Form 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2002
ALSTOM
(Exact Name of Registrant as Specified in its Charter)
25, avenue Kléber, 75116 Paris, France
(Address of Registrant's Principal Executive Office)
(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 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 July 5, 2002, "ALSTOM Chosen for the Second Line
of the Barcelona Tram".........................................................3
Press release dated July 16, 2002, "Orders and Sales for the First
Quarter of Fiscal Year 02/03 Ended 30 June 2002"...............................4
5 July 2002
ALSTOM CHOSEN
FOR THE SECOND LINE OF THE BARCELONA TRAM
ATM (Autoritat del Transport Metropolita), the local transportation authority
acting on behalf of the Regional Government of Catalunya, the Municipality of
Barcelona and other local Municipalities and Authorities, has chosen the TRAMmet
consortium, which includes ALSTOM, for the concession to build and operate
Barcelona's second tramway line.
ALSTOM will supply 18 CITADISTM tramsets, and be responsible for the system
engineering, energy substations, telecommunication, ticketing, road and rail
signaling, workshop equipment and project management of the electromechanical
package. ALSTOM's share as supplier to this project amounts to 93 million euros.
Other members of the TRAMmet consortium include : FCC Construcción,
Marfina, Arande, COMSA, ACCIONA NECSO Group, Soler I Sauret, CGT
Corporación General de Transportes, CGEA-CONNEX, GUIAVIA, Bansabadell
Inversió Desenvolupament, and Société Générale.
The first phase of the new line is scheduled to enter commercial service in
March 2004, in time for the Forum 2004 exhibition.
The tramsets will be built in the ALSTOM factory in Barcelona.
In April 2000, ALSTOM was chosen by ATM to supply similar services and
electromechanical equipment, including 19 CITADISTM tramsets for a total of 92
million euros, for the first tramway line being built in Barcelona. This line is
expected to start commercial operation at the end of 2003.
ALSTOM IS THE GLOBAL SPECIALIST IN ENERGY AND TRANSPORT INFRASTRUCTURE. THE
COMPANY SERVES THE ENERGY MARKET THROUGH ITS ACTIVITIES IN THE FIELDS OF POWER
GENERATION AND POWER TRANSMISSION AND DISTRIBUTION, AND THE TRANSPORT MARKET
THROUGH ITS ACTIVITIES IN RAIL AND MARINE. IN FISCAL YEAR 2001/02, ALSTOM HAD
ANNUAL SALES IN EXCESS OF € 23 BILLION AND EMPLOYED 118,000 PEOPLE IN OVER
70 COUNTRIES.
ALSTOM IS LISTED ON THE PARIS, LONDON AND NEW YORK STOCK EXCHANGES.
ALSTOM'S TRANSPORT SECTOR, WITH ANNUAL SALES OF € 4.4 BILLION, IS AN
INTERNATIONALLY LEADING SUPPLIER OF ROLLING STOCK, INFORMATION SYSTEMS, SERVICES
AND COMPLETE TURNKEY SYSTEMS TO THE RAIL INDUSTRY.
Press enquiries: S. Gagneraud / G. Tourvieille
(Tel. +33 1 47 55 25 87) - internet.press@chq.alstom.com
Investor relations: E. Rocolle-Teyssier
(Tel.+33 1 47 55 21 70) - investor.relations@chq.alstom.com
internet: www.alstom.com
Press Information
16 July 2002
ORDERS AND SALES
FOR THE FIRST QUARTER OF FISCAL YEAR 02/03
ENDED 30 JUNE 2002
O ORDERS RECEIVED UP 11% ON A COMPARABLE BASIS.
O SALES DOWN 2% ON A COMPARABLE BASIS
O BACKLOG AT € 35 BILLION REPRESENTING 19 MONTHS OF SALES.
---------------------------------------------------------------------------
in € million ORDERS RECEIVED SALES
---------------------------------------------------------------------------
Q1 Q4 01/02 Q1 Q1/Q1 Q1 Q4 Q1 Q1/Q1
01/02 02/03 01/02 01/02 02/03
------------------------------------------------------------------------------------------------
POWER 2,599 1,881 2,879 +11% 3,290 3,205 2,932 -11%
------------------------------------------------------------------------------------------------
T&D (1) 1,087 910 1,092 0% 746 1,049 824 +10%
------------------------------------------------------------------------------------------------
TRANSPORT 1,353 1,549 1,624 +20% 916 1,301 1,116 +22%
------------------------------------------------------------------------------------------------
MARINE 5 233 19 NA 332 405 343 NA
------------------------------------------------------------------------------------------------
OTHERS 73 95 60 NA 105 102 54 NA
------------------------------------------------------------------------------------------------
TOTAL COMPARABLE 5,117 4,668 5,674 +11% 5,389 6,062 5,269 -2%
------------------------------------------------------------------------------------------------
DISCONTINUED(2) 1,108 NA 661 NA
------------------------------------------------------------------------------------------------
TOTAL 6,225 4,668 5,674 -9% 6,050 6,062 5,269 -13%
------------------------------------------------------------------------------------------------
Unaudited Reported Figures
(1) Including Power Conversion
(2) Including Contracting and GTRM
Commenting on the First Quarter Orders and Sales, announced this morning, Pierre
Bilger, Chairman and Chief Executive Officer of ALSTOM stated:
"The good level of orders in the first quarter of fiscal year 02/03 compared to
the same period last year and to the previous quarter is encouraging. It
confirms our customers' confidence in our products and we believe that ALSTOM is
resisting well to the current, challenging, economic environment.
Also, during the quarter ending 30 June 2002 we met the first significant
milestone of the Restore Value plan, the rights issue, which was successfully
concluded despite difficult stock market conditions.
We maintain our efforts and continue to focus on free cash flow and improvement
in operating margins in order to meet our objectives."
OVERVIEW
ORDERS received for the first quarter of fiscal year 02/03 amounted to €
5,675 million, an increase of 11 % on a comparable basis versus the same period
of last fiscal year. On a reported basis, the decline of 9% is due to the
disposal of GTRM and Contracting. Versus the previous quarter, the last quarter
of fiscal year 01/02, orders were up 22%.
Most geographical regions improved except the US, principally due to lower Power
orders (see page 6).
SALES amount to € 5,269 million, down 2% on a comparable basis mainly due
to a decline of revenues in the Gas activities in Power.
CURRENCY EFFECT - During the first quarter of fiscal year 02/03, orders received
were impacted by translation effects between Euro and non-Euro currencies. The
impact is -3.5% on orders received and -3.8% on sales. These translations of
foreign currencies versus Euro are due to a fall in value of currencies versus
the Euro in June 2002 (USD by 8.5% and GBP by 4.4% versus June 2001).
THE RIGHTS ISSUE launched on May 28th was the first step in the implementation
of the `Restore Value' plan whose aim is to enhance the balance sheet by
generating cash proceeds of around € 2.1bn by March 2003 and achieve a
gearing of 20% by March 2005. The capital increase of € 636 million was
fully subscribed, despite particularly challenging market conditions.
COMMENTS BY SECTOR
POWER
In Power, during the first quarter of fiscal year 02/03, orders received grew to
€ 2,879 million, an increase of 53 % versus the previous quarter and an
increase of 11% versus the first quarter of fiscal year 01/02. This encouraging
performance was achieved despite a general slowdown in new equipment investment
in the US.
In Q1, the main orders received were:
o Turnkey contract with Gaz de France of a total value of approximately €
450 million for the supply of a 800 MW gas fired power plant to be built at
Dunkirk (France), which includes a maintenance contract;
o Steam turbine retrofit for Virginia Power in the US;
o Contract for a combined cycle power plant for EVN in Vietnam, including 2 x
GT13E2;
o 2 x GT13 E2 for Naoc JV in Nigeria;
o Power plant refurbishment contract for CS Energy in Australia.
Sales in Power amounted to € 2,932 million in the first quarter of fiscal
year 02/03, a decrease of 11% versus the first quarter of fiscal year 01/02,
reflecting the decline in deliveries of the GT 24/26.
TRANSMISSION AND DISTRIBUTION (T&D)
Orders received in the first quarter of fiscal year 02/03 increased by 20%
versus previous quarter at € 1,092 million and remained flat versus the
same period of last fiscal year. As of 1st April 2002, Power Conversion was
integrated in T&D in order to extract synergies from their complementary
products and markets (all T&D figures are presented including Power
Conversion).
In Q1, the main orders received were:
o Substations (extension 200 kV and 500 kV) for Transelec in Chile;
o 18 distribution sub-stations for CFE, the state electrical utility in Mexico;
o Supply of protection and control products for the National Grid Company in
the UK.
T&D sales amounted to € 824 million in the first quarter of fiscal year
02/03, an increase of 11 % versus the first quarter of fiscal year 01/02, itself
a relatively low quarter.
T&D continued its industrial reorganisation to improve product
standardisation and specialisation of manufacturing sites.
TRANSPORT
Orders received by Transport in the first quarter of fiscal year 02/03 amounted
to € 1,624 million, an increase of 5% versus the previous quarter. On a
comparable basis versus the same period of last year, orders increased by 20%.
On a reported basis, orders decreased 10% versus Q1 of fiscal year 01/02 because
of the disposal of GTRM.
This significant increase reflects a buoyant market in rolling stock as the
result of continuing urbanisation and the consequent increase of investment in
urban and suburban rail infrastructure. Transport registered several successes
world-wide, notably in Northern Europe and in the US.
In Q1, the main orders received were:
o 55 suburban trains in Sweden;
o 62 new metro cars for Washington D.C. (US);
o 135 coach cars for New Jersey Transit (US);
o 20 suburban trains and 8 pendolino trainsets in Finland;
o Nanjing metro in China
o Major service orders in Australia and Ireland.
Sales in Transport amounted to € 1,116 million in the first quarter of
fiscal year 02/03. On a comparable basis versus the same period last year, and
as a consequence of to the favourable trend in orders received in past fiscal
years, the increase was 22%. The increase on a reported basis was only 12% due
to the disposal of GTRM.
MARINE
Orders received by Marine in the first quarter of fiscal year 02/03 amounted to
€ 19 million, versus € 5 million in the first quarter of fiscal year
01/02. The orderbook still represents approximately two years of sales, and
there is now renewed interest in new cruise ship ordering.
Sales remained flat at € 343 million in the first quarter of fiscal year
02/03 versus the same period of last fiscal year. In the first quarter of fiscal
year 02/03, Marine delivered two cruise-ships, the EUROPEAN STARS to Festival
and the CONSTELLATION to RCCL. Marine also progressed in the construction of
other vessels, such as QUEEN MARY II for Cunard and CRYSTAL SERENITY for NYK.
OUTLOOK
The encouraging order intake performance in the first quarter of the current
fiscal year, gives confidence that we can maintain an overall stable level of
orders and sales for the full ear, despite our expectation of a continuing
uncertain economic environment.
*
* *
CONTACTS
Press enquiries: G. Tourvieille
(Tel. +33 1 47 55 23 15)
gilles.tourvieille@chq.alstom.com
Investor relations: E. Rocolle-Teyssier (Tel. +33 1 47 55 21 70)
investor.relations@chq.alstom.com
Internet: http://www.alstom.com
*
* *
EXPLANATORY NOTES
This document explains the assumptions used to determine comparable figures
between June 2001 and June 2002.
ANALYSIS OF ORDERS RECEIVED AND SALES ON A COMPARABLE BASIS
The following adjustments have been made to evaluate orders received and sales
on a comparable basis :
o Orders received and sales contributed by activities sold since 30 June 2001
have been excluded from the first quarter of fiscal year 01/02.
o Orders received and sales contributed by activities acquired since 30 June
2001 have been added to the first quarter of fiscal year 01/02 using
historical data or same data of fiscal year 02/03 when historical data are
not available.
o No modification is performed on fiscal year 02/03 figures.
ACQUISITIONS
Railcare Ltd and Transport Services Calgary have been acquired since the end the
first quarter of fiscal year 01/02. The total impact on comparable figures for
June 2001 is a € 17 million increase in orders received and € 20
million in sales.
No other major activity has been acquired since 30 June 2001.
DISPOSALS
The Contracting Sector and GTRM within the Transport Sector, were sold since 30
June 2001. The total impact on comparable figures is presented in the table
below.
--------------------------------------------------------------
30 June 2001
--------------------------------------------------------------
In € million Orders received Sales
--------------------------------------------------------------
Contracting -645 -576
--------------------------------------------------------------
GTRM (Transport) -480 -105
--------------------------------------------------------------
TOTAL IMPACT -1,125 -681
--------------------------------------------------------------
No other major activity has been sold since 30 June 2001.
GEOGRAPHIC BREAKDOWN
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In € million ORDERS RECEIVED SALES
Q1 Q4 Q1 % Q1 Q4 Q1 %
FY01/02 FY01/02 FY02/03 changeQ1/Q1 FY01/02 FY01/02 FY02/03 changeQ1/Q1
------------------------------------------------------------------------------------------------------------------
European Union 1,666 1,666 2,601 +56% 1,844 1,988 1,601 -13%
OF WHICH FRANCE 328 633 703 +114% 366 355 374 2%
UK 312 277 447 +43% 324 624 322 -1%
GERMANY 329 245 442 +34% 240 285 228 -5%
Rest of Europe 333 460 263 -21% 260 373 322 24%
North America 1,792 822 1,203 -33% 1,576 1,450 1,394 -12%
OF WHICH US 1,579 622 1,041 -34% 1,233 1,114 1,170 -5%
South & Central
America 267 330 324 +21% 248 635 394 59%
Africa - Middle East 317 75 409 +29% 380 425 548 44%
Asia - Pacific 741 1,316 875 +18% 1,080 1,192 1,010 -6%
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TOTAL COMPARABLE 5,117 4,668 5,674 +11% 5,389 6,062 5,269 -2%
------------------------------------------------------------------------------------------------------------------
Discontinued 1,108 - - NA 661 - - NA
------------------------------------------------------------------------------------------------------------------
Total 6,225 4,668 5,674 -9% 6,050 6,062 5,269 -13%
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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, 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 the exclusive means of identifying such
statements. By their very nature, forward-looking statements involve inherent
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 competition in the product markets and geographic areas in
which ALSTOM operates; (iv) the ability to increase market share and control
costs while maintaining high quality products and services; (v) the timely
development of new products and services; (vi) the inherent technical complexity
of many of ALSTOM's products and technologies and the ability to resolve
effectively and at reasonable cost technical problems that inevitably arise,
including in particular the problems encountered with the GT24/26 gas turbines;
(vii) risks inherent in large contracts that comprise a substantial portion of
ALSTOM's business; (viii) the effects of acquisitions and disposals; (ix) the
ability to invest in successfully, and compete at the leading edge of,
technology developments across all of ALSTOM's Sectors; (x) 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;
(xi) timing of completion of the actions focused on cash generation contemplated
in ALSTOM's "Restore Value" programme; (xii) the inherent difficulty in
estimating future charter or sale prices of any relevant cruise-ship in any
appraisal of the exposure in respect of the Renaissance matter; (xiii)the
inherent difficulty in estimating ALSTOM's exposure to vendor financing which
may notably be affected by customers' payment default; (xiv) the unusual level
of uncertainty at this time regarding the world economy in general; and (xv)
ALSTOM's success at adjusting to and managing the risks of the foregoing. ALSTOM
cautions that the foregoing list of important factors is not exhaustive; when
relying on forward-looking statements to make decisions with respect to ALSTOM,
investors and others should carefully consider the foregoing factors and other
uncertainties and events, as well as other factors described in other documents
ALSTOM files from time to time with the Commission des Operations de Bourse and
with the Securities and Exchange Commission, including reports on Form 6-K.
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.
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: July 22, 2002 By: /s/ Philippe Jaffré
-------------------------------
Name: Philippe Jaffré
Title: Chief Financial Officer