Report on Operations for 2010 and Business Environment

The year is to be considered a satisfactory one in terms of the Company’s growth, profitability, capital adequacy and financial soundness. The work done and the results achieved laid the foundations for the continuation of the Group’s favourable trend in the immediate future, despite even sharper competitive conditions and an unstable political and macroeconomic situation, above all in the emerging markets of North Africa.

Orders at 31 December 2010 and 2009 (EUR million) and the Units’ contribution

Principal orders