Outlook

Since 1 January 2010 the Group has availed itself of the new organisational structure through the project of internal reorganisation called “Fast Forward Driven By Business” (FFDB). The reorganisation is directed to recover industrial and commercial efficiency, and therefore additional margins of profitability, through a more rational and centralised organisation of activities related to R&D, production, procurement, presence on the markets, management of job-orders.
Actions oriented to improve efficiency will continue in order to further preserve and increase profitability on revenues.

With regard to the reference markets, the Signalling and Transportation Solutions sectors in both the inter-city and urban railway context are still marked by growth; the Group still follows with particular attention the markets with high economic growth and high capacity of investment in infrastructures (such as China, North Africa, the Middle East, Eastern Europe, the Asia Pacific region, South America).
The future will be characterised by the search for opportunities in the transportation solutions business worldwide. This will be possible by joining the Italian expertise in the systems business with the industrial and commercial presence of our subsidiaries in the various markets.

The Group’s positive financial situation allows us to closely monitor happenings in the sector in order to search for and select any investment opportunities in support of growth. This takes place by analysing possible acquisitions or equity investments in companies that show industrial and/or commercial complementarities able to expand the products portfolio and the Group’s ability to compete.

Rome, 27 July 2010

On behalf of the Board of Directors
The Chairman
Alessandro Pansa