Analysis of financial statements

Group key figures
(EUR thousand) 30.06.2011 30.06.2010 Change
31.12.2010
Orders 667,719 645,291 22,428 1,985,012
Order backlog
4,617,688 3,915,016 702,672 4,551,127
Revenue 569,233 584,706 (15,473) 1,283,710
EBIT 52,175 57,675 (5,500) 137,065
Adjusted EBIT 53,594 58,381 (4,787) 139,411
Net profit (Loss)
32,111 33,411 (1,300) 94,908
Net working capital
(61,527) (164,411) 102,884 (154,253)
Net invested capital
161,698 49,264 112,434 63,311
Net financial pisition (liquidity)
(212,804) (276,544) 63,740 (318,150)
Free Operating Cash Flow (63,436) 20,130 (83,566) 65,983
R.O.S. 9.2% 9.9% -0.7 p.p. 10.7%
R.O.E. 26.7% 28.8% -2.1 p.p. 27.8%
V.A.E. 25,730 34,083 (8,353) 94,162
Research and development
19,880 18,077 1,803 34,827
Employees (no.)
4,189 4,340 (151) 4,217

The first half 2011 ended with consolidated net profit of EUR 32,111 thousand from EUR 33,411 thousand in the first half 2010.

Revenue went from EUR 584,706 thousand in 2010 to EUR 569,233 thousand in 2011, a decrease of EUR 15,473 thousand. This essentially stems from the Signalling Business Unit, due to the completion of the High-Speed Line projects in Italy and abroad (especially in China).

The Signalling Business Unit ended the first half 2011 with revenue of EUR 351,391 thousand, a decrease of EUR 30,337 thousand from the first half of the prior period (EUR 381,728 thousand).

The Transportation Solutions Business Unit ended the first half 2011 with revenue of EUR 226,214 thousand, a slight increase of EUR 4,203 thousand from the first half of the prior period (EUR 222,011 thousand).

Revenue at 30 June 2011 – 2010 (EUR millions) by Business Unit

Unit569585Revenue at 30 June 2011 - 2010 (EUR millions) by Business Unit

EBIT at 30 June 2011 amounted to EUR 52,176 thousand, a decrease of EUR 5,499 thousand from 30 June 2010. The profit margin was 9.2%, as compared with 9.9% in the first half of 2010.

More specifically:

  • The Signalling Business Unit ended the first half 2011 with EBIT of EUR 36,253 thousand, a decrease of EUR 10,494 thousand from for the first half of the prior period, due to smaller production revenues in Italy and greater costs borne by R&D and by the commercial unit for ongoing projects.
  • The Transportation Solutions Business Unit at 30 June 2011 posted EBIT of EUR 21,135 thousand compared with EUR 18,158 thousand in the first half of the prior period, an increase of EUR 2,977 thousand due to the different mix and profitability of the orders worked in the two comparison periods.

EBIT and ROS at 30 June 2011 – 2010 (EUR millions)

EBIT and ROS at 30 June 2011 - 2010 (EUR millions)

In order to provide additional information on the Group’s operating results, financial condition and cash flows, the reclassified income statement, balance sheet, net financial debt, and statement of cash flows are provided below.