Half Year Results 2010/2011 Pavillon Gabriel November 30, 2010

Transcription

1 Fr all the trains in the wrld Half Year Results 2010/2011 Pavilln Gabriel Nvember 30, 2010

2 Highlights > Faiveley Transprt: 4,900 emplyees n 46 lcatins in 24 cuntries > Order bk reflects the mmentum and diversity f the market millin Change / Order Bk ,0% Revenues 411 0,8% EBITDA 58 3,4% Net earnings per share (in eurs) 2,07 4,7% Cash flw ,9% 2

3 Highlights First Half Activity in line with expectatins Order bk grwing High visibility rders and regular flw f varied rders 3

4 Sales in line with ur expectatins In millin > Half year revenues virtually stable ( 0.8%) Favrable exchange rate effect 4.1% Like fr like 4.9% Sme deliveries pstpned in Eurpe Grwth mmentum in Asia / / /2011 4

5 Order bk reflects the mmentum and diversity f market needs In millin ,301 1,363 > Order bk 1.4 billin 14% rise vs. September 2009 OE: 26 mnths sales CS: 8 mnths sales 1250 > Fleet renewal in Eurpe ,195 > Sustained demand in Asia 1150 > Rise in CIS cuntries

6 High visibility rders acrss the bard > Prteur Plyvalent: cntract with Alstm Transprt fr SNCF Cntract wrth 63 M fr next generatin f single level trains Supply f braking systems, cabin air cnditining and passenger access (drs) fr the first phase f 100 trains Optins up t 1,000 trains Delivery frm 2011 t 2015 fr first phase > Prteur Hyper Dense: cntract with Bmbardier fr SNCF Recrd size f cntract > 70 M Supply f drs, pantgraphs, braking and electrnic systems fr 129 train sets Optins f up t 860 train sets n this prductin platfrm First deliveries: mid

7 backed up by a regular stream f varied rders > Delhi Metr (India): ttal 583 passenger cars Cntract award 2007 fr braking systems, air cnditining, drs and pantgraphs In 2010, 2 repeat rders fr 198 cars wrth 23 M, in ttal > Trnt Tramway (Canada): brakes, drs, air cnditining, pantgraphs February 2010, first rder fr 204 cars wrth 32 M > Stchi Reginal Trains (Russia): air cnditining cntract wrth Cntract signed fr 190 cars 9 M Optin fr 16 additinal train sets in 2012 > Sa Pal Metr (Brazil) Retrfit fr the installatin f platfrm drs & gates fr 8 M Custmer Service fr 98 train sets (lines 1 and 3) wrth 4 M 7

8 f all shapes and sizes > Examples f rders wrth less than 5 M Reginal train (Sweden) with Alstm: braking system and air cnditining Passenger air cnditining (Finland) with Transtech OY fr 40 railcars Cabin and passenger air cnditining (Germany) with Stadler fr 16 train sets Lcmtives (China) with Dalian Tshiba: air cnditining Tramways f Casablanca (Mrcc) with Alstm: braking system Singapre autmated metr fr Invensys: black bxes > 75% prjects delivered in First Half have a ttal cntract size belw 10 M 8

9 Other highlights > Creatin f a jint peratin with Amsted Rail in the United States Amsted Rail, wrld leader in undercarriage cmpnents fr freight cars Jint venture specializing in braking equipment fr glbal freight market Subsidiary cntrlled by Faiveley Transprt (majrity sharehlder) > New skills in management team Thierry Barel, Chief Operating Officer since July 2009 Guillaume Buhurs, Financial Directr since September

10 Financial statements September 30, 2010 Incme statement Balance sheet Wrking capital Cash flw Financial structure 10

11 Half year revenues: 411 M 2% Cuplers 5% Platfrm Drs & Gates 7% Pwer, infrmatin & Cntrl 12% Passenger access systems 15% Air cnditining By business line Change H vs. H Custmer Service +1.8% Original Equipment 2.1% 33% Custmer Service 26% Braking systems 24% Asia/Pacific By gegraphical zne 9% Americas Change H vs. H Eurpe 9.7% Asia/Pacific +26.8% Americas +19.7% 68% Eurpe 11

12 Cnslidated incme statement (1/2) In millin H1 2009/10 % Sales H1 2010/11 % Sales Change Revenues % Grss margin % % Prfit frm peratins % % 3.9% Operating incme % % 3.8% EBITDA (1) % % 3.4% (1) Operating incme + depreciatin > Earnings prfile in line with expectatins > Cntrlled base csts (+1% vs. 2009) despite an increase in sales and marketing expense 12

13 Cnslidated incme statement (2/2) In millin H1 2009/10 % Sales H1 2010/11 % Sales Change Operating prfit % % 3.8% Financial result (8.1) (6.1) Incme Tax (11.0) (11.9) Minrity interests (2.1) (2.7) Net Incme Grup Share % % 5.0% Earnings per share (Eurs) (1) % (1) After eliminatin f treasury shares > Imprved financial result > Effective tax rate 27.2% vs. 25.2% in 2009/10 13

14 Cnslidated Balance Sheet In millin Net assets Gdwill Deferred tax (1) Wrking capital Ttal Financing Needs Net financial debt Prvisins and fair value derivatives Sharehlders equity and minrity interests Ttal Financing (1) Deferred tax assets less deferred tax liabilities > Trade receivables decnslidatin prgrgramme : 66.5 M (vs M at ) 14

15 Wrking capital In millin Change Activity effect Balance Inventry and wrk in prgress Receivables (1) Payables (2) (137.4) (118.5) Other current assets and liabilities (163.2) (147.2) Wrking capital befre dispsal f receivables Dispsal f receivables ff balance sheet (96.1) (66.5) Wrking capital (1) Befre receivables decnslidatin prgramme (2) Adjusted fr supplier advance payments 15

16 Cash flw statement In millin H1 2009/10 H1 2010/11 Net incme grup share Depreciatin, change in prvisin and nn cash items Self financing capacity Change in wrking capital (excluding dispsal f receivables) (11.7) (2.6) Investments (6.5) (8.2) Free cash flw Change in receivables decnslidatin prgramme (24.5) (29.6) Increase (decrease) in brrwing (6.6) (28.0) Dividends (14.0) (16.9) Share buyback 0.0 (6.6) Change in freign exchange rates and hedging instruments Change in cash & cash equivalents (12.3) (41.8) 16

17 Financial structure In millin Financial debt Financial receivables (8.5) (7.6) Cash flw (196.7) (153.9) Treasury shares (10.0) (14.7) Net debt Rati Net debt / Sharehlders equity Rati Net debt / EBITDA > Debt amrtizatin 29 M > Excluding change in receivables decnslidatin ( 29.6 M) net debt reductin f 20.5M > Large headrm n banking cvenants 17

18 Strategy and utlk Dynamic glbal rail market Balanced business mdel reliant n slid fundamentals Electrnics: differentiating factr Strategic agreement with Amsted Rail Slid utlk 18

19 Dynamic glbal rail market, detailed by segment High speed Lcmtives Reginal Freight cars Tramways Metrs Custmer Service Accessible market (annual average) Annual grwth / billin 7.5 billin 9.4 billin 4.9 billin 2.4 billin 4.3 billin 21 billin 2.3% +0.6% +3.9% +4.0% +3.9% +3.2% +4.0% Surce: Unife/BCG May

20 and by gegraphical zne Nrth America 4.7 M +2.7% Western Eurpe 10.2 M +1.7% Eastern Eurpe 1.6 M +4.9% CIS 2.6 M +4.9% Suth America 1.3 M +3.1% Africa 1.5 M +5.2% Asia/ Pacific 14.6 M +0.6% > Glbal market grwth in rail rlling stck Market size and CAGR / Surce: Unife/BCG May

21 Balanced business mdel > The balance f Faiveley Transprt activity reduces risks and drives grwth PRODUCT LINES Mst cmprehensive range f equipment and services in market GEOGRAPHICAL EXPOSURE Established n all key markets O.E./SERVICE Custmer Service Original Equipment MULTI-SEGMENT All market segments cvered 21

22 reliant n slid fundamentals > Integrated high value added slutins Design, prductin, sales and service High levels f quality, reliability and availability > Flexible and agile rganizatin Ability t adapt resurces t business vlumes Available t grw with current capacity and resurces > Lw capital intensity 22

23 Faiveley Transprt, glbal rail player NORTH AMERICA 3 sites incl. a centre f cmpetence EASTERN EUROPE 5 sites incl. a centre f cmpetence ASIA 15 sites incl. 8 prductin sites SOUTH AMERICA 1 site WESTERN EUROPE 19 sites incl. 6 centers f cmpetence PACIFIC 3 sites 23

24 Faiveley Transprt, glbally integrated rail equipment & systems supplier 01 ELECTROMECHANICAL SYSTEMS 02 ELECTRONICS 03 AIR CONDITIONING 04 PASSENGER ACCESS DOORS 05 PLATFORM SCREEN DOORS 06 BRAKES 07 COUPLERS 24

25 Electrnics: a differentiating factr > Pwer Infrmatin & Cntrl: 7% grup revenues > Specific applicatins fr rail business Train IT netwrk: cntrl/cmmand Od tachymetry systems Black bxes Safety fr signaling systems Vide surveillance Energy cnverters > Differentiating factrs Unequaled range f prducts within a single equipment and systems supplier Cmprehensive knw hw f electrnics Highly skilled R&D, leading edge innvatin 25

26 Faiveley Transprt electrnics strategy 26

27 Amsted Rail Faiveley: strategic access t glbal freight market > Amsted Rail Glbal leader in cmpnent manufacture fr freight bgie cmpnents Cmprehensive slutins prvider Bgie systems fr wagns (bgies, wheels, suspensin, axels) Energy management systems (cuplers, valves, side frames, bearing adapters) 27

28 Amsted Rail, glbal leader in rail freight > Revenues $2.3 billin, wrkfrce mre than 11,000 in 10 cuntries 28

29 Amsted Rail Faiveley: partnership t cnquer the freight market > Jint venture between Amsted Rail and Ellcn Natinal, Faiveley Transprt US subsidiary Faiveley Transprt: 67.5% equity stake Optin fr Amsted Rail t raise its stake frm 32.5% t 49% (reinvestment f dividends f jint venture) > Jint venture gals Take ver market leadership in freight brakes and benefit frm synergies Offer widest range f prducts by cmbining Amsted Rail bgie cmpnents and Faiveley Transprt braking systems Grwing market share in US freight Benefit frm market upturn 29

30 Prspects in glbal freight market > Market well psitined fr recvery Frm 12,000 t 60,000 Frm 6,000 t 15,000 60,000 50,000 5,000 3,000 26,000 4,500 Surce: SCI Verkher 30

31 Faiveley Transprt: slid utlk > Outlk cnfirmed : stable revenues fr 2010/2011 Return t grwth next financial year > Dynamic sales and marketing activity ffering favrable prspects > Grup cntinuing t expand in a market with gd visibility > M&A pprtunities 31

32 Calendar 2010/2011 Date January 26, 2011 Event 3 rd quarter 2010/2011 sales April 27, 2011 Annual sales 2010/2011 June 15, 2011 Annual results 2010/2011 July 25, st quarter 2011/2012 sales Octber 24, 2011 Half year sales 2011/2012 Nvember 25, 2011 Half year results 2011/

33 Faiveley Transprt 33