(EUR 000) 31.12.2011 31.12.2010 Change
Orders 2,163,745 1,985,012 178,733
Order backlog 5,452,770 4,551,127 901,643
Revenue 1,211,944 1,283,710 (71,766)
EBIT 116,120 137,065 (20,945)
Adjusted EBIT 118,459 139,411 (20,952)
Net profit 73,056 94,908 (21,852)
Net working capital (89,031) (154,253) 65,222
Net capital employed 134,462 63,311 71,151
Net financial position (liquidity) (289,674) (318,150) 28,476
Free Operating Cash Flow 7,219 65,983 (58,764)
R.O.S. 9.6% 10.7% -1.1 p.p.
R.O.E. 18.1% 27.8% -9.7 p.p.
E.V.A. 63,243 94,162 (30,919)
Research and Development 33,900 34,827 (927)
Headcount (no.) 4,100 4,217 (117)

The year 2011 ended with net consolidated profit of EUR 73,056 thousand from EUR 94,908 thousand for the year 2010.

Revenue went from EUR 1,283,710 thousand in 2010 to EUR 1,211,944 thousand in 2011, down EUR 71,766 thousand. The change is mainly due to the Signalling Business Unit, due to the completion of the High-Speed projects in Italy and China and to the SCMT equipment of the rolling stock, as well as to the non-development of the job orders in Libya.

The Signalling Business Unit ended 2011 with revenue of EUR 728,375 thousand, including revenue from other business segments, down by EUR 113,456 thousand from the prior year (EUR 841,831 thousand).

The Transportation Solutions Business Unit ended 2011 with revenue of EUR 512,267 thousand, including revenue from other business segments, slightly up by EUR 7,819 thousand from the prior year (EUR 504,448 thousand).

A smaller number of items than in 2011 were eliminated between the two Business Units by EUR 33,871 thousand (reference should be made to sections 12 and 14 for more details).

Revenue by Business Unit at 31 December 2011 – 2010 (EUR millions)

Revenue by Business unit

 

EBIT for 2011 amounted to EUR 116,120 thousand, a decrease of EUR 20,945 thousand from 2010 (EUR 137,065 thousand). The profit margin was 9.6%, as compared with 10.7% in 2010.
More specifically:

  • Signalling ended the year with operating profit of EUR 75,079 thousand, down EUR 29,153 thousand from the prior year (EUR 104,232 thousand at 31 December 2010) substantially due to smaller production volumes generated, the failure to develop the production volumes that could be generated, and the different combination;
  • Transportation Solutions posted operating profit of EUR 55,009 thousand, an increase of EUR 8,715 thousand from EUR 46,294 thousand in the prior year, due to the different combination and profitability of the job orders carried out in the two periods at issue.

EBIT and ROS at 31 December 2011 – 2010 (EUR thousand)

Ebit and ros

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A Finmeccanica Company