First Quarter Orders & Sales
July 18 2003 - 4:15AM
UK Regulatory
RNS Number:7049N
Alstom
18 July 2003
July 18, 2003
First Quarter Orders & Sales
(1st April - 30th June 2003)
* Orders received down 22% on a comparable basis, on record first quarter
of fiscal year 2002/03, but marked recovery (+17%) from final quarter of fiscal
year 2002/03
* Sales down 9% on a comparable basis on first quarter of fiscal year
2002/03
(in Euro million) FY 2002/03 FY 2003/ % Variation % Q4 FY02/03 vs
04
Q1 FY02/03 vs Q4 FY02/03 vs
Q1 FY03/04 Q1 FY03/04
Q1 Q2 Q3 Q4 Q1
Orders Received Actual figures 5,675 4,863 4,953 3,632 4,035 -29% 11%
Orders Received Comparable 5,173 4,450 4,597 3,457 4,035 -22% 17%
figures
Sales Actual 5,269 5,499 5,132 5,451 4,341 -18% -20%
Sales Comparable figures 4,762 5,054 4,804 5,249 4,341 -9% -17%
Commenting on the first quarter's Orders and Sales announced this morning
Patrick Kron, Chairman and Chief Executive Officer of ALSTOM, stated:
"As we signalled at our Annual General Meeting earlier this month, order intake
in the first quarter was down on the very high level achieved in the comparable
period of fiscal year 2002/03, but we are encouraged by the improvement
compared with the final quarter of last year. In particular, Power orders show a
strong recovery from the depressed level of the preceding three months.
The decrease in sales reflects, as expected, the lower order intake of last
year. "
Reported Figures (Unaudited)
Orders Received FY 2002/03 FY 2003/04 % Variation % Variation
Actual figures Q1 FY02/03 vs Q4 FY02/03 vs
(in Euro million) Q1 FY03/04 Q1 FY03/04
Q1 Q2 Q3 Q4 Q1
Power Turbo-Systems 987 381 405 48 514 -48% 971%
Power Environment 686 783 499 615 476 -31% -23%
Power Service 934 752 757 491 814 -13% 66%
T&D 1,092 976 703 961 922 -16% -4%
Transport 1,624 1,676 1,900 1,212 884 -46% -27%
Marine 19 6 110 28 105 453% 275%
Corporate and others * 333 289 579 277 320 -4% 16%
Total Group 5,675 4,863 4,953 3,632 4,035 -29% 11%
* Including Industrial turbines
Sales FY 2002/03 FY 2003/04 % Variation % Variation
Actual figures Q1 FY02/03 vs Q4 FYO2/03 vs
(in Euro million) Q1 FY03/04 Q1 FY03/04
Q1 Q2 Q3 Q4 Q1
Power Turbo-Systems 1,241 1,171 694 751 584 -53% -22%
Power Environment 715 742 749 892 624 -13% -30%
Power Service 721 629 749 579 705 -2% 22%
T&D 824 954 916 911 747 -9% -18%
Transport 1,116 1,224 1,278 1,454 1,060 -5% -27%
Marine 343 382 341 502 441 29% -12%
Corporate and others * 309 397 405 362 180 -42% -50%
Total Group 5,269 5,499 5,132 5,451 4,341 -18% -20%
* Including Industrial turbines
Orders and sales, as reported, were impacted during the first three months of
fiscal year 2003/04 by currency translation effects, particularly versus the US
dollar (impact of approximately 5% on orders and 6% on sales), and by the
disposal of our small industrial gas turbine business, on April 30, 2003.
Comparable figures below adjust the figures for these impacts.
Both reported and comparable figures include for the first time orders and sales
for the three new Power Sectors established in 2003.
Comparable Figures (Unaudited)
Orders Received FY 2002/03 FY 3003/04 % Variation % Variation
comparable figures Q1 FY02/03 vs Q4 FY02/03 vs
(in Euro million) Q1 FY03/04 Q1 FY03/04
Q1 Q2 Q3 Q4 Q1
PowerTurbo-Systems 940 363 387 57 514 -45% 802%
Power Environment 629 719 488 608 476 -24% -22%
Power Service 849 706 708 479 814 -4% 70%
T&D 975 902 684 931 922 -5% -1%
Transport 1,555 1,570 1,818 1,148 884 -43% -23%
Marine 19 6 110 28 105 453% 275%
Corporate and others * 206 184 402 206 320 55% 55%
Total Group 5,173 4,450 4,597 3,457 4,035 -22% 17%
* Including Medium-sized turbines and industrial steam turbines not already transferred to Siemens
Orders received: -22%
Trading conditions continued to be difficult in the first three months of fiscal
year 2003/04, with a weak global economy and tightening financial markets.
On a comparable basis, the order intake for the quarter declined by 22% compared
with the high level registered during Q1 2002/03.
However, it shows a marked improvement on Q4 2002/03, increasing by 17% (from
Euro3,457m to Euro4,035m) on a comparable basis, primarily due to higher orders in
Power Service and Power Turbo-Systems.
The backlog, at around Euro30 billion, is equivalent to 20 months of sales.
Sales FY 2002/03 FY 2003/04 % Variation % Variation
Comparable figures Q1 FY02/03 vs Q4 FY02/03 vs
(in Euro million) Q1 FY03/04 Q1 FY03/04
Q1 Q2 Q3 Q4 Q1
Power Turbo-Systems 1,160 1,107 669 744 584 -50% -22%
Power Environment 626 683 708 879 624 0% -29%
Power Service 643 583 702 563 705 10% 25%
T&D 745 876 890 893 747 0% -16%
Transport 1,043 1,191 1,240 1,436 1,060 2% -26%
Marine 343 382 341 502 441 29% -12%
Corporate and others* 202 232 254 232 180 -11% -22%
Total Group 4,762 5,054 4,804 5,249 4,341 -9% -17%
* Including Medium-sized gas turbines and industrial steam turbines not already transferred to Siemens
Sales: -9%
Sales for the quarter, on a comparable basis, show a decline of 9% on Q1 2002/
03. This reflects a stable performance in Transport, T&D and Power Environment,
strong sales in Power Service and Marine and a decline in Power Turbo-Systems
sales reflecting the low order intake of last year.
Geographic Breakdown
Reported Figures (Unaudited)
In Euro million Actual Orders Received Actual Sales
Q1 Q1 Q1 Q1
FY2002/03 FY2003/04 change FY2003/04 FY2003/04 change
Europe 2,860 1,957 -32% 1,918 2,036 6%
North America 1,202 648 -46% 1,390 721 -48%
Latin America 324 147 -54% 398 277 -30%
Africa/Middle East 413 707 71% 550 303 -45%
Asia/Pacific 876 576 -34% 1,013 1,003 -1%
Total 5,675 4,035 -29% 5,269 4,341 -18%
In Q1 2003/04, the geographic breakdown of orders received was broadly
equivalent to that in Q1 2002/03. Europe remains the most important market. On
an actual basis, orders decreased in this region by 32%, driven by Power
Turbo-Systems and Transport. Americas decreased in all Sectors but Power Service
due to currency translation effects and difficult market conditions. Africa/
Middle East improved significantly, notably in Power Turbo-Systems with a major
order recorded in Bahrain, and in T&D. Asia/Pacific decreased by 34% driven by
Transport, Power Service and Power Turbo-Systems. This decrease was partly
offset by an improvement of Power Environment in this region.
Sector Reviews
Power Turbo-Systems
The main order received in Q1 2003/04 is a turnkey extension of a gas power
plant in Bahrain.
On a comparable basis, this quarter was below the exceptional high level of Q1
2002/03, when several gas turnkey and steam contracts were booked, but it was
much higher than Q4 2002/03 when no major orders were registered.
The level of sales in Q1 2003/04 reflects the lower order volumes over the last
few years.
Power Environment
The main orders received in Q1 2003/04 are contracts for heat recovery in
Germany and for utility boiler in China.
Compared to Q1 2002/03, the decrease in orders was due to the postponement of
several projects in Environmental Control and a slowdown in Hydro, partly offset
by a good performance in Heat Recovery systems.
The sales registered in Q1 2003/04 remain stable versus the same period last
year.
Power Service
Major orders booked in Q1 2003/04 include two long-term gas turbine maintenance
contracts in the US and in Brazil.
Orders remain stable versus Q1 2002/03 and show a marked recovery as compared to
Q4 2002/03, which was generally slow in all regions.
The sales increase in Q1 2003/04 versus both Q1 and Q4 2002/03 reflects a good
performance in US boiler service and gas turbine service.
Transmission & Distribution (T&D)
The level of orders received in Q1 2003/04 remained globally stable versus Q1
2002/03.
This quarter was marked by the booking of an HVDC project between Sweden and
Denmark. Globally, the Transmission market continues to be sound and a number of
orders have been registered in the African/Middle-Eastern market. This offset
continuous difficult market conditions in Western Europe, notably in
Distribution products.
On a comparable basis, Q1 2003/04 sales were in line with Q1 2002/03 but below
Q4 2002/03. The decline versus Q4 reflects a low order intake in the second half
of last year and a generally slower first quarter in T&D.
Transport
The main orders received in Q1 2003/04 were Lausanne metro infrastructure,
CORADIA "Minuetto" trains for Trenitalia in Italy and metro cars for the Jubilee
Line to London Underground. While the level of orders during this quarter was
unusually low, several contracts have been secured but not yet booked, e.g.
Grenoble Tram and Barcelona Metro.
2002/03 orders included a high level of booking in North America (Euro1Bn) where we
expect orders for the current year to be very limited. Excluding North America,
we expect the 2003/04 order intake to be of the same magnitude as last year's.
Q1 2003/04 sales are in line with the same period last year.
Marine
Q1 2003/04 orders included a ferry for Seafrance.
Sales reflected the delivery of the frigate 'Hassan II' for the Royal Moroccan
Navy, the 1,000-cabin cruise-ship 'Island Princess' for P&O Princess (Carnival
group) and the 550-cabin cruise-ship 'Crystal Serenity' for the Japanese
Shipping Group NYK during the first quarter.
Outlook
We expect the 2003/04 orders and sales to be down around 5% versus last year on
a comparable basis.
- ends -
Contacts
Press enquiries: Gilles Tourvieille
(Tel. +33 1 47 55 23 15)
gilles.tourvieille@chq.alstom.com
Investor relations: Emmanuelle Chatelain
(Tel. +33 1 47 55 25 78)
investor.relations@chq.alstom.com
Internet: http://www.alstom.com
This information is provided by RNS
The company news service from the London Stock Exchange
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