2011March 2011Milan Milan –– 22ndnd March 2011March 2011
Analysts ConferenceAnalysts Conference
YE 2010 Results - Key data
M€ YE YE % 2010 2009 change
Orders 1,985.0 1,786.1 11.1%
Backlog 4,551.1 3,759.7 21.1%
Production Revenues 1,283.7 1,175.6 9.2%
EBIT 137.1 125.1 9.6%
ROS 10.7% 10.6% 0.1 p.p
Net Profit 94 9 87 8 8 1%Net Profit 94.9 87.8 8.1%
Working Capital (154.3) (187.1) -17.6%
Net Financial Position (318 2) (278 9) 14 1%Net Financial Position (318.2) (278.9) 14.1%
R&D 34.8 31.2 11.7%
Total Headcount 4,217 4,339 -2.8%
Tax Rate 28.8% 29.6% 0.8 p.p
2
YE 2010 - Backlog by business unit and geographical area
Backlog: 4 551 M€ by Geographic areaBacklog: 4,551 M€
RoWSignalling
by Geographic area
42%58%
36%16%
17%
ItalyAPAC
58%
26%5%North
AmericaTransportation p
Solutions RoE
3
YE 2010 - Main order acquisitions
Denmark * Copenhagen Supply Ring Metroselskabet 344 4
Country Project Customer Value (M€)
Denmark * Copenhagen Supply Ring Metroselskabet 344.4Denmark * Copenhagen O&M Ring Metroselskabet 232.4Denmark * Copenhagen Existing Line O&M Metroselskabet 220.8Libya Sirti Bengazi line RDZ 201.8It l * N l Li 6 M t A l N l M i i lit 160 5Italy * Naples Line 6 – Mostra Arsenale Naples Municipality 160.5Italy, France, Australia, USA Total Components / S&M Various 138.8Australia ARTC various projects ARTC 83.7Kazakhstan Korgas – Zhetygen KDZ 45.6USA UP CAD X OTP U i P ifi 44 7USA UP CAD-X OTP Union Pacific 44.7Italy ACC Genoa’s node RFI 43.7Italy * Metro Genoa’s depot Genova Municip. 42.4Italy * Metro Genova vehicles Genova Municip. 31.6It l O B d HSL Z hi T i A ld B d 29 5Italy On Board HSL Zephiro Train Ansaldo Breda 29.5Italy ATC Wayside + On Board – variation orders RFI 20.3USA WMATA Blue / Orange Line WMATA 20.0Brazil Vale Switch Machines Vale 18.0A t li * V i Ri Ti t j t Ri Ti t 16 0Australia * Various Rio Tinto projets Rio Tinto 16.0Italy HSL – variation orders RFI 13.8USA WMATA 7000 CAB Series WMATA 12.8China Chengdu Line 2 Insigma 11.6It l * N l Alif C til i ti Alif 10 6Italy * Naples Alifana Consortile - variation Alifana 10.6
4
(1) Representing about the 88% of total order intake for FY 2010(*) TSBU Orders
nFY 2010 – Major Business Events
• The new line, which will run entirely underground, will be a fully automated, driverless metro employing a more advanced system compared to the previously one used in Denmark, and it will extend for 16 km through the centre of Copenhagen, connecting 17 stations.
• Unattended metro system in operations 24/7 Security live surveillance & remote monitoringpenh
agen
Rin
g
• Unattended metro system in operations 24/7. Security, live surveillance & remote monitoring. High level of customer serviceC
opss
ian
lway
s
• Efficiently enhance the utilization of current assets introducing leading edge technology in a 10y timeframe
into
• Support profitable growth ambition plan in the Pilbara area
Rus
Rai
l 10y timeframe
• Improve service performanceziR
io T • Support profitable growth ambition plan in the Pilbara area
• Enhance the productivity of operations
• Improve service performance• Reduce the level of disruption• Increase efficiency
Fers
ervi
Che
ngdu
Li
ne 1 • Chengdu Line 1 is 18.5km underground with 16 stations and 17 trains (34 cab sets). ASTS as
subcontractor supplies the CBTC platform and the key hardware components. • Chengdu Line 1 opened to the general public on September 27.
C • The full CBTC functionality is expected to be implemented within the first semester 2011
nyan
gne
1 • Line 1 is 27.9 km in length with 23 vehicles (46 cab sets). ASTS USA is a subcontractor to Insigma and provides the core CBTC platform and key hardware components
Shen Li
5
YE 2010 – Dividend declaration
• The Board of Directors of Ansaldo STS will propose to the next Shareholders meeting a dividend payment equal to 35% of Consolidated Group Net Result of h Y 2010 di 33 6 M€ i h i f 8% 2009the Year 2010, corresponding to 33,6 M€, with an increase of 8% on 2009 dividend (31 M€).
• The 2010 dividend per share is 0.28€, (0.26€ in 2009, which is related to 120 m/shares instead of 100 m/shares of last year due to the capital increase)m/shares, instead of 100 m/shares of last year, due to the capital increase).
6
2005 - 2010 - Superior Value Creation
Profitability(EBIT %)
Revenues(M€)1 2
+54
EVA®(M€)
EVA®(M€)
12%
9%1 000
1 500
941
+54(+135%)
3%
6%
500
ΔEVA® 27 M€ ΔEVA® 6 M€
0%0
Invested capitalEffective Tax Rate3 4 (M€)
80%
100%
(%)3 4
2005 2006 2007 2008 2009 2010 47.4%
49.7% 45.4% 37.8% 28.8%
20%
40%
60%
Note
29.6%
0%
20%
2005 2006 2007 2008 2009 2010
ΔEVA® 24 M€ ΔEVA® (3) M€
7
1) WACC considered in the 2005-2009 period 9,6%. WACC from 2010 10,7%
YE 2010 results - Key data by business unit
SIGNALLING TRANSPORTATION SOLUTIONS
M€ YE YE YE YE2010 2009 2010 2009
Orders 890.2 1,243.0 1,142.8 632.5
B kl 2 090 6 1 980 2 2 721 5 2 048 1Backlog 2,090.6 1,980.2 2,721.5 2,048.1
Production Revenues 841.8 805.0 504.4 417.1
EBIT 104.2 99.0 46.3 43.1
ROS 12.4% 12.3% 9.2% 10.3%
Working Capital 0.3 (49.2)* (105.3) (98.0)*
R & D 33.0 27.0 1.8 2.9
Total Headcount 3,315 3,504* 449 348*
The above ti d figures are gross of eliminations between business units
8
The above mentioned figures are gross of eliminations between business units.*Restated for the adoption of new controlling model of the new internal organization: The restructuring operating project, named “Fast Forward Driven by Business” (“FFDB”) was determined at the end of 2008, was developed and implemented during the year 2009 and started operationally by formalising the new organisation structure starting from 2010.
Efficiency programs – Recap
•Competitive landscape becoming
Superior profitable growth...Superior profitable growth... ...requiring clear Excellence plans...requiring clear Excellence plans
increasingly fragmented and complex...– All players moving from core/protected national markets into emerging markets
b t i th i t ASTS h llGlobal 150M€
Program GrossTarget M€
2011 Impact
• ... but superior growth is not ASTS challenge– ASTS business model allows to outperform market growth
•310 M€ gross excellence enhancement
Supply chain
LeanManufacturing
70M€•310 M€ gross excellence enhancement along a 3 years timeframe to sustain value creation plan and margins– external excellence: achieve 150M€ savings in supply chain optimizing current and future
Manufacturing
Flexible Delivery
40M€supply chain optimizing current and future Group portfolio of projects
– internal excellence: Leverage new organization set‐up and achieve 160M€ by orchestrating global and adaptive delivery and development
t t d b ti i d d ti
y
GlobalDevelopment
30M€centers supported by an optimized production network controlled by leaner support functions
•Target considered Gross since programsStreamlined
Support
pCentres
20M€Target considered Gross since programs have to fund themselves
Efficiency programs protect current margins sustaining superior growth but lead also to a structural reduction in Group cost base
Functions 20M€
9
growth, but lead, also, to a structural reduction in Group cost base with clear bottom line impacts at the end of their implementation
plan and after the costs for their execution
Efficiency programs – Current Status
ProgramProgram DescriptionDescriptionGross TargetM€
Gross TargetM€
StatusStatus
GlobalSupply chain
• Program covering all spend categories on current and expected group portfolio
• Tighter cost management
150Mۥ Achieved 12% on addressed
spend in 2010• Planning to achieve 13%-14%
by end of 2011
LeanM f t i
• Tighter cost management
• Reshape current asset footprint: including manufacturing strategy,
t k t t d d ti70M€
by end of 2011
• Finalized manufacturing strategy and defined i li ti t t kManufacturing
Fl ibl
network strategy and production excellence along with lean techniques
• Set-up, standardize and orchestrate
70M€ implications on current network
• Assessed current and Flexible Delivery
Set up, standardize and orchestrate global delivery capabilities for cross-customer execution with tighter program management
40M€expected key competences by market and site
• Finalizing deployment strategy
Global scale advantaged
Development Centres
• Define global standardized platforms with focalized development
• Orchestrate role of local hubs with 30M€• Reviewed R&D portfolio• Launched standardization and
design to cost campaigns
Streamlined Support
Centres
• Leverage new organization model and increase effectiveness and efficiency
global R&D centres
20M€
design to cost campaigns
• Identified key opportunities• Planning for executionSupport
Functionsincrease effectiveness and efficiency by adapting current service level and decreasing unit cost per service
20M€ Planning for execution
10
+
+
A ld STS GA ld STS GAnsaldo STS GroupAnsaldo STS Group
Year 2011 GuidanceYear 2011 GuidanceMilanMilan 22ndnd March 2011March 2011Milan Milan –– 22ndnd March 2011March 2011
Analyst ConferenceAnalyst Conference
+
Ansald STS Investor Relations Dept.
Ansaldo STS Guidance 2011
YE YEM€ 2010 2009
Guidance2011
Orders 1,985 1,786
Production Revenues 1,284 1,176
1,500 - 1,7001,280 - 1,360
ROS 10.7% 10.6%
Free Operating Cash Flow (*) 66 114
~10.6%50 - 70
Net Financial Position (318) (279)
Tax Rate 28.8% 29.6%
(330) - (370)~32%
With reference to the Libyan contracts, a possible complete suspension of their execution y , p p pcould lead to a reduction in 2011 production revenues by approximately 80/100 M€.
Margins on those projects is on line with Group’s average level of profitability.
12(*) After 2010 Dividend payment
+
+
A ld STS GA ld STS GAnsaldo STS GroupAnsaldo STS Group
B k d t ilB k d t ilBackup details on:Backup details on:
Free Capital Increase 2010Free Capital Increase 2010 --2014;2014;Free Capital Increase 2010 Free Capital Increase 2010 --2014;2014;YE 2010 Details by Geographical area;YE 2010 Details by Geographical area;
Track record 2005 Track record 2005 --2010.2010.
+
Ansald STS Investor Relations Dept.
YE 2010 - Revenues by business unit and geography
Revenues: 1,284 M€ by Geographic area,
Transportation S l ti
y g p
11%
RoW
39%
Solutions
43%17%
11%
Italy
N th
APAC
61%Signalling 20%
9%North America
RoE
Signalling : Transportation Solutions:
Signalling CService
Signalling :842 M€
Service & Tsl systems Tramways
Transportation Solutions:504 M€
SignallingSystems Components &
Maintenance
81% 13% 6%
MaintenanceTsl systems Tramways
12%87% 1%
14Data gross of inter-company eliminations
YE 2010 - Total orders by business unit and geography
Orders : 1 985 M€ by Geographic areaOrders : 1,985 M€ by Geographic area
SignallingRoW
44%56%
24%
8%
13%
11%
N th
APACItaly
56%
44%
8%North America
Transportation pSolutions RoE
15Data gross of inter-company eliminations
2005 - 2010 - Track-Record
Net Financial Position Coverage Ratios
3183 5
4M€
196
2793.1 3.2 3.5
3
3.5
121158
185 1962.5 2.6 2.8
1.6 1.5 1.51.5
2
2.5
1.2 1.4 1.20.5
1
2005 2006 2007 2008 2009 2010
2005 2006 2007 2008 2009 2010
2005 2006 2007 2008 2009 2010
Backlog to sales Book to bill
16
2005 - 2010 - Track-Record of the value creation
EBIT margin %
11 5% 11.8% 12.3% 12.4%14.0%
7 3%
9.1% 9.1% 9.3%10.3%
9.2%10.4% 10.7%
11.5% %
9.5% 9.8% 10.3% 10.6% 10.6% 10.7%
10.0%
12.0%
7.3%
6.0%
8.0%
2.0%
4.0%
0.0%
2005 2006 2007 2008 2009 2010
TS, Transportation Solutions SG, Signalling Ansaldo STS Consolidated
17
2005 2010 - Track-Record of the value creation
Production Revenues
1,1761,284 1,400
TS % impact on consolidated
M€
750825 805 842 842
923 973
1,106 1,176
1,000
1,200
35%39%
417 504
613 702 750
600
800 30%26%
25%
27%
35%
253 237 241 301
200
400
‐
2005 2006 2007 2008 2009 2010
TS, Transportation Solutions SG, Signalling Ansaldo STS Consolidated
18
YE 2010 - Total headcount end of December 2010
Country Main HeadcountLocations
20%17%
ITALY Genoa 1,512NaplesTurinPotenza 20%
1%
PotenzaFRANCE Les Ulis 541
RiomSPAIN Madrid 76
36%26%
UK London 28Manchester
IRELAND Dublin 12SWEDEN Stockholm 39 26%SWEDENUSA - CANADA Pittsburgh
Batesburg
AUSTRALIA Brisbane 592Perth
839
Montreal
USA - Canada ItalyAPAC OtherRest of Europe
AUSTRALIA Brisbane 592Perth,INDIA Bangalore 249MALAYSIA Kuala Lumpur 149BOTSWANA Gaborone 31 Rest of EuropeCHINA Hong Kong 83
Other Locations 66Bejing
TOTAL 4,217
19
Five years of free capital increase - detailsAnsaldo STS S.p.A.
July 05, 2010: I tranche
29/3/06 29/3/07 29/3/08 29/3/09 29/3/10
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
il f h f h i l iMil 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 2010 was 0.833) must be used to make comparable the prices above periods of time.F i t i d t th t l f th h ith th i it i t t l tFor 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 0.833. 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
The free cap. increase is just an accounting operation with no effects on the financial structure of the company:
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
assets
liabilities
reservesreserves
share capital
equities
share capital
free capital increase
20
+
+
Mr. Alberto Milvio, the Manager in charge of preparing the company’s financial reports, herebydeclares, pursuant to article , p 154-bis, paragraph 2 of the Consolidated Law on Finance, that, p , p , p g p ,the actual accounting information contained in this presentation corresponds to documentresults, books and accounting records.
NB:The management of Ansaldo STS also assesses the business and financial performance of the Group and its business segments basedon a number 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 indicatorsused in this 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 andsubsidiaries 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 shareholdingsthat, due to their nature or size, are considered “strategic investments”.
+
Ansald STS Investor Relations Dept.
+
+
Key Contacts
Headquarter:Via Paolo Mantovani, 3a ao o a to a , 3
16151 Genoa, Italy
V.P. Investor Relations Andrea Razeto
[email protected]@ansaldo sts.comwww.ansaldo-sts.com
Tel: +39 010 655 2068Fax: +39 010 655 2055
on skype at: ansaldo.sts.investor.relations
+
Ansaldo STS Investor Relations Dept.