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Registration Document 2017/18 Table of Content Registration Document 2017/18 REGISTRATION DOCUMENT 2017/18 TABLE OF CONTENT REGISTRATION DOCUMENT 2017/18 DESCRIPTION CORPORATE GOVERNANCE 157 1 OF GROUP ACTIVITIES AFR 3 5 Board of Directors’ report AFR Industry characteristics 4 on corporate governance 158 Competitive position 7 Executive Committee 194 Strategy 8 Interests of the officers and employees in the share capital AFR 195 Siemens Alstom, creation of a global leader in mobility 9 Statutory Auditors’ special report on related-party agreements and commitments 203 Offering 9 Statutory Auditors AFR 207 Research and development 16 SUSTAINABLE DEVELOPMENT: MANAGEMENT REPORT ALSTOM’S SOCIAL ON CONSOLIDATED 6 2 RESPONSIBILITY AFR 209 FINANCIAL STATEMENTS, Sustainable development strategy 210 AS OF 31 MARCH 2018 AFR 21 Designing sustainable mobility solutions 220 Main events of year ended 31 March 2018 22 Ethics & compliance programme 226 Outlook 23 Vigilance plan 230 Subsequent event 24 Environmental performance 237 Commercial performance 24 Social performance 244 Orders backlog 27 Relationships with external stakeholders 258 Income statement 27 Methodology 268 Free cash flow 30 Synthesis of indicators/key figures 2017/18 270 Net debt 30 Report by one of the Statutory Auditors, Equity 30 appointed as an independent third party, Non-GAAP financial indicators definitions 31 on the consolidated human resources, Statutory Auditors' report environmental and social information on adjusted EBIT margin forecasts 34 included in the management report 273 Table of compulsory CSR information 276 FINANCIAL STATEMENTS AFR 35 3 Consolidated financial statements 36 ADDITIONAL INFORMATION 279 Statutory Financial Statements 109 7 Information on the Group and the holding company AFR 280 Information on the share capital AFR 286 RISK FACTORS Organisation chart as of 31 March 2018 300 4 AND INTERNAL CONTROL AFR 129 Information on the Annual Financial Report 302 Information on the Registration Document AFR 304 Risk factors 130 Table of reconciliation 305 Internal Control 145 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 € 1,555,534,771 48, rue Albert Dhalenne – 93400 Saint-Ouen (France) – RCS : 389 058 447 Bobigny REGISTRATION DOCUMENT 2017/18 The original French version of this Registration Document was filed with the Autorité des marchés financiers (AMF) on 29 May 2018 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 2017/18 — ALSTOM 1 2 ALSTOM — REGISTRATION DOCUMENT 2017/18 1 DESCRIPTION OF GROUP ACTIVITIES INDUSTRY CHARACTERISTICS AFR 4 Market drivers 4 Main markets 6 COMPETITIVE POSITION AFR 7 STRATEGY AFR 8 Customer-focused organisation 8 Complete range of solutions 8 Value creation through innovation 8 Operational and environmental excellence 8 Diverse and entrepreneurial people 8 SIEMENS ALSTOM, CREATION OF A GLOBAL LEADER IN MOBILITY AFR 9 OFFERING AFR 9 Rolling stock 10 Systems 12 Services 13 Signalling 13 RESEARCH AND DEVELOPMENT AFR 16 Development of the range 16 Innovation 18 AFR The Content of the Annual Financial Report is identified in the summary table with the help of this pictogram REGISTRATION DOCUMENT 2017/18 — 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. Sustainable development Urbanisation creates a growing demand for infrastructure, rolling stock (especially for integrated solutions) and signalling notably in emerging Greenhouse gas emissions, impact of air pollution on public health, countries. Mature markets, on the other hand, are mainly supported by climate change, recycling, recovery, energy efficiency and noise projects aiming at updating and modernising existing infrastructure and constitute some of the most significant environmental and sustainable rolling stock, as well as by growing environmental concerns. development concerns currently voiced by populations and politicians. Today more than 90% of the world population leaves in areas where Urbanisation air pollution exceeds the threshold recommended by the World Health Organisation while CO2 emissions from transport continue to grow. Lead The combination of both economic and demographic growth should pioneer countries and cities announced future bans on cars running on entice a growing number of people to live in cities. By 2050, world combustion engines (Norway, France, United Kingdom, China…). population should exceed 9 billion inhabitants, of which nearly 70% will Rail transportation offers higher performance levels than other reside in urban areas (source: UNFPA, United Nations Population Fund). transportation modes, which should have a positive impact on the This trend towards urbanisation is particularly strong in China, India and evolution of the rail transportation market. However, some challenges in the developing countries of Africa and Latin America. will have to be faced in these various sectors in order to meet ambitious This development triggers the growing saturation of airports, roads emission reduction goals within set time frames. and existing railway infrastructure. In this situation, railways typically In the run-up to COP 21, the European Union issued its commitment offer the easiest, safest and cleanest solution as a real and competitive to reduce greenhouse gas emissions by 40% compared to 1990 levels alternative to road or air transportation. by 2030, in-line with its global ambition to reduce greenhouse gas Additionally, especially in developed countries, the population is emissions by 80% to 95% below 1990 levels by 2050. Transportation, encouraged to leave behind individual methods of transportation and which represents approximately 25% of these emissions, must contribute favour public transportation. This change will be supported by the active to this reduction. Among the ambitions set in the White Paper on promotion of public transportation which is cheaper, more sustainable Transport (2), the following should be noted: and more mindful of the environment. Therefore, people responsible yy60% reduction in emissions as compared with 1990 levels by 2050; for urban planning and development as well as urban populations themselves are looking for efficient, comfortable and intermodal urban yy30% of road freight (for distances higher than 300 kilometres) must transportation systems (1). In this context, rail transportation offers the become rail freight and/or maritime freight by 2030; ideal mobility solutions in terms of safety, comfort and respect of the yyover 50% of intercity passenger transportation via rail by 2050; environment for urban and interurban transportation systems. yyno more standard internal combustion engine cars in cities by 2050. Moreover, the extension of suburban areas will require adapted This vision has been further reinforced and detailed through the transportation solutions. Innovations to reduce the environmental Communication on European Strategy for Low Emission Mobility impacts in urban areas, such as noise and pollution, as well as improving published in July 2016 and should be strengthened through the Effort- the energy efficiency of these transportation methods are also becoming Sharing regulation which temporary agreement foresees binding targets a major priority. The growing urbanisation should also lead to extending by countries for sectors not covered by the European Trading Scheme. transportation networks that connect big cities to smaller ones. (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. 4 ALSTOM — REGISTRATION DOCUMENT 2017/18 DESCRIPTION OF GROUP ACTIVITIES Industry characteristics
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