2012 / 2013 Alstom In Fiscal Year
Alstom reached an eye-catching commercial and operational performance, and free cash flow turned positive. Alstom's 1 April 2012 and 31 March 2013 increased the amount of orders received by 10 by 23,8 to 6,6. As previously announced, the Group has reached a strong order level of 10 billion euros in the fourth trimester, with consecutive 1. for the quarter, the conversion rate of orders to sales was over 20,3. Sales of 2 billion euros showed a growth rate of XNUMX in comparison to last year.
Revenues from operations amounted to 10 million by an 7,2 margin of 1.463 with an increase of 2011 base points compared to the same period of the previous year. Compared to the 12 / 732 fiscal year, 802 increased by 10 million euros to 2012 million, up by 13. In the 408 / 5 fiscal year, the free cash flow turned into positive by reaching 0,84 million euros. In the next annual General Assembly meeting, Altstom will offer an XNUMX dividend per share with an increase of% XNUMX compared to last year.
Me The Group achieved a strong commercial performance with the rate of converting orders over 2012 into sales for each quarter of the 13 / 1 business year, me said Patrick Kron, Chairman and CEO of Alstom. In the Renewable (Renewable Energy) sector, sales increased despite low intermediate end-of-business and customers slowing down some projects in the Grid sector. In particular, due to the correct execution of contracts and cost optimization, the operating margin rose compared to the financial year. Free cash flow has turned into a positively positive figure after two years of negative figures.
Our long-term expectations based on attractive economic fundamentals continue in the same way for all of our markets. However, due to more challenging market conditions, our short-term performance is expected to be affected by lower volumes than expected. In this context, we expect sales to grow at a low level in a single digit, the operating margin to remain stable in the 2013 / 14 fiscal year, and then increase to around 8 in the next two to three years. Cash creation is still a priority. We continue to expect a positive free cash flow from year to year in this period. Biz
Strong commercial performance
The amount of orders received by Alstom increased by 2012 by 13 in the 10 / 23,8 fiscal year to 31. Commercial activity remained robust in developing countries, where around half of total orders were provided. The transport sector has been particularly successful in Europe. In 2013 March 7, ongoing works were increased by% 31 and 53 amounted to 26 billion Euros. Monthly Power (Thermal Energy) signed important contracts in its sector. In particular, the first two GT12 gas turbines have been purchased from China, the UK, Jordan, Israel and Thailand. The number of GT26 turbines has been ordered. Thanks to the high number of GT2011 turbines, the Group received the 12 / 2012 financial year in 13 / 2,8 fiscal year. 5 has increased the GW to XNUMX GW, thus nearly doubling its GW share.
The Group has also been active in the field of steam with various turbine systems sold in Saudi Arabia (Heavy Fuel), India and Egypt. Thermal Power has benefited from the strong activity in the environmental control systems as well as the renewal and service systems. Renewable Power has been active in the 2012 / 13 fiscal year, particularly in the Brazilian wind. Hydro (Hydro) has signed three major contracts in Ethiopia, Colombia and Brazil, allowing the renewable energy sector to maintain a strong market share. In the meantime, the Grid sector, as well as the usual small and medium order flow across the globe, India (800 kV and in Germany (Offshore) recorded two high-level Direct Current projects with record-level order entry.
Transport has reached its strongest commercial year since the 2009 / 10 fiscal year. Especially in Germany, Italy and Sweden, regional trains, high speed trains in Switzerland, commuter trains and subways in France and Western Europe with signaling system in the Netherlands successes were recorded. Apart from Europe, the Group has signed important contracts including subways in Brazil, light rail vehicles in Canada and a maintenance contract in Kazakhstan.
Progressively improving sales and operating income
In the 2012 / 13 fiscal year, the Group's sales amounted to 2 billion euros, a year-on-year increase of 20,3. This increase was driven by Thermal Power (% 5 increase) and Transport (% 6 increase) overcoming last year's sudden drop. In the Renewable Power sector, sales declined by 11 in the first half of the year, affected by much lower revenues in large hydro contracts in Latin America. The revenues of the Grid sector have declined by% 5 due to customers slowing down some projects, especially in India. In the 2012 / 13 fiscal year, the revenue generated from the operations amounted to Euro 1.406 million against the 1.463 million euros realized in the previous year. The operating margin of the Group increased to 10 with a base point increase of 7,2. Operating margin in the Thermal Power sector increased from 9,7 to 10,4 compared to last year, taking advantage of higher volumes and measures related to costs. The operating margin of the Renewable Power sector declined from 7,4 to 4,9, compared to the previous fiscal year, due to the low level of sales, price erosion in the wind and the negative impact of the first Brazilian wind contracts. The operating margin in the Grid sector remained stable at 6,2, thanks to the correct implementation and cost optimization, despite low volumes and low margin orders. The operating margin of the transport sector continued to improve at a rate of% 5,4 thanks to studies on volume growth and costs.
Net profit was 10 million with an increase of 802 compared to the previous year. This figure includes 137 million restructuring costs in the major Grid and Renewable Power sectors as well as a positive contribution of 68 million euros (2011 million in 12 / 32 fiscal year) provided by Transmashholding.
Free cash flow turned positive
Free cash flow, supported by effective working capital management and despite the low level of EPC contracts that affect customers' advance payments, 2012 / 13 turned into positive in 408 financial year. Compared with last year, the creation of free cash flow increased by approximately 1 billion euros.
In 1 October 2012, the Group has increased its capital increase of Euro 350 million through a rapid preliminary demand collection. 4 In October 2012, Alstom launched a new bond issue with an interest rate of 2,25 amounting to 2017 million in October 350. After taking into account the capital increase, pension adjustments and dividend payment, equity 31 2012 million 4.434 31 2013 5.104 31 million euros in the 2012 increased in the period has reached 2.492 million 31 2013 2.342 2011 million in the period showed. Compared to the 12 XNUMX XNUMX XNUMX in March XNUMX million euros. This decline stemmed mainly from the positive capital increase and the positive free cash flow and some financial investments partially offset by the dividend payment of the XNUMX / XNUMX fiscal year.
In addition to the progressive debt repayment plan, which started in September 2014, the Group's balance sheet is still safe by the end of March with a gross margin of EUR 2013 billion and the undiscounted credit limit of 2,2 billion Euros.
Increased profit share per share to be proposed at the next Annual General Meeting
The Board of Directors decided to offer a dividend of 2 EUR per share at the next Annual General Meeting to be held on 2013 July 5 with an increase of 0,84 by year. This dividend shall correspond to a fixed rate of payment of 32 of 9 and, if approved, the 2013 shall be distributed on July XNUMX.
Research & Development and Capital Expenditures for future growth
In the 2012 / 13 fiscal year, Alstom continued to invest in research & development (R & D) and capital expenditures to strengthen its presence in dynamic markets, followed by partnerships and selective corporate acquisitions policy. reached. Among a number of key developments, Thermal Power has continued to focus on gas turbines, with the aim of offering higher output, better efficiency and higher flexibility. Renewable Power has established the first 2012 MW Tidal turbine prototype in Scotland. Grid has developed the world's fastest HVDC circuit breaker. Finally, Transport has launched a light rail vehicle (the Citadis Spirit) for the North American market.
Investment expenditures were kept at a sustainable level with 505 million Euros, and four sectors were enabled to improve their capacities especially in developing markets and modernize their industrial coverage areas. Renewable Power has strengthened its marine products and technologies by purchasing Tidal Generation Ltd. (TGL), which is owned by Rolls-Royce. TGL is an important company in the design, development and production of tidal current turbines that collect and convert the energy of tidal currents in order to produce electrical energy.
Alstom strengthened its partnership by investing in US BrightSource Energy Inc., an American pioneer in concentrated solar energy technology, with a total of US $ 40. Since its first investment in 2010, Alstom has increased its participation and now has more than% 20 of capital. In September 2012, Grid signed a memorandum of understanding with Toshiba Corporation to establish cooperation on intelligent network, more specifically, systems that support the broad integration of renewable energy sources into the network.
The markets in which the Group operates show unchanging, robust long-term expectations based on attractive economic fundamentals for all target markets and Alstom confirms its strategic objectives based on profit growth and operational excellence. However, in the last twelve months, the competitive environment has continued to be challenging, while economic conditions have deteriorated further. These two fluctuations, which are reduced by measures related to cost through operational efficiency and optimization of the coverage area, should affect future short-term performance. In this context, sales are expected to grow organically in a low single household, the operating margin will remain stable in the 2013 / 14 fiscal year, and then increase to around 8 in the next two to three years. Cash creation continues to be an important focus, and free cash flow must become positive year after year.
In the meeting held on May 6, 2013, Alstom's management report and consolidated financial statements approved by the Board of Directors http://www.alstom.com Available on the website at. The accounts have been audited and approved. In accordance with the recommendations of the AFEP-MEDEF, Alstom's http://www.alstom.com Available on the website at About / Corporate Governance / Remuneration of the Executive Officer.