Bilancio Ansaldo - Ansaldo Energia

operations in currencies other than the Euro subject to exchange risk are hedged by means of specific
forward contracts. To eliminate or minimize the credit risk, deriving in particular from work in foreign
countries, the Company adopts a policy of carefully analyzing commercial operations right from the
outset, closely examining the terms and conditions of payment to propose in offers and subsequently
in contracts of sale.
Specifically, according to the value of the contract, the type of customer and the importing country, all
the necessary precautions are taken to limit risk as regards both payment terms and the financial
instruments used, with recourse in the most complicated cases to insurance coverage or providing
assistance to help the Customer obtain supply financing.
Typical risks for your Company
Fierce competition in the reference markets in which your Company operates is reflected in risks
connected with its ability to maintain adequate levels of investment in innovative technology, in order
to ensure that the product portfolio remains competitive with that offered by the competition. So far
as the main gas turbine product is concerned, your Company has investment programmes under way
to ensure that the technical characteristics of the main models remain competitive.
The risk of a paradigm shift in technology introduced by the competition, such as to make your
Company’s products obsolete, cannot at the present time be assessed.
Uncertainty over the global economic trend in 2012 makes it impossible to have a high level of
confidence in forecasts. However, the substantial order backlog, a solid financial position and the
prospects for several negotiations currently in progress, lead us to believe that financial 2012 should
allow your Company to confirm or slightly improve on its economic results in 2011.
Finally, there were no significant events after the closure of the accounts such as to require comment
on their possible economic and financial effects.