ALSTOM Financial Analysis Report

Financial Analysis Report

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ALSTOM SA

EUR 35.12, ‘BUY’

ALSTOM SA as an MNC has been doing good

business specially in the Transport sector as

compared to Grid and Power but has until recently

been a part of the Merger and Acquisition with

General Electric where GE has paid 13 Billion

Euros to acquire Power & Grid business of

ALSTOM SA and ALSTOM SA acquired the

Transport business of GE within that same deal.

The following describes the key figures for

ALSTOM SA:

4% organic growth in sales

Resilience in profitability with IFO at 7%

Positive FCF in H2 after significant outflow

in H1

Cost saving performance plan “d2e” on

track

Balance sheet reinforcing

o Steam auxiliary components to be

sold for an EV of around €730

million

o No dividend to be proposed at the

AGM

Strategic reorientation

o Proposed acquisition of Alstom

Energy activities for €12.35 billion

of Equity Value

THERE IS SILENCE BEFORE EVERY STORM!


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Table of Contents

1. Company Description.......................................................................................................................... 3

1.1 Group Overview ............................................................................................................................. 3

1.2 Main Activities ................................................................................................................................ 4

1.3 Subsidiaries-Participation ............................................................................................................... 5

2. Sector Overview .................................................................................................................................. 5

3. Forecasts ........................................................................................................................................... 10

4. Valuation ............................................................................................................................................ 10

4.1 DCF-based Valuation ................................................................................................................... 10

4.2 Comparable Valuation .................................................................................................................. 10

4.3 Combined Valuation Analysis ....................................................................................................... 10

5. S.W.O.T. Analysis .............................................................................................................................. 10

6. Company Fundamentals ................................................................................................................... 16

7. Financial Statements ......................................................................................................................... 18

8. Stock Information .............................................................................................................................. 21

8.1 Ownership Structure ..................................................................................................................... 21

8.2 Share Price Performance ............................................................................................................. 23

9 References ......................................................................................................................................... 24

Prepared by: Team 1

Deepak Shivdutt KANDPAL

Rauf HUSEYNZADE

Sridhar IYER


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1. Company Description

1.1 Group Overview

Alstom (“the Group”) serves the power generation and transmission markets through its Thermal Power,

Renewable Power and Grid Sectors, and the rail transport market through its Transport Sector. The Group

designs, supplies, and services a complete range of technologically-advanced products and systems for its

customers, and possesses a unique expertise in systems integration and through life maintenance and

services.

The operational activities of the Group are organised in four Sectors:

Thermal Power:

Thermal Power offers a comprehensive range of power generation solutions using gas or coal

from integrated power plants and all types of turbines, generators, boilers, emission control

systems to a full range of services including plant modernisation, maintenance and operational

support. The Sector also supplies conventional islands for nuclear power plants.

Renewable Power:

Renewable Power offers EPC solutions, turbines and generators, control equipment and

maintenance for Hydro power and Wind power activities. The Sector also includes geothermal

and solar thermal businesses.

Grid:

The Grid Sector designs and manufactures equipment and engineered turnkey solutions to

manage power grids and transmit electricity from the power plant to the large end-users, be it

distribution utilities or industrial process or production facilities.

Transport:

The Transport Sector serves the urban transit, regional/intercity passenger travel markets and

freight markets all over the world with rail transport products, systems and services.

Key Figures

In € million Company Performance

Parameters March,

2011

March,

2012 Variation

March,

2012

March,

2013 Variation

March,

2013

March,

2014 Variation

Orders

Book-to-bill

ratio

19,054 21,706

+14%

21,706 23,770

+10%

23,770 21,498

-10% 0.91% 1.09% 1.09% 1.17% 1.17% 1.06%

Backlog 46,816 49,269 +5% 49,269 52,875 +7% 52,875 51,458 -3%

Sales 20,923 19,934 -5% 19,934 20,269 +2% 20,269 20,269 0%

Income from

operations

1,570 1,406 -10%

1,406 1,463 +4%

1,463 1,424 -3%

7.50% 7.10% 7.10% 7.20% 7.20% 7.00%


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Operating

margin

Net income 462 732 +58% 732 802 +10% 768 556 -28%

Free cash flow -516 -573 - -532 408 - 408 -171 -

1.2 Main Activities

During fiscal year 2013/14, Alstom’s order intake decreased by 6% on an organic basis at €21.5

billion. Thermal Power’s orders went down by 2% on an organic basis, at €9.0 billion. Despite tough

market conditions, the Sector booked 11 gas turbines in Iraq, Germany and Chile as well as several

service contracts for gas-fired power plants in the United States of America and in the United

Kingdom. In the Steam business, major contracts were awarded in Poland, Saudi Arabia and India.

Renewable Power achieved a strong commercial performance, as the Sector’s orders received rose

by 40% on a comparable basis at €2.6 billion, with large orders of wind turbines for Brazil and

Mexico and a rebound of Hydro bookings with orders in India, Brazil, Albania and Canada. Grid

recorded €3.5 billion of orders, 26% below last year on an organic basis, when two large High

Voltage Direct Current (HVDC) contracts had been awarded in Germany and in India. With a major

contract in Saudi Arabia for three metro lines and several other important orders booked in France

and in Canada, Transport’s order intake reached €6.4 billion, a sustained level although in decrease

of 9% on an organic basis compared to last year. The Sector had commercial successes in

emerging countries with several contracts signed in Brazil, Chile and Argentina.

ALSTOM is the leading MNC

in the field of Transport, Grid

& Power…


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1.3 Subsidiaries-Participation

2. Sector Overview

According to a shareholding study carried out

in March 2014 to monitor the development of

its capital structure, Alstom has

approximately 250,000 shareholders.


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BY GEOGRAPHY

By geography, France still represents the bulk with the presence of Bouygues, the individual shareholders and a large number of French institutions. It is followed by Europe, accounting for 25% with 7% for UK and Ireland. American investors represent close to 20%, with the rest of the World (mainly Asia & Middle East) at 3%.

19 December 2014 Extraordinary Shareholders' Meeting

Alstom's Extraordinary Shareholders' Meeting will be held on 19 December at 10.30 CET at the

Méridien-Etoile hotel, 81 boulevard Gouvion saint-Cyr, 75017 Paris, France.

You will find on this page the information, as it becomes available, relating to this General Meeting,

including those pertaining to your participation in this Meeting and/or vote by mail, proxy or

electronically.

58%23%

10%

9%

FRANCE

NORTH AMERICA

UK&IRELAND

REST OF WORLD


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Should registered shareholders wish to receive their notice of meeting in electronic format they

should log on the BNP Paribas Securities Services’ dedicated

website, https://planetshares.bnpparibas.com, before 14 November 2014. They may also, as the

case may be, vote online at the same address.

The VOTACCESS platform, to vote online, will be opened for this General Meeting from

1st December to 18thDecember 15.00 (CET). Only bearer shareholders whose financial intermediary

are connected to the VOTACCESS system and provide this service can have access to it.

Participating to the Shareholders’ Meeting

1. Conditions for participating

Each shareholder, irrespective of the number of shares held, may participate to the Shareholders’

Meeting by either attending it in person, or authorising another shareholder or his/her spouse or the

partner to whom the shareholder is bound by a Civil Solidarity Pact to represent him/her at the

Meeting. The shareholder may also authorise any other individual or legal entity selected by him/her

to represent him/her at the Meeting (Article L. 225-106 of the French Commercial Code) or vote by

mail. However, the only shareholders entitled to participate in the Meeting are those who have

demonstrated that they hold shares in accordance with Article R. 225-85 of the French Commercial

Code as follows:

For holders of registered shares (meaning that the shares are registered in the shareholder’s name

in the shares register maintained by BNP Paribas Securities Services for the account of ALSTOM),

their shares must be registered in ALSTOM’s shares register, at the latest the third business day

preceding the Meeting at midnight, i.e. 16 December 2014 at midnight (Paris time).

For holders of bearer shares, their shares must be registered in the accounts held by the authorised

financial intermediary (“intermédiaire financier habilité”) maintaining their shares account, at the

latest the third business day preceding the Meeting at midnight, i.e. 16 December 2014 at midnight

(Paris time).

This registration is evidenced by a statement of participation (“attestation de participation”) provided

by the financial intermediary.

2. To attend the Shareholders’ Meeting in person

To attend in person, shareholders should apply for an attendance card (“carte d’admission”) as

early as possible to receive it in due time:

Requesting an attendance card by post

https://planetshares.bnpparibas.com/


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Holders of registered shares should cross the box A of the voting form enabling to vote by mail or by

proxy which is sent to them together with the printed Notice of Meeting. They should send this form

back, duly signed and dated, to BNP Paribas Securities Services (CTS – Service Assemblées –

Grands Moulins - (Paris time).

Holders of bearer shares should either cross the box A of the voting form and send it, duly signed

and dated, to their financial intermediary, or request their financial intermediary an attendance card.

The financial intermediary shall provide evidence of the shareholder’s status directly to BNP Paribas

Securities Services, by producing a statement of participation (“attestation de participation”). If a

holder of bearer shares has not received an attendance card in due time, he/she should request to

his/her financial intermediary a statement of participation that will evidence its status as shareholder

at the reception desk of the Meeting.

The attendance card will be sent by post.

3. Becoming a Shareholder

Different shareholding options

There are 3 different ways that Alstom shares can be held:

Direct Registered Share Accounts:

- The shares are registered with the Company and managed by BNP Paribas Securities Services

which acts as Alstom’s registrar.

- You are known to Alstom by name.

Advantages of holding Direct Registered Shares:

You receive regular information about the Company via the Shareholders’ Letter. You will automatically receive notices and preparatory documents for the Shareholders’

Annual General Meetings. To participate in Shareholders’ Annual General Meetings, you do not have to provide

evidence of ownership of the shares. If you register the shares directly with the Company (as opposed to with your financial

intermediary) there are no custodial or administration charges. There is no minimum holding required to open a registered securities account.

Registered Share Accounts:

The shares are registered with the Company but held by a financial intermediary. You are known to Alstom by name. If the shareholder wants to sell their securities, they must have them reconverted to bearer

shares.

Bearer Shares:


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The shares are registered in an account with a financial intermediary of the shareholder’s choice.

Alstom does not know the name of the shareholder.

Please find below information concerning the difference between registered and bearer

shares.

If you would like to transfer your shares to the Alstom registrar, managed by BNP Paribas Securities

Services, please fill in the form on the right and return it to your financial intermediary. You can also

find there other forms that you may need if you are a registered shareholder.

Direct registered share

Registered share Bearer share

Account manager

BNP Paribas appointed by Alstom to act as your share registration agent

Your financial intermediary

Buy and sell order

Through our shareholder service 0 800 50 90 51

Through your financial intermediary: time scales can be required to transform registered share into bearer share before sale

Through your financial intermediary

Management fees

No handling or management fees

Fixed by your financial intermediary

Bank Commision

7,62 EUR + TVA Fixed by your financial intermediary

Brokerage fees

0,3% of the gross amount of the transaction with a minimum of €6.10 without VAT

Billed by your financial intermediary. A percentage of the transaction amount is generally deducted with a minimum

amount

Information and documentation

You are informed directly by Alstom. You receive notice of meeting, shareholder letter,

etc.

Alstom. You receive notice of meeting, shareholder letter, etc. Information and documentation are available on request. Documents, such as notice of meeting, are provided by your financial intermediary on request.

Types of Stock Market Orders

If you would like to know more about the different types of stock market orders that can take

place on NYSE Euronext European cash markets, please consult the link on the right of the

page.


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In order to be processed, all orders must include the following information:

the name of the share to be traded - ALSTOM the ISIN code of the shares to be traded – FR0010220475 the type of transaction (buy or sell) the quantity of shares the shareholders’ account number the order validity date

3. Forecasts

Because of the merger and acquisition with General Electric (GE), US based company, ALSTOM

SA has the required capital of 13 Billion Euros to fund its future Cash Flows in terms of investment

in the Transport Sector which it has retained and acquired from GE.

4. Valuation

4.1 DCF-based Valuation

ALSTOM SA has 10 Billion Euros as initial Cash Flow which will be evenly distributed over the next

4 years i.e. 2.5 Billion Euros using the Payback Period method to calculate the Present Value of the

Discounted Cash Flows for each year.

(in € million) 2015 2016 2017 2018

Discounted Cash Flows 25000 25000 25000 25000

4.2 Comparable Valuation

Please refer the Company Fundamentals section to see the comparison with its competitors.

4.3 Combined Valuation Analysis

Not applicable as ALSTOM SA has sold the Power and Grid sectors together with Administration

and IT to General Electric.

5. S.W.O.T. Analysis

Alstom is engaged in designing and manufacturing products and systems for the transport

infrastructure, power generation and transmission industries. The company enjoys market-leading

position across product portfolio. A market-leading position across product portfolio helps the group


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deliver sustainable growth, which in turn provides significant competitive advantage. However,

intense competition across all business segments could force Alstom to reduce prices, which could

affect the bargaining power of the group and strain its margins. (Anon 2014, p.4)

Strengths Weaknesses

Market-leading position across product portfolio helps to deliver sustainable growth Integrated offerings and comprehensive product portfolio creates additional value to customers Worldwide presence enhances the global competitiveness and customer retention capability

Alleged anti-competitive activities create negative impact on the reputation Weak financial health could increase debt Obligations

Opportunities Threats

Positive outlook for renewable markets could provide significant boost to geographic expansion Ageing of power plants could increase the market presence in world power plant service sector

Intense competition could affect the bargaining power Failure to comply with regulations would affect the overall business

Strengths

Market-leading position across product portfolio helps to deliver sustainable growth

Alstom enjoys market-leading position across product portfolio. The group is one of the world's

leading suppliers of steam turbine generators to the nuclear power plants market. Presently, around

40% of the world's operating nuclear power stations use Alstom made equipment. In addition to

steam turbine, the group is one of the world's leading specialists in custom-built large centrifugal

pumps, with over 6,000 large pumps installed in more than 70 countries. Alstom also has the largest

installed base, with approximately 30% of boilers installed worldwide using Alstom technology,

totalling around 850 Giga-Watts (GW). At present, Alstom's fleet represents more than 20% of the

world's installed steam turbine capacity.

Furthermore, Alstom Hydro is one of the worldwide market leaders for hydropower solutions and

services, with around 25% of the global hydropower installed capacity. The group also enjoys key

market share in delivery of air quality control systems for power generation and many other

industrial applications. Additionally, Alstom Grid is one of the world's leading global providers of

large engineered turnkey transmission and industrial power supply projects, such as high voltage

alternative current (HVAC) substations, specialized power electronics-based energy supplies (high

voltage direct current known as HVDC) and grid interconnection solutions.

Hence, market-leading position across product portfolio helps the group deliver sustainable growth,

which in turn provides significant competitive advantage.

Integrated offerings and comprehensive product portfolio creates additional value to customers


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Alstom enhances its competitive positioning in marketplace through its robust capability across the

entire product-services continuum. The group is recognized for its project management

competence. Alstom offers a single point-of-contact to coordinate and interact with all related parties

(consulting engineering, civil engineering, etc.) and can act as the consortium leader for major

projects, taking full responsibility for the project and its optimization. As an engineering,

procurement and construction (EPC) provider, Alstom has a unique perspective for the optimization

of the full hydro mechanical and electro mechanical lots as an integrated system.

Alstom provides a full range of auxiliaries for both power generation plants as well for other

industrial applications, like petrochemical, chemical and the metallurgical area. The group also

offers a comprehensive portfolio of steam turbines for all fossil-fired power plant applications, with

outputs up to 1,200 MW.

Under thermal power segment, the group's core competencies cover all phases of implementation

of the power conversion systems, starting from turbine island basic and detail design, including

general layout, civil work interfaces studies, supply of mechanical and electrical equipment, as well

as instrumentation and control systems, project documentation and training, erection up to

commissioning and performance testing.

Furthermore, Alstom also addresses all segments of passenger rail transport worldwide from

tramways to very high-speed trains with customized solutions configured from standard platforms.

The group serves the freight-by-rail segment with locomotives, rail control systems and parts as well

as maintenance support. For renewable energy market, Alstom offers integrated wind farm

solutions, covering site development activities, system or key component design and manufacturing,

assembly, installation and services.

Therefore, integrated offerings and comprehensive product portfolio aids the group in enhancing

resource efficiency that further supports the group in creating additional value for customers.

Worldwide presence enhances the global competitiveness and customer retention capability

Alstom operates through worldwide manufacturing and service base. The group's thermal power

business operates a robust network of over 200 locations in 70 countries and over 30 centres of

technical expertise.

In addition, with more than 30 centres of technical expertise, 30 dedicated service factories,

reconditioning centres, service workshops and mobile workshops, Alstom has one of the largest

organizations in the industry dedicated to servicing the installed base. Alstom's footprint and broad

industry expertise enable it to support customers with strong technology and product portfolio, local

service and engineering capabilities and quick access to expertise centres.

Furthermore, Alstom Grid is active on all continents, with over 90 manufacturing or engineering sites

worldwide. This international manufacturing base, located close to the customers, enables solutions

to be adapted to the customers' specific requirements and needs. Currently, with 50 local service

centres and 16 technical institutes in over 30 countries, Alstom Grid continues to expand its


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services activities and implementation in China, India, Indonesia, the US, Russia, Saudi Arabia,

Morocco and Algeria.

Hence, such worldwide presence assists the group in localization of its products and services, which

in turn enhances its global competitiveness and customer retention capability.

Weaknesses

Alleged anti-competitive activities create negative impact on the reputation

Alstom is subject to procedures for alleged anti-competitive practices. In France, some of the

Alstom's subsidiaries are subject to certain legal proceedings, mostly contract related disputes.

Presently, the group is subject to procedures for alleged anti-competitive practices from European

Commission. In relation to this, the European Commission levied a fine of E58.5 million

(approximately $75.3 million) against the group in 2011, for the group's involvement in anti-

competitive practices in the gas insulated switchgears market, which was served by the group's

former transmission and distribution business and later divested in 2004. Furthermore, in recent

years, two other similar civil actions have been started before national jurisdictions against the

group for a global amount of E24 million ($30.9 million).

Hence, any adverse development of these investigations and procedures, including civil lawsuits,

may have a material adverse impact on the group's reputation, as well as on its results and financial

position due notably to the significant amount of fines that can be issued in this area.

Weak financial health could increase debt obligations

Alstom currently faces risk related to increasing debt burden and relatively weak financial and

operational performance. The group's non-current borrowings increased from E3,863 million

($4,976.3 million) in FY2012 to E4,197 million ($5,406.6 million) in FY2013.Therefore, the non-

current liabilities have also increased from E6,737 million ($8,678.6 million) to E7,236 million

($9,231.4 million) in FY2013. Due to the sustained weak financial and operational health of the

group, the credit rating agency Standard & Poor revised its outlook from stable to negative for

Alstom in May 2013.

Hence, consistent increase in the non-current borrowings could restrict the availability and/or

increase the cost of future financing for Alstom. In addition, it could also lead to the diversion of its

cash flows from operations to service increasing debt obligations.

Opportunities

Positive outlook for renewable markets could provide significant boost to geographic expansion

Due to climate change concerns across the globe, a number of countries have announced targets

for domestic greenhouse gas emissions (GHG) reduction, which provides significant boost to

activities related to power generation sourced from renewable energy. Against this backdrop, the

International Energy Agency (IEA) predicts that global renewable generation will reach 25% of the

total power generated by 2018, an increase from 20% in 2011. Renewables are driven primarily by


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the rapid growth in wind and solar photovoltaic (PV), and are predicted to become the world's

second most important source of electricity aside from coal by 2016.

By 2020, the US is aiming for a total installed cost of $1/W for utility scale PV, $1.25/W for

commercial-scale, and $1.50/W for residential installation prices. Similarly, Australia being a part of

the global solar boom has added around 3 GW of capacity or around 1.2 million systems by the end

of 2013.

Hence, with strong global presence and references, a broad portfolio of existing and under

development renewable energy technologies, the group is expected to benefit from the positive

outlook for renewable market which in turn could provide significant boost to its geographic and

operational expansion strategy especially in developed and emerging markets.

Ageing of power plants could increase the market presence in world power plant service sector

The ageing installed base along with stricter environmental regulations and increased fuel prices is

expected to lead to a higher demand for retrofit and modernization solutions. In recent years,

demand for maintenance and refurbishment has been strengthened by a general trend among

power producers to seek increased performance, lower operating costs and extended lifetimes of

their existing plants. This increase in demand to upgrade and retrofit facilities could benefit power

plant manufacturers such as Alstom.

The growing number of old plants reaching retirement age will continue to drive the market for

servicing and retrofit as utilities strive to replace components to maintain current levels of installed

capacity, or take the opportunity to increase the capacity of power plants to simultaneously address

rising power demand. Hence, as one of the leading providers of retrofit and other services in the

world, the group is well positioned to leverage its strong expertise as well as global operational

presence to cater to the growing demand for retrofitting and other solutions. This could enable

Alstom to further increase its market presence in world power plant service sector.

Threats

Intense competition could affect the bargaining power

Alstom faces intense competition across all its market segments, both from large international

competitors and local players. The group competes with competitors having comparatively larger

volumes of business and greater financial resources or businesses that are focused on a particular

business segment as that of the group. In turnkey fossil plants, Alstom competes with Siemens,

Mitsubishi Heavy Industries, Ansaldo, Hyundai, Doosan, several Chinese EPCs as Sepco III and

BHEL in India. In gas turbines, Alstom faces competition from three major global groups: General

Electric, Siemens, and Mitsubishi Heavy Industries. In steam turbines sector, Alstom competes with

General Electric, Siemens, Mitsubishi Heavy Industries, and Toshiba, as well as emerging regional

players, such as Shanghai Electric, Harbin Dongan Auto Engine, and Dongfang Electric from China

and BHEL in India.

In emissions control systems for electrical power producers, the main competitors are Babcock &

Wilcox, Siemens-Wheelabrator, Babcock, Hitachi, BPI, Doosan, BHEL in India, Chinese suppliers in


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China. In hydroelectric power generation, the main competitors included Voith-Siemens, Andritz

Hydro, as well as Harbin Dongan Auto Engine, Dongfang Electric, and BHEL. In the wind energy

sector, Alstom competes with Vestas, Gamesa, Siemens, General Electric, and Enercon. In power

plant control systems, the main competitors are ABB, Siemens, Emerson Electric, Yokogawa

Electric, and Invensys. In addition, Alstom's main competitors in the field of rail transportation are

Bombardier and Siemens.

Thus, intense competition across all business segments could force Alstom to reduce prices, which

could affect the bargaining power of the group and strain its margins.

Failure to comply with regulations would affect the overall business

In recent years, country-specific regulations are creating uncertainty for the thermal power market.

For instance, Germany decided to abandon nuclear power, following the catastrophic accident at

the Fukushima nuclear plant in Japan. This could diminish the demand for nuclear power plant

related businesses of the group. Moreover, the group's operations are subject to various

environmental laws and regulations in each of the jurisdictions in which it operates. These laws and

regulations impose increasingly stringent environmental protection standards on the group

regarding air emissions, wastewater discharges, the use and handling of hazardous waste or

materials, waste disposal practices, and the remediation of environmental contamination.

These standards expose Alstom to the risk of substantial environmental costs and liabilities,

including in relation with divested assets and past activities. In most of the jurisdictions in which the

group operates, its industrial activities are subject to obtaining permits, licenses, and authorizations.

The group's facilities must comply with these regulations and are subject to regular administrative

inspections. These regulations among others to which Alstom is subject could become more

stringent or additional regulations could be adopted in the future, which could cause the group to

incur additional compliance costs or limit its business activities. Furthermore, a failure to comply with

these regulations could result in fines or other penalties, which could adversely affect the group's

business, financial condition, and results of operations.


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6. Company Fundamentals


17


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7. Financial Statements

Statements Parameters 2011 2012 2013 2014

Consolidated P&L (IFRS) (in € million)

Sales 20923 19934 20269 20269

Income from Operations 1570 1406 1463 1424

EBIT 764 1072 1187 1008

Net Profit after Tax 490 744 818 566

Earnings per share (in €) 1.57 2.49 2.66 1.8

Group Balance Sheet (IFRS)

Total non-current assets 12042 12804 13466 13167

Total current assets 17591 18243 18146 17261

Total assets 29633 31047 31612 30428

Total equity 4152 4434 5104 5109

Total non-current liabilities 6165 6737 7236 6819


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Total current liabilities 19316 19876 19272 18500

Total equity and liabilities 29633 31047 31612 30428

Cash Flows

Net Profit after Tax 490 744 818 566

Net Cash-Operating Activities 231 216 1089 639

Net Cash-Investing Activities -3,081 -912 -1118 -907

Net Cash-Financing Activities 1180 87 180 564

Net increase/(decrease) in cash and cash equivalents -1670 -609 151 296

Cash and cash equivalents at the end of the period 2701 2091 2195 2320

Net cash/(debt) at the beginning of the period 2222 -1286 -2492 -2342

Net cash/(debt) at the end of the period -1286 -2492 -2342 -3019

Source: Company data

The revenues increased from 2010 to 2011 (20923) before falling slightly in 2012 (19934) after

which it has remained constant through 2013 (20269) and 2014 (20269).

The net income decreased from 2010 to 2011 (490) and further increased in 2012 (744) followed by

slight increase in 2013 (818) and a slight fall in 2014 (566).

The net profit margin fell from ~~6 % in 2010 to ~2% in 2011, increasing in 2012 (~3.8%) and then

remaining more or less constant in 2013 followed by a fall in 2014 (~2.8%).


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The total assets increased from 2010 to 2011 (29633) and further increased to 31047 in 2012 while

in 2013 it remained more or less constant (31612) before falling slightly in 2014 (30428).

The operating net cash flow remained nearly constant from 2011 (231) and 2012 (216) while

increasing dramatically in 2013 (1089) and falling in 2014 (639).

The financial net cash flow decreased from 2011 (1180) to 2012 (87) before increasing in 2013

(180) before finally increasing further in 2014 (564).

The investment net cash flow decreased from 2011 (3081) to 2012 (912) and increased slightly in

2013 (1118) before finally decreasing in 2014 (907).


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8. Stock Information

8.1 Ownership Structure


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8.2 Share Price Performance

ALSTOM’s share price has been decreasing for the last 2 years as seen in the graph above.


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9 References

a) https://www.google.com/finance/portfolio?action=view&pid=1&ei=rJOHVIisKOSDwAP5moHIBA

b) http://www.alstom.com/microsites/group/investors/share-information/capital-structure/

c) Anon, ALO - Stock quote for Alstom SA - MSN Money. MSN. Available at: http://a.msn.com/00/en-

us/FR|SEPA|ALO [Accessed December 12, 2014].

d) Anon, 2014. ALSTOM SA SWOT Analysis. ALSTOM SWOT Analysis, pp.1–9.

10 Appendix - Data

ALSTOM Financial

Performance FY2011-14.xlsx

https://www.google.com/finance/portfolio?action=view&pid=1&ei=rJOHVIisKOSDwAP5moHIBA

http://www.alstom.com/microsites/group/investors/share-information/capital-structure/

ALSTOM Financial Analysis Report

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