Economic and financial data

Highlights 2015

(IFRS compliant amounts in EUR million)

Ansaldo STS Group recognised a profit of €93.0 million for 2015, compared to the 80.7 million for the previous year.

Revenue came to €1,383.8 million, up €80.3 million on €1,303.5 million for 2014. The increase is due to the development of the group’s significant backlog and, specifically, the progress made on contracts acquired in recent years in Europe, the Americas and the Arab countries.

Operating profit (EBIT) came to €135.8 million, up €11.3 million on the 2014 amount (€124.5 million) due to greater volumes developed. ROS was 9.8%, up 20 basis points on 2014 (9.6%).

Net invested capital amounted to €316.4 million compared to €281.4 million for 2014. The €35.0 million increase is due to the rise in non-current assets and liabilities (€12.3 million), equity investments and advances granted to the special purpose entities to carry out work related to the order backlog, and the increase in net working capital (€22.7 million), due to the increase in work-inprogress and inventories and the reduction in advances from customers, which concurrently more than offset the reduction in trade receivables and the rise in trade payables.

The net financial position (greater loan assets and cash and cash equivalents than loans and borrowings) was €338.7 million, compared to €293.4 million at 31 December 2014, up €45.3 million on the previous year following the distribution of dividends of €30.0 million (2014: €28.8 million).

Loan assets include the euro equivalent amount of the Libyan dinar advance on the first of the two contracts in Libya obtained by the parent and deposited in a local bank and tied up pending the resumption of activities (€28.4 thousand).

The net financial position at 31 December 2015 includes the €29.3 million remainder of the advance received from the Russian customer, Zarubezhstroytechnology (ZST), for the project agreed in August 2010 and suspended as from 21 February 2011, for the development of signalling, automation, telecommunication, power supply, security and ticketing systems on the Sirth to Benghazi section in Libya. Proceedings commenced in the second half of 2013 with ZST for the enforcement of the advance payment bond.

At the end of November 2013, the Milan court authorised Crédit Agricole to release part of the advance (€41.3 million), confirming that ZST only has the right to partial repayment thereof.

Subsequently, on 25 March 2014, ZST issued the statement of claim which formally launched the arbitration procedure at the Vienna International Arbitral Centre in order to obtain payment of the portion of the advance payment bond not recognised by the Milan court in the provisional measure.

Following the hearing in Paris in 2015 and presentation of the requested documentation, the arbitration panel is expected to publish its award in the first half of 2016.