z uecember zcii

Sccit 6nrale
Premium review
Patrick Krcn
P z
Aqenda
i. 0ur activities
s. Ccnclusicn
. Aendices
z. Pecent develcments
P s
Pail transcrt
Jhree main activities lccused cn inlrastructure
zs+ cl the wcrldwide installed cwer
qeneraticn caacity sulied by Alstcm
Pcwer transmissicn
Jhermal Pcwer / Penewable Pcwer
Pcwer qeneraticn
Leadershi in key
markets and last-
qrcwinq technclcqies
(disccnnectcrs, 6lS,
lvuC .)
Alstcm makes i
metrc in and i
tram in
z+
s+
1z+
zz+ Jhermal Pcwer
Penewable Pcwer
6rid
Jranscrt
Sp||t by Sector
Sales F zcic/ii
Jranscrt
6rid
Jhermal Pcwer
0llerinq
A ccmlete crtlclic with strcnq csiticns
6as
Ns
Loa|
Ni*
Nuc|ear
(convent|ona| |s|and)
Ni
Lquiment and turnkey lants Services
Lxcludinq Chinese and lndian layers
0LM sulied at least the turbine, the qeneratcr cr the steam qeneratcr
Scurce: ALSJ0M, uul (zccs)
1ota| Wor|d lnsta||ed 8ase: -,800 6W
zs+
is+
6+
is+
Penewable Pcwer
0llerinq
uiversilied technclcqies with a articular strenqth in hydrc
Pydro Ni
W|nd
Lquiment and services
So|ar
6eotherma|
8|omass
0ther renewables
P 6
Pcwer qeneraticn
urivers
conom|c growth
6rcwth in electricity ccnsumticn
articularly in emerqinq ccuntries
4ge|ng of power p|ants
Pisinq mcdernisaticn, service and
relacement needs
nv|ronmenta| rego|at|ons
Jrend cl enerqy mix diversilicaticn
(C0z lree technclcqies),
elliciency imrcvement, CCS.
Lcnq-term qrcwinq market
P
Jranscrt
0llerinq
A wcrldwide leader
Sp||t by act|v|t|es
lnfrastroctore
ko|||ng stock
Serv|ces
S|gna|||ng
Metro
keg|ona|
Locomot|ves
very h|gh speed
1ram-1ra|n
1ram
B|gh speed
lnterorban
P s
Pail transcrt
urivers
urban|sat|on
Mcbility ccnstantly qrcwinq
nv|ronmenta| concerns
Necessity cl clean and
ellicient transcrt mcdes
lnfrastroctore satorat|on
Ccnqesticn in rcad and air,
increasinq develcment cl rail netwcrks
A sclid market
lncrease |n wor|dw|de
popo|at|on
Jcday zczs
s.s
.8
8.8
z.8
urban
kora|
P s
6rid
0llerinq
rodocts
Lquiment ccverinq the hiqh tc ultra-hiqh vcltaqe
Systems
Active in lvuC (hiqh vcltaqe direct current)
Sulier cl turnkey hiqh vcltaqe substaticns lcr renewables
(cnshcre and cllshcre wind)
4otomat|on
Leader in Netwcrk Manaqement Scluticns
Strcnq cllerinq in Substaticn Autcmaticn Scluticns
Serv|ce
Maintenance and ctimisaticn cl equiment usaqe
A strcnq crtlclic in key technclcqies
P ic
Pcwer transmissicn
urivers
lncreasinq ccmlexity cl netwcrks, need lcr enerqy elliciency
lncrease of demand for e|ectr|c|ty
and age|ng of networks
kace for a |ow carbon energy m|x
{renewab|es espec|a||y)
Need for eff|c|ent and safe networks
P ii
Aqenda
i. 0ur activities
s. Ccnclusicn
. Aendices
z. Pecent develcments
P iz
Key events cl the lirst hall zcii/iz
P8L and FCF imacted by the lcw level cl ast
crders
Ccntinued ccmmercial reccvery sucrted by
emerqinq markets
flkS1 B4Lf kSuL1S
ln line with exectaticns
Nvlk0NMN1
Lack cl eccncmic
mcmentum
k8bI4k1NkSBlS
Majcr achievements
Siqnilicant milestcnes in qas turbines
Key develcments in Pussia and China
6reek crisis and instability cl the eurc zcne
uisacintinq leadinq indicatcrs in industrialised
ccuntries (6uP qrcwth, unemlcyment, .)
Key liqures (i/z)
P is
Sept z010*
0rders received
Backlcq
ln c millicn
,css
s,zs
With 6rid ccnsclidated lcr mcnths (lrcm june tc Setember zcic)
Sept z011
z,s8z
10,18s
var|at|on
+6+
+s+
+s+
+s+
Lxcl. 6rid lncl. 6rid
Ccmmercial rebcund ccnlirmed
c.6
1.08 - -
Bcck-tc-bill ratic
Key liqures (z/z)
P i
Sept z010* var|at|on
lnccme lrcm ceraticns
-
0eratinq marqin
Sales
-is+
Net inccme -
ln c millicn
6s
.s+
ic,sz
ci
-is+
-ic+
-s+
Lxcl. 6rid lncl. 6rid
With 6rid ccnsclidated lcr mcnths (lrcm june tc Setember zcic)
Alter a neqative imact lrcm 6rid urchase rice allccaticn and acquisiticn ccsts cl resectively cs millicn in
li zcic/ii and cs millicn in li zcii/iz
Sept z011
8zz
8.z+
s,s8s
s8s
As anticiated, ceraticnal erlcrmance reached a lcw cint in li
Free cash llcw (s6s) {s1) - -
P is
Lvcluticn cl the share rice
Ccnlidence crisis
1he 'bear' v|ew
i. Scarcity cl new cwer lant rcjects
due tc linancinq issues
z. Lcss cl market shares due tc Asian
new ccmers and weakness versus
traditicnal ccmetitcrs
s. Lcw marqin ccntracts in emerqinq
ccuntries
. Ccncerns cn imlementaticn cl
restructurinq lans
s. ucubts cn the linancial structure
Base Alstcm ci/ic/zccs= cs.ss
s
c
-
S
e

-
i
i
0
20
40
60
80
100
120
140
160
180
1
-
C
c
L
-
0
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1
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v
-
0
9
1
-
u
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9
1
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-
1
0
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-
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-
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-
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1
-
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a
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-
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-
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ALS1CM CAC 40 lnuLx SlLMLnS AC
8CM8A8ulL8 lnC CLnL8AL LLLC18lC CC A88 L1u
P i6
i. Market envircnment tcday
A twc-seed wcrld with unchanqed drivers
M41uk f0N0MlS f4S1 6k0WlN6 f0N0MlS
0Wk
1k4NS0k1
6klb
Lack of v|s|b|||ty and corrent soff|c|ent
reserve marg|ns imactinq investment
decisicns lcr new cwer lants
Nuclear hase cut in 6ermany cllerinq
ccrtunities
6rcwth in wind
Service and retrclit sustained
Prcjects delayed in Scuth Lurce and uSA
Ncrthern Lurce mcre active (6ermany, uK,
Scandinavia)
Ccntinucus derequlaticn and rivatisaticn
Strcnq investments lcr bcth thermal
and renewables in Asia still linked tc
6b growth
Pesilient demand in MLNA and Pussia
driven by enerqy rices
Needs in Lastern Lurce lcr bcth excrt
and dcmestic markets
0verall active markets lcr rcllinq stcck and
siqnallinq, esecially in Pussia and lndia
Chinese rail rcjects imacted by recent
salety issues
Market qrcwth driven by lvuC and
develcments in renewables
very active demand but strcnq ccmetiticn
lmact cl instability in MLNA
i. 0rders by destinaticn
0rders ccminq tcday lrcm emerqinq markets
where qrcwth is drivinq demand and linancinq is nct an issue
'Wa|t and see' att|tode
from 4LL costomers
lnvestment back
|n emerg|ng markets
0kbkS 8 606k4B
zccs/ic zcic/ii zcii/iz
,is
,ss
,css
iz,ci6
zs+
i+
6c+
c+
s+
si+
s+
6s+
ss+
ln c millicn
P i
8z+
10,18s*
lncludinq 6rid
P is
Set zcic Set zcii
Lmerqinq ccuntries
uevelced ccuntries
Set zcic Set zcii
Penewables
Jhermal
f|rm b|ds by keg|on f|rm b|ds by 1echno|ogy
+80+
+1s+
+0+
+z0+
4 few examp|es of soccesses.
1ss
100
Base
i. Fccus cn Pcwer
Strcnq tenderinq activity translatinq intc crders
Numercus thermal and
renewable cwer rcjects
bccked in li (Malaysia,
Lstcnia, Sinqacre, lndia,
Brazil)
Several larqe ccal and qas
ccntracts exected in lz
P is
6lcbal markets
>8s+
sc+
Share of emerg|ng coontr|es |n orders rece|ved
ln zccs
J0uA
Successlul strateqy tc cature qrcwth where it is
uality, technclcqy, reliability, exerience, service, turnkey beinq alsc art cl
custcmer needs in emerqinq markets
New ccmetitcrs tarqetinq dillerent rcjects lcr which lcw caital ccsts revail
z. Lnlarqed layqrcund
P zc
z. Pcsiticninq vis a vis the traditicnal ccmetitcrs
Nc market share lcss cn the 'addressable' market
0Wk
= s
1k4NS0k1
= z
6klb
= s
We d|d not part|c|pate. 8ot oor offer|ng |s evo|v|ng.
6as: small turbines (belcw iccMW), 6clz
market, very larqe turbines
Limited access tc ccal market in China
Small resence in wind (cnly cnshcre)
6ecqrahical mix nct lavcurable lcr Alstcm
(uK, 6ermany, China.)
Lcw ccst rcducts in emerqinq markets
uqrade cl 6Jz6 (sc lz) and re-launch
cl 6Jz (6clz)
jv with Shanqhai Llectric in bcilers
Strcnq crqanic develcments in cnshcre
(Brazil, uSA) and cllshcre
lvuC vcltaqe Scurce Ccnverter
ultra lvuC scc kv+
Autcmaticn business imacted by slit
Schneider/Alstcm
lvuC vSC ncw ccmmercial, lirst success
with Jres Amiqas (uSA)
Factcries / test labs uqraded, ultra lvuC
rctctye successlully tested
Autcmaticn redelcyment ahead cl schedule
Successlul entry in Pussia and lndia
uevelcment cl secilic rcducts tc cce
with lccal demand
P zi
s. Marqin in emerqinq ccuntries
Lccalisaticn is key
M4Nuf4f1uklN6 8
jvI4k1NkSBlS
ML0S
S0ukflN6 lN Lff
0Wk
ss+
1k4NS0k1
s0+
6klb
s+
J0uA zcc
<s0+
0+
Fccus cn rcjects and
scces where technclcqy
can be leveraqed
Similar marqins lcr similar
rcjects
fontracts taken
|n emerg|ng coontr|es
vs |n matore markets
P zz
. Pestructurinq lans
0n-qcinq rccess
Well dimensicned tc adat tc current demand
0Wk
1k4NS0k1
JAP6LJ
ACllLvLu
sc/cs/zcii
i,ssc csiticns by March zcis
(-s+ cl emlcyees in Western Lurce)
sc (i/s)
s,scc ermanent by March zciz
(-zc+ cl emlcyees in Western Lurce
and NAM)
i,scc (i/z)
P zs
s. Financial structure
undrawn
Credit line
6rcss Cash
L|qo|d|ty pos|t|on
6ross debt: no repayment before z01
ln c millicn
ln c billicn
0ct zcis Feb zci Mar zczc Maturity date Set zci 0ct zcis
sc
scc
scc
sc
sc
sc Se ii
s.
si March ii
Pcbust linancial situaticn desite neqative FCF in li
A ci billicn syndicated credit line with zs banks
lully undrawn maturinq in zcis
Larqe headrccm cn ccvenants at end cl Set ii:
-Minimum interest ccver=iz (s)
-Maximum tctal net debt leveraqe=z (<s.6)
8ond|ng 8 goarantees
An cs.s billicn syndicated line with ii banks available
until july zcis (cz.c billicn undrawn at end cl Set ii)
Bilateral lines cl czc.i billicn at end cl Set ii
(cl which cic.6 billicn available)
z.s
P z
Aqenda
i. 0ur activities
s. Ccnclusicn
. Aendices
z. Pecent develcments
Strateqic and ceraticnal ricrities
Ccntinue P8u rcqrams in key areas
Bccst and rctect cur leadinq csiticns
Lxand cur csiticns in emerqinq markets thrcuqh
artnershis and caex
lmlement successlully the restructurinq rcqrammes in
Western Lurce and NAM
1. 4b41 606k4Blf4L kSNf
z. k 8S1-lN-fL4SS 0ffklN6
s. M4lN14lN f0fuS 0N kf0kM4Nf
Lxcellence in rcject executicn
Acticns cn ccsts
P zs
P z6
0utlcck
4 better second ha|f
0eratinq marqin lcr F zcii/iz tc stay
between + and s+
fo|| year go|dance conf|rmed
0rders tc remain sustained
Lxected sales reccvery
lncrease cl ceratinq marqin driven by hiqher vclume and
ellects cl cn-qcinq acticns cn ccsts
Pcsitive lree cash llcw
P z
Aqenda
i. 0ur activities
s. Ccnclusicn
. Aendices
z. Pecent develcments
A new ycunqer and strenqthened Lxecutive Ccmmittee
P zs
As of 4 July 2011
|rme Pcresse
Renewab|e Power
P. Poupart-Lafarge
Jransport
Ph|||ppe Lochet
Jherma| Power
8runo 6u|||emet
Puman Resources
Ph|||ppe |oubert
ueputy LFU
6. Poux-6u|||aume
6r|d
N|co|as J|ssot
F|nance
Ke|th Larr
Lega|
Patr|ck Kron
Lha|rman 8 LFU
z,88
,8s0
li zcic/ii li zcii/iz
Jhermal Pcwer
Key liqures (i/z)
P zs
0rders by semester
8ack|og
ln c millicn
Bcck-tc-bill
Strcnq crder reccvery (even withcut biq tickets in z)
z steam lants bccked
s qas turbines reqistered in li (vs s last lull liscal year)
Scund Service and LCS activities
Se zcic Se zcii March zcii
+6z+
1z,0s
1z,s8z 18,sss
c.ss
1.1s
Jhermal Pcwer
Key liqures (z/z)
P sc
Sa|es by semester
ln c millicn
lncome from operat|ons and
operat|ng marg|n
-zz+
Lcw cint in sales, as exected, due tc weak ast
crders
Marqin sustained desite lcwer vclume, thanks tc
lavcrable mix and acticns cn ccsts
s,18
,0z
li zcic/ii li zcii/iz
ss
szz
li zcic/ii li zcii/iz
s.+
s.z+
Jhermal Pcwer
Main events: caex
P si
f4k
ln c millicn
Steam torb|nes:
Alstcm/Bharat Fcrqe lant
Mondra
8z
ss
li zcic/ii li zcii/iz
Jhermal Pcwer
Main events: technclcqy and artnershis
P sz
f04L 64S
Jurbines uqrades:
pos|t|ve feedback from costomers
Aqreement with uatanq tc jcintly develc
and test CCS technclcqy in China
jv with Shanqhai Llectric: discussicns
rcqressinq
Bciler
KA z
Mcre than cc MW
(z turbines/ccmbined cycle)
Mcre than 6c+ elliciency
liqh llexibility
KA z6
Mcre than scc MW
Mcre than 6i+ elliciency
liqh llexibility
Jhermal Pcwer
Key ricrities
P ss
6k0W1B
-lncrease service
-uevelc Asia, Pussia and the uSA
-6rcw ccmcnent sales
1fBN0L06
Ccntinue hiqh level cl P8u
0k41l0N4L kfLLNf
Fccus cn quality, lead time
reducticn and ccst ccmetitiveness
Penewable Pcwer
Key liqures (i/z)
P s
0rders by semester
8ack|og
ln c millicn
Bcck-tc-bill
6ccd vclume in bcth hydrc and wind
Larqe number cl small and medium sized ccntracts
(nc larqe ticket exected this year)
Se zcic Se zcii March zcii
+sz+
,0s1
,18z
,1s
z8z
1,01s
li zcic/ii li zcii/iz
c.ss
0.s8
Penewable Pcwer
Key liqures (z/z)
P ss
Sa|es by semester
ln c millicn
Sustained ccntributicn cl hydrc
uecreasinq marqin due tc mix ellect (hydrc vs wind)
and rice ressure in wind
lncome from operat|ons and
operat|ng marg|n
+z6+
z z8
li zcic/ii li zcii/iz
z.s+
s.c+
8z
1,0sz
li zcic/ii li zcii/iz
Penewable Pcwer
Main events: caex
f4k
P s6
ln c millicn
li zcii/iz
li zcic/ii
1s
1|anj|n
vadodara
8ah|a
ss
Bydro:
Lxtensicn cl turbines
lactcry in Jianjin
W|nd:
Assembly lactcry in
Bahia
Bydro:
lnauquraticn cl hydrc
equiment lactcry in
vadcdara
Penewable Pcwer
Main events: technclcqy and artnershis
0f4N Nk6
P s
Strcnq ccnscrtium tc bid lcr
the French s 6W cllshcre
tender
Acquisiticn cl c+ cl AWS, a
Sccttish ccmany
secialisinq in wave enerqy
Bbk0
Larqest rctcr in the z - sMW
turbine seqment
WlNb
New torb|ne
f0 1zz -
z.z MW
0NSB0k
0ffSB0k
Aqreement with Puslydrc
tc create a jcint
manulacturinq lacility tc
serve the Pussian market
Kubanski dam
ufa
Penewable Pcwer
Key ricrities
P ss
Strenqthen number i csiticn
thrcuqh P8u, invest in hiqh qrcwth
ccuntries (China, jv Pussia)
and lurther develc ccean enerqy
6rcw crqanically thrcuqh
qecqrahical delcyment and
entry in cllshcre
Lnlarqe the crtlclic
cl technclcqies (Ccncentrated Sclar
Pcwer, qecthermal ,
small steam turbines.)
Bbk0
WlNb
01Bk kNW48LS
Jranscrt
Key liqures (i/z)
P ss
ln c millicn
0rders by semester
Bcck-tc-bill
Sclid li driven by bcckinq cl larqe ccntracts taken
in Pussia and Lastern Lurce
8ack|og
Se zcic Se zcii March zcii
+ss+
18,s88
1s,s18
1s,s0s
z,00z
z,88s
li zcic/ii li zcii/iz
c.6s
1.08
Jranscrt
Key liqures (z/z)
Sa|es by semester
ln c millicn
Lcwer sales due tc lcnqer delivery times lcr rcjects
in emerqinq markets
uecrease cl vclume strcnqly imactinq marqin
lncome from operat|ons and
operat|ng marg|n
P c
-i6+
z1s
1zs
li zcic/ii li zcii/iz
.s+
s.0+
z,s1z
z,81
li zcic/ii li zcii/iz
Jranscrt
Main events: caex
f4k
P i
ln c millicn
li zcii/iz
li zcic/ii
s8
Loca||sat|on |n fast
grow|ng markets
ss
Jranscrt
Main events: technclcqy and artnershis
P z
k424kBS14N
z
0
1
0
I
1
1
B
1

z
0
1
1
I
1
z Alstcm cwns zs+ cl JMl
jv with Prcmelectrcnica (siqnallinq)
zcc lreiqht lcccs with JMl lcr PZu
zcc assenqer lcccs with JMl lcr PZu zcc lreiqht lcccs (jv KJZ,JMl,Alstcm)
ss assenqer lcccs (jv KJZ,JMl,Alstcm)
M0u lcr Astana tramway
jv with Kamkcr (siqnallinq)
ci.6s bn cl ccntracts lcr Alstcm
Further ccrtunities in hiqh seed, reqicnal trains, mass transit.
Partnershi / jv
Ccntracts / M0u
kuSSl4
Creaticn cl z jvs with JMl
Jranscrt
Key ricrities
-Leveraqe Pussian artnershi
-lncrease enetraticn
in last qrcwinq ccuntries
6L084LlS41l0N
-Fccus cn inncvaticn
tailcred tc market needs
-Bccst service and siqnallinq
8uSlNSS bvL0MN1
-0timise lcctrint
-Wcrk cn quality
8uSlNSS kfLLNf
P s
6rid
Key liqures (i/z)
P
0rders by semester
8ack|og
Ccnsclidated lcr mcnths (lrcm june tc Setember zcic)
ln c millicn
Bcck-tc-bill
Sustained vclume cl small and medium sized crders
Se zcic Se zcii March zcii
s,z8s
s,1s1
,sss
1,00*
1,8ss
li zcic/ii li zcii/iz
c.sz
1.00
6rid
Key liqures (z/z)
P s
Ccnsclidated lcr mcnths (lrcm june tc Setember zcic)
Sa|es by semester
ln c millicn
Marqin maintained desite imact cl market rice
ercsicn
lncome from operat|ons and
operat|ng marg|n
88*
10z
li zcic/ii li zcii/iz
s.s+
s.8+
1,szz*
1,8
li zcic/ii li zcii/iz
6rid
Main events: caex
f4k
P 6
z*
ln c millicn
li zcic/ii li zcii/iz
Ccnsclidated lcr mcnths (lrcm june tc Setember zcic)
kock|ea
fanoas
ower 1ransformer:
Factcry extensicn and
uqrade + service center
Bvbf:
Cancas scckv Jest Lab +
ltajuba Caacitcr
rcducticn line
ltajoba
0
6rid
Main events: technclcqy and artnershis
P
SM4k1 6klbS k8b k0buf1S
New scc kv lvuC Wall Bushinq
develced and successlully tested
ssc kv Live Jank Circuit Breaker
with ctical current translcrmer
successlully tested
lnteqraticn cl uiscl / Psymetrix
intc the Alstcm e-terra Netwcrk
Manaqement scltware suite
Lcc-cities / LMBlX: z
demcnstratcrs linalised + lirst
successes (Strasbcurq, Lycn,
Bcrdeaux)
Smartqrid demcnstratcrs: s
ccntracts linalised (z in uSA, s
in Lurce)
Ccmmercial launch cl lvuC vSC
(vcltaqe Scurce Ccnverter)
zs MW demcnstratcr with back-tc-back
ccnverters ccmmissicned
uiqital rctecticn relays: re-launch
cl Alstcm's MlC0M Pc next
qeneraticn
6rid
Key ricrities
P s
1fBN0L06
lntrcduce new rcducts 8
redesiqn tc ccst
606k4B
Peinlcrce resence in
China, Pussia and the uSA
fflflNf
Streamline crqanisaticn tc
lcwer ccst base
P s
Sales and inccme lrcm ceraticns (lF0)
ln c millicn
vo|ot|on of sa|es
li zcic/ii li zcii/iz
ic,sz
6rid ccnsclidated lcr mcnths
(lrcm june tc Setember zcic)
s,s8s
lncome from operat|ons and
operat|ng marg|n
vclume
ellects
Marqin
ellects
0ther
li zcii/iz
li zcic/ii
lncludinq under-reccvery
6s
8zz
.s+
8.z+
()
(sci)
i6s
P sc
lnccme statement
ln c millicn
Sept z010 Sept z011 var|at|on
Sa|es ic,sz s,s8s -ic+
lncome from operat|ons 6s 8zz -is+
6rid PPA+acquisiticn ccsts (ss) {88)
Pestructurinq ccsts () {s8)
Caital qains 8 cther (is) {)
8l1 sss s1z -i+
Financial result (sz) {z)
Jax result (isi) {s0)
Mincrity interest 8 cther (is) 10
Net reso|t ci s8s -s+
P si
Free cash llcw
ln c millicn
Sept z010 Sept z011
fhange |n work|ng cap|ta|
Lcwer sales leadinq tc less
rcqress ayments
Strcnq neqative evcluticn
in Jranscrt linked tc
temcrary ccnsumticn cl
wcrkinq caital lcr the
start-u cl activities in
scme ccuntries (Pussia,
lndia)
lncome from operat|ons 6s 8zz
Pestructurinq cash cut (s) {z)
uereciaticn i6s 1z0
Caital exenditure (is6) {1ss)
P8u ca. 8 amcrt. cl acq. technc. (s) {s)
Pensicns (6s) {z)
Chanqe in wcrkinq caital (i,ssz) {8ss)
Cash retained (litiqaticns) c {z80)
Jax cash cut (is) {1ss)
Financial cash cut (sc) {zs)
0ther 6 {1)
free cash f|ow (s6s) {s1)
L|t|gat|ons
uisutes with twc
custcmers: in Jhermal
Pcwer (Bulqaria) and in
Jranscrt (lunqary)
P sz
Net debt evcluticn
ln c millicn
Net debt
sc Set zcic
X
Free cash
llcw
uividends Acquisiticns
8 0ther
Net debt
belcre earn-cut
sc Set zcii
(i,zs6)
(i,s)
Net debt
si March zcii
Larn-cut
Net debt
alter earn-cut
sc Set zcii
lncludinq css millicn aid tc JMl
Jc be aid tc JMl in zciz
(si)
(iss)
(isc)
(is) {z,z8)
{z,szs)
Net inccme
s6s
uividends
(iss)
Lquity
si March ii
Lquity
sc Set ii
,10z
(zs)
Pensicns
variaticn
,isz
ln c millicn
Lquity evcluticn

0ther
P s
Ccntacts 8 aqenda
Lmmanuelle Chtelain - vP lnvestcr Pelaticns
+ss (c)i i s s ss
juliette Lanqlais - ueuty vP lnvestcr Pelaticns
+ss (c)i i s zi s6
uymhna lawksley, Christel Cillard - Lcqistics
+ss (c)i i s s zz / ss z
is/ci/zciz 0rders and sales lcr the lirst nine mcnths cl F zcii/iz
is-i6/cs/zciz Analyst uays in Pussia
c/cs/zciz Annual Pesults cl F zcii/iz
P ss
uisclaimer
Jhis resentaticn ccntains lcrward-lcckinq statements which are based cn current
lans and lcrecasts cl Alstcm's manaqement. Such lcrward-lcckinq statements are
by their nature subject tc a number cl imcrtant risk and uncertainty lactcrs (such
as thcse described in the dccuments liled by Alstcm with the French AMF) that
cculd cause actual results tc diller lrcm the lans, cbjectives and exectaticns
exressed in such lcrward-lcckinq statements. Jhese such lcrward-lcckinq
statements seak cnly as cl the date cn which they are made, and Alstcm
undertakes nc cbliqaticn tc udate cr revise any cl them, whether as a result cl
new inlcrmaticn, luture events cr ctherwise.
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