Alstom Q1 2018/19 Orders and Sales
-
Sound commercial momentum with
orders intake of €2.6 billion
-
Strong sales level at €2
billion, up 14% (17% organic)
-
Outlook confirmed
-
Combination with Siemens
Mobility reached new milestones
19 July 2018
- Over the first quarter of fiscal year 2018/19 (from 1 April to 30
June 2018), Alstom booked €2.6 billion of orders, compared to €1.9
billion over the same period last year. The Group's sales increased
to €2.0 billion, up 14% (17% organically) compared to €1.8 billion
over the first quarter of 2017/18.
At €35.5
billion on 30 June 2018 and including around 30% of Services, the
current backlog provides strong visibility on future
sales.
Key
figures
Actual figures
(in € million) |
2017/18
Q1 (restated for IFRS 15) |
2018/19
Q1 |
% change
reported |
% change
organic |
|
|
|
|
|
|
Orders received |
1,909 |
2,641 |
38% |
42% |
|
Sales |
1,770 |
2,017 |
14% |
17% |
|
Geographic and
product breakdowns of reported orders and sales are provided in
Appendix 1. All figures mentioned in this release are
unaudited.
"Alstom is
starting the financial year with sound commercial momentum and a
strong sales level. In particular, we are
proud to have won the driverless light metro system for Montreal,
one of the major urban system projects this
year. The sales growth was mainly driven by remarkable progress
made within Middle East system projects. Consequently, we confirm
our outlook. Meanwhile, we are making good progress on the
combination with Siemens Mobility. Two days ago, Alstom
shareholders approved the transaction with a very large
majority," said Henri Poupart-Lafarge,
Alstom Chairman and Chief Executive Officer.
***
Detailed review
During the
first quarter of 2018/19, Alstom recorded €2,641 million of orders,
including a driverless light metro system for Montreal, additional
Citadis Dualis tram-trains in France, a long-term rolling stock and
signalling maintenance contract for Sydney metro, a national
on-board train control system in Norway and Citadis trams for
Frankfurt.
Sales, at
€2,017 million, were up 14% (17% organically) in the first quarter
2018/19, compared to the same period last year. Sales were
mainly fuelled by system projects in the
Middle East, PRASA project in South Africa and regional trains
deliveries in Italy.
Main events
Alstom, previously owning 33% of
TMH, reinforced its investment in Russia by reaching a 20% stake in
the combined entity that TMH created with Locotech, another Russian
company operating in the services activity. The deal represented an
investment of €115 million and was completed on 29 June 2018.
Alstom positioned itself as a
leader in the global transition to sustainable mobility. The
hydrogen train Coradia iLint won the GreenTec Mobility Award,
Alstom launched the Transport Decarbonisation Alliance, and
hydrogen claimed its place as one of the most promising drivers of
the energy transition - all in a quarter leading up to the
world-first homologation of Alstom's hydrogen passenger train in
Germany.
Outlook
confirmed
The Alstom outlook is provided at
constant perimeter and exchange rates. It is set in accordance with
the new IFRS 15 norm, which is the new applicable standard for
revenue recognition.
For the fiscal year 2018/19, sales
are expected to reach around €8 billion and adjusted EBIT margin
should reach up to 7%.
In the medium term, Alstom should
continue to outperform the market growth, gradually improve
profitability, and improve cash generation, with possible
volatility over some short periods.
Creation of a global
leader in Mobility
The proposed combination of Alstom
with Siemens Mobility, including its rail traction drive business,
has reached significant milestones in the past months.
Alstom and Siemens jointly filed
the application for merger control clearance with the European
Commission on 8 June 2018.
On 13 July, Alstom and Siemens
took note of the European Commission's initiation of a Phase II
review of the proposed combination of Siemens' Mobility business
with Alstom. The opening of an in-depth review is common in the
case of business combinations of this size and nature and does not
therefore prejudge the outcome of the investigation.
On 17 July, Alstom shareholders
approved the proposed combination of Alstom with Siemens
Mobility.
The transaction is subject to
approval by relevant anti-trust authorities and closing is expected
in the first half 2019.
*
All figures
mentioned in this release are under IFRS 15 application. The
sales at 30 June 2018 are presented in comparison with the sales at
30 June 2017, restated to take account of the application of IFRS
15 on 1 April 2018.
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 €8.0 billion and booked €7.2 billion of orders in
the 2017/18 fiscal year. Headquartered in France, Alstom is present
in over 60 countries and employs 34,500 people.
www.alstom.com
Press
contacts
Christopher English - Tel. + 33 1 57 06 36 90
christopher.english@alstomgroup.com
Samuel Miller - Tel. + 33 1 57 06 67
74
samuel.miller@alstomgroup.com
Investor
relations
Selma Bekhechi - Tel. + 33 1 57 06 95 39
selma.bekhechi@alstomgroup.com
Julien Minot - Tel. + 33 1 57 06
64 84
julien.minot@alstomgroup.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 |
2017/18 |
% |
2018/19 |
% |
(in € million) |
Q1 (restated for IFRS 15) |
Contrib. |
Q1 |
Contrib. |
Europe |
607 |
32% |
830 |
31% |
Americas |
767 |
40% |
1,477 |
56% |
Asia / Pacific |
367 |
19% |
302 |
11% |
Middle East / Africa |
168 |
9% |
32 |
1% |
Orders by destination |
1,909 |
100% |
2,641 |
100% |
Actual figures |
2017/18 |
% |
2018/19 |
% |
(in € million) |
Q1 (restated for IFRS 15) |
Contrib. |
Q1 |
Contrib. |
Europe |
897 |
51% |
1,040 |
52% |
Americas |
392 |
22% |
363 |
18% |
Asia / Pacific |
226 |
13% |
230 |
11% |
Middle East / Africa |
255 |
14% |
384 |
19% |
Sales by destination |
1,770 |
100% |
2,017 |
100% |
Appendix 1b -
Product Breakdown
Actual figures |
2017/18 |
% |
2018/19 |
% |
(in € million) |
Q1 (restated for IFRS 15) |
Contrib. |
Q1 |
Contrib. |
Rolling stock |
1,037 |
54% |
453 |
17% |
Services |
401 |
21% |
966 |
37% |
Systems |
322 |
17% |
837 |
32% |
Signalling |
149 |
8% |
385 |
15% |
Orders by destination |
1,909 |
100% |
2,641 |
100% |
Actual figures |
2017/18 |
% |
2018/19 |
% |
(in € million) |
Q1 (restated for IFRS 15) |
Contrib. |
Q1 |
Contrib. |
Rolling stock |
782 |
44% |
888 |
44% |
Services |
356 |
20% |
380 |
19% |
Systems |
344 |
20% |
425 |
21% |
Signalling |
288 |
16% |
324 |
16% |
Sales by destination |
1,770 |
100% |
2,017 |
100% |
Appendix 2 -
Non-GAAP financial indicators definitions
This section presents financial indicators used by the Group 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.
Book-to-Bill
The book-to-bill ratio is the ratio of orders received to the
amount of sales traded for a specific period.
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.
|
Q1 2017/18 (restated for IFRS 15) |
|
Q1 2018/19 |
|
|
|
(in € million) |
Actual
figures |
Exchange
rate |
Scope
impact |
Comparable
Figures |
|
Actual
figures |
Scope
Impact |
Comparable
Figures |
|
% Var
Act. |
% Var
Org. |
Orders |
1,909 |
(50) |
- |
1,860 |
|
2,641 |
- |
2,641 |
|
38% |
42% |
Sales |
1,770 |
(47) |
0 |
1,723 |
|
2,017 |
- |
2,017 |
|
14% |
17% |
2018-07-19 PR Q1
2018-19_UK
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ALSTOM SA via Globenewswire
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