Alstom meets its guidance for fiscal year 2011/12 and achieves a solid level of orders
Between 1 April 2011 and 31 March 2012, Alstom booked 21.7 billion of orders, up 14% compared to last year. As announced, the fourth quarter was particularly strong with 6.6 billion of new contracts. Sales, at 19.9 billion, showed a sequential rebound throughout the fiscal year with a marked improvement in the last quarter. Income from operations amounted to 1,406 million, corresponding to an operating margin of 7.1%, in line with guidance. The net result increased from 462 million in 2010/11 to 732 million (+58%). The free cash flow strongly recovered in the second half of 2011/12 with 341 million generated, after the 914 million outflow in the first half.At its next Annual General Meeting, Alstom will propose a dividend of 0.80 per share, a 29% increase compared to last year.
In 2011/12, the Group achieved a solid commercial performance, illustrated by a book-to-bill ratio above 1 for every quarter of the fiscal year and by a strong level of orders in the fourth quarter, the highest for the combined Power Sectors and for Transport since 2008/09. Sales gradually recovered throughout the year. Thanks to an improvement in the second semester, the operating margin reached 7.1% for the full year, in line with the guidance given in 2010. Free cash flow turned substantially positive in the second half. Looking ahead, given our positioning in our four businesses, we are expecting to maintain a sound level of orders. On this basis, sales should increase by more than 5% per year over the next three years while operating margin should gradually improve to around 8% in March 2015. In parallel, we remain focused on generating cash and we anticipate a positive free cash flow for each of the next three years, said Patrick Kron, Alstoms Chairman and Chief Executive Officer.
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NB: Patrick Kron is commenting the annual results presentation which you will find below. You can follow the slides as indicated in the video on the top left corner.
Annual results 2011/2012 - Press conference 04 May 2012
Annual Results 04 May