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Ansaldo STS 2012 First Semester Results 26th July 2012 Analysts Conference 1 1H 2012 Results - Key data (M€) Orders % change FY 2011 796,1 667,7 19,2% 2.163,7 5.689,0 4.617,7 23,2% 5.452,8 Revenues 568,5 569,2 -0,1% 1.211,9 EBIT 50,6 52,2 -3,1% 116,1 ROS 8,9% 9,2% -0,3p.p. 9,6% Net Profit 29,7 32,1 -7,5% 73,1 Working Capital (1,3) (61,5) -97,9% (89,0) (213,3) (212,8) 0,2% (289,7) R&D 16,2 19,9 -18,6% 33,9 Total Headcount 4.028 4.189 -3,8% 4.100 Backlog Net Financial position 2 1H 2012 1H 2011 1H 2012 results - Key data by business unit (M€) Transportation Solutions 1H 2012 1H 2011 1H 2012 453,9 448,4 349,9 222,6 2.581,8 2.155,6 3.441,6 2.705,8 Revenues 334,2 351,4 242,4 226,2 EBIT 34,8 36,3 25,1 21,1 ROS 10,4% 10,3% 10,3% 9,3% Operating Working Capital 139,8 100,0 (114,0) (123,5) R&D 15,3 18,9 0,9 1,0 Total Headcount 3.033 3.184 592 565 Orders Backlog 3 Signalling The above mentioned figures are gross of eliminations between business units 1H2011 1H 2012 - Revenues by business unit and region Revenues: 568 M€ RoW Transportation Solutions 57% Signalling: 334 M€ 4 Italy 35% 31% Signalling 82% 3% APAC 43% Signalling Systems by Geographic area 21% RoE Transportation Solutions: 242 M€ Components Service & Maintenance 10% 8% Data gross of inter-company eliminations North America 10% Tsl systems 90% Tramways Service & Maintenance 1% 9% First Semester 2012 – Major Business Events USA - Positive Train Control (PTC) system for the Southeastern Pennsylvania Transportation Authority (SEPTA) April 3rd, Ansaldo STS’s PTC system will control SEPTA’s regional rail system, which serves five counties in the Philadelphia, Pennsylvania region, using a PTCcompliant speed enforcement system.. Australia - Heavy rail traffic with satellite positioning part of the Roy Hill Iron Ore project Roy Hill 1 project area May 2nd: The first two phases of a staged signalling and communications system for the Roy Hill Iron Ore Project Mine’s 342km heavy haul rail Line, in the Pilbara region of Western Australia. The signalling solution offered is technically significant for the global rail industry as it involves centralized routing and automatic train protection (ATP) with satellite positioning. This Solution is the result of the integration of Ansaldo STS’ technical skill with its leading edge products, and sets a new benchmark for railway signalling systems offering major advantages in terms of increased availability, quality and safety. Australia - Contracts awarded for mining rail network July 6th, Signed in June, is for the development and delivery of an automated train management system for 1,500km heavy-haul iron ore rail network in the Pilbara region of Western Australia. The automated heavy haul railway, to be completed in 2015, will be the first of its kind in the world and will significantly enhance the flexibility and capacity of our client mining rail network. 5 Agreement for TRAMWAVE® to China Transfer of licensed technology to CNR Dalian and General Resources Company, July 16th TRAMWAVE® is an Innovative Power Supply Solution What is it • Solution to provide power via a contact line energizing only a small section of the line as the tram passes over it Design to maximize • Eco-friendliness, preservation of natural/ cultural heritage and respecting the urban legacy and the old buildings near the line • Safety (only gravity and electro-magnetic principles) • Diagnostic level in all conditions Where can TRAMWAVE® be applied? • Virtually all new tramway lines TECHNOLOGY Agreement • The ASTS, CNR Dalian and GRC are interested in a long term cooperation in order to jointly develop business opportunities in the Chinese catenary-free market and wishes to further assess any other joint business opportunity in the Chinese Mass Transit and Railway market independently from the catenary-free technology 6 1H 2012 - Main order acquisitions (M€) Country 7 Project Customer Value Australia* AutoHall Rio Tinto 252,8 Australia Roy Hill 1 Hancock Prospecting 118,0 USA PTC SEPTA 73,4 Australia* ATO Implementation Rio Tinto 66,8 Italy France USA Components, Service & Maintenance Various 65,2 UAE – Abu Dhabi GCC – Abu Dhabi SAIPEM 58,8 Canada Phase 2, 3 & a Extention TTC 22,8 Canada North Spadina Extension TTC 18,3 Italy* Metro Line 1 Naples Municipality 13,2 Italy HSL variation orders MI-BO / Rm-NA RFI The list represents about 88% of total order intake for 1H 2012 (*) Transportation Solutions Orders 9,5 1H 2012 - Backlog by business unit and region Backlog: 5.689 M€ by Geographic area Signalling 59% 41% Transportation Solutions RoW APAC 14% RoE 17% 4% 8 Data gross of inter-company eliminations 23% 20% 16% 43% 24% 19% North America 1H 2011 57% Italy 37% 26% 1H 2012 - Orders intake by business unit and region Orders : 796 M€ Transportation Solutions by Geographic area Italy RoW 7% 7% RoE 5% 44% 56% Signalling 9 Data gross of inter-company eliminations 20% APAC 61% North America Transportation Solutions revenues contribution Main Transp. Solutions Orders from June Backlog 2011 2012 2013 2014 2015 2016 2017 Honolulu Metro Copenhagen City Ring Naples Line 6 Thessaloniki Rio Tinto RAFA application contracts Roma Line C Taipei Copenhagen O&M extension Genoa Metro Naples Metro Brescia Metro Riyadh Milan line 5 As for Transportation Solutions BU the list represents ~90% of SG June Backlog 10 Data subject to possible revisions Signalling revenues contribution Main Signalling Orders from June Backlog Turin - Padua Roy Hill Ankara Metro Red Line Stockholm SEPTA USA Bretagne Pais de la Loire ABU DHABI UP CADX ATC Kolkata Metro Ipoh Pedang Besar LGV SEA ACC Genoa Multistation Turkey Gebze-Koseko ERTMS Zefiro KFW (IRPMU) ETCS Greece Turkey Mersin Toprakkale LGV ph 2 2011 2012 2013 2014 2015 2016 2017 As for Signalling BU the list represents orders above 13mil€ and ~40% of SG June Backlog 11 Data subject to possible revisions Ansaldo STS: Guidance 2012 – Confirmed (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 ~(300) 12 (1) Including restructuring severance costs for 8m€ in 2012 Back up details - 1H 2012 - Total headcount Country Locations Headcount ITALY Genoa Naples Turin Potenza 1.526 FRANCE Les Ulis Riom Madrid 520 SPAIN UK 10 SWEDEN USA - CANADA Stockholm 44 Pittsburgh Batesburg Montreal 810 AUSTRALIA INDIA MALAYSIA BOTSWANA CHINA Perth, Brisbane Bangalore Kuala Lumpur 556 TOTAL Gaborone Hong Kong Bejing 16% 38% 20% 70 London Manchester Other Locations 13 Main 1% 25% 209 165 29 68 21 4.028 Italy Rest of Europe USA Canada APAC Other Back up details – Ansaldo STS key data trends by quarter 1,200 2006 2007 2008 2009 2010 2011 2012 7,500 1,000 5,000 800 600 2,500 400 200 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Backlog Revenues Orders 14 Including Libya’s orders 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Back up details - EBIT evolution 1H 2011 vs 1H 2012 9,6 M€ 3,7 60 -11,8 40 30 -2,9 -0,2 50 52,2 50,6 9,2% 8,9% 20 10 0 June 2011 15 Lower Volumes Impact Contract mix R&D Costs decrease Opex & Other costs decrease Restructuring costs June 2012 180 Five years of free capital increase - details 160 July 04, 2011: II tranche, free capital increase 140 July 09, 2012: III tranche, free capital increase 120 July 05, 2010: I tranche, free capital increase 100 80 60 01-Jan-07 01-Jan-08 01-Jan-09 01-Jan-10 03-Jan-11 02-Jan-12 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 0,833 0,857 0,875 0,889 0,9 Factor of correction This factor of correction (in 2012 is 0.875) 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 0.875. In fact the IPO offering price adjustment will be : 2010 i.e. Offering price adj., after each tranche of free cap. increase 2011 2012 2013 2014 6,5 5,57 4,87 4,33 3,9 = 7,8x0.833 = 6,5x0,857 = 5,57x0,875 = 4,87x0.,89 = 4,33x0,9 The free cap. increase is just an accounting operation with no effects on the financial structure of the company: liabilities assets equities 16 reserves reserves free capital increase share capital share capital Glossary AF-900® —Part of an Automatic Train Control System (ATC), providing both train detection and transmission of digital cab signalling data for the Automatic Train Protection (ATP) function of the ATC. The fact that the logic is implemented by software rather than hard-wired circuitry greatly facilitates the ability to make modifications when needed by reprogramming rather than rewiring. ATC — Automatic Train Control, or ATC, is an integrated signalling system that guarantees the secure movement of trains. ATC integrates various subsystems positioned on-board and wayside. In addition to a full interlocking system, a complete ATC system consists of three subsystems: (i) ATP, (ii) ATO and (iii) ATS. CBTC — Communication Based Train Control, or CBTC, is a system under development that will allow for the interchangeability of different technological systems in use on various metro lines. CBTC can be understood as an attempt to create an ERTMS type standard for the mass transit industry. ATP — Automatic Train Protection, or ATP, is an ATC subsystem responsible for the safe operation of a signalling system. It imposes speed limits on trains, both to maintain a safe operating distance between them and to comply with safety and speed requirements. The ATP system is designed to be a fail-safe (vital) system. ATO —Automatic Train Operation, or ATO, is an ATC subsystem which performs on-board, non-vital functions normally performed by a train driver, including ensuring a smooth acceleration of the train to the running speed, speed regulation and smoothly stopping the train at the proper position at station platforms or in front of stopping signals. ATO subsystems are primarily located on-board and represent one of the principal components of a driverless system. Additionally, ATO subsystems report vehicle health status to the central control offices. ATS — Automatic Train Supervision, or ATS, is an ATC subsystem which operates to control trains automatically by means of ATO and ATP, in accordance with the railway timetable. This also involves a CTC system. ATSF — Ansaldo Trasporti Sistemi Ferroviari, Transport Solutions Business Unit. Balise — An electronic beacon or transponder placed between the rails of a 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 replaced by software logic running on special-purpose fail-safe control hardware. 17 CPTM — The Companhia Paulista de Trens Metropolitanos runs the city of São Paulo's suburban passenger services. CTC — A Centralized Traffic Control system, or CTC, monitors the status of signalling on a line or network and displays the relevant status information to a central operator, assists in the management of the line or network consistent with the timetable and exercises control to prevent small schedule disturbances from becoming traffic jams. CTC also notifies the operator of ATC equipment failures and of failures in traction power and passenger station support facilities. DPL — Dedicated Passenger Line. GNSS (Global Navigation Satellite System) satellite-based global navigation system, can rely on US GPS (Global Positioning System) or Russian GLONASS (Global Navigation Satellite System) or European Galileo system under development. ETCS — The European Train Control System (ETCS) is a signalling, control and train protection system designed to replace the many incompatible safety systems currently used by European railways, especially on high-speed lines. ERTMS — The European Rail Traffic Management System, or ERTMS, ERTMS 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’’ 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 communicates relevant data. Ansaldo STS Investor Relations Dept. Glossary EUROCAB — Onboard computer used to process ETCS information. FS — Ferrovie dello Stato S.p.A, or FS, the operator of the Italian railway network. HSL — High Speed Line, or HSL, refers to railway lines with capacity for speeds in excess of 200 km/h (125 mph). ICSS — Integrated Control & Safety System. Switching System. Integrated Communication Interlocking System (IXL) — An interlocking system is responsible for the reliable and safe movement of trains inside a station, through complex junctions and for the length of the line. The interlocking system ensures that train movement is permitted only when a route is available and the switches along this route are safely locked in their position. In all cases the interlocking allocates a track portion 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 utilizes equipment and infrastructure that is typically less massive than that used for metro systems, with modern light rail vehicles usually running along the system. MicroLok® — Wayside control system consolidating vital and non-vital control logic, data transmission and coded track circuits into a single package. MT — Mass Transit. OTP — Optimizing Traffic Planner, or OTP, is a traffic management system that permits real time monitoring of the positioning of trains throughout a railway system. OTP optimizes system or network capacity by safely minimizing the time between trains, thereby reducing operating costs. OTP is primarily designed for those markets where railway systems infrastructure is being used to full capacity. OURAGAN — A large-scale programme implemented by RATP for the resignalling of 13 lines. OURAGAN is intended to standardize CBTC technology and diversify suppliers, based on the concept of interchangeability. RBC — Radio Block Centre. All trains automatically report their exact position and direction of travel to the RBC at regular intervals. RFF — Réseau Ferré de France: manager, project leader and owner of the 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 railways infrastructure. RZD — Rossiyskie Zheleznye Dorogi/Russian Railways is the stateowned 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 railway or mass transit environment. SCADA collects information from remote installations, transfers it back to a central office, analyzes the information, takes appropriate action and displays that data on a number of operator screens. SCMT — Sistema di Controllo della Marcia del Treno: automatic train protection system. SNCF — Société Nationale des Chemins de fer Français. The French National Railway Company is concerned with the operation of rail services for passengers and freight, and the maintenance as well as signalling of rail infrastructure owned by RFF. SSC —Sistema Supporto Condotta: Italian train stopping system. Less sophisticated than SCMT. TLC — Trainline Controller provides an interface between CBTC equipment and the rolling stock’s conventional controls. TTCS: Train Conformity Check System verifies the conformity of running Rolling Stocks PTC — Positive Train Control: North American freight railway implementation of CBTC. 18 Ansaldo 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 Company and its business segments based on 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 indicators used 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 unconsolidated subsidiaries and securities, and gains/losses on any sales of consolidated subsidiaries, which are recorded under “financial income and expenses”, or in the case of profits/losses from shareholdings valued using the equity method, under the item “effects of the valuation of shareholdings 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 in investments 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 [email protected] www.ansaldo-sts.com Tel: +39 010 655 2068 Fax: +39 010 655 2055 19 Ansald STS Investor Relations Dept.