Alstom - Será que agora arranca ...
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UPDATE 3-Alstom narrows loss, wants to go it alone
Tue May 31, 2005 09:23 AM BST
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By Louise Knowles
PARIS, May 31 (Reuters) - French heavy engineering firm Alstom posted a narrower full-year loss on Tuesday and reiterated its target of returning to profitability in 2005/06 as a recovery plan began to bear fruit.
Almost a year after it was saved from collapse by a state-backed bailout, Alstom reported a full-year net loss of 860 million euros ($1.08 billion) for the 12 months to March 31, compared with a loss of 1.84 billion euros a year earlier.
Shares in the maker of France's TGV high-speed trains jumped as much as 7.2 percent to 0.74 euros, though the trading range was just 4 euro cents. Percentage moves are exaggerated by its status as a penny stock, having been below 1 euro for a year.
"The results we are presenting clearly demonstrate the ongoing recovery of Alstom, and show the fruits of the very extensive efforts launched over the past two years," Chairman Patrick Kron told a conference call held to discuss the results.
The maker of trains, gas turbines and cruise ships reiterated its targets for an operating margin of 6 percent and a return to profitability in 2005/06. It said it was also targeting positive free cash flow and continuing debt reduction.
Kron added that Alstom planned to further improve its operating margin by between 1 and 2 percent over the subsequent two years, arriving pat between 7 and 8 percent by March 2008.
Eleven analysts polled by Reuters had on average expected Alstom to post a net loss of 596 million euros.
"Alstom's results published this morning are of excellent quality except for net loss which is not yet... a pertinent indicator for the group," ETC Pollak analysts said in a note, maintaining their "buy" recommendation on the stock.
NO STRATEGIC DISCUSSIONS
Kron said he was confident Alstom could achieve its recovery alone, without the help of partners, and was not currently in talks with any companies.
"Alstom is recovering and is valuable as a stand-alone company. We don't need anyone to help us in our recovery," he said.
"If Alstom one day wants to make strategic moves, these will only be done on their own merits," he added.
Under the terms of a multi-billion euro rescue plan, agreed by the EU last year, Alstom pledged to form "strategic partnerships" with companies not controlled by the French state.
Alstom made an operating profit of 550 million euros, up from 168 million on a comparable basis in 2003/04, on sales down 4 percent on a comparable basis to 13.6 billion euros.
This yielded an operating margin of 4 percent, up from 1.2 percent a year earlier.
The analysts polled by Reuters had on average forecast operating profit of 527 million euros and sales of 13.6 billion euros.
New orders stood at 15.8 billion euros, up 15 percent on a comparable basis, while the firm's negative free cash flow stood at 170 million euros, versus the 1.007 billion euro cash outflow it reported in 2003/04.
Alstom said its net debt had fallen to 1.4 billion euros from 3.7 billion euros a year earlier, helped by asset disposals, capital increases and the refinancing of some of its debt.
Tue May 31, 2005 09:23 AM BST
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(Adds details, share price)
By Louise Knowles
PARIS, May 31 (Reuters) - French heavy engineering firm Alstom posted a narrower full-year loss on Tuesday and reiterated its target of returning to profitability in 2005/06 as a recovery plan began to bear fruit.
Almost a year after it was saved from collapse by a state-backed bailout, Alstom reported a full-year net loss of 860 million euros ($1.08 billion) for the 12 months to March 31, compared with a loss of 1.84 billion euros a year earlier.
Shares in the maker of France's TGV high-speed trains jumped as much as 7.2 percent to 0.74 euros, though the trading range was just 4 euro cents. Percentage moves are exaggerated by its status as a penny stock, having been below 1 euro for a year.
"The results we are presenting clearly demonstrate the ongoing recovery of Alstom, and show the fruits of the very extensive efforts launched over the past two years," Chairman Patrick Kron told a conference call held to discuss the results.
The maker of trains, gas turbines and cruise ships reiterated its targets for an operating margin of 6 percent and a return to profitability in 2005/06. It said it was also targeting positive free cash flow and continuing debt reduction.
Kron added that Alstom planned to further improve its operating margin by between 1 and 2 percent over the subsequent two years, arriving pat between 7 and 8 percent by March 2008.
Eleven analysts polled by Reuters had on average expected Alstom to post a net loss of 596 million euros.
"Alstom's results published this morning are of excellent quality except for net loss which is not yet... a pertinent indicator for the group," ETC Pollak analysts said in a note, maintaining their "buy" recommendation on the stock.
NO STRATEGIC DISCUSSIONS
Kron said he was confident Alstom could achieve its recovery alone, without the help of partners, and was not currently in talks with any companies.
"Alstom is recovering and is valuable as a stand-alone company. We don't need anyone to help us in our recovery," he said.
"If Alstom one day wants to make strategic moves, these will only be done on their own merits," he added.
Under the terms of a multi-billion euro rescue plan, agreed by the EU last year, Alstom pledged to form "strategic partnerships" with companies not controlled by the French state.
Alstom made an operating profit of 550 million euros, up from 168 million on a comparable basis in 2003/04, on sales down 4 percent on a comparable basis to 13.6 billion euros.
This yielded an operating margin of 4 percent, up from 1.2 percent a year earlier.
The analysts polled by Reuters had on average forecast operating profit of 527 million euros and sales of 13.6 billion euros.
New orders stood at 15.8 billion euros, up 15 percent on a comparable basis, while the firm's negative free cash flow stood at 170 million euros, versus the 1.007 billion euro cash outflow it reported in 2003/04.
Alstom said its net debt had fallen to 1.4 billion euros from 3.7 billion euros a year earlier, helped by asset disposals, capital increases and the refinancing of some of its debt.
- Mensagens: 555
- Registado: 2/7/2004 18:11
Full Year Results 2004/05 1st April 2004 - 31st March 2005
31 May 2005
ALSTOM’s recovery is clearly reflected in the FY04/05 results:
Orders received of €15.8 billion, up 15 per cent on a comparable basis from FY03/04
Operating income at €550 million, multiplied by three on a comparable basis versus €168 million in the previous fiscal year; operating margin up from 1.2 per cent in FY03/04 to 4.0 per cent in FY04/05
Net losses cut in half to €0.86 billion from €1.84 billion in FY03/04 in spite of significant non-recurring charges
Net debt strongly reduced during the fiscal year, down to €1.4 billion from €3.7 billion
Free Cash Flow showing strong improvement at -€170 million versus -€1007 million in the last fiscal year
Liquidity reinforced due to the financial consolidation undertaken during the fiscal year
2005/06 objectives confirmed:
6 per cent operating margin leading to a return to profitability
Positive Free Cash Flow with continuing debt reduction
The Board, in its meeting held on 30th May 2005, has approved the accounts for the fiscal year 2004/05. Commenting on these results, Patrick Kron, Chairman & Chief Executive Officer said:
“The results we are presenting today clearly demonstrate the ongoing recovery of ALSTOM. All key indicators are in line with, or better than the guidance previously given. These results enable us to confirm the FY 2005/06 targets announced in March 2003 when we launched our recovery plan: an operating margin of 6 per cent leading to a return to profitability and a positive Free Cash Flow.
Customers’ renewed confidence in ALSTOM is clearly evidenced by €15.8 billion of orders, up 15 per cent on a comparable basis from FY03/04. This positive trend is not only quantitative but also qualitative. Margins on orders booked continue to improve; those in our current order book, which represents two years of sales, are in line with the profitability targets announced for the Group and its operational Sectors. On a geographical basis, the commercial success achieved in markets with strong growth potential is encouraging. Chinese orders reached €1.6 billion, more than twice the level of the previous year, and orders from India were close to €0.5 billion.
Our operational performance is greatly enhanced: the GT24/GT26 heavy-duty gas turbine issue is now resolved, with the remaining disbursements fully reserved.Agreements with our customers have been reached on 74 out of the 76 turbines sold. New orders – for a total of seven machines - have been secured in Spain and in Thailand, and new tenders are under review in several countries. We have actively pursued our cost-cutting programme; a set of restructuring measures, aimed at adapting our industrial and engineering capacity and improving our overall efficiency has led to a reduction of the workforce by 11,500 (8,000 departures to date), which should bring an annual reduction in costs of €500 million. We have focused on the improvement of contract execution, adapting our manpower, organisation and internal controls. These actions have allowed us, in spite of the low level of sales resulting from low order intake 12 to 18 months ago, to significantly increase our operational income, with the operating margin, on a comparable basis, rising from 1.2 per cent to 4 per cent. Our Free Cash Flow is also considerably better with net cash outflow reduced from €1,007 million last financial year to €170 million in 2004/05 – out of which €366 million were spent as part of the settlement of the GT24/26 problem.
Thanks to our ongoing disposal programme and to the capital increases which took place in July 2004, our net debt has been significantly reduced, from €3.7 billion to €1.4 billion in March 2005. The successful refinancing undertaken in February 2005 and our current headroom (our cash at holding company level and the available undrawn credit lines at 31 March 2005 stood at €2 billion) give us a considerable buffer to cover our future liquidity needs.
The progress achieved makes us confident for the future. The ambitious objectives we have set for March 2006 are thus confirmed: an operating margin of 6 per cent allowing for the return to profitability and a positive Free Cash Flow. Obviously we intend to further improve our performance beyond our current financial year: operating margin at the end March 2008 should be up by one or two percent, reaching 7 to 8 percent, and Free Cash Flow, thanks to a strict management of working capital, should also continue to show strong growth. Thus, from a significantly stronger base, ALSTOM will pursue an ambitious and profitable development strategy in its growing markets.
31 May 2005
ALSTOM’s recovery is clearly reflected in the FY04/05 results:
Orders received of €15.8 billion, up 15 per cent on a comparable basis from FY03/04
Operating income at €550 million, multiplied by three on a comparable basis versus €168 million in the previous fiscal year; operating margin up from 1.2 per cent in FY03/04 to 4.0 per cent in FY04/05
Net losses cut in half to €0.86 billion from €1.84 billion in FY03/04 in spite of significant non-recurring charges
Net debt strongly reduced during the fiscal year, down to €1.4 billion from €3.7 billion
Free Cash Flow showing strong improvement at -€170 million versus -€1007 million in the last fiscal year
Liquidity reinforced due to the financial consolidation undertaken during the fiscal year
2005/06 objectives confirmed:
6 per cent operating margin leading to a return to profitability
Positive Free Cash Flow with continuing debt reduction
The Board, in its meeting held on 30th May 2005, has approved the accounts for the fiscal year 2004/05. Commenting on these results, Patrick Kron, Chairman & Chief Executive Officer said:
“The results we are presenting today clearly demonstrate the ongoing recovery of ALSTOM. All key indicators are in line with, or better than the guidance previously given. These results enable us to confirm the FY 2005/06 targets announced in March 2003 when we launched our recovery plan: an operating margin of 6 per cent leading to a return to profitability and a positive Free Cash Flow.
Customers’ renewed confidence in ALSTOM is clearly evidenced by €15.8 billion of orders, up 15 per cent on a comparable basis from FY03/04. This positive trend is not only quantitative but also qualitative. Margins on orders booked continue to improve; those in our current order book, which represents two years of sales, are in line with the profitability targets announced for the Group and its operational Sectors. On a geographical basis, the commercial success achieved in markets with strong growth potential is encouraging. Chinese orders reached €1.6 billion, more than twice the level of the previous year, and orders from India were close to €0.5 billion.
Our operational performance is greatly enhanced: the GT24/GT26 heavy-duty gas turbine issue is now resolved, with the remaining disbursements fully reserved.Agreements with our customers have been reached on 74 out of the 76 turbines sold. New orders – for a total of seven machines - have been secured in Spain and in Thailand, and new tenders are under review in several countries. We have actively pursued our cost-cutting programme; a set of restructuring measures, aimed at adapting our industrial and engineering capacity and improving our overall efficiency has led to a reduction of the workforce by 11,500 (8,000 departures to date), which should bring an annual reduction in costs of €500 million. We have focused on the improvement of contract execution, adapting our manpower, organisation and internal controls. These actions have allowed us, in spite of the low level of sales resulting from low order intake 12 to 18 months ago, to significantly increase our operational income, with the operating margin, on a comparable basis, rising from 1.2 per cent to 4 per cent. Our Free Cash Flow is also considerably better with net cash outflow reduced from €1,007 million last financial year to €170 million in 2004/05 – out of which €366 million were spent as part of the settlement of the GT24/26 problem.
Thanks to our ongoing disposal programme and to the capital increases which took place in July 2004, our net debt has been significantly reduced, from €3.7 billion to €1.4 billion in March 2005. The successful refinancing undertaken in February 2005 and our current headroom (our cash at holding company level and the available undrawn credit lines at 31 March 2005 stood at €2 billion) give us a considerable buffer to cover our future liquidity needs.
The progress achieved makes us confident for the future. The ambitious objectives we have set for March 2006 are thus confirmed: an operating margin of 6 per cent allowing for the return to profitability and a positive Free Cash Flow. Obviously we intend to further improve our performance beyond our current financial year: operating margin at the end March 2008 should be up by one or two percent, reaching 7 to 8 percent, and Free Cash Flow, thanks to a strict management of working capital, should also continue to show strong growth. Thus, from a significantly stronger base, ALSTOM will pursue an ambitious and profitable development strategy in its growing markets.
- Mensagens: 555
- Registado: 2/7/2004 18:11
LONDON, May 23 (newratings.com) - Analysts at JP Morgan maintain their "underweight" rating on Alstom (AOM.FSE).
In a research note published this morning, the analysts mention that the company is expected to post its full year results for the previous year in-line with the guidance. Alstom is also expected to reaffirm its 6% operating margin guidance for FY06, the analysts say. The company's EBIT for the previous year is likely to have benefited from R&D capitalization and pension accounting changes, JP Morgan adds.
Link:http://www.newratings.com/analyst_news/article_836844.html
In a research note published this morning, the analysts mention that the company is expected to post its full year results for the previous year in-line with the guidance. Alstom is also expected to reaffirm its 6% operating margin guidance for FY06, the analysts say. The company's EBIT for the previous year is likely to have benefited from R&D capitalization and pension accounting changes, JP Morgan adds.
Link:http://www.newratings.com/analyst_news/article_836844.html
- Mensagens: 555
- Registado: 2/7/2004 18:11
Oran boas a razão porque a Alstom está a subir é simplesmente devido ao facto de os mercados estarem de uma forma geral a comportarem-se positivamente por outras palavras a ALSTOM neste momento é um titulo com uma correlação com os mercados bastante linearo que não deixa de ser um sinal de normalidade talvez este ano ainda se veja a ALSTOM no ataque a 1 Euro o que não quer dizer que pelo meio não haja descidas a acompanhar eventuais precalços do mercado em geral
Cumpts
Vasco
Cumpts
Vasco
Aqui no Caldeirão no Longo Prazo estamos todos ricos ... no longuissimo prazo os nossos filhos estarão ainda mais ricos ...
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- Mensagens: 2861
- Registado: 17/4/2004 15:36
Verde Sporting (apesar de tudo) !
Mentira a Alstom é do SPORTING !!!!
Está verde, verde e em força.
Este ano Verde só nestes gráficos, infelizmente.
Mas pode ser que ganhe embalagem para futuros voos. Pode ser que seja um bom indicador para o "defeso" de Junho e Julho.
Está verde, verde e em força.
Este ano Verde só nestes gráficos, infelizmente.
Mas pode ser que ganhe embalagem para futuros voos. Pode ser que seja um bom indicador para o "defeso" de Junho e Julho.
- Mensagens: 725
- Registado: 19/10/2004 19:26
heterocedastico Escreveu:Quebrou o canal descendente em alta com algum volume. Sinceramente não sei de vai se vai retomar a tendência ascendente ou lateralizar um pouco à espera dos resultado do dia 31/05...
De qualquer forma julgo que os 0.61 são um bom nível de entrada do título.
Cmps
Grande descarga a 59
Prudência e caldos de galinha...
- Mensagens: 152
- Registado: 3/2/2005 12:00
- Localização: Ermesinde
Quebrou o canal descendente em alta com algum volume. Sinceramente não sei de vai se vai retomar a tendência ascendente ou lateralizar um pouco à espera dos resultado do dia 31/05...
De qualquer forma julgo que os 0.61 são um bom nível de entrada do título.
Cmps
De qualquer forma julgo que os 0.61 são um bom nível de entrada do título.
Cmps
- Anexos
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- als.PNG (36.11 KiB) Visualizado 955 vezes
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- Mensagens: 525
- Registado: 8/5/2004 16:38
- Localização: 16
Desde que a ALSTOM quebrou o suporte dos 0,64 está desaconselhável ... No entanto não podemos esquecer a forte participação que o Estado Francês tem no titulo que de certa forma lhe dá algumas garantias
Cumpts
Vasco
Cumpts
Vasco
Aqui no Caldeirão no Longo Prazo estamos todos ricos ... no longuissimo prazo os nossos filhos estarão ainda mais ricos ...
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- Mensagens: 2861
- Registado: 17/4/2004 15:36
não me parece
a quantidade de contratos anunciados são imensos....
O mercado esta a espera do volume de negocios e resultados para tomar um rumo , assim como as perspectivas da empresa. Relembro a notação do deutch banck a uns tempos atras....
O mercado esta a espera do volume de negocios e resultados para tomar um rumo , assim como as perspectivas da empresa. Relembro a notação do deutch banck a uns tempos atras....
- Mensagens: 1453
- Registado: 2/12/2002 0:22
- Localização: viseu
Alstom - Será que agora arranca ...
Depois duma queda abrupta, eis que novos sinais surgem :
A Alstrom fechou três contratos com a Santiago Metro, a operadora de metropolitano da capital chilena, no valor total de cerca de 110 milhões de Euros.
O acordo faz parte de um programa de ampliação da linha do metro de Santiago do Chile, que a operadora está a desenvolver na zona norte de Recoleta Avenue, disse a empresa em comunicado.
O primeiro contrato destina-se ao fornecimento de 42 veículos e à supervisão da manutenção do metropolitano de Santiago durante dois anos, e está avaliado em cerca de 52 milhões de euros.
A Santiago Metro exerceu ainda a opção para o fornecimento, por parte da Alstom, de 43 veículos suplementares e respectiva supervisão de manutenção, pelo período de dois anos. Esta opção está avaliada em cerca de 44 milhões de euros.
A empresa chilena estabeleceu ainda mais dois contratos com a Alstom, no valor global de cerca de 14 milhões de euros, para o fornecimento de equipamento de sinalização e de controlo automático de comboios.
Todo este equipamento será produzido nas fábricas da Alstom localizadas no Brasil e em França, e começará a ser entregue a partir de meados de 2007
A Alstrom fechou três contratos com a Santiago Metro, a operadora de metropolitano da capital chilena, no valor total de cerca de 110 milhões de Euros.
O acordo faz parte de um programa de ampliação da linha do metro de Santiago do Chile, que a operadora está a desenvolver na zona norte de Recoleta Avenue, disse a empresa em comunicado.
O primeiro contrato destina-se ao fornecimento de 42 veículos e à supervisão da manutenção do metropolitano de Santiago durante dois anos, e está avaliado em cerca de 52 milhões de euros.
A Santiago Metro exerceu ainda a opção para o fornecimento, por parte da Alstom, de 43 veículos suplementares e respectiva supervisão de manutenção, pelo período de dois anos. Esta opção está avaliada em cerca de 44 milhões de euros.
A empresa chilena estabeleceu ainda mais dois contratos com a Alstom, no valor global de cerca de 14 milhões de euros, para o fornecimento de equipamento de sinalização e de controlo automático de comboios.
Todo este equipamento será produzido nas fábricas da Alstom localizadas no Brasil e em França, e começará a ser entregue a partir de meados de 2007
- Mensagens: 725
- Registado: 19/10/2004 19:26
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