Annual Report 2009 UK - Bonfiglioli

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30 power control green solutions The recovery in the USA is already creating jobs. The number of employed workers rose in March, the first statistically meaningful rise since November 2007. Industrial production has risen to the highest level since December 2008 (+0.1% in March) and the rise in orders anticipates further increases. The housing market is again giving positive signals. The Federal Reserve has confirmed the objective interval for interest rates between 0.0 and 0.25 percent, reaffirming its intention to maintain a highly expansive stance for a long period of time. For the US economy the IMF estimates forecast a growth in the GDP of 3.1% for 2010 and 2.6% in 2011. Cyclical indicators are showing signs of an improvement in the first part of the year for Japan and the United Kingdom. The forecasts have been revised upward with GDP growth in 2010 of 1.3% and 1.9% respectively. Growth forecasts for emerging economies have been revised upward. In the most recent IMF valua- tions China and India should record expansion rates in 2010 of 10% and 8.8% respectively, while Brazil and Russia should record a growth of 5.5% and 4.0%. In the first quarter of 2010 economic activity in the Euro area has continued to draw support from the recovery of international trade, and has benefited from the depreciation of the single currency. In the first months of the year the index of industrial production in the area grew by 2.4% in cyclical terms. IMF forecasts indicate a 1% growth in the area for 2010 which should increase to 1.5% in 2011%. As regards Italy, in January of this year Italian exports showed stronger signs of recovery. According to IMF forecasts, Italy should see a growth of 1.5% in 2010 and 1.8% in 2011. Area of consolidation The area of consolidation as at 31 st December 2009 covers a total of nineteen subsidiaries, including: • five manufacturing companies (located in Italy, India, Germany, Slovakia, and Vietnam), which produce the various products in Bonfiglioli’s extensive range. • thirteen sales subsidiaries that manage promotion, sales, pre- and after-sales assistance, logistics and customisation, and final assembly of the Group’s products, together with “Bonfiglioli Power Transmission Pty Ltd” that has a 75% majority holding in the South African subsidiary The only associated company of Bonfiglioli Group is a commercial branch that has been operating on the Spanish market for 40 years, Tecnotrans Bonfiglioli S.A., in which the Group holds a 33.33% stake. With reference to the changes during the corporate year, we point out the incorporation of the 2009 Annual Report
company Bonfiglioli Österreich GmbH, fully controlled by Bonfiglioli Deutschland GmbH. At 31 st De- cember 2009 the company was still not operational. Management Report 31 Annual Report 2009
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