Alstom Q1 2017/18
orders and sales
-
Order intake of €1.9
billion
-
Sales of €1.9 billion with
organic growth at 5%
-
2020 objectives
confirmed
13 July 2017
- Over the first quarter 2017/18 (from 1
April to 30 June 2017), Alstom booked €1.9 billion of orders,
compared to €0.9 billion over the same period last year. Sales, at
€1.9 billion, were up 5% organically over the first quarter
2017/18.
At €34
billion on 30 June 2017, the backlog provides strong visibility on
future sales.
Key figures
Actual figures
(in € million) |
2016/17
Q1 |
2017/18
Q1 |
% change
reported |
% change
organic |
|
|
|
|
|
|
Orders received |
889 |
1,909 |
115% |
115% |
|
Sales |
1,747 |
1,856 |
6% |
5% |
|
Geographic and
product breakdowns of reported orders and sales are provided in
Appendix 1. All figures mentioned in this release are
unaudited.
« During this
first quarter, commercial momentum was good, with several major
awards in all regions especially in North America. Meanwhile, the
Group keeps on innovating and unveiled several breakthrough technologies for smarter mobility. Alstom
confirms its 2020 objectives. » said Henri Poupart-Lafarge,
Alstom Chairman and Chief Executive Officer.
***
Detailed
Review
During the
first quarter of 2017/18, Alstom recorded €1,909 million of orders,
including two contracts in Canada for almost 100 light rail
vehicles, a first metro system contract in Vietnam, contracts for
regional trains in Senegal and Germany, a fleet modernisation project in the USA, as well as part
of metro system contract for Manila in
Philippines.
Sales, at
€1,856 million, were up 6% (5% organically) in the first quarter
2017/18 compared to the same period last year. Sales were
mainly fuelled by deliveries of regional
trains in France and Sweden, high-speed trains in France and Italy,
progress of the Riyadh metro system in Saudi Arabia, the PRASA
project in South Africa, a maintenance contract in the United
Kingdom and the start of Dubai metro system extension in the United
Arab Emirates.
***
Main events
In April 2017, Alstom launched
several smart mobility technologies to address the evolving needs
of both operators and passengers, such as Mastria, the first
multimodal supervision solution. Alstom and Airbus also signed a
strategic cooperation agreement in the field of cybersecurity.
In June 2017, Alstom obtained ISO
37001 certification for its anti-bribery management system,
confirming its commitment to fight corruption.
***
Objectives for 2020
confirmed
By 2020 sales should grow
organically by 5% per year.
Adjusted EBIT margin should reach around 7% by 2020 driven by
volume, portfolio mix and results of operational excellence
actions.
By 2020, Alstom expects c. 100% conversion from net income into
free cash flow.
*
About
Alstom
As a promoter of sustainable mobility, Alstom
develops and markets systems, equipment and services for the
transport sector. Alstom offers a complete range of solutions (from
high-speed trains to metros, tramways and e-buses), passenger
solutions, customised services (maintenance, modernisation),
infrastructure, signalling and digital mobility solutions. Alstom
is a world leader in integrated transport systems. The company
recorded sales of €7.3 billion and booked €10.0 billion of orders
in the 2016/17 fiscal year. Headquartered in France, Alstom is
present in over 60 countries and employs 32,800
people.
www.alstom.com
Press
contacts
Christopher English - Tel. + 33 1 57 06 36 90
christopher.a.english@alstom.com
Justine Rohée - Tel. + 33 1 57 06 18
81
justine.rohee@alstom.com
Investor
relations
Selma Bekhechi - Tel. + 33 1 57 06 95 39
selma.bekhechi@alstom.com
Julien Minot - Tel. + 33 1 57 06
64 84
julien.minot@alstom.com
This press
release contains forward-looking statements which are based on
current plans and forecasts of Alstom's management. Such
forward-looking statements are relevant to the current scope of
activity and are by their nature subject to a number of important
risks and uncertainty factors (such as those described in the
documents filed by Alstom with the French AMF) that could cause
actual results to differ from the plans, objectives and
expectations expressed in such forward-looking statements. These
such forward-looking statements speak only as of the date on which
they are made, and Alstom undertakes no obligation to update or
revise any of them, whether as a result of new information, future
events or otherwise.
Appendix 1a -
Geographic Breakdown
Actual figures |
2016/17 |
% |
2017/18 |
% |
(in € million) |
Q1 |
Contrib. |
Q1 |
Contrib. |
Europe |
377 |
42% |
607 |
32% |
Americas |
278 |
31% |
767 |
40% |
Asia / Pacific |
222 |
25% |
367 |
19% |
Middle East / Africa |
12 |
1% |
168 |
9% |
Orders by destination |
889 |
100% |
1,909 |
100% |
Actual figures |
2016/17 |
% |
2017/18 |
% |
(in € million) |
Q1 |
Contrib. |
Q1 |
Contrib. |
Europe |
1,104 |
63% |
977 |
53% |
Americas |
273 |
16% |
340 |
18% |
Asia / Pacific |
165 |
9% |
211 |
11% |
Middle East / Africa |
205 |
12% |
328 |
18% |
Sales by destination |
1,747 |
100% |
1,856 |
100% |
Appendix 1b -
Product Breakdown
Actual figures |
2016/17 |
% |
2017/18 |
% |
(in € million) |
Q1 |
Contrib. |
Q1 |
Contrib. |
Rolling stock |
280 |
31% |
1,037 |
54% |
Services |
400 |
45% |
401 |
21% |
Systems |
8 |
1% |
322 |
17% |
Signalling |
201 |
23% |
149 |
8% |
Orders by destination |
889 |
100% |
1,909 |
100% |
Actual figures |
2016/17 |
% |
2017/18 |
% |
(in € million) |
Q1 |
Contrib. |
Q1 |
Contrib. |
Rolling stock |
844 |
48% |
830 |
45% |
Services |
361 |
21% |
358 |
19% |
Systems |
218 |
12% |
384 |
21% |
Signalling |
324 |
19% |
284 |
15% |
Sales by destination |
1,747 |
100% |
1,856 |
100% |
Appendix 2 -
Non-GAAP financial indicators definitions
This section presents financial indicators that are not defined by
accounting standard setters.
Orders received
A new order is recognised as an order received only when the
contract creates enforceable obligations between the Group and its
customer.
When this condition is met, the order is recognised at the contract
value.
If the contract is denominated in a currency other than the
functional currency of the reporting unit, the Group requires the
immediate elimination of currency exposure through the use of
forward currency sales. Orders are then measured using the spot
rate at inception of hedging instruments.
Order backlog
Order backlog represents sales not yet recognised on orders already
received.
Order backlog at the end of a financial year is computed as
follows:
-
order backlog at the beginning of the
year;
-
plus new orders received during the year;
-
less cancellations of orders recorded during the
year;
-
less sales recognised during the year.
The order backlog is also subject
to changes in the scope of consolidation, contract price
adjustments and foreign currency translation effects.
Adjusted EBIT
When Alstom's new organisation was implemented, adjusted EBIT
("aEBIT") became the key performance indicator to present the level
of recurring operational performance. This indicator is also
aligned with market practice and comparable to direct
competitors.
aEBIT corresponds to earning before interests, tax and net result
from equity method investments adjusted with the following
elements:
-
net restructuring expenses (including
rationalisation costs);
-
tangibles and intangibles impairment;
-
capital gains or loss/revaluation on investments
disposals or controls changes of an entity;
-
and any other non-recurring items, such as some
costs incurred to realise business combinations and amortisation of
an asset exclusively valued in the context of business combination
as well as litigation costs that have arisen outside the ordinary
course of business.
A non-recurring item is a
"one-off" exceptional item that is not supposed to be reappearing
in following years and that is significant.
Adjusted EBIT margin corresponds to Adjusted EBIT in percentage of
sales.
Free cash flow
Free cash flow is defined as net cash provided by operating
activities less capital expenditures including capitalised
development costs, net of proceeds from disposals of tangible and
intangible assets. In particular, free cash flow does not include
the proceeds from disposals of activity.
The most directly comparable financial measure to free cash flow
calculated and presented in accordance with IFRS is net cash
provided by operating activities.
Alstom uses the free cash flow both for internal analysis purposes
as well as for external communication as the Group believes it
provides accurate insight regarding the actual amount of cash
generated or used by operations.
Organic basis
Figures given on an organic basis eliminate the impact of changes
in scope of consolidation and changes resulting from the
translation of the accounts into Euro following the variation of
foreign currencies against the Euro. The Group uses figures
prepared on an organic basis both for internal analysis and for
external communication, as it believes they provide means to
analyse and explain variations from one period to another. However
these figures are not measurements of performance under IFRS.
2017-07-13 PR Alstom Q1
2017-18.pdf
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information contained therein.
Source: ALSTOM SA via Globenewswire
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