Alstom Sa · EURONEXT:ALO
Alstom Sa — H1 2009/10 Earnings Presentation
31 slides from Alstom Sa's earnings presentation, Oct 29, 2009
Slide 1: Half-Year Results Fiscal Year 2009/10
Half-Year Results Fiscal Year 2009/10 29 October 2009
Slide 2: Agenda
Agenda 1. Key events of the first half 2009/10 2. Operational review by Sector 3. Financial results 4. Conclusion P2
Slide 3: Key figures
Key figures A good operational performance in a difficult economic environment In € million Sept 2008 Sept 2009 Variation Orders received 15,401 7,134 -54% Backlog 46,879 43,787 -7% Sales 8,956 9,683 +8% Income from operations 697 828 +19% Operating margin 7.8% 8.6% Net income 527 562 +7% Free cash
Slide 4: Orders
Orders A low level of orders in H1 2009/10 In € million Evolution of orders received Orders received by country of destination in H1 2009/10 15,401 9,179 21 17% 58% 7,134 14 10 14% 4% 7% H1 2008/09 H2 2008/09 H1 2009/10 X Number of contracts above €100 million Contracts below €100 million • No large
Slide 5: Backlog & book-to-bill ratio
Backlog & book-to-bill ratio A high visibility In € billion Evolution of backlog Evolution of book-to-bill ratio 46.9 45.7 43.8 1.72 0.94 0.74 30 Sept 2008 31 March 2009 30 Sept 2009 H1 2008/09 H2 2008/09 H1 2009/10 • Backlog representing 27 months of sales • Solid customer base • No cancellation/de
Slide 6: Sales and income from operations (IFO)
Sales and income from operations (IFO) Continued sound delivery of the backlog Evolution of sales Evolution of IFO and operating margin In € million In € million +8% 9,683 8,956 +19% 828 697 8.6% 7.8% H1 2008/09 H1 2009/10 H1 2008/09 H1 2009/10 P6
Slide 7: Adaptation to the new economic environment
Adaptation to the new economic environment Cost control and flexibility Breakdown of headcount at 30 Sept 2009 Evolution of selling and administrative 81,500 79,500 expenses in % of sales 7.4% Permanent employees 6.9% Fixed term contracts 11,500 10,000 March 2009 Sept 2009 H1 2008/09 H1 2009/10 Evol
Slide 8: Portfolio development
Portfolio development Alstom/Schneider Electric: the best partners for Areva T&D • Value creation through a joint offer – Close links between Alstom Power Generation and Areva Transmission 9 Coherent offering 9 Complementary international networks and access to utilities 9 Financial strength 9 Proje
Slide 9: Agenda
Agenda 1. Key events of the first half 2009/10 2. Operational review by Sector 3. Financial results 4. Conclusion P9
Slide 10: Power Drivers
Power Drivers Drivers in place for improved order intake Emerging markets Developed countries • Economic outlook improving and • Ageing fleet candidate for replacement renewed growth in electricity consumption even though still fragile • Trend of energy mix diversification • Insufficient reserve mar
Slide 11: Power Market
Power Market Sound medium-term demand & increasing mix diversification Power generation market in the next five years Average of 220/240 GW p.a. NAM EUROPE RUSSIA/CIS CHINA LAM INDIA MEA Wind Hydro ASIA/PACIFIC Nuclear Steam Gas Source: Alstom P 11
Slide 12: Power Positioning
Power Positioning A large portfolio of technologies and a strong global coverage ASIA/ RUSSIA/ NAM EUROPE CHINA INDIA MEA LAM PACIFIC CIS Gas Steam Strong presence Under development No presence Nuclear Hydro Wind P 12
Slide 13: Power Orders received
Power Orders received Investments in new power plants temporarily delayed Orders by Businesses Main orders of H1 2009/10 In € million Thermal Systems & Products 10,203 • Gas power plant in the UK, incl. 5xGT26 996 • Steam contracts in Germany and in India • Geothermal order in Mexico 2,607 -54% 4,73
Slide 14: Power Sales
Power Sales Strong growth of sales driven by the large backlog Sales by Businesses In € million Sales by country of destination in H1 2009/10 +10% 6,895 6,284 896 872 2,223 14% 43% 2,088 13% 3,776 3,324 5% 25% H1 2008/09 H1 2009/10 Renewables Thermal Services Thermal Systems & Products P 14
Slide 15: Power Key figures
Power Key figures In € million Sept 2008 Sept 2009 Variation Orders 10,203 4,731 -54% Backlog 26,738 24,631 -8% Sales 6,284 6,895 +10% Income from op 581 677 +17% Operating margin 9.2% 9.8% P 15
Slide 16: Power Capex and R&D
Power Capex and R&D Completion of strategic capex plans Prioritisation of R&D Evolution of capex R&D: key events of the semester +7% 134 • Inauguration of Alstom/AEP CCS site at In € million 125 Mountaineer in West Virginia (USA) on 30th October • Agreement signed with Clean Current Power Systems In
Slide 17: Transport Market and drivers
Transport Market and drivers A sound demand Large opportunities in all continents Key long term drivers Europe • Very high speed and regional Russia North America trains in France and Germany • Double-decker • Metros in Mexico, Canada and USA • Mass transit projects in the UK passenger cars • Stimul
Slide 18: Transport Positioning
Transport Positioning A worldwide leader Global reach A full range of products and services Infrastructure Services Rolling stock Signalling P 18
Slide 19: Transport Orders received
Transport Orders received Order intake level influenced by large contracts Main orders of H1 2009/10 Evolution of orders Rolling Stock In € million • Sub-urban train in Paris (France) 5,198 • Metro contracts in Sao Paulo and Brasilia (Brazil) • Tramways in Brasilia and Montpellier (France) -54% • Re
Slide 20: Transport Sales
Transport Sales A continuous ramp-up Evolution of sales Sales by country of destination in H1 2009/10 In € million +4% 2,788 2,672 68% 14% 8% 5% 5% H1 2008/09 H1 2009/10 P 20
Slide 21: Transport Key figures
Transport Key figures In € million Sept 2008 Sept 2009 Variation Orders 5,198 2,403 -54% Backlog 20,141 19,156 -5% Sales 2,672 2,788 +4% Income from op 176 195 +11% Operating margin 6.6% 7.0% P 21
Slide 22: Transport Capex and R&D
Transport Capex and R&D Selective capex and R&D programmes Evolution of capex R&D: key events of the semester In € million • AGV in Italy 52 − On-going tests -4% 50 − Certification expected in 2010 • Prima II locomotive prototype unveiled in June − Start of trials in Germany H1 2008/09 H1 2009/10 •
Slide 23: Agenda
Agenda 1. Key events of the first half 2009/10 2. Operational review by Sector 3. Financial results 4. Conclusion P 23
Slide 24: Income statement
Income statement In € million Sept 2008 Sept 2009 Variation Sales 8,956 9,683 +8% Income from operations 697 828 +19% Restructuring costs (13) (27) Capital gains & other 2 (19) EBIT 686 782 +14% Financial result 19 (12) Tax result (174) (199) Minority interest & other (4) (9) Net result 527 562 +7%
Slide 25: Free cash flow
Free cash flow In € million Sept 2008 Sept 2009 Income from operations 697 828 Change in working capital vs book-to-bill ratio Restructuring cash out (39) (38) In € million Depreciation 108 131 1.72 Capital expenditure (195) (210) R&D cap. & amort. of acq. Techno. 4 (23) +771 Pensions (46) (34) Btb:
Slide 26: Evolution of net cash & equity
Evolution of net cash & equity Net cash position Evolution of equity In € million In € million 77 1,866 12 49 2,051 (323) 562 3,099 22 (323) (46) 2,884 Net cash Free cash Dividends Capital Other Net cash 31 Mar 09 flow increase* 30 Sept 09 (*) Employee share purchase schemes and stock options Equity
Slide 27: Agenda
Agenda 1. Key events of the first half 2009/10 2. Operational review by Sector 3. Financial results 4. Conclusion P 27
Slide 28: Conclusion
Conclusion • Orders expected to rebound • Execution of backlog under control • March 2010 operating margin forecast confirmed: around 9% for the Group − Power: between 10% and 11% − Transport: between 7% and 8% • Acquisition of Areva T&D high voltage business under consideration P 28
Slide 29: Contacts & agenda
Contacts & agenda • Emmanuelle Châtelain - VP Investor Relations +33 (0)1 41 49 37 38 • Emmanuelle Douëzy - Individual Shareholders +33 (0)1 41 49 37 59 • Dymphna Hawksley - Logistics +33 (0)1 41 49 37 22 • 14/01/2010 Orders and sales for the first nine months of FY2009/10 P 29
Slide 30: Disclaimer
Disclaimer This presentation contains forward-looking statements which are based on current plans and forecasts of Alstom’s management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors (such as those described in the documents filed by
Slide 31: www.alstom.com
www.alstom.co ALSTOM