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

Consolidated net profit in 2010 was EUR 94,908 thousand as against EUR 87,800 thousand in 2009.

The increase of EUR 7,108 thousand was due to an increase in operating profit (EUR 12,013 thousand), an increase in net finance cost (EUR 3,595 thousand) and higher taxes (EUR 1,310 thousand).

Production revenues increased by 9,2%, in line with our targets, from EUR 1,175,640 thousand in 2009 to EUR 1,283,710 thousand in 2010 - an increase of EUR 108,070 thousand.

Analisi dei datiThe Signalling Unit’s production revenues increased by EUR 36,853 thousand from EUR 804,978 thousand in 2009 to EUR 841,831 thousand in 2010.

The Transportation Solutions Unit increased its production revenues by EUR 87,318 thousand from EUR 417,130 thousand in 2009 to EUR 504,448 thousand in 2010.
In 2010 there were greater elisions of EUR 16,101 thousand between the two Units than in 2009 (please see section 3.2 of the Notes to the Accounts for the details).
Operating profit was EUR 137,065 thousand as against EUR 125,052 thousand in 2009; the operating margin was 10.7% as against 10.6% in 2009.
In detail:

  • The Signalling Unit achieved operating profit of EUR 104,232 thousand as against EUR 98,992 thousand in 2009 - an increase of EUR 5,240 thousand.
  • The Transportation Solutions Unit returned a 2010 operating profit of EUR 46,294 thousand as against EUR 43,111 thousand in 2009 - an increase of EUR 3,183 thousand.

Net Invested Capital was EUR 63,311 thousand as against EUR 22,675 thousand in 2009.

The EUR 40,636 thousand increase was due to non-current items of EUR 7,771 thousand and net working capital of EUR 32,865 thousand.

The net cash position (i.e. cash and liquid assets exceeding liabilities) was EUR 318,150 thousand as against EUR 278,861 thousand in 2009 - an increase of EUR 39,289 thousand after the dividend payout of EUR 30,982 thousand, (EUR 26,971 thousand in 2009).