Outlook for Operations

The year 2012 started with a recession scenario in Europe, the key market for the Group, and growth slowing down in other major markets such as Brazil and China. In spite of this, the Group expects revenues and results to grow in 2012 thanks – among other things – to the consolidation of Systèmes Moteurs' business throughout the year. Actually no increases in the prices of the most important raw materials are forecasted. Business operations will continue to focus on improving the flexibility of production facilities and cutting all cost factors to counter possible drops in business and revenues which cannot be foreseen at present.