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Alstom 2014/15 results

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Christopher English

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Samuel Miller

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  • Record high order intake (10 billion) and backlog (28 billion)
  • Operating income up c.20%
  • Strong cash flow generation in the second half

In the context of the project between Alstom and General Electric, and in compliance with IFRS 5, Thermal Power, Renewable Power and Grid activities, as well as some corporate costs, have been classified as Discontinued Operations; they are therefore not included in orders, sales, income from operations and are reported under the net income discontinued operations line.

Between 1 April 2014 and 31 March 2015, Alstom booked a record 10 billion of orders, up by more than 60% as compared to last year. The book-to-bill ratio, at 1.6, was above 1 for the fifth year in a row and was notably boosted by a 4 billion contract in South Africa. Sales, at 6.2 billion, were up 8% (7% on a like-for-like basis) over last year and income from operations amounted to 318 million, up 19%. The operating margin (after corporate costs) improved by 50bps to 5.2%, thanks to the increase in sales, the sound execution of projects, the implementation of the d2e (dedicated to excellence) performance plan and despite ramp-up costs of new platforms.

Group net income (continued and discontinued) was at (719) million, affected by a number of exceptional items, in particular the agreement with the US Department of Justice and some asset write-offs in Russia. As expected, free cash flow from continued operations (before tax and financial cash-out) was positive for the full year and Group free cash flow was substantially positive over the second half of the year and offset a large part of the cash outflow of the first half, with a full year figure of (429) million.

The backlog amounted to 28 billion, corresponding to 55 months of sales.

No dividend distribution will be proposed at the next Annual General Meeting. 

Alstom delivered a very strong commercial performance in its Transport activity during the fiscal year, booking a record level of orders. We achieved our 2014/15 targets with sales up 7% organically and the operating margin improving by 50 bps, benefiting from good execution and the strict implementation of our cost savings plan. As expected, Group free cash flow was substantially positive in the second half and free cash flow from continued operations, before tax and financial cash-out, was positive over the full year. We also confirm our medium-term guidance. The project with General Electric is moving ahead; we have already obtained anti-trust and regulatory authorisations in a number of countries and are actively working to complete this process and, thus, allow a closing in the coming months. After closing, we plan to call a Shareholders Meeting to vote on the amount of cash proceeds to be distributed to shareholders, said Patrick Kron, Alstoms Chairman and Chief Executive Officer.

Full version of the Press release below in pdf.

2015-05-06 FY 2014-15 PR.pdf


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