(EUR 000’s) 31.12.2008 31.12.2007 Change
Orders 963,569 822,328 141,241
Order backlog 1,526,383 1,389,818 136,565
Production Revenues 824,497 750,093 74,404
EBIT 96,980 86,507 10,473
Adjusted EBITA 98,615 86,507 12,108
Net Profit (Loss) 64,338 50,019 14,319
Net working capital (37,216) (68,659) 31,443
Net invested capital 54,210 11,152 43,058
Free Operating Cash Flow 36,817 42,493 (5,676)
R.O.S. 11.76% 11.53% +0.23 p.p.
Research and development 41,618 37,835 3,783
Employees (no.) 3,901 3,866 35

(The figures in this table are inclusive of transactions with other segments).

The Signalling Business Unit operates at an international level, designing and building railway and urban railway signalling components and systems worldwide mainly through four companies: the Italian company, Ansaldo Segnalamento Ferroviario SpA, with offi ces in Genoa, Naples, Turin, and Tito; the American subsidiary, Ansaldo STS USA, with branches in Pittsburgh (Pennsylvania) and Batesburg (South Carolina); Ansaldo STS France, a French company with offi ces in Paris and Riom; and the Australian company, Ansaldo STS Australia, based in Eagle Farm (Australia). The Group also has small and medium-sized companies in Germany, Sweden, Finland, Ireland, the United Kingdom, Spain, China, India, Malaysia, South Africa and Botswana. The Group also has a large number of long-standing collaboration agreements with organisations in other countries such as Korea and Brazil. Most of the Group’s work is carried out by companies headquartered in Italy, the USA, France and Australia, which together account for about 96% of the Business Unit’s revenue. The main projects in which the Business Unit is participating, or in which it has participated, either carrying them out in their entirety or doing part of the work, include:

  • the installation of computerised interlocking systems at the stations of Rome Termini, Manchester South, and the Sandbach- Winslow link (United Kingdom);
  • the building the signalling systems for the driverless metros in Copenhagen and Brescia, for the New York and Los Angeles (Green Line) subways, and the metros of Shanghai (Line 2) and Tianjin/Binhai (China);
  • the building of electrical/rail systems for the Milan Metro (Line 3) and complete signalling systems for the railways of Rawang Ipoh (Malaysia) and Hammersley Iron (Australia);
  • the design, production and installation of signalling systems on high-speed trains on French (TGV) lines, the Madrid-Lerida line in Spain, the Seoul-Taegu line in Korea, and the Qinhuangdao-Shenyang line in China; in Italy, the Group is currently participating in the design, production and installation of the Milan-Bologna and Turin-Novara high-speed sections, supplying signalling systems via the Saturno Consortium.

The orders acquired in relation to the Signalling Business Unit at 31 December 2008 came to EUR 963,569 thousand, and refl ect an increase year on year of EUR 141,241 thousand (17.18%), most of which is attributable to the companies in the Asia Pacifi c are and the Italian subsidiary, Ansaldo Segnalamento Ferroviario SpA.

The following table summarises the principal orders acquired by the Signalling Business Unit:

Country Project Customer Value
(EUR mln)
Turkey Bogazkopru-Ulukisla-Yenice and Mersin-Toprakkale TCDD 126.0
Turkey Metro Ankara Ankara Municipality 107.0
China ERTMS On Board & Wayside on Zhengxi line MoR 48.3
England Cambrian Line Phase 2/3 Network Rail 44.3
France Total component/ Service & Maintenance Vari 41.2
USA Total component/ Service & Maintenance Vari 39.8
Italy Total component/ Service & Maintenance Vari 39.0
Sweden ERTMS Lev 2 ("ESTER") BV 26.2
France On Board Bi - Standard Equipment SNCF 25.5
France HSL Rhin / Rhone (SEI - DBC) RFF 23.0
Italy ATC On Board 6° Application Contract Trenitalia 21.1
Tunisia Electrification and Signalling Banlieue sud de Tunis SNCFT 18.2
Australia Various ARTC Small Projects (n.8 orders) ARTC 17.9
China Shanghai Line 2 East Extension Shentong 16.4
Brazil CPTM Lines A & F CPTM 15.3
Australia Mesa A Signal Construction Robes River Mining 14.3
Italy ACC Rho RFI 14.0
Australia Various Rio Tinto Projects (N.5 orders) Rio Tinto 14.0
Australia ATMS Phase 2 ARTC 14.0
Italy ACC Pisa RFI 13.5
Australia Brockman 4 Construction Hamersley Iron 12.5
Italy HSL MI - BO CEPAV 1 12.3
France Various Vital Relays (components) SNCF / RATP 12.2
China Chengdu Line 1 INSIGMA 10.7
China Shenyang Line 2 INSIGMA 9.5
Australia Goonyella - Broadlea Wotonga Implementation Q R 9.3
Australia ICSS Fitout - 30 Locomotives Hamersley Iron 9.1
Australia Clearsway 3 Kingsgrove to Revensby TIDC 9.1
Canada South Yonge Resignalling TTC 8.4
France Maintenance RATP RATP 6.3
Australia Goonyella - Coppabella Yard Q R 4.7
Sweden ATP On Board (Sweden) Skanetrafiken 4.0

The order backlog of the Signalling Business Unit at 31 December 2008 came to EUR 1,526,383 thousand (inclusive of the relationships with the Transport Systems Business Unit). A total of 56.23% of the order backlog regards the Italian subsidiary, Ansaldo Segnalamento Ferroviario, and is principally made up of projects in relation to the onboard and wayside SCMT, automatic control systems (ACS), high-speed rail lines, signalling connection control (SCC), metro systems and maintenance/service.

Production Revenues at 31 December 2008 in relation to the Signalling Business Unit amounted to EUR 824,497 thousand and refl ect an increase of EUR 74,404 thousand (9.92%) with respect to the prior year.

The most significant production activities for the year of 2008 are summarised below: