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Solid Q3 orders confirm positive outlook

  • 18 Jan 16

Alstom Q3 results and press conference call on first nine months’ orders & sales for FY 2015/16 (April 1st to December 12). Alstom booked €2,358 million of orders in Q3 2015/16, versus €1,615 million last year corresponding to a +46% increase. Major commercial successes included regional trains in Belgium, Pendolino trains and associated maintenance in Italy, electrification, a signaling and telecommunications project in India, locomotives in Switzerland, regional trains in Germany, extension of the metro in Panama as well as the tramway for Nice in France. Revenues increased to €1,613 million in the third quarter 2015/16, compared to €1,501 million for the same period last year. (7.4% increase). Nonetheless, Q3 organic sales growth was around 3% on a YoY basis, falling below the 5% organic annual sales growth target previously announced by Alstom Chief Executive Officer Patrick Kron. These results give the company a book-to-bill ratio of 1.46x for the quarter and 1.29x for the first nine months. In the press conference Mr. Kron stated that the GE Signaling business, acquired in November 2015, had been consolidated in the last two months' results and had generated €60m of Sales over this period (€360m on an annualised basis); this was slightly disappointing given the expected €400m increase in annual Sales. Thanks to the grid and power businesses divestment, Alstom is sitting on a substantial amount of cash, even after the $3.2 billion share buyback, the €700m acquisition of GE’s signaling business and the stake increase in Russia’s Transmashholding from 25% to 33% late last year for 54 million Euros. The company is currently net debt free, meaning that in-hand cash balances the gross debt, giving the company a window for external growth and/new share buybacks although CEO Patrick Kron did say in the press conference that external growth and share buybacks were not the first priority. The press conference was Mr. Kron's last and he took the opportunity to thank his teams for the ‘’great work they’ve done’’ during his 13-year career as CEO. He is replaced by the Alstom Transportation’s segment president, Mr. Henri Poupart-Lafarge.

A deleveraged company with a cautious growth approach

  • 05 Nov 15

Alstom reported its H1 15/16 results, governance changes and a return to shareholders. H1 15 orders reached €3.9bn (-39% yoy as H1 14 figures included the jumbo South African contract of €4bn), including about €2bn orders in Q2 15. Sales were €3.3bn, an 8% increase yoy, of which +4% organic reflecting solid performance in Europe and continued growth in Emerging markets. The operating income was €167m (+10% versus last year's €152m) and corresponding to a 5.1% operating margin, slightly higher than last year (5.0%). The net income for continued operations was €18m (below last year's level of (€29m), impacted by one-offs linked to the GE deal. The operating FCF was €-5m,impacted by the ramp-up of some projects (high WC). The outlook is maintained, for the medium term sales are expected to grow at over 5% per year organically and the operating margin within the 5-7% range. Besides the H1 results, two significant pieces of news were released by Alstom: 1/ As expected Alstom will proceed with a public share buy-back offer for €3.2bn at a price of €35, concerning a maximum of 91.5m shares, which will then be cancelled. The transaction will be submitted to the approval of a Shareholders’ Meeting on 18/12/2015, as well as a review by the AMF. The offer would be opened from 23 December 2015 to 20 January 2016 with settlement-delivery of the shares scheduled for 28 January 2016. 2/ Governance: also expected, Mr Kron has resigned from his functions of chairman and CEO which will take place after the return to shareholders, at the end of January 2016, and Mr Henri Poupart-Lafarge will then take over.