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Registration Document 2018/19 Table of Content

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Registration Document 2018/19 Table of Content REGISTRATION DOCUMENT 2018/19 TABLE OF CONTENT DESCRIPTION CORPORATE 1 OF GROUP ACTIVITIES AFR 3 5 GOVERNANCE 151 Industry characteristics 4 Board of Directors’ report AFR Competitive position 7 on corporate governance 152 Strategy 7 Executive Committee 190 Offering 8 Interests of the officers and employees in the share capital AFR 192 Research and development 16 Statutory Auditors’ special report Siemens Alstom combination project 19 on related-party agreements and commitments 200 MANAGEMENT REPORT Statutory Auditors AFR 204 2 ON CONSOLIDATED FINANCIAL STATEMENTS, SUSTAINABLE DEVELOPMENT: AS OF 31 MARCH 2019 AFR 21 6 CORPORATE SOCIAL AFR Main events of year ended 31 March 2019 22 RESPONSABILITY 205 Commercial performance 23 Extra-Financial Performance Declaration 206 Orders backlog 25 Methodology 252 Income statement 26 Report by one of the Statutory Auditors, Free cash flow 28 appointed as an independent third party , on the consolidated human resources, environmental Net cash (debt) 29 and social information included in the Equity 29 management report 254 Non-GAAP financial indicators definitions 30 Additional information for stakeholders 256 Synthesis of indicators / Key figures 2018/19 267 FINANCIAL 3 STATEMENTS AFR 33 ADDITIONAL Consolidated financial statements 34 7 INFORMATION 271 Statutory Financial Statements 109 Information on the Group AFR Other financial information and the parent company 272 relating to Alstom SA 126 Information on the share capital AFR 277 Simplified organisation chart RISK FACTORS, INTERNAL as of 31 March 2019 290 4 CONTROL AND RISK Information on the annual financial report 292 AFR MANAGEMENT AFR 129 Information on the Registration Document 293 Table of reconciliation 294 Operational and strategic risks 130 Legal & regulatory risks 143 Financial risks 145 Risk control environment 146 AFR The Content of the Annual Financial Report is identified in the summary table with the help of this pictogram. Société anonyme with share capital € 1,570,130,702 48, rue Albert Dhalenne – 93400 Saint-Ouen (France) – RCS: 389 058 447 Bobigny REGISTRATION DOCUMENT 2018/19 The original French version of this Registration Document was filed with the Autorité des marchés financiers (AMF) on 28 May 2019 in accordance with Article 212-13 of its General Regulation. It may be used in connection with an offering of securities if it is supplemented by a prospectus (“note d’opération”) for which the AMF has issued a visa. This document has been prepared by the issuer under the responsability of its signatories. This Registration Document includes all elements of the Annual Financial Report specified by Article L. 451-1-2 of the Code monétaire et financier and Article 222-3 of the AMF’s General Regulation. A table of reconciliation is provided on pages 305 to 307. This Registration Document is available on our website: www.alstom.com. REGISTRATION DOCUMENT 2018/19 — ALSTOM 1 2 ALSTOM — REGISTRATION DOCUMENT 2018/19 1 DESCRIPTION OF GROUP ACTIVITIES INDUSTRY CHARACTERISTICS AFR 4 Market drivers 4 Main markets 6 COMPETITIVE POSITION AFR 7 STRATEGY AFR 7 Customer-focused organisation 7 Complete range of solutions 8 Value creation through innovation 8 Operational and environmental excellence 8 Diverse and entrepreneurial people 8 OFFERING AFR 8 Rolling stock 10 Systems 12 Services 12 Signalling 13 RESEARCH AND DEVELOPMENT AFR 16 Development of the range 16 Innovation 18 SIEMENS ALSTOM COMBINATION PROJECT 19 AFR The Content of the Annual Financial Report is identified in the summary table with the help of this pictogram REGISTRATION DOCUMENT 2018/19 — ALSTOM 3 DESCRIPTION OF GROUP ACTIVITIES 1 Industry characteristics As a promoter of sustainable mobility, Alstom develops and markets systems, equipment and services for the transport sector. Alstom offers a complete range of solutions (from high-speed trains to metros, tramways and e-buses), passenger solutions, customised services (maintenance, modernisation), infrastructure, signalling and digital mobility solutions. It benefits from a growing market with solid fundamentals. The key market drivers are urbanisation, environmental concerns, economic growth, governmental spending and digital transformation. In this context, Alstom has been able to develop both a local and global presence that sets it apart from many of its competitors, while offering proximity to customers and great industrial flexibility. Its range of solutions, one of the most complete and integrated on the market, and its position as a technological leader, place Alstom in a unique situation to benefit from the worldwide growth in the mobility market. Lastly, in order to generate profitable growth, Alstom focuses on operational excellence. INDUSTRY CHARACTERISTICS MARKET DRIVERS The rail transportation market is supported by solid long-term drivers. while CO2 emissions from transport continue to grow. Lead pioneer Soaring urbanisation, economic growth and public & private investment in countries and cities announced or strongly consider future bans on cars infrastructure create a growing demand for transport notably in emerging running on combustion engines (Norway, France, United Kingdom, countries. Mature markets, on the other hand, are mainly supported by Netherlands, India…). projects aiming at updating and modernising existing infrastructure and Rail transportation offers higher performance levels than other rolling stock enhanced by growing environmental concerns. transportation modes, which should have a positive impact on the evolution of the rail transportation market. And indeed, rail represents 8% Urbanisation of worldwide motorised transports but only 2% of the energy consumption The combination of both economic and demographic growth entices a and 4% of CO2 emissions (Source: The UIC-IEA, Railway Handbook 2017 growing number of people to live in cities. By 2050, world population Energy consumption and CO2 emissions). should exceed 9.8 billion inhabitants, of which nearly 70% will reside All transportation sectors will face major challenges to reach ambitious in urban areas (source: UN 2018). This trend towards urbanisation is emission reduction goals within set time frames. This could favor the particularly strong in China, India and in many countries of Africa and role of the railway sector, but it will also require an active participation Latin America. of the latter. This development triggers the growing saturation of airports, roads and Indeed, in the run-up to COP 21, the European Union issued its existing railways and the need for new infrastructure. In this situation, commitment to reduce greenhouse gas emissions by 40% compared railways typically offer a mass transit solution, safe, reliable and clean. to 1990 levels by 2030, in-line with its global ambition to reduce Additionally, in many cities, the population is encouraged to leave behind greenhouse gas emissions by 80% to 95% below 1990 levels by 2050. individual methods of transportation and favour collective transportation Transportation, which represents approximately 25% of these emissions, to limit traffic congestion. This change is usually supported by the active must contribute to this reduction. Among the ambitions set in the White promotion of public transportation. Paper on Transport (2), the following should be noted: People responsible for urban planning and development are looking for yy60% reduction in emissions as compared with 1990 levels by 2050; efficient, green, inclusive and intermodal urban transportation systems (1). yy30% of road freight (for distances higher than 300 kilometres) must become rail freight and/or maritime freight by 2030; In this context also, rail transportation offers ideal mobility solutions in term of capacity, punctuality, security, and reduction of noise, pollution yyover 50% of intercity passenger transportation via rail by 2050; and energy consumption. yyno more standard internal combustion engine cars in cities by 2050. In September 2014, the International Railway Association, (UIC: Union Sustainable development internationale des chemins de fer), representing 240 members on Greenhouse gas emissions, impact of air pollution on public health, six continents, presented the UIC Low Carbon Rail Transport Challenge. climate change, recycling, recovery, energy efficiency and noise constitute This initiative responds to the United Nations Secretary General’s call some of the most significant environmental and sustainable development to bring bold pledges to the Climate Summit. The 2050 targets focus on reducing final energy consumption and average CO emissions from concerns currently voiced by populations and politicians. Today more 2 than 90% of the world population lives in areas where air pollution train operations by respectively 60% and 75%, relative to a 1990 baseline (source: UIC). To date, specific CO emissions for passenger traffic exceeds the threshold recommended by the World Health Organisation 2 have been reduced by more than 40%. Alstom supports this initiative and contributes to the objectives by developing and delivering railway solutions which are more energy efficient. (1) Intermodal transportation corresponds to the use of several methods of transportation over the course of a single trip. (2) European Commission, Roadmap to a Single European Transport Area – Towards a competitive and resource efficient transport system, 2011. Transport objective should be more ambitious in the new Strategy expected for 2020. 4 ALSTOM — REGISTRATION DOCUMENT 2018/19 DESCRIPTION OF
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