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 2005
Commission File Number: 1-14836
ALSTOM
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(Translation of registrant's name into English)
3, avenue André Malraux, 92300 Levallois-Perret, France
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(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
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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
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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
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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
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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 13, 2005, "Orders & Sales for the First Nine Months
2004/05 (1st April 2004 - 31st December 2004)"
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 14, 2005 By: /s/ Henri Poupart-Lafarge
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Name: Henri Poupart-Lafarge
Title: Chief Financial Officer
Press Information
13 January 2005
First Nine Months 2004/05 - Orders & Sales
(1st April 2004 - 31st December 2004)
o Orders received: €12.2bn, up 29% versus the first nine months 2003/04, on
a comparable basis
o Sales: €9.7bn, down 8% on a comparable basis, reflecting the low level of
sales in the first half of FY2004/05, due to past low order intake
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FY 2003/04 FY 2004/05 FY 2003/04 FY 2004/05
---------------------------- ---------------------------------- ------------------------- ---------------------------
Comparable figures
(in € million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 months 9 months
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- -------------
Total Orders Received 2 796 2 729 3 967 4 429 3 941 4 421 3 846 9 492 12 208
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- -------------
Total Sales 3 541 3 755 3 244 3 829 3 312 3 090 3 304 10 540 9 706
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- -------------
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Commenting on ALSTOM's orders and sales, Patrick Kron, Chairman and Chief
Executive Officer, said:
"After a very strong order intake during the first half of FY2004/05, the
commercial performance of the third quarter is positive and encouraging. The
book-to-bill ratio (orders/sales) remains significantly above 1 for the fifth
consecutive quarter. Sales are also starting to recover after the low level of
the first half 2004/05."
Orders and sales, as reported, were negatively impacted during the first nine
months of fiscal year 2004/05 by currency translation effects (impact of
approximately 1% on orders and sales), particularly the Euro versus the US
dollar, and by the disposals of our Industrial Turbines and Transmission &
Distribution activities. The comparable figures (see appendix 2) adjust the
reported figures for these effects.
The reported figures by Sector are presented in appendix 1 and a geographic
breakdown of reported orders and sales is given in appendix 3.
We comment below on the comparable figures.
ALSTOM - 3 avenue André Malraux - 92300 Levallois (France)
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Press Information
Orders received: €12.2 billion
Orders registered in Q3 2004/05 remained at a satisfactory level close to €4
billion, which is generally in line with the performance recorded during the
previous quarters. They included the booking of a GT26 turnkey contract in
Thailand for €500 million as well as €1 billion of Chinese projects announced in
October 2004.
Orders received for the first nine months of fiscal year 2004/05 showed an
improvement in all Sectors versus the same period of last fiscal year.
The total backlog, at around €27.2 billion, was equivalent to approximately 2
years of sales.
Sales: €9.7 billion
After a low point in sales in Q2 2004/05, sales in Q3 2004/05 are starting to
recover.
Sales for the first nine months of fiscal year 2004/05 were down 8% compared
with the same period of the previous year. This reflects a decline in Power
Turbo-Systems/ Environment and Marine sales as a result of the past low order
intake, partly offset by higher sales in Transport, Power Service and Power
Conversion.
Sector Reviews
Power Turbo-Systems/Environment
For the first nine months of 2004/05, order intake increased by 6% as compared
to the same period of last year. The third quarter included two major orders: a
turnkey contract including 4xGT26 gas turbines in Thailand and an hydro
pumped-storage project in China.
The level of sales remained low, influenced by the level of order intake in the
first half of the previous year.
Power Service
For the first nine months of 2004/05, orders remained sound with a further
increase over the high level registered during the same period of the previous
year. The Sector showed a strong growth in Asia. The contract signed in December
2004 for the maintenance of the power plant in Thailand is expected to generate
ALSTOM - 3 avenue André Malraux - 92300 Levallois (France)
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Press Information
approximately €200 million of sales over the next 12 years. This amount has not
been recorded in the Q3 orders as the volumes are not contractually fixed.
Sales for the first nine months 2004/05 increased by 6% as compared to the same
period last year, confirming the continuing growth trend.
Transport
Orders at €1,485 million in Q3 2004/05 remained at a high level. The main orders
registered during the third quarter were for 60 regional trains in China and new
cars for the Washington D.C. metro in the United States.
For the first nine months of 2004/05, orders increased by 55% as compared to the
same period of last year. Europe and Asia registered particularly strong growth.
Sales for the first nine months of 2004/05 increased by 10% as compared to the
first nine months of 2003/04, with Europe being the main contributor to this
growth.
Marine
No major order was received in Q3 2004/05. The backlog currently comprises two
cruise-ships for MSC, three LNG tankers for Gaz de France and several other
smaller ships.
The sales figure reflects the phasing of revenue recognition, with no delivery
during the period. The delivery of the first LNG tanker, which was due late
November 2004, has been delayed pending resolution of some technical problems on
the new insulation system.
Power Conversion
Orders and sales for the first nine months of fiscal year 2004/05 increased by
respectively 50% and 15% compared with the same period of the previous year.
Transmission & Distribution disposal
The expert jointly designated by Areva and ALSTOM to settle a claim with respect
to the price adjustment on the disposal of ALSTOM's T&D activities has rendered
his decision, resulting in a total price of €1,053 million, including €140
million of cash transferred with the business. The debt/cash free value of the
activities, at €913 million, is in line with the initial estimated price level
ALSTOM - 3 avenue André Malraux - 92300 Levallois (France)
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Press Information
of €920 million. Following the decision, Areva has made a payment of €103
million, in addition to the €950 million already paid.
Outlook
As formerly indicated, we expect orders for the full year 2004/05 to be at
€15-16 billion, thus significantly exceeding the level of fiscal year 2003/04 on
a comparable basis, while we expect sales to be down by approximately 5% on a
comparable basis.
- ends -
Press relations: S. Gagneraud/G. Tourvieille
(T€l. +33 1 41 49 27 40 / +33 1 41 49 27 13)
internet.press@chq.alstom.com
Investor relations: E. Châtelain
(T€l. +33 1 41 49 37 38)
Investor.relations@chq.alstom.com
M Communications: L. Tingström
Tel. + 44 789 906 6995
ALSTOM - 3 avenue André Malraux - 92300 Levallois (France)
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Press Information
Appendix 1
Reported Figures (Unaudited)
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ORDERS RECEIVED FY 2003/04 FY 2004/05 FY 2003/04 FY 2004/05
Actual figures ---------------------------------- ------------------------- ------------- ------------- --------
(in € million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 months 9 months Var.
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Power Turbo-systems /
Environment 990 891 1 672 1 554 1 241 953 1 525 3 553 3 719 5%
Power Service 814 554 1 011 644 930 795 643 2 379 2 368 0%
Power Conversion 101 123 83 127 140 160 150 307 450 47%
Transport 884 788 1 164 1 873 1 559 1 327 1 485 2 836 4 371 54%
Marine 105 235 17 24 8 1 093 7 357 1 108 210%
Corporate and others 51 6 49 189 63 94 35 104 192 85%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Orders New ALSTOM 2 945 2 597 3 996 4 411 3 941 4 421 3 846 9 536 12 208 28%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
T&D 821 757 653 0 0 0 0 2 231
Industrial turbines 269 51 0 0 0 0 0 320
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Total Orders Received 4 035 3 405 4 649 4 411 3 941 4 421 3 846 12 087 12 208 1%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
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SALES FY 2003/04 FY 2004/05 FY 2003/04 FY 2004/05
Actual figures ---------------------------------- ------------------------- ------------- ------------- --------
(in € million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 months 9 months Var.
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Power Turbo-systems /
Environment 1 208 1 334 1 095 1 422 935 882 943 3 637 2 760 -24%
Power Service 705 656 769 617 754 673 722 2 130 2 149 1%
Power Conversion 117 109 125 148 130 127 135 351 392 12%
Transport 1 060 1 237 1 151 1 414 1 264 1 221 1 286 3 448 3 771 9%
Marine 441 381 63 112 166 107 167 885 440 -50%
Corporate and others 43 12 38 143 63 79 52 114 194 70%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Sales New ALSTOM 3 574 3 729 3 241 3 856 3 312 3 090 3 304 10 565 9 706 -8%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
T&D 630 711 737 0 0 0 0 2 073
Industrial turbines 137 73 0 0 0 0 0 210
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Total Sales 4 341 4 513 3 978 3 856 3 312 3 090 3 304 12 848 9 706 -24%
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
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ALSTOM - 3 avenue André Malraux - 92300 Levallois (France)
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Press Information
------------------------------------------------------------------------------------------------------------------------------
ORDERS RECEIVED FY 2003/04 FY 2004/05 FY 2003/04 FY 2004/05
Comparable figures ---------------------------------- ------------------------- ------------- ------------- --------
(in € million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 months 9 months Var.
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Power Turbo-systems /
Environment 927 945 1 647 1 564 1 241 953 1 525 3 519 3 719 6%
Power Service 743 578 987 638 930 795 643 2 308 3 368 3%
Power Conversion 101 117 82 130 140 160 150 300 450 50%
Transport 869 789 1 165 1 862 1 559 1 327 1 485 2 823 4 371 55%
Marine 105 235 17 24 8 1 093 7 357 1 108 210%
Corporate and others 51 65 69 211 63 94 35 185 192 4%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Orders New ALSTOM 2 796 2 729 3 967 4 429 3 941 4 421 3 846 9 492 12 208 29%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
T&D 0 0 0 0 0 0 0 0
Industrial turbines 0 0 0 0 0 0 0 0
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Total Orders Received 2 796 2 729 3 967 4 429 3 941 4 421 3 846 9 492 12 208 29%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
SALES FY 2003/04 FY 2004/05 FY 2003/04 FY 2004/05
Comparable figures ---------------------------------- ------------------------- ------------- ------------- --------
(in € million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 months 9 months Var.
---------------------------- -------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Power Turbo-systems /
Environment 1 191 1 331 1 108 1 375 935 882 943 3 630 2 760 -24%
Power Service 678 636 719 616 754 673 722 2 033 2 149 6%
Power Conversion 117 97 128 143 130 127 135 342 392 15%
Transport 1 071 1 224 1 138 1 406 1 264 1 221 1 286 3 433 3 771 10%
Marine 441 381 63 112 166 107 167 885 440 -50%
Corporate and others 43 85 89 177 63 79 52 217 194 -11%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Sales New ALSTOM 3 541 3 755 3 244 3 829 3 312 3 090 3 304 10 540 9 706 -8%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
T&D 0 0 0 0 0 0 0 0
Industrial turbines 0 0 0 0 0 0 0 0
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
Total Sales 3 541 3 755 3 244 3 829 3 312 3 090 3 304 10 540 9 706 -8%
-------- ------- -------- -------- -------- ------- -------- ------------- ------------- --------
------------------------------------------------------------------------------------------------------------------------------
ALSTOM - 3 avenue André Malraux - 92300 Levallois (France)
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Press Information
Appendix 3
Geographic Breakdown
Reported Figures - New ALSTOM (Unaudited)
---------------------------- ------------------------------------------ -- ------------------------------------------
Orders Sales
------------------------------------------ ------------------------------------------
FY 2003/04 FY 2004/05 FY 2003/04 FY 2004/05
------------- ------------- ------------- -------------
in € million 9 months 9 months Var. 9 months 9 months Var.
------------- ------------- -------- ------------- ------------- --------
Europe 4 921 6 114 24% 4 839 5 244 8%
North America 1 476 1 700 15% 2 165 1 461 -33%
Latin America 441 349 -21% 558 424 -24%
Africa/Middle East 1 231 521 -58% 811 843 4%
Asia/Pacific 1 467 3 524 140% 2 192 1 734 -21%
------------- ------------- -------- ------------- ------------- --------
Total 9 536 12 208 28% 10 565 9 706 -8%
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ALSTOM - 3 avenue André Malraux - 92300 Levallois (France)
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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", "are confident" 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; ( v) the ability to increase market share, control costs and enhance
cash generation while maintaining high quality products and services; (vi) the
timely development of new products and services; (vii)the results of ALSTOM's
restructuring and cost reduction programmes; (viii) continued validity of
ALSTOM's new Bonding Facility to obtain bonds in amounts that are sufficient to
meet the needs of our business; (ix) the timing of and ability to meet the cash
generation and other initiatives of the new action plan; (x) the results of the
investigations by the United States Securities and Exchange Commission's ("SEC")
and the French Autorite des Marches Financiers ("AMF"); ( xi) the outcome of the
putative class action lawsuit filed against ALSTOM and certain of its current
and former officers; (; (xii) our ability to improve operating margins in a
timely manner and to progressively increase the after-sales service and
maintenance in our businesses (xiii) the availability of external sources of
financing on commercially reasonable terms; ( xiv) the 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; ( xv) risks inherent in large contracts and/or significant fixed
price contracts that comprise a substantial portion of ALSTOM's business
including in contract execution; (xvi) 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; (xvii) the inherent difficulty in
estimating ALSTOM's vendor financing risks and other credit risks, which may
notably be affected by customers' payment default; (xviii) ALSTOM's ability to
invest successfully in, and compete at the leading edge of, technology
developments across all of its sectors; (xix) 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; (xx) whether
certain of ALSTOM's markets, particularly the Power Turbo-Systems/Environment
Sector, recover from their currently depressed state; (xxi) the impact on
customer confidence of ALSTOM's recent financial difficulties, and its ability
to re-establish this confidence; (xxii) the effects of acquisitions and
disposals generally and the outcome of claims related to ALSTOM's disposals;
(xxiii) the unusual level of uncertainty at this time regarding the world
economy in general; and (xxiv) 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 and/or the AMF, including our Annual Report for the fiscal year ended 31
March 2004. 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.