(IFRS compliant amounts in EUR million)
Analysis of the income statement, the balance sheet and the financial position
The profit for the year totalled €77.9 million (€93.0 million for 2015).
Revenue amounted to €1,327.4 million, down €56.5 million with respect to €1,383.8 million in 2015; the decrease, resulting in large part from reaching the final phase of several significant contracts in the Asia-Pacific area, was only partially offset by contracts acquired in recent years.
Operating profit (EBIT) came to €126.8 million, down €9.0 million on the previous year (€135.8 million); ROS was 9.6% (9.8% in 2015).
Net invested capital amounted to €369.8 million compared to €316.4 million for 2015. The increase of €53.4 million was substantially due to the rise in net working capital (€56.1 million). In particular, the increase in trade receivables was offset by the rise in trade payables and other liabilities, while the reduction in advances from customers (also correlated with the results of the arbitration on the project in Libya) was only partially offset by the decline in work in progress within the item progress payments and advances from customers.
The net financial position (greater loan assets and cash and cash equivalents than loans and borrowings) was €338.0 million, in line with €338.7 million at 31 December 2015. Please note that dividends of €36.0 million were paid during the year (€30.0 million in 2015).
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 in 2015 included 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.
In 2013, a dispute began with ZST, which launched an arbitration procedure at the Vienna International Arbitral Centre, which in May 2016 decided in favour of the Russian customer, almost completely rejecting the demands of Ansaldo STS.
In October 2016, the company reimbursed ZST for its part of the advance held by the JV in addition to legal expenses and interest accrued until the repayment date (€37.4 million).