Form 6-K
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2004
Commission File Number: 1-14836
ALSTOM
------
(Translation of registrant's name into English)
25, avenue Kléber, 75116 Paris, France
--------------------------------------
(Address of principal executive offices)
Indicate by check mark whether the Registrant files or will file annual reports
under cover of Form 20-F or Form 40-F
Form 20-F X Form 40-F
----- -----
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
Yes No X
----- -----
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes No X
----- -----
Indicate by check mark whether the Registrant, by furnishing the information
contained in this Form, is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
Yes No X
----- -----
If "Yes" is marked, indicate below the file number assigned to the Registrant in
connection with Rule 12g3-2(b)
ENCLOSURES:
Press release dated January 14, 2004, "ALSTOM Wins 235 Million Euro Order from
SNCF for TGV Duplex Trainsets"
Press release dated January 19, 2004, "Results of Exercise of Warrants to
Purchase ALSTOM Shares"
Press release dated January 19, 2004 re Marine Sector vendor financing
Press release dated January 19, 2004, "First Nine Months 2004 - Orders & Sales
(1st April 2003 - 31st December 2003)"
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ALSTOM
Date: January 20, 2004 By: /s/ Philippe Jaffré
---------------------------------
Name: Philippe Jaffré
Title: Chief Financial Officer
14 January 2004
ALSTOM WINS 235 MILLION EURO ORDER
FROM SNCF FOR TGV DUPLEX TRAINSETS
SNCF (Société Nationale des Chemins de Fer), France's national railway, has
confirmed a new order worth 310 million euros for TGV Duplex trainsets.
The order is part of a master agreement signed in October 2000. The agreement
calls for 82 TGV Duplex trainsets, to be supplied by a partnership of ALSTOM and
Bombardier, led by ALSTOM.
The current order calls for seven complete dual-voltage trainsets and 15 sets of
eight railcars. ALSTOM's share of the order is 235 million euros.
Andre Guyvarc'h, president of ALSTOM Transport France, said: "We are delighted
that SNCF has confirmed its confidence in ALSTOM with this follow-on order, and
that ALSTOM will be able to continue to contribute to the success of the TGV in
France and in Europe."
Mireille Faugère, SNCF's Travel Director France Europe, said: "this new order
for TGV Duplex trains will enable us to increase our offer considerably on
several rail links towards the south west of France and to reinforce the success
of the TGV which has carried over one billion passengers since 1981"
ALSTOM facilities in Aytré (near La Rochelle), Belfort, Le Creusot, Ornans,
Tarbes and Villeurbanne will be involved in the realization of the project.
Press relations: S. Gagneraud/G. Tourvieille
Tél. +33 1 47 55 25 87/23 15
INTERNET.PRESS@CHQ.ALSTOM.COM
Investor Relations: E. Chatelain
Tél. +33 1 47 55 25 33
INVESTOR.RELATIONS@CHQ.ALSTOM.COM
PRESS INFORMATION
19 January 2004
RESULTS OF EXERCISE OF WARRANTS
TO PURCHASE ALSTOM SHARES
On 20 November 2003, ALSTOM carried out a €299.9 million capital increase
reserved for financial institutions. ALSTOM's shareholders were then allocated
warrants free of charge allowing them to acquire the shares for the same price
subscribed to by these institutions (€1.25 per share) until 9 January 2004.
The take-up rate of these warrants was 92.6%.
The new shares are listed as of today, on the same line as the old shares.
CONTACTS
Press enquiries: S. Gagneraud / G. Tourvieille
(Tel. +33 1 47 55 25 87)
internet.press@chq.alstom.com
INVESTOR RELATIONS: E. Châtelain
(Tel. +33 1 47 55 25 78)
Investor.relations@chq.alstom.com
This announcement does not constitute an offer to sell, or a solicitation of
offers to purchase or subscribe for, securities in the United States. The
securities referred to herein have not been, and will not be, registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from registration
requirements. This notice is issued pursuant to rule 135c of the Securities Act
of 1933.
This communication is directed only at persons who (i) are outside the United
Kingdom or (ii) have professional experience in matters relating to investments
or (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth
companies, unincorporated associations etc.") of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons other than relevant persons. Any investment or
investment activity to which this communication relates is available only to
relevant persons and will be engaged in only with relevant persons.
19 January 2004
PRESS RELEASE
As previously disclosed, ALSTOM has in the past provided vendor financing to
certain purchasers of its equipment, particularly in the Marine Sector. The
Group's total outstanding Marine vendor financing was €650 million at 30
September 2003, including financing of three cruise ships delivered to
cruise-operator Festival : MISTRAL (1999), EUROPEAN VISION (2001), and EUROPEAN
STARS (2002).
Given Festival's failure to meet its contractual financial obligations, the
owners/creditors, including ALSTOM, have launched the process of immobilizing
these ships and terminating the charter arrangements with Festival.
ALSTOM's exposure with respect to Festival is €176 million, assuming that the
value of the three cruise ships is zero. Based on a prudent estimate of the
re-sale value of the ships, ALSTOM considers that its direct and indirect
interests in the ships (100% on MISTRAL, 9.5% on EUROPEAN VISION and 10.5% on
EUROPEAN STARS) adequately cover this exposure.
As a consequence, ALSTOM does not intend to add a provision with respect to
Festival to the existing Marine vendor financing provision of €140 million.
ALSTOM no longer provides vendor financing facilities.
CONTACTS
Press enquiries: S. Gagneraud / G. Tourvieille
(Tel. +33 1 47 55 23 15)
internet.press@chq.alstom.com
Investor relations: Emmanuelle Châtelain
(Tel. +33 1 47 55 25 33)
investor.relations@chq.alstom.com
Internet: http://www.alstom.com
ANNEX
FESTIVAL CRUISE
---------------
Festival cruise-ship company operates, among others, 3 ships built in Chantiers
de l'Atlantique, the sale of which was associated with vendor financing
facilities and guarantees provided by ALSTOM:
o Mistral (1,200 passengers) sold in June 1999
o European Vision (1,550 passengers) sold in June 2001
o European Star (1,550 passengers) sold in April 2002
MISTRAL and EUROPEAN VISION have been immobilised in Marseille and Barcelona
respectively. Actions are also being taken to terminate the charter arrangements
with Festival. A similar process is being launched for EUROPEAN STARS currently
at sea in the Caribbean.
ALSTOM'S EXPOSURE
-----------------
------------------------------------------------------------------------------
| SHIPS SHIPS MARKET VALUE |
| ALSTOM VALUE AS MARKET OF ALSTOM |
| EXPOSURE SOLD VALUE (1) GUARANTEES |
| European Vision (2) 22 270 180/215 17/20 |
| European Stars (3) 24 270 180/215 19/22 |
| Mistral (4) 100 244 138/165 138/165 |
| Repossession costs 25 |
| Festival shares (5) 5 |
| TOTAL 176 784 498/595 174/207 |
------------------------------------------------------------------------------
(1) Estimated market value (for cruise mass market) per berth :
150,000/180,000 $
(2) ALSTOM expects to recover 9.5% resale proceeds
(3) ALSTOM expects to recover 10.5% resale proceeds
(4) ALSTOM expects to recover 100% resale proceeds
(5) Subscription by ship owner of shares in Festival guaranteed by ALSTOM
CASH IMPACT
-----------
ALSTOM estimates that 10 to 15M€ out of the 25M€ of repossession and maintenance
costs are likely to be spent in the coming six months.
UPDATE ON VENDOR FINANCING
--------------------------
In September 2003 accounts (note 17), ALSTOM disclosed its total vendor
financing exposure as follows:
(in € million)
TOTAL VENDOR FINANCING 969
Of which Marine vendor financing 650
Renaissance ships 344
Others Marine including Festival 306
The provision retained in respect of Marine vendor financing is €140 million.
* * *
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements appear, without limitation, in the third
paragraph and annex of this press release. Words and phrases such as "believes,"
"belief, "estimate", "estimates", "anticipates", "expects", "expectation",
"intents", "intention" "will" and similar expressions are intended to identify
forward-looking statements but are not the exclusive means of identifying such
statements.
By their very nature, forward-looking statements involve risks and uncertainties
that the forecasts, projections and other forward-looking statements will not be
achieved. Such statements are based on ALSTOM's current judgments, plans and
expectations concerning an inherently complicated and fluid situation and are
subject to a number of important factors that could cause actual results to
differ materially from the plans, objectives and expectations expressed in such
forward-looking statements. These factors include the inherent difficulty in
estimating sale prices and timing of sale of any relevant ship, potential
difficulties that ALSTOM may encounter in selling the ships and in protecting
ALSTOM's rights on the ships, and the current uncertainty regarding the world
economy in general and the ship cruise industry in particular. However, ALSTOM
cautions that such specified factors are not exhaustive; investors also should
carefully consider other uncertainties and events, including those described in
other documents ALSTOM has filed from time to time with the Securities and
Exchange Commission, including reports on Forms 20-F and 6-K. The
forward-looking statements set forth in this press release 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.
PRESS INFORMATION
19 January 2004
FIRST NINE MONTHS 2004 - ORDERS & SALES
(1ST APRIL 2003- 31ST DECEMBER 2003)
o Strong rebound of orders during Q3 of fiscal year 2004 (1st Oct-31 Dec 03)
after the announcement of the financial package, illustrating the return of
customer confidence
o Highest quarterly level of orders for 18 months, in spite of continuing
difficult market conditions
o €680 million order for three large gas turbines (GT26) and related
service activity : first such order since identification of technical
problems in 2000, confirming success of the gas turbine recovery programme
------------------------------------------------------------------------ ------------------
COMPARABLE FIGURES FY 2003 FY 2004 FY 2003 FY 2004
---------------------------- -------------------- -------- --------
(IN €MILLION) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 MONTHS 9 MONTHS
---------------------------- -------------------- -------- --------
------------------------------------------------------------------------ ------------------
ORDERS RECEIVED 5 143 4 461 4 200 3 303 3 926 3 513 4 649 13 804 12 088
---------------------------- -------------------- ------------------
---------------------------- -------------------- ------------------
SALES 4 701 4 954 4 590 5 074 4 309 4 545 3 978 14 245 12 832
--------------------------------------------------------------------------------------------
Commenting on ALSTOM's orders and sales, Patrick Kron, Chairman and Chief
Executive Officer, said:
"The first six months of fiscal year 2004 were impacted by difficult market
conditions coupled with the adverse consequences of the uncertainties regarding
ALSTOM's future. Since the announcement of the financial package at the end of
September 2003, we have experienced a rebound in orders received, demonstrating
renewed customer confidence. In spite of difficult markets, we registered the
highest quarterly order intake for 18 months, with a book to bill ratio
(orders/sales) above 1.
Another major achievement of the period is the booking of a power plant order in
Spain including three GT26 gas turbines plus an associated operation and
maintenance contract. This is the first such sale since we experienced the
problems on these machines further to the acquisition of this business in 2000.
It confirms our return to this market with competitive equipment.
All these elements are encouraging and we need to confirm this recovery by
further commercial successes. We also remain focused on the full implementation
of our action plan announced in March 2003."
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
MARKET CONDITIONS
Since 31 March 2003, the markets in power generation new equipment and
cruise-ships remain difficult. The transport market stayed relatively healthy,
but as a whole lower than the record level of the previous year. The power
service market remained sound.
REPORTED FIGURES (Unaudited) - see appendix 1
Nine months orders were down 22% on an actual basis compared with the same
period of last financial year and sales down 19%.
Orders and sales, as reported, were negatively impacted during the first nine
months of fiscal year 2004 by currency translation effects (impact of
approximately 6.5% on both orders and sales), particularly versus the US dollar,
and by the disposal of our industrial turbine businesses. The comparable figures
(see appendix 2) adjust the reported figures for these effects.
We comment below on the comparable figures and give a geographic breakdown of
reported and comparable orders and sales in appendix 3.
COMPARABLE FIGURES (Unaudited)
ORDERS RECEIVED:
---------------
Q3 04 showed a marked improvement versus Q2 04 in the level of orders received
in all the Power-related Sectors and in Transport.
For the first nine months of fiscal year 2004, order intake decreased by 12% as
compared to the same period of last year, mainly due to Transport which none the
less maintains a healthy backlog with 3 years of sales.
The total backlog, at around €27 billion, is equivalent to 19 months of sales.
SALES:
-----
Sales for the first nine months of FY 2004 were down 10% compared with the same
period of the previous fiscal year. This reflects a decline in Power
Turbo-Systems sales as a result of low order intake over the past two years,
partly offset by an improvement in Power Service sales.
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
SECTOR REVIEWS
--------------
POWER TURBO-SYSTEMS
Q3 04 is the highest quarter in terms of order intake for eighteen months.
The main order received in Q3 was a turnkey contract, valued at around €430
million, to design and build a 1,200 MW GT26 based combined-cycle power plant in
Cartagena (Spain) for Gas Natural. Under the terms of the contract, ALSTOM will
supply three single-shaft power trains each composed of one GT26 gas turbine,
heat recovery steam generator, steam turbine and electrical generator as well as
the overall power plant control system. The plant is scheduled for completion in
2006. ALSTOM has already completed two GT26 based combined-cycle power plants
for Gas Natural, which are currently in operation. This confirms the success of
the recovery programme and ensures ALSTOM is again present in this segment with
a competitive product.
On a comparable basis, orders in the first nine months of 2004 decreased by 9%
as compared to the same period of last year.
The level of sales reflects the declining order volumes over the past two years.
POWER ENVIRONMENT
The level of order intake in Q3 04 is the highest in two years. Main orders
received included a €250 million contract for Sudan, where we will provide ten
125 MW hydroelectric turbines and generators, and an environmental control
system (FGD) for Duke Energy in the US (€ 130 million).
The orders received in the first nine months are 12% up on the same period of
the previous year.
Sales remain generally stable versus the same period last year.
POWER SERVICE
Order intake in Q3 04, over €1 billion, was at a record level. For the first
nine months of 2004, orders have increased by 8% compared with the same period
of the previous year, confirming the continued growth of this activity.
Q3 04 includes the booking of a long term operation and maintenance contract
related to the GT26 order in Spain (€250 million) and a long-term service
contract for a GT13 in Italy.
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
Sales increased by 10% compared to the same period last year, again confirming
the continuing growth trend.
TRANSPORT
Orders in Q3 04 have shown the expected rebound after a weak first half. The
main orders received included TGV double-deck cars for SNCF in France, the
Caracas metro in Venezuela, trams for the city of Paris and a signaling system
in Italy.
Some secured contracts, such as Bucharest metro, have not been registered yet
but should be booked in Q4, for which we expect a strong performance.
Orders received for the first nine months of fiscal year 2004 are 43% below the
same period of the previous year, mainly due to the US market where we booked
over €1 billion of contracts last year with no equivalent projects available
this year.
Sales are in line with the same period last year.
MARINE
No major order was received in Q3. The backlog currently comprises one
cruise-ship for MSC, two LNG tankers for Gaz de France and several other smaller
ships. The sales figure reflects the phasing of revenue recognition during the
period.
OUTLOOK
-------
After the positive order intake in Q3, we expect orders for full year 2004 to be
around the high end of the previous guidance of €14-15Bn. We forecast sales to
be around €17Bn, as formerly indicated.
- ends -
CONTACTS
Press enquiries: Gilles Tourvieille / S. Gagneraud
(Tel. +33 1 47 55 23 15)
INTERNET.PRESS@CHQ.ALSTOM.COM
Investor relations: Emmanuelle Châtelain
(Tel. +33 1 47 55 25 33)
INVESTOR.RELATIONS@CHQ.ALSTOM.COM
M Communications: L. Tingström
(Tel. + 44 789 906 6995)
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
TINGSTROM@MCOMGROUP.COM
Internet: HTTP://WWW.ALSTOM.COM
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
APPENDIX 1
----------
REPORTED FIGURES (Unaudited)
TOTAL GROUP FY 2003 FY 2004 FY 2003 FY 2004
ACTUAL FIGURES --------------------------- -------------------- -------- --------
(IN € MILLION) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 MONTHS 9 MONTHS VAR
--------------------------- -------------------- -------- --------------
Power Turbo-systems 987 381 405 48 514 325 663 1 773 1 502 -15%
Power Equipment 686 783 499 615 476 566 1 009 1 968 2 051 4%
Power Service 934 752 757 491 814 554 1 011 2 443 2 379 -3%
Transport 1 624 1 676 1 900 1 212 884 788 1 164 5 200 2 836 -45%
Marine 19 6 110 28 105 238 17 135 357 164%
Corporate and
others* 244 172 107 220 152 128 132 532 412 -21%
--------------------------- -------------------- -----------------------
ORDERS NEW ALSTOM 4 494 3 770 3 778 2 614 2 945 2 596 3 996 12 042 9 537 -21%
--------------------------- -------------------- -----------------------
T&D** 911 855 616 821 821 757 653 2 382 2 231 -6%
Industrial turbines 270 238 559 198 269 51 0 1 067 320 -70%
--------------------------- -------------------- -----------------------
TOTAL ORDERS
RECEIVED 5 675 4 863 4 953 3 632 4 035 3 404 4 649 15 491 12 088 -22%
--------------------------- -------------------- -----------------------
---------------------------------------------------------------------- -----------------------
TOTAL GROUP FY 2003 FY 2004 FY 2003 FY 2004
ACTUAL FIGURES ------------------------- ------------------- -------- --------
(IN € MILLION) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 MONTHS 9 MONTHS VAR
------------------------- ------------------- -------- --------------
Power Turbo-systems 1241 1171 694 751 584 627 460 3106 1671 -46%
Power Equipment 715 742 749 892 624 707 635 2206 1966 -11%
Power Service 721 629 749 579 705 656 679 2099 2130 1%
Transport 1116 1224 1278 1454 1060 1237 1151 3618 3448 -5%
Marine 343 382 341 502 441 381 63 1066 885 -17%
Corporate and
others* 176 200 176 175 160 121 184 552 4655 -16%
------------------------- ------------------- -----------------------
SALES NEW ALSTOM 4312 4348 3987 4353 3574 3729 3262 12647 10565 -16%
------------------------- ------------------- -----------------------
T&D** 700 817 782 786 630 711 716 2299 2057 -11%
Industrial turbines 258 334 362 312 137 73 0 954 210 -78%
------------------------- ------------------- -----------------------
TOTAL SALES 5270 5499 5131 5451 4341 4513 3978 15900 12832 -19%
------------------------- ------------------- -----------------------
------------------------------------------------------------------- ------------------
APPENDIX 2
----------
COMPARABLE FIGURES (Unaudited)
TOTAL GROUP FY 2003 FY 2004 FY 2003 FY 2004
COMPARABLE FIGURES ------------------------- ------------------- -------- --------
(IN € MILLION) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 MONTHS 9 MONTHS VAR
------------------------- ------------------- -------- --------------
Power Turbo-systems 937 361 384 56 514 325 663 1682 1502 -11%
Power Equipment 627 717 487 609 476 566 1099 1831 2051 12%
Power Service 834 688 690 462 814 554 1011 2212 2379 8%
Transport 1548 1573 1816 1146 884 788 1164 4937 2836 -43%
Marine 19 6 110 28 105 235 17 135 357 164%
Corporate and
others* 214 156 111 211 152 128 132 481 412 -14%
------------------------- ------------------- -----------------------
ORDERS NEW ALSTOM 4179 3501 3598 2512 2945 2596 3996 11278 9537 -15%
------------------------- ------------------- -----------------------
T&D** 804 800 602 791 821 757 653 206 2231 1%
Industrial turbines 160 160 0 0 160 160 0 320 320 0%
------------------------- ------------------- -----------------------
TOTAL ORDERS
RECEIVED 5143 4461 4200 3303 3926 3513 4649 13804 12088 -12%
------------------------- ------------------- -----------------------
------------------------------------------------------------------- ------------------
* INCLUDING POWER CONVERSION
** T&D AS DISPOSED TO AREVA AND DECONSOLIDATED FROM 1ST JANUARY 2004
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
TOTAL GROUP FY 2003 FY 2004 FY 2003 FY 2004
COMPARABLE FIGURES ------------------------- ------------------- -------- --------
(IN € MILLION) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 MONTHS 9 MONTHS VAR
------------------------- ------------------- -------- --------------
Power Turbo-systems 1156 1103 669 741 584 627 460 2928 1671 -43%
Power Equipment 623 680 706 876 624 707 635 2009 1966 -2%
Power Service 641 591 709 570 705 656 769 1941 2130 10%
Transport 1040 1188 1240 1436 1060 1237 1151 3468 3448 -1%
Marine 340 378 341 502 441 381 63 1059 885 -16%
Corporate and
others* 159 160 165 180 160 121 184 484 465 -4%
------------------------- ------------------- -----------------------
SALES NEW ALSTOM 3959 4100 3830 4305 3574 3729 3262 11889 10565 -11%
------------------------- ------------------- -----------------------
T&D** 637 749 760 769 630 711 716 2146 2057 -4%
Industrial turbines 105 105 0 0 105 105 0 210 210 0%
------------------------- ------------------- -----------------------
TOTAL SALES 4701 4954 4590 5074 4309 4545 3978 14245 12832 -10%
------------------------- ------------------- -----------------------
------------------------------------------------------------------- ------------------
* INCLUDING POWER CONVERSION
** T&D AS DISPOSED TO AREVA AND DECONSOLIDATED FROM 1ST JANUARY 2004
APPENDIX 3
----------
GEOGRAPHIC BREAKDOWN
--------------------
REPORTED FIGURES (Unaudited)
-----------------------------------------------------------------------------
| ORDERS SALES |
| ----------------------------- --------- --------- |
| FY 2003 FY2004 FY 2003 FY2004 |
| --------- ----------- --------- --------- |
| (IN € MILLION) 9 MONTHS 9 MONTHS VAR 9 MONTHS 9 MONTHS VAR |
| --------- ---------------- --------- --------------- |
| Europe | 7456 | | 6167 | -17% | | 6684 | | 6050 | -9% |
| North America | 3487 | | 1695 | -51% | | 3613 | | 2406 | -33% |
| Latin America | 761 | | 559 | -27% | | 1178 | | 672 | -43% |
| Africa/Middle- | 1614 | | 1651 | 2% | | 1630 | | 1070 | -34% |
| East | | | | | | | | | |
| Asia/Pacific | 2173 | | 2016 | -7% | | 2795 | | 2634 | -6% |
| |---------| |--------|-------|-|---------|-|--------|-------|
| TOTAL | 15491 | | 12088 | -22% | | 15900 | | 12832 | -19% |
-----------------------------------------------------------------------------
COMPARABLE FIGURES (Unaudited)
-----------------------------------------------------------------------------
| ORDERS SALES |
| |
| ----------------------------- ---------- ----------------|
| FY 2003 FY2004 FY 2003 FY2004 |
| --------- ---------- --------- --------- |
| (IN € MILLION) 9 MONTHS 9 MONTHS VAR 9 MONTHS 9 MONTHS VAR |
| --------- ----------------- --------- ----------------|
| Europe | 6864 | | 6167 | -10% | | 6199 | | 6050 | -2% |
| North America | 2938 | | 1695 | -42% | | 3102 | | 2406 | -22% |
| Latin America | 690 | | 559 | -19% | | 1079 | | 672 | -38% |
| Africa/Middle- | 1319 | | 1651 | 25% | | 1275 | | 1070 | -16% |
| East | | | | | | | | | |
| Asia/Pacific | 1993 | | 2016 | 1% | | 2590 | | 2634 | 2% |
| |---------| |--------|-------|-|---------|-|--------|-------|
| TOTAL | 13804 | | 12088 | -12% | | 14245 | | 12832 | -10% |
-----------------------------------------------------------------------------
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
Forward-Looking Statements
This press release contains, and other written or oral reports and
communications of ALSTOM may from time to time contain, forward-looking
statements, within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Examples of such
forward-looking statements include, but are not limited to (i) projections or
expectations of sales, orders received, income, operating margins, dividends,
provisions, cash flow, debt or other financial items or ratios, (ii) statements
of plans, objectives or goals of ALSTOM or its management, (iii) statements of
future product or economic performance, and (iv) statements of assumptions
underlying such statements. Words such as "believes", "anticipates", "expects",
"intends", "aims", "plans" and "will" and similar expressions are intended to
identify forward looking statements but are not exclusive means of
identifying such statements. By their very nature, forward-looking statements
involve risks and uncertainties that the forecasts, projections and other
forward-looking statements will not be achieved. Such statements are based on
management's current plans and expectations and are subject to a number of
important factors that could cause actual results to differ materially from the
plans, objectives and expectations expressed in such forward-looking statements.
These factors include: (i) the inherent difficulty of forecasting future market
conditions, level of infrastructure spending, GDP growth generally, interest
rates and exchange rates; (ii) the effects of, and changes in, laws,
regulations, governmental policy, taxation or accounting standards or practices;
(iii) the effects of currency exchange rate movements; (iv) the effects of
competition in the product markets and geographic areas in which ALSTOM
operates; (iv) the ability to increase market share, control costs and enhance
cash generation while maintaining high quality products and services; (v) the
timely development of new products and services; (vi) the ability to meet the
financial and other covenants contained in ALSTOM's financing agreements; (vii)
difficulties in obtaining bid, performance and other bonds (other than those
available under ALSTOM's new Bonding Facility) with customary amounts or terms;
(vii) the timing of and ability to meet the cash generation and other
initiatives of its action plan (viii) the results of the United States
Securities and Exchange Commission's ("SEC") investigation of matters relating
to ALSTOM Transportation Inc., and the impact thereof on ALSTOM Transportation
Inc.'s ability to conduct its business; (ix) the outcome of the putative class
action lawsuits recently filed against ALSTOM and certain of its current and
former officers; (x) the results of the European Commission's review of the
French State's involvement in ALSTOM's recently renegotiated financing
packageand other aspects of ALSTOM's businesses; (xi) the availability of
external sources of financing on commercially reasonable terms; (xii) the
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38
PRESS INFORMATION
inherent technical complexity of many of ALSTOM's products and technologies and
our ability to resolve effectively, on time, and at reasonable cost technical
problems, infrastructure constraints or regulatory issues that inevitably arise,
including in particular the problems encountered with the GT24/GT26 gas turbines
and the UK trains; (xiii) risks inherent in large contracts and/or significant
fixed price contracts that comprise a substantial portion of ALSTOM's business;
(xiv) the inherent difficulty in estimating future charter or sale prices of any
cruise ship in any appraisal of ALSTOM's exposure in respect of Renaissance
Cruises and any other cruise operator; (xv) the inherent difficulty in
estimating ALSTOM's vendor financing risks and other credit risks, which may
notably be affected by customers' payment default; (xvi) ALSTOM's ability to
invest successfully in, and compete at the leading edge of, technology
developments across all of its sectors; (xvii) the availability of adequate cash
flow from operations or other sources of liquidity to achieve management's
objectives or goals, including our goal of reducing indebtedness; (xviii)
whether certain of ALSTOM's markets, particularly the Power Sectors, recover
from their currently depressed state; (xix) the possible impact on customer
confidence of ALSTOM's recent financial difficulties, and if so its ability to
re-establish this confidence; (xx) the effects of acquisitions and disposals
generally; (xxi) the unusual level of uncertainty at this time regarding the
world economy in general; and (xxii) ALSTOM's success in adjusting to and
managing the foregoing risks.
The foregoing list is not exhaustive; when relying on forward-looking statements
to make decisions with respect to ALSTOM, you should carefully consider the
foregoing factors and other uncertainties and events, as well as other factors
described in other documents ALSTOM files or submits from time to time with the
SEC, including reports submitted on Form 6-K and our Annual Report on Form 20-F
for the fiscal year ended 31 March 2003 which was filed with the SEC on 16
October 2003. 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.
ALSTOM - 25 avenue Kléber - 75795 Paris Cedex 16 - Tel : 33 (0)1 47 55 25 87 -
Fax : 33 (0)1 47 55 24 38