Starting with the half-year financial report at 30 June 2009, the Business Units have been renamed as Signalling Business Unit (previously Segnalamento – Italian version) and Transportation Solutions Business Unit (previously Sistemi di Trasporto – Italian version), maintaining their scope.

This is purely a terminological change. All the economic and financial statements of the Ansaldo STS Group by Business Unit presented so far (prior periods and comparing periods), including the figures presented in the prospectus published for the IPO of March 2006, are still valid.


At 31 December 2009 the Ansaldo STS Group reported net profit of EUR 87,800 thousand compared with EUR 77,599 thousand for the same period last year. Revenues at 31 December 2009 were EUR 1,175,640 thousand, compared with EUR 1,105,515 thousand at 31 December 2008. The Group operating revenues stood at 10.6%, as in 2008.

Orders at 31 December 2009 amounted to EUR 1,786,071 thousand from EUR 1,296,609 thousand at 31 December 2008. The increase of EUR 489,462 thousand is exceptional for both Transportation Solutions and Signalling. To that regard, acquisitions of EUR 632,468 thousand are recorded for the Transportation Solutions Business Unit, mainly related to the Taipei Metro (EUR 214,200 thousand), the contract for the designing and execution of the electrical/rail systems of the Naples Metro Line 1 (EUR 60,300 thousand) and the acquisition with AnsaldoBreda, associated company of the Finmeccanica Group, of the contract for the Riyadh Metro, Women’s University, for EUR 148,800 thousand; acquisitions of EUR 1,243,016 thousand are recorded for the Signalling Business Unit, mainly attributable to the contract with the Libyan Railways of EUR 541,000 thousand, to the changes to the HSL of EUR 44,300 thousand, to the maintenance of the Madrid-Lerida (Spain) HSL (EUR 31,300 thousand), the contracts acquired in Germany, Italy and the United Kingdom for a total EUR 173,600 thousand and the contracts acquired in the US, Brazil, China and Australia for EUR 237,000 thousand.

The value of backlog at 31 December 2009, equal to EUR 3,760 million, reflects the performance of acquisitions and rose by 19.9% from that for the end of 2008, which amounted to EUR 3,136 million.

The data outlined above are evidence of a fiscal year that can be considered satisfactory overall from the standpoint of the company’s growth, profitability, and capital and financial solidity.

The actions undertaken and results achieved during the year have paved the way for the continuation of a positive trend for the Group also for the near future.

More specifically, as regards the Transportation Solutions Business Unit, due to the exceptionally large orders acquired in the previous years, together with a good level of acquisitions for the period, the backlog exceeded the already significant amount of the end of 2008 standing at EUR 2,048 million, equal to years of productive activity. This paves the way for significant development of this business over the next three years. As far as the Signalling Business Unit is concerned, the year 2009 was marked by a sizeable geographic expansion of the potential market, which has already yielded important results in terms of the acquisition of new orders in particularly important business segments and countries.

The solid knowledge already acquired (ERTMS and ATC driverless) and the expertise being consolidated (CBTC) in the strategic technologies of the sector, the peculiar geographic distribution of the Group business at global level, and the additional efforts of commercial penetration in the new areas characterised by high growth rates (Central and Eastern Europe, and Middle and Far East) confirm the Group's favourable competitive positioning and make it possible to look to the future with reasonable serenity.

The following should be noted:

  • starting from 1 January 2009 the merger of the subsidiaries Ansaldo Segnalamento Ferroviario SpA and Ansaldo Trasporti Sistemi Ferroviari SpA into Ansaldo STS SpA became effective. It was approved on 20 June 2008 and the deed was executed on 26 September 2008.

  • on 1 January 2009, due to the above transaction, the Consolidated taxation mechanism was interrupted for the purposes of the application of the IRES tax (Corporate Income Tax). It was opted for on 15 June 2007. Interrupting the adoption of this mechanism does not change the benefits acquired when the option was exercised, as Article 124 of the Income Tax Code does not apply here.

  • from December 2008 the balance sheet, income statement and cash flow statement are compliant with and disclose related party transactions as required by IAS 1, IAS 24 and the (Italian securities regulator) Consob regulation;

  • from January 2009 the American subsidiaries changed their company name:

    • Union Switch & Signal Inc. became Ansaldo STS USA Inc.; 
    • Union Switch & Signal International Co. became Ansaldo STS USA International Co.; 
    • Union Switch & Signal International Projects Co. became Ansaldo STS USA International Projects Co.;
    • Transcontrol Corporation became Union Switch & Signal Inc.
  • in the first half of 2009 the subsidiaries Ansaldo STS Infradev South Africa, Ansaldo STS Southern Africa and Ansaldo Railway System Technical Service (Beijing) Ltd were consolidated on a line-by-line basis.

  • starting 1 June 2009, Balfour Beatty Ansaldo Systems JV SDN BHD (Joint Venture subject to common control, as envisaged in the shareholders’ agreements) held by our subsidiary Ansaldo STS Malaysia SDN BHD (40%) and Balfour Beatty Rail SDN BHD (60%) entered the scope of consolidation; this entity is consolidated using the proportionate method.

  • starting 1 October 2009 the merger of the Dutch subsidiary Ansaldo Signal N.V. into Ansaldo STS SpA became effective;

  • in December a new company was incorporated in Brazil under the name of “Ansaldo STS Sistemas de Transporte e Sinalização Ltda.”;

  • the Chinese subsidiary “Ansaldo Railway System Technical Service (Beijing) Ltd.” Changed its company name into “Ansaldo System Trading (Beijing) Ltd.”.