Analysis of the Income Statement, the Balance Sheet and the Financial Position

Consolidated profit for 2013 totalled €74,815 thousand, compared to €75,696 thousand in 2012.
Revenue came to €1,256,419 thousand, up slightly over the €1,247,849 thousand of the previous year.
The Signalling business unit recognised revenue of €729,108 thousand, up a slight €3,520 thousand over the previous year (€725,588 thousand).
The Transportation Solutions business unit recognised revenue of €584,058 thousand, up €19,205 thousand over the previous year (€564,853 thousand).
Compared to the previous year, eliminations between the two business units were up €14,155 thousand.
Operating profit (EBIT) came to €118,093 thousand, up €1,020 thousand over 2012 (€117,073 thousand).
ROS was 9.4%, like in the previous year.


  • the Signalling Business Unit recognised an operating profit of €36,224 thousand (€62,530 thousand in 2012). The €26,306 thousand decrease is due to the different mix and profitability of projects in the two years;
  • the Transportation Solutions Business Unit recognised operating profit of €86,731 thousand, up €17,601 thousand on the previous year (€69,130 thousand), due to greater revenue volumes and the successful completion of significant milestones related to certain projects in their final stages.

Net invested capital totalled €238,895 thousand, compared to €167,184 thousand in 2012. 

The €71,711 thousand increase is mainly due to the €69,174 thousand change in net working capital due to the decrease in progress payments and advances from customers which is still impacted by the €41,298 thousand reduction in the advance on the Libya contract recognised by the parent, Ansaldo STS S.p.A., following the dispute with the Russian customer, Zarubezhstroytechnology (ZST) for the Sirth-Benghazi line, and the decrease in trade payables, which is partially offset by the lower trade receivables, inventories and work in progress.

The Group’s net financial position (greater loan assets and cash and cash equivalents than loans and borrowings) was €260,078 thousand, compared to a net financial position of €301,982 thousand at 31 December 2012, down €41,904 thousand, after the €28,800 thousand dividend payment (2012: €28,000 thousand).

It includes the €29,345 thousand (31 December 2012: €70,643 thousand) remainder of the advance received from the Russian customer, Zarubezhstroytechnology (ZST), for the project for the development of signalling, automation, telecommunication, power supply, security and ticketing systems on the Sirth to Benghazi section in Libya.


“Ansaldo STS creates economic value and distributes it to its stakeholders, who have contributed to its production.”

> Insights on the 2013 Sustainability Report (Economic performance)

“Ansaldo STS enters into reciprocally beneficial relationships with society through: relations with institutions, research projects conducted with domestic and EC public entries, trade associations, partnerships with universities, media relations and community relations. It takes part in charity campaigns and finances humanitarian, environmental and cultural initiatives.”

> Insights on the 2013 Sustainability Report (Community)