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Shareholders Meeting
Investor Relations Department
Genoa, May 11th 2017
2
Page
• 2016 review of financial performance 3-11
• Key events 12-14
• Significant orders 15-23
• Delivery record 24-25
• 2017 first quarter 26-27
• Glossary of rail terminology 28-29
Agenda
3
2016: RESILIENT RESULTS IN A TRANSITION YEAR AND DESPITE SIGNIFICANT CHALLENGES
Innovation –Satellite Technology ANSALDO STS developed and successfully tested ERSAT
project: the satellite technology applied to the railway traffic
management for the first time in Europe
HSL in Italy Contracts on Milan-Genoa
and Rome-Florence lines
Metro in Europe Modernization of
Glasgow and
automatization of
Brussels Metros
CBTC Technology
on Taipei Metro New contract in
consortium with Hitachi
More than 30 projects activations
1,300km of lines and
190 stations activated
4
The lowest
closing price (March 18, 2016)
9.73 €
The highest closing price (December 30, 2016 )
11.84 €
FY 2016 average volume 201,762 shares/day
vs 1,308,883 same period 2015
30/12/16
11.84€
+ 4.2%
-9.9%
+ 20.0%
30/12/15
9.87 €
Year 2016 ASTS vs FTSE Indexes
5
Year 2016 Actual Results – Key Data
(M€) Year 2016 Year 2015 % change
New Orders 1,475.8 1,336.0 10.5%
Order Backlog 6,488.4 6,410.4 1.2%
Revenue 1,327.4 1,383.8 -4.1%
EBIT 126.8 135.8 -6.6%
ROS 9.6% 9.8% (0.2) p p
Tax Rate 33.2% 32.0% 1.2 p p
Net Result 77.9 93.0 -16.3%
Net Working Capital 120.5 64.5 86.9%
Net Financial Position (Cash) (338.0) (338.7) -0.2%
R&D 36.7 36.9 -0.6%
Total Headcount 3,951 3,772 4.7%
EVA 57.9 65.8 -12.0%
6
Dividend Declaration
• The Board of Directors of Ansaldo STS is proposing at
today’s shareholders meeting a total dividend amount
equal to 36.0 M€, the same amount distributed last year.
• The dividend per share is 0.18 €, the same of the
previous year, despite the lower FY 2016 net result
mainly due to exceptional items.
6
7
2016 and 2017 Guidance
7
(M€)
2016
Original
Guidance
2016
Revised
Guidance
July 2017
2016
Actual
2017
Guidance
New Orders 1,400 - 2,000 √ 1,475.8 1,500 - 2,000
Order Backlog 6,300 - 7,000 √ 6,488.4 6,500 - 7,000
Revenue 1,350 - 1,450 √ 1,327.4 1,350 - 1,450
ROS ~ 9.8% 9.0% - 9.3% 9.6% 9.4% - 9.8%
Net Financial Position
(Cash) (320) - (370) (300) - (350) (338.0) (330) - (380)
8
29%
29% 9%
33% 21%
24%
14%
30%
11% 23%
30% 9%
19%
19%
Ansaldo STS: a global company
Backlog - Orders – Revenue at the end of 2016
Backlog
€M 6,488 Orders
€M 1,476
Revenue
€M 1,327
Italy
Rest of Europe
N. Africa/Mid. East
Americas
Asia Pacific
9
ORDERS FY 2016
REVENUE FY 2016
10
1,704 43%
876 22%
712 18%
659 17%
Country Main Locations Headcount
ITALYGenoa, Naples, Turin,
Potenza, Branches1,704
FRANCE Les Ulis, Riom 627
SPAIN Madrid 174
SWEDEN Stockholm 61
OTHER EUROPE Munich, London 14
USA - CANADAPittsburgh, Batesburg,
Montreal712
AUSTRALIA Perth, Brisbane 266
INDIA Bangalore 277
MALAYSIA Kuala Lumpur 54
CHINA Beijing 62
TOTAL HEADCOUNT 3,951
Ansaldo STS: a global company Headcount at the end of 2016
Italy
Rest of Europe
Americas
Asia Pacific
Main Running Projects Americas
East Coast
Washington Metro - CSX
New York Metro
SEPTA PTC & Sharon Hill
Long Island LIRR
MBTA
West Coast
LACMTA - LA West Side Extension
Hawaii - Honolulu
Driverless Metro
Lima - Peru
Lima Metro Lines 2 & 4
Europe
Italy – HSL Line Brescia-Treviglio
Milano-Genova (Terzo Valico)
Direttissima Roma-Firenze
Italy – Conventional Line
Torino – Padova Line
Italy - Metro Roma, Napoli, Milano,
Brescia, Genova
France - HSL Line
Tours-Bordeaux (SEA)
Le Mans-Rennes (BPL)
Spain - HSL Line
Madrid-Lerida O&M
La Robla – Pola de Lena
UK
Ferriby-Gilberdyke line
Metro: Glasgow Subway
Denmark
Copenhagen Metro and City-Ring + O&M
Aarhus LRT
Belgium
Metro Brussels Lines 1&5
Sweden
Happarandabanan
Metro Stockholm Red Line
Ester Line 2
Germany
SeRoBe
Velaro
Greece
Thessaloniki Metro
Turkey
Mersin –Toprakkale
Gebze - Köseköy
Metro: Ankara
Asia Pacific & Australia
South Korea
HSL Metropolitan Line
China
Metro:
Shenyang, Chengdu, Hangzhou, Xian,
Zhengzhou, Dalian, Shanghai, Wenzhou,
Tianjin linea 5
India
KFW, TPWS (North – South)
Metro Calcutta, Mumbay Monorail
Navi Mumbai Metro, Noida Metro
Malaysia
MNDT
KVDT
Taipei
Metro: Circular Line
San-Ying Line MRT System
Australia
Rio Tinto – framework agreement (RAFA)
Roy Hill
Moreton Bay Rail Link
Forrestfield Airport Link
North Africa & Middle East
Algeria
Oued Tlelat-Tlemcen line
Morocco
Tangiers-Kenitra HSL
Saudi Arabia
Riyadh Metro Line 3
United Arab Emirates
Abu Dhabi section 1
11
Year 2016 main events – Sirth - Benghazi project in Libya
• Ansaldo STS and Selex, in joint venture, signed in 2010 a contract with ZST, to provide signalling, system
on the Sirth to Benghazi line in Libya.
• Ansaldo STS received advance payment amounting to approximately 71 million euro.
• Due to the civil war events in Libya, the contract was suspended in 2011 for force majeure.
• Unexpectedly, at the beginning of August 2013, ZST requested Ansaldo STS to return the advance
payment and notified its intention to terminate the contract.
• In November 2013 the Tribunal of Milan authorized the payment of only a portion of the advance payment
for approximately 41 million euro.
• In March 2014 ZST notified the “Statement of Claim” which formally started the arbitration in the “Wien
International Arbitration Centre”, requesting the outstanding sum due on the advance payment, plus
interests and arbitration proceedings’ costs.
• In April the arbitration tribunal almost entirely rejected Ansaldo STS request.
• Ansaldo STS has repaid to ZST its own share of the residual amount (about 29 million euro) of the
advance payment and related legal fees plus interests (about 8 million euro).
12
13
• InnoTrans is the leading trade fair for the rail sector, taking place once every two years in Berlin. This year
it was held on 20-23 September. There were more than 2,500 exhibitors over 300,000 square meters of
exhibition space and 3,000 meters of rail track.
• On previous occasions Ansaldo STS had exhibited in a Finmeccanica branded stand. This time it was part
of a Hitachi stand occupying 800 square meters over two floors.
• Andy Barr, CEO, commented that “Ansaldo STS wants to confirm and strengthen its presence and its
image in the market, bringing to Berlin, along with the quality of the whole Hitachi Group, its own history
and experience”
Year 2016 main events
Participation of Ansaldo STS at InnoTrans (1/2)
14
Year 2016 main events
Participation of Ansaldo STS at InnoTrans (2/2)
• Ansaldo STS displayed - thanks to sophisticated simulators and the support of technical experts
available to visitors - its innovative products and technologies, such as its satellite solutions.
• Ansaldo STS also showcased its efficient capabilities in the areas of turnkey and driverless metro
projects, with a portfolio of global projects covering more than 270 km of lines, operations and
maintenance contracts.
15
Main commercial successes - Glasgow Metro
• On March 2016 the Ansaldo STS - Stadler consortium has won contracts to modernize the subway of
Glasgow with state-of-the-art technology. The contracts include the supply of 17 new trains,
Communication Based Train Control (CBTC) driverless signalling technology, platform screen doors and
depot equipment, and related maintenance support services to upgrade the 10.5 km long twin subway
lines, and 15 stations of the Glasgow Subway system.
• The project awarded by Strathclyde Partnership for Transport (SPT) – the Glasgow Subway operator -
has a total value of £ 203.2 million. Ansaldo STS’s share is valued at £ 104.3 million
• The construction contract is expected to be delivered within 66 months.
• Within the scope of the contract Ansaldo STS will implement its proven CBTC and driverless solution for
the entire system as well as the communication network, Operation Control Centre, Platform Screen
Doors (PSD), depot test track and will provide system integration, acceptance and related maintenance
support services (£ 7.5 million).
16
Main commercial successes - Taipei Metro (1/2)
• Ansaldo STS and Hitachi, Ltd. as members of the ARH consortium (including Ansaldo STS SpA,
RSEA Engineering Corp. and Hitachi, Ltd.), have signed in June a turnkey contract with New
Taipei City Government Department of Rapid Transit System (NTCG DORTS).
• Ansaldo STS’s scope of work, as leader of the consortium, includes the supply of CBTC
technology (Communication Based Train Control) and all the electromechanical systems (Power
Supply, Telecommunication, Platform Screen Doors, Automatic Fare Collection, SCADA and
Depot Equipment), for an equivalent value of Euro 220 million (VAT excluded).
• The CBTC solution is leading a new era of rail transit control, enhancing flexibility, reducing
maintenance costs and improving interoperability.
• For NTCG DORTS, this turnkey project combines Civil, E&M (Electro-Mechanic) works and
Rolling Stock. It is the first medium-capacity Metro to be constructed and managed by New Taipei
City.
• The total length of San-Ying Line is 14.29 km with 12 elevated stations and one depot. With fully
elevated station design, the line route starts from MRT Blue Line Dingpu station in Tucheng,
passing through Sanxia to Yingge.
• As part of the “3-rings-3-lines” project, San-Ying Line will enter construction stage in the second
half of 2016 and aim for completion in 2023, providing citizens of New Taipei City with a
convenient and safe mass transportation system.
17
Main commercial successes - Taipei Metro (2/2)
18
Main commercial successes - Brussels Metro (1/2)
• Ansaldo STS signed in October a contract with Société des Transports Intercommunaux de
Brussels (STIB), worth Euro 88 million, for the automatization of the lines 1 & 5, as part of the
modernization programme of the Brussels metro (so called Pulsar project).
• Within the modernization project Ansaldo STS will supply STIB with its Driverless CBTC based
solutions, to increase the operational performance, efficiency and safety of the East-West metro
axis (lines 1 & 5) with a total length of 35.5 km serving 37 stations, and a total fleet of 60 trains.
• The framework agreement includes also optional lines 2 and 6.
• The scope of work encompasses the study, design, production, full integration, tests and
commissioning as well as training, maintenance and related services for the trackside and on-
board systems and sub-systems.
• Through this new contract, Ansaldo STS strengthens its reputation as global excellence for the
CBTC technology.
19
Main commercial successes - Brussels Metro (2/2)
20
Main commercial successes High Speed Line in Italy
“Direttissima Roma-Firenze” (1/2)
• Ansaldo STS has been awarded in October two contracts, for a total value of Euro 75 million, related to
the signalling of the Rome – Florence route of the High Speed Line Turin – Milan – Naples.
• The scope of work for Ansaldo STS in the contracts awarded by RFI (Italian Railway Network), is related
to the design and construction of: (i) the Ground Subsystem ERTMS/ETCS Level 2; (ii) the ACC-M
(centralized interlocking solution through which it is possible to manage multiple stations along the line);
(III) the complementary and accessory technological upgrade operations for the Rome - Florence route
of the High Speed Line Turin – Milan – Naples.
• Ansaldo STS will supply the ACC-M and ERTMS signalling systems, the Bushing Temperature
Detection system, the Track Temperature Monitoring system, the power systems, the adjustment of the
buildings and the telecommunication systems.
• Ansaldo STS signalling systems will serve the current 234 km double track line elevating it to the
highest technological levels.
21 The Rail Traffic Operating Centre of the Genoa, Liguria and Basso Piemonte railway junction
Main commercial successes High Speed Line in Italy
“Direttissima Roma-Firenze” (2/2)
22
Main commercial successes
High Speed Line Milan – Genoa (1/2)
• On 28th December 2016 the “Saturno Consortium for the undertaking of High Technology Railway
works for the Italian High Speed Railway System”, of which Ansaldo STS S.p.A is member, signed a
contract with the General Contractor, the Consorzio Collegamenti Integrati Veloci (“COCIV”) for the
production of the technological systems for the AV/AC Project (High Speed and High Capacity) of the
“Terzo Valico dei Giovi” Milan – Genoa line.
• The scope of work entrusted to Ansaldo STS is to supply the technology relating to the railway
signalling systems, TMS, (SCCM/AV), Power Supply and Auxiliary Systems and the system for
monitoring tunnel safety. The overall value of the works assigned to Ansaldo STS amounts at EUR
175 million.
• «Terzo Valico» is a new high speed/high capacity line which will enable to strengthen the links
between the ligurian harbour system with the main railway lines of North Italy and Rest of Europe.
This project is included in the «Reno - Alpi» corridor, which is one of the strategic transportation
transeuropean network corridors (TEN-T core network), which connect the most populated and
industrial european regions.
• Coherently with the strategy to privilege transportation eco friendly modes, recently reaffirmed by the
European Union with the «Faro» initiative (COM (2011) 21), the project will allow in the future to move
consistent shares of freight traffic from roads to railways, with advantages for the environment, safety
and social.
23
Main commercial successes
High Speed Line Milan – Genoa (2/2)
Main deliveries (1/2)
M2 Metro Ankara
[CBTC + Automation]
Dalian L1 phase 2
[CBTC]
PROJECTS KM STATIONS
30+ 1,300 190
Paris – Strasbourg
Phase 2 [RBC]
Treviglio - Brescia [HSL]
Sudokwon [TVMS]
HIGH SPEED LINES FREIGHT LINES METRO
Commissioning of project /project phases as scheduled
Roy Hill
[VSS + Automation]
Rio Tinto
Freight customized ETCS
Lvl 2 overall AutoHaul™
Network
24
CONVENTIONAL LINES
ACC Brescia Centrale [IXL]
ACCM Genoa Junction [IXL + Automation]
ACC Napoli-Villa Literno [IXL + Automation]
Roma Termini Activities on SED-T [Automation]
Torino - Padova [IXL + Automation]
SCC Napoli & Palermo Nodes Enhancement [IXL + Automation]
Various Outsourcing Potenza, Taranto, Pisa S.Rossore, Foggia, Ponente Ligure [IAP + IeC]
SCC Upgrade Bari Lamasinata [Automation]
Revamping ACC Roma Termini [IXL + Automation]
PAI 2006 Framework 6 Stations [IXL]
Gebze - Kosekoy [IXL + ETCS Lev1 + Automation]
Mersin - Toprakkale 9 Stations [IXL + Automation]
MBRL Moreton Bay Rail Link [Macrolok Series]
PBI 138 Stations [IXL]
KFW 7 Stations [IXL + Automation]
SEPTA [Microlok + PTC]
LAMCTA MLK Upgrade [Microlok]
Commissioning of project / project phases as scheduled
Main deliveries (2/2)
25
First Quarter 2017 – Key Data
26
(M€) March 2017 March 2016%
variationYear 2016
New Orders 266.1 311.3 -14.5% 1,475.8
Order Backlog 6,454.0 6,417.3 0.6% 6,488.4
Revenue 299.1 291.2 2.7% 1,327.4
EBIT 25.9 23.4 10.7% 126.8
ROS 8.7% 8.0% 0.7 p p 9.6%
Tax Rate 30.9% 26.8% 4.1 p p 33.2%
Net Result 20.0 19.7 1.4% 77.9
Net Working Capital 151.4 93.3 62.3% 120.5
Net Financial Position (Cash) (327.0) (328.3) -0.4% (338.0)
R&D 7.9 9.1 -13.2% 36.7
Total Headcount 4,084 3,803 7.4% 3,951
EVA 8.5 8.9 -4.7% 57.9
27
ANSALDO STS presented ERSAT project: the satellite technology applied to the railway
traffic management for the first time in Europe
• ERSAT project was presented in February together with Rete Ferroviaria Italiana and Trenitalia in Sardinia
to show how this technology works.
• ERSAT is the latest generation signalling project that interfaces and integrates – for the first time in Europe
– the European Rail Traffic Management System (ERTMS) with the navigation and satellite positioning
technology Galileo.
• ERSAT advantages are: a) increase the traffic capacity reducing CO2 emissions; b) guarantee high
railway safety standards and punctuality; c) reduction in operating costs, as the new technological
equipment will require less investments for installation and maintenance.
First quarter 2017 main event
Glossary of rail terminology (1/2)
ACC – M: “Apparato Centrale Computerizzato Multistazione” is a centralized interlocking system
through which it is possible to manage multiple stations along the line.
ATP: Automatic Train Protection, or ATP, is an ATC subsystem responsible for the safe operation of a
signaling 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.
CBTC: Communication Based Train Control, or CBTC, is a system that allows 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.
ERSAT: latest satellite generation that interfaces and integrates the railway technology ERTMS
(European Rail Traffic Management System) with the navigation and satellite positioning technology
Galileo. The acronym comes from ER, for ERTMS, and SAT, indicating the satellite technology.
ERTMS: The European Rail Traffic Management System, or 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
ETCS: The European Train Control System (ETCS) is a signaling, control and train protection system
designed to replace the many legacy safety systems currently used by European railways, especially
on high-speed lines.
28
Glossary of rail terminology (2/2)
IXL: Interlocking System. 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.
RBC: Radio Block Centre. All trains automatically report their exact position and direction of travel to
the RBC at regular intervals. RBC sends by radio fail safe information to the train (ATP).
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.
PTC: Positive Train Control, North American freight railway implementation of CBTC.
SCC: Automation – Supervision system used for railways system.
TMS: Traffic Management System
TVM: Transmission Voie-Machine (TVM, track-to-train transmission in English) is a form of in-cab
signalling originally deployed in France and used on high-speed railway lines.
VSS: Vital Safety Server used in freight application (both as for IXL and RBC).
29
Ansaldo STS’s management also assesses the performance of the group using certain indicators that are
not defined by the IFRS.
The components of each indicator are described below as required by CESR/05 - 178b Communication:
EBIT: earnings before interest and taxes, before any adjustment. EBIT excludes gains or losses on
unconsolidated equity investments and securities, as well as any gains or losses on sales of consolidated
equity investments, which are classified under “financial income and expense” or “share of profits (losses)
of equity-accounted investees” if related to equity-accounted investments.
Return on Sale (ROS): it is calculated as the ratio of EBIT to revenue.
Free operating cash flow (FOCF): this indicator is the sum of cash flows generated by (used in)
operating activities and cash flows generated by (used in) investing and disinvesting in property, plant and
equipment, intangible assets and equity investments, net of cash flows from acquisitions and sales of
equity investments which are deemed “strategic” due to their nature or importance. The FOCF is shown in
the reclassified consolidated statement of cash flows.
Economic Value Added (EVA): it is the difference between EBIT, net of income taxes and the cost of the
average invested capital of the current and previous year measured on the base of the Weighted Average
Cost of Capital (WACC).
30
Accounting definitions (1/2)
Net Working Capital: It is working capital less provisions for current risks and other current assets and
liabilities.
Net Financial (Position) or Debt: The calculation model used complies with paragraph 127 of the
CESR/05-054b recommendations implementing Regulation (EC) n° 809/2004.
New Orders: It is the sum of the contracts agreed with customers during the reporting period that meet the
contractual requirements to be recorded in the orders book.
Order Backlog: It is the difference between new orders and revenue for the period (including the change in
contract work in progress). This difference is added to the backlog for the previous year.
Headcount: It is the number of employees recorded in the relevant register on the reporting date.
Research and development costs: total expense incurred for research and development, both expensed
and sold. Research expense taken to profit or loss usually relates to “general technology", i.e. aimed at
gaining scientific knowledge and / or techniques applicable to various new products and / or services. Sold
research expense represents that commissioned by customers and for which there is a specific sales order
and it is treated exactly like an ordinary order (sales contract, profitability, invoicing, advances, etc.) in
accounting and management terms.
31
Accounting definitions (2/2)
Ansaldo STS SpA
Via Paolo Mantovani, 3
16151 Genoa, Italy
V.P. Investor Relations
Roberto Corsanego
www.ansaldo-sts.com
Tel: +39 010 655 2076
Fax: +39 010 655 2055
32
Our commitment to the theme of sustainable development is expressed in the countries where we operate, across five continents, through the dissemination
of our corporate vision, attention to environmental, social, and promote our work through a climate of cooperation with local cultures.
In coherence with our vision this year we have joined the Global Compact, a voluntary initiative launched by the UN to spread the culture of respect for human rights, labor, environment and the
fight against corruption.
32
THANK YOU FOR YOUR ATTENTION