We combine our experience and technological, financial and human resources to supply innovative solutions for the design and production of equipment and systems used in signalling and the automation of subway networks and conventional and high-speed railway lines. 
The solid competency already acquired (ERTMS and driverless ATC) and being consolidated (CBTC) in the sector’s strategic technologies, the Group’s special geographical distribution worldwide and the additional efforts underway to penetrate new highgrowth areas (Central and Eastern Europe and the Middle and Far East) further underline the Group’s good competitive position and enable us to look ahead with reasonable confi dence, unless there are political or macroeconomic changes which at the moment cannot be clearly foreseen. The Group’s latest strategic plan, which was announced to the fi nancial community in December 2010, is based on a forecast of further growth in orders and revenue over the next three years. This projection seems credible, fi rst, because the Group’s market is forecast to grow (at an average annual rate of 4.5% according to the most respected analysts), and secondly because the Group as a concrete chance of increasing its market share, given its specifi c business model and its competitiveness, technological edge and international market presence, as mentioned above. 
This positive outlook is tempered by the awareness of possible threats. First, competition is becoming sharper, due to market globalisation and product standardisation. To counter the effect of the consequent pressure on pricing, the Group has launched an internal and external cost reduction programme, in order to protect unitary margins in coming years.