Introduction

At 30 June 2010 the Ansaldo STS Group reported net profit of EUR 33 million compared with EUR 37 million for the fi rst half of 2009; revenues amounted to EUR 585 million as compared with EUR 547 million in 2009 and operating revenues stood at 9.9% from 10.4% in the first half of the previous year.

Orders at 30 June 2010 came to EUR 645 million compared with EUR 832 million at 30 June 2009.

The value of backlog at EUR 3,915 million rose by 4% as compared with the increase for the end of 2009, which amounted to EUR 3,760 million.

In the period from 2 January to 30 June 2010, the offi cial price of the stock passed from EUR 13.25 to EUR 13.18 with a decrease of 0.5%. In the last part of the second quarter stock exchange indices fell again, and the Ansaldo STS stock fell accordingly, even if to a lesser extent than the FTSE MIB index, which fell by 16.9%, and the FTSE Italia STAR index, which fell by 7.3%. The Ansaldo STS stock continues to be relatively strong as compared with the reference indices, with a moderate correlation index which was 0.62 in the last three months as compared with the average of the two previous years (0.45). In the six-month period the stock reached an all-time high of EUR 15.44 (reference price: closing price of 14 April). In brief, the Ansaldo STS stock confi rmed itself as one of the main defensive assets for investors, as it was unaffected by the strong decreases of the main Italian index; the days when the stock suffered the worst drops led some investors to lighten their positions by profi ting from the rises obtained.

The following should be noted:

  • since the reporting of March 2010, the fi gures in the notes are in millions of euros, unless otherwise specifi ed, whereas the fi gures in the accounting statements (i.e. balance sheet, separate income statement, etc.) are in thousands of euros;
  • since January 2010 the Group adopted the new control model approved as part of the “Fast Forward Driven by Business (FFDB)” project, for which Segment Reporting data per Business Unit 2009 were restated and included in this interim financial report;
  • the company “Ansaldo STS Sistemas de Transporte e Sinalização Ltda”, incorporated in December 2009, is recognised at cost because it is not operating in the six-month period at issue;
  • since June 2010 the joint venture Kazakhstan TZ-Ansaldo STS Italy was included in the scope of consolidation and was recognised using the equity method because it was not operating in the six-month period at issue.