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Excellent results for Alstom in the first half 2017/18

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  • Sales up 5% in line with 2020 objective
  • Adjusted EBIT up 16% at 6.2% margin from 5.6% 
  • Net income up 66% at 213 million
  • Sound cash flow generation at 227 million
  • 2020 objectives confirmed

Between 1 April 2017 and 30 September 2017, Alstom booked 3.2 billion of orders. Sales, at 3.8 billion were up 5% organically. The adjusted EBIT increased to 231 million, 16% above last year, leading to an adjusted EBIT margin of 6.2%. Net income (Group share) reached 213 million. Alstom benefits from a very strong balance sheet. During the first half of fiscal year 2017/18, free cash flow amounted to 227 million. 


"These six first months were marked by the good execution of our various projects as shown by solid operational results in line with our 2020 objectives. Systems sales have strongly increased, supported by the progress of Dubai and Riyadh metros projects. The construction of South Africa and India factories continues. Our innovation capacity is highlighted by the first commercial success for the Coradia iLint, the worlds first hydrogen train. These excellent results demonstrate the success of Alstoms strategy in a growing market and represent a significant step towards our 2020 objectives. Furthermore, the combination of Alstom with Siemens railway activities brings together two innovative players in the mobility market with more unique customer value and operational potential. At this stage discussions with employee representative bodies are ongoing and the deal implementation teams are operational," said Henri Poupart-Lafarge, Alstom Chairman and Chief Executive Officer.


2020 strategy on track


Alstom 2020 strategy is based on the five following pillars:

1. Customer focused organisation

The Group booked 3,170 million orders in the first half of fiscal year 2017/18. This compares to 6,212 million over the same period last year which included several large projects such as the new generation of high-speed trains with Amtrak in the USA and the extension of Dubai Metros Red line with RTA in United Arabic Emirates.

This semester, Alstom signed contracts in all regions, including two contracts in Canada for almost 100 light rail vehicles, a first metro system contract in Vietnam, a metro system contract in Philippines, contracts for regional trains in Italy, Senegal and Germany, a maintenance contract in Sweden, as well as a fleet modernisation project in the USA.

At 32.7 billion on 30 September 2017, current backlog provides strong visibility on future sales.

2. Complete range of solutions

In the first half of fiscal year 2017/18, Alstoms total sales reached 3,756 million, up 5% (5% organically). 

Signalling, systems and services represented 57% of sales in the first half of 2017/18, in line with 2020 objective of 60%. Systems sales increased by almost 60% with progress of Riyadh and Dubai metro systems. Signalling and Services sales slightly decreased due to an adverse forex impact in the United Kingdom as well as the ramp down of some projects. Rolling stock sales remained stable at 1.6 billon with deliveries of regional and high-speed trains in Europe, the beginning of the Amtrak project in the USA, on-going execution of the PRASA project in South Africa and tramway deliveries in Algeria.

3. Value creation through innovation

Alstom sustained its level of research and development (gross costs) at 101 million, i.e. 2.7% of sales, in first half of fiscal year 2017/18. Main programmes included the renewal of rolling stock ranges, signalling, and predictive maintenance. In April 2017, Alstom launched several smart mobility technologies to address the evolving needs of both operators and passengers, such as Mastria, the first multimodal supervision solution. Alstom and Airbus also signed a strategic cooperation agreement in the field of cybersecurity. More recently, Alstom and NTL received the Innovation label at Busworld exhibition in Belgium for Aptis, their new mobility experience.

4. Operational and environmental excellence

Alstom delivered an adjusted EBIT of 231 million in first half of 2017/18, compared to 200 million the previous year, representing a 16% increase. The adjusted EBIT margin reached 6.2%, versus 5.6% for last fiscal year. This continuous improvement was driven by volume increase and on-going initiatives for operational excellence. Net income (Group share) reached 213 million.

In September 2017, Alstom improved its score in the Dow Jones Sustainability World and Europe indices with an overall score of 80 out of 100 in the DJSI ranking, which represents a two points improvement compared to previous year. Finally, in October 2017, Alstom scores B at CDPs climate change questionnaire.

5. Diverse and entrepreneurial people

To reflect Alstoms passenger base, the company has the ambition to increase diversity. Alstoms employees around the world all share the same culture, underpinned by strong integrity and ethics values. In June 2017, Alstom obtained ISO 37001 certification for its anti-bribery management system, confirming its commitment to fight corruption.

Solid balance sheet

During the first half of fiscal year 2017/18, the Group free cash flow was positive at 227 million, benefitting from impacts of the Cash Focus programme and favourable cash profile of several projects.

Alstom invested 80 million in capital expenditures in first half 2017/18, compared to 43 million the previous year. As end of September 2017, the cumulated transformation capex stood at 100 million, out of 300 million, with notably the progress in sites construction in South Africa and in India. 

Alstom net debt amounted to 101 million on 30 September 2017, compared to 208 million on 31 March 2017. Last, equity reached 3,787 million at 30 September 2017, versus 3,713 million at 31 March 2017.

Creation of a global leader in Mobility

On 26 September 2017, Siemens and Alstom signed a Memorandum of Understanding to combine Siemens mobility business including its rail traction drives business with Alstom. The transaction brings together two innovative players of the railway market with unique customer value and operational potential. The two businesses are largely complementary in terms of activities and geographies.


As per the announcement of 26 September 2017, the French State did not exercise the call options on Alstom shares held by Bouygues and restituted them on 17 October 2017. According to declaration published by the AMF (the French financial markets authority) on 25 October 2017, Bouygues holds 62,086,226 shares and 65,347,092 voting rights i.e. 28.15% of the capital and 28.95% of the voting rights of the Company. In this context, Pascal Faure has presented his resignation from his mandate as Director at Alstom. As a consequence, the Board of Directors of Alstom is now comprised of 13 Directors of which 6 women (46%) and 7 independent Directors (54%)..

Objectives for 2020 confirmed

By 2020 sales should grow organically by 5% per year.
Adjusted EBIT margin should reach around 7% by 2020 driven by volume, portfolio mix and results of operational excellence actions.
By 2020, Alstom expects c. 100% conversion from net income into free cash flow.

 The half-year financial report, as approved by the Board of Directors, in its meeting held on 13 November 2017, can be found on Alstoms website at The accounts have been reviewed by the auditors.

This press release contains forward-looking statements which are based on current plans and forecasts of Alstoms 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.

Full version of the Press release (with appendix) below in pdf.

The half-year financial report, as approved by the Board of Directors, in its meeting held on 8 November 2016, can be found on Alstoms website at The accounts have been audited and certified. 

2017-11-14 PR H1 2017-18.pdf