Wednesday, May 22, 2013 - 15:30

Dear shareholders,

Profit for 2012 totalled €50.7 million, compared to €53.3 million in 2011, and equity came to €344.4 million (2011: €321.9 million).

In the broader context of the global financial crisis, the company’s 2012 performance was positive and in line with forecasts. The delivery of systems in Riyadh and Genoa and of the Milan Line 5 and Brescia underground (in early 2013) represent technological successes and the achievement of targets.

Despite the serious financial and economic crisis, the company’s reference market is generally solid, with international growth rates of 2-3% p.a.. Competition between key international players has however dramatically intensified in recent years, leading to falling unit prices. The company is responding to this issue by introducing plans to contain production and operating costs.

With respect to corporate structure, in March 2012, Ansaldo STS S.p.A.’s board of directors approved the closure of the subsidiary, Ansaldo STS Sistemas de Trasporte e Sinalização Limitada, with registered office in Brazil. The decision was based on an in-depth analysis of the Brazilian market and ASTS’s position within it. The closure took effect from 23 May 2012. Any commercial opportunities arising in this country will be pursued in partnership with local operators or other legal entities of the group.