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Annual Report 2018

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Annual Report 2018 Annual Report 2018 Annual Report 2018 Index TALGO AT A GLANCE 06 LETTER FROM THE EXECUTIVE CHAIRMAN 08 10 22 1 WHAT IS TALGO? 2 WHAT DO WE DO? 1.1. An innovative and sustainable project 12 2.1 Industrial activity and services 24 1.2. Distinctive proprietary technology 13 2.2 Commercial activity 30 1.3. Offering (products and services) 14 1.4. International presence 16 1.5. Corporate governance 20 32 50 3 HOW DO WE DO IT? 4 THE ANNUAL RESULTS FOR 2018 3.1. Strategy 34 4.1 Key financial and operational indicators 52 3.2. Business model 36 4.2 Talgo’s share price 54 3.3. R+D+i activities 38 3.4. People 40 3.5. Corporate Social Responsibility 43 56 5 FINANCIAL STATEMENTS 5.1 The Group’s Consolidated Financial Statements 58 5.2 Individual Financial Statements 68 6 Talgo at a glance NET TURNOVER QUARTERLY NET TURNOVER 2018 324.4 M€ 2017 1Q18 2Q18 3Q18 4Q18 85.2 M€ 77.8 M€ 73.7 M€ 87.7 M€ NET TURNOVER BY BUSINESS LINE (Average 2016-2018) 384.4 M€ 2018 52% 39% 9% MANUFACTURING MAINTENANCE SERVICES MAINTENANCE EQUIPMENT & OTHER ADJUSTED EBITDA AND MARGIN ADJUSTED PROFIT AND MARGIN FREE CASH FLOW (€ million and %) (€ million and %) (€ million) 20% 23% 20% (54.7) 188.2 153.0 12% 11% 8% 113.3 87.6 65.5 68.9 42.8 26.3 (54.7) 188.2 153.0 2016 2017 2018 2016 2017 2018 2016 2017 2018 Annual Report 2018 7 WORKING CAPITAL PERFORMANCE (€ million) Normalized 59.1 (15.6) 16.1 levels 23.9 Over 80 €m of Working Capital decrease in (1.4) 2018 and 215 €m in 2 years period, back to 265.2 132.2 59.1 (15.6) 16.1 23.9 (1.4) 50.1 company normalized levels 2016 2017 Accounts Inventory Advances Accounts Other 2018 receiv. payable NET FINANCIAL DEBT EBITDA CASH CONVERSION IN 2018 (€ million) (€ million) DFN / LTM Ebitda ajustado 23.0 (2.8) (5.1) 82.0 (9.6) 1.7X 0.3X (1.6X) 181 30 (134)€M (104) 65.5 153.0 2016 2017 2018 2018 ±NOF -CAPEX +DESIN, -IMP, ±OTROS FCF DEBT MATURITY SCHEDULE (DEC. 2018) DEBT MATURITY SCHEDULE (AFTER REFINANCING) (€ million) (€ million) 12 10 131 36 11 87 57 52 27 121 2019 2020 2021 2022 >2023 2019 2020 2021 2022 >2023 HAZARDOUS WASTE FUEL CONSUMPTION DIRECT GHG EMISSIONS ENERGY INTENSITY GENERATED (Tons) (Thousand litres) SCOPE 1 AND 2 (Ton. CO2 eq.) (KWh/employee) 2017 2018 2017 2018 2017 2018 2017 2018 262 186 638 397 2,733 2,226 15,109 15,431 8 Letter from the Executive Chairman In 2018, Talgo has continued to work tirelessly around the world, boosting its Dear Shareholders, considered in December 2018 "preferred commercial efforts and bidder" by the largest European railway It is an honour for me to address you operator Deutsche Bahn for a framework promoting its brand again this year and to present you agreement to deliver up to 100 long- to build a solid and with Talgo’s Annual Report for 2018, distance trains. The agreement was unbeatable portfolio of which reflects the developments and signed in February 2019 including a first relevant projects that achievements reached by the Company order of 23 Talgo trains with traction in turn will provide the during the year. worth 550 million euros. The trains company with stability manufactured by Talgo will connect and allow it to develop Talgo is a globally respected and Germany with its neighbouring countries its know-how. established brand because our operating national and international technology brings progress to where we service. Talgo was awarded this contract operate. Our trains vertebrate countries after submitting the most attractive and connect people, reducing journey offer in a Europe-wide bidding process times and offering comfortable and for one of the largest and most sustainable transport, thanks to our demanding railway corporations in the leading technology, which we have world, with a fleet of 274 high-speed developed over 77 years of constant trains carrying more than 4.6 billion innovation and an internationalisation passengers across Europe. Also in 2019 strategy that has allowed us to grow not Talgo was also awarded a new contract only in Spain, but also in markets such in Egypt for the supply of six last as the United States, Germany, Russia, generation trains and their maintenance Kazakhstan and Saudi Arabia, among for eight years. The contract was signed others, and to develop excellence as in April 2019 and amounts to 158 million we embarked on increasingly complex euros. projects. These excellent results are further In 2018, Talgo has continued to work proof of Talgo’s work to boost its tirelessly around the world, boosting its commercial efforts globally as well as commercial efforts and promoting its the global success of Talgo's industrial brand to build a solid and unbeatable development model and the quality of portfolio of relevant projects that in turn its products, which has been decisive in will provide the company with stability consolidating its position at the forefront and allow it to develop its know-how. of the Spanish industrial development As a result of this remarkable effort, last and in reinforcing Talgo’s brand as an year Talgo was awarded contracts worth international benchmark. The direct 176 million euros, of which it is worth consequence of the conscientious work highlighting the contract with Renfe for of our professionals is a portfolio of the conversion of hotel trains Talgo serie orders that will ensure our industrial 7 into Very High-Speed compositions activity for the next few years, with star that can circulate at a maximum speed projects throughout the world. of 330 km/h. In addition, Talgo was 8 Annual Report 2018 9 In addition to these new and exciting All of these excellent news have two projects, I would also like to highlight clear orchestrators: our employees the effective and efficient execution and our shareholders. The former of the ongoing projects, which has because without their talent, daily contributed to improving the company’s effort, commitment and innovative cash flow and reducing debt and capacity, we would not be able to which will continue to boost revenues celebrate our successes and remain the in 2019. A noteworthy milestone is leading company in our sector. And our that Talgo successfully completed the shareholders because your trust in Talgo manufacturing phase of the Haramain strengthens the company, ratifies our project, which has helped the company management and promotes our future consolidate its global leadership. Since projects. last October the Haramain project connects Mecca and Medina in a first Looking ahead to 2019, Talgo's proactive phase of commercial phase. During the commercial action will continue to first six months of the operation, Talgo strengthen our order book in the high- trains in Saudi Arabia have carried over speed, maintenance and suburban and 410,000 passengers through close to regional rail segments, particularly in 1,000 services delivering a punctuality those markets where Talgo’s experience rate of 99.5%. and distinctive technology affords it a clear competitive advantage. We have a Among other relevant milestones it is great year ahead of us with new contract worth highlighting that Talgo has begun opportunities which I am convinced in 2018 the manufacture of one of its we will be able to leverage as we have star projects: the Talgo Avril train. We are always done. particularly proud of the development of this unique train, which is more Last, I would like to thank our advanced, faster, lighter, more efficient shareholders and clients for the trust and more sustainable. The Talgo Avril you continue to place in our Company; it will help consolidate Spain to be once strengthens Talgo and ratifies our long- again at the forefront of the major global term vision and innovative leadership trends in the railway and sustainable mobility sectors. Innovation activities underpin the Carlos de Palacio Oriol business culture that the Company was Chairman founded upon and, nowadays, they represent the axes around which the development of new products is based, with the aim of meeting the current and future demand. In this sense, Talgo signed an agreement with Google Cloud in 2018 to revolutionize the rolling stock maintenance, transmitting sensor data in real time and applying automatic learning to solve problems, without stopping the service. 1 What is Talgo? 1.1. An innovative and sustainable project 1.2. Distinctive proprietary technology 1.3. Offering (products and services) 1.4. International presence 1.5. Corporate governance 12 1.1. An innovative and sustainable project Talgo is a leading company in the design, The Company was founded more than Talgo’s trains are designed to be the manufacture and maintenance of rolling 75 years ago with a clear technological most efficient and respectful of the stock around the world. Its product offer and industrial vocation and is recognised environment, offering high ratios is focused on high-speed and very high- around the world for its innovative of reliability, availability and great speed lightweight trains, as well as on capability, distinctive unique technology passenger capacity with the best passenger cars with tilting technology and efficiency and excellence in contract accessibility. and regional and suburban trains, execution in the railway sector. From and other railway solutions. It has an its origins to the present day, it has Talgo’s mission is based on its industrial presence in seven countries: continuously evolved to develop commitment to continue developing Spain, Germany, Kazakhstan, Uzbekistan, solutions that are adapted to meet the applicable, sustainable and efficient Russia, Saudi Arabia and the United needs of railway operators around the technologies that improve passenger rail States of America.
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