Tufton Oceanic Assets Share Discussion Threads

[maywillow] 13/11/2003 17:13

3.10 euros

[waldron] 13/11/2003 08:06

LONDON (AFX) - Alstom said it has won transport system orders in Germany and
Italy worth a total 84 mln eur for the group as partner in two consortia.
S-Bahn Hamburg, the city's rapid-transit railway, has awarded a consortium
consisting of Alstom and Bombardier Transportation an order for the supply of
nine new trains and the rebuilding of 33 existing trains, with the total value
of 90 mln eur shared equally by the partners.
In Italy, an Alstom-led consortium has won a 65 mln eur order from national
railway group, Ferrovie dello Stato, to supply systems and infrastructure for a
railway line between Milan and Bologna. Alstom's share of the contract is 39
mln.
The other members of the consortium are the Italian companies Sirti SpA,
Ceprini, Icefs and CLF, which will carry out other engineering and construction
work, such as civil works and trackwork, Alstom.
[e-mail]
lam

[waldron] 13/11/2003 07:55

RNS Number:0163S
Alstom
13 November 2003

13 November 2003



ALSTOM FIRST HALF RESULTS 2004

1 April 2003 - 30 September 2003

First Half Results impacted by uncertainties over ALSTOM's situation

* Orders received: Euro7.4bn, down 23% on a comparable basis
* Sales: Euro8.9bn, down 9% on a comparable basis
* Operating margin: 1.5%
* Net income: Euro(624)m
* Free cash flow: Euro(674)m
* Economic debt reduced to Euro4.5bn

Progress on action plan


* Euro2.5 bn proceeds from disposals secured

* Financing package announced 22 September to strengthen the Group's
financial structure, with positive feedback from customers

* Significant progress made on GT24/GT26 gas turbines issue

* Operational performance: restructuring accelerated with cost-reduction
programmes underway



* * *

Commenting on the results Patrick Kron, Chairman & Chief Executive Officer,
said:

"ALSTOM's results for the first half of fiscal year 2004, though unsatisfactory,
are generally in line with previous guidance.

Our low level of order intake mainly reflects weak demand for new power
equipment, the impact of customer concerns surrounding ALSTOM's past financial
position and difficulties experienced during the period in obtaining contract
bonds. Our income was hit by additional charges on some US contracts and a
significant increase in financial and restructuring charges.

The financing package announced on 22 September 2003 is designed to strengthen
substantially the Group's financial structure and we are now seeing positive
reactions from customers, as illustrated by Euro700 million in orders having been
secured in October by our Transport Sector. Despite difficult circumstances, we
managed during the first half to win good orders such as trams and metros in
Europe, gas turbines in Algeria, a combined cycle plant in Bahrain, Power
service in the US and Brazil and a major utility boiler in China.

We also made significant progress on the action plan announced last March
designed to improve Group profitability and cash generation, to close out past
operational issues and reduce our level of debt. To date we have secured Euro2.5 bn
proceeds from disposals, including our small and medium-sized industrial
turbines and our transmission & distribution activities; we continue to make
encouraging headway on the GT24/GT26 issue, while major restructuring and
cost-reduction programmes are underway worldwide to drastically cut our cost
base.

My priority, and that of ALSTOM's management team, remains the continued full
implementation of this action plan. The September financing agreement will be
submitted for approval at a Shareholders' Meeting on 18 November and will be
fully implemented as soon as possible thereafter. It will substantially increase
our equity base through a capital increase and issue of bonds redeemable in
shares, while providing the Group with adequate medium to long-term financing
and on-going liquidity and contract bonding coverage. I believe the financing
agreement is also a strong signal to the market that ALSTOM is back in normal
business, not only with a commitment to meeting its operational improvement
objectives, but above all its customers' needs and expectations."



- ends -

[waldron] 13/11/2003 07:48

RNS Number:0177S
Alstom
13 November 2003

ALSTOM AWARDED 250 MILLION EURO
CONTRACT IN SUDAN

ALSTOM has just been awarded a contract by the Ministry of Irrigation and Water
Resources of the Republic of the Sudan to supply the electro-mechanical
equipment for the Merowe Dam Project, located on the Nile River. The value of
the contract is in excess of 250 million euro.

ALSTOM's scope of supply includes 10 hydro turbines and generators, each with an
output of 125 MW, the balance of plant, control system and engineering. The
scope also includes erection and commissioning. One of the key factors in ALSTOM
winning this contract has been its unrivalled experience in the field of hydro
power. This new contract confirms ALSTOM's No. 1 position in this world-wide
market.

This contract marks a milestone in the economic progress of Sudan. On
completion of this project, the power generation capacity will be more than
doubled. The project, due to commence in December 2003 will be executed over a
period of five years and will involve several engineering and manufacturing
units in ALSTOM including Brazil, Switzerland, France and Germany.

Philippe Soulie, President of ALSTOM's Power Environment Sector said "winning
this contract represents a major success for us. At this particular point in
ALSTOM's recovery plan, we regard this award as a strong and encouraging
demonstration of confidence on the part of our Customer and we are proud to be
associated with this prestigious project".

Press relations: G.Tourvieille / S.Gagneraud
(Tel. [phone])
[e-mail]

Investor Relations: E.Chatelain
(Tel. [phone])
[e-mail]




This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTMGMMMNFKGFZG

[maywillow] 12/11/2003 11:47

2.83 euros at days end.

[maywillow] 11/11/2003 12:16

BRUSSELS (AFX) - The European Commission said it has authorised Spain to
grant aid to its shipbuilding industry to offset the effects of unfair
competition from South Korea.
Under the scheme approved by the commission, Spanish shipyards are eligible
for aid where there has been competition for the contract from a South Korean
yard offering a lower price.
vm/jfr

[waldron] 09/11/2003 07:08

kbass ,your post very much appreciated.

thanks.

[kbass] 09/11/2003 02:18

Thanks Waldron - I am pretty sure there have been developments since: maybe arbitartion in Singapore under New York law, maybe a ruling (earlier this year) that Alstom et al were right but that the amount remained to be settled ....

The effect could be significant: I have heard figures claimed around 3bn USD - but that would be ludicrous - but a settlement around 200-300 million USD might look more realistic.

But they may have perfomance guarantee problems on other contracts - cruise ships (propulsion vibration at cruising speed leading to reduction in cruising speed, decreased fuel efficiency and hence profit for the operaor) - svere vibration in power plant outside Athens - Jupiter trains in UK etc etc ...

And their new found failure to control cash ...

[waldron] 08/11/2003 04:46

looks like it was railroaded

[kbass] 08/11/2003 04:21

Any news on their case against Tawian High Speed Rail Corporation?

[maywillow] 07/11/2003 17:53

FRANKFURT (AFX) - Alstom's chief executive officer Patrick Kron said the
company will not be fully taken over by Siemens AG, following the German
company's acquisition of Alstom's small and medium-sized turbine business,
Frankfurter Allgemeine Zeitung reported.
Speaking in an interview with the paper, Kron said: "We will manage it (the
current crisis) on our own."
He did not explicitly comment on rumours that Siemens might take over any
further units of Alstom, but said he believes "each part of Alstom can survive
on its own."
Siemens CEO Heinrich von Pierer has said previously that he is in favour of
building a large, pan European infrastructure company.
[e-mail]
din/jkm/

[maywillow] 07/11/2003 12:51

2.90 euros

[maywillow] 07/11/2003 11:40

PARIS (AFX) - Thales chief executive Denis Ranque said he is in favour of
industrial restructuring to create a European naval group.
Speaking on French LCI radio, Ranque said a European naval tie-up involving
Thales would be a "good prospect", adding "we have to advance in this
direction."
European consolidation in the field of electronics and aeronautics has
reached an upper ceiling, dominated by EADS, Thales and BAE Systems PLC, he
said.
But in the naval and land-based weapons sectors, "restructuring has not
begun at all," he noted.
He reiterated that Thales has not made an offer to buy German shipyard
Howaldtswerke Deutsche Werft (HDW), despite being touted as a possible bidder.
Regarding the government's 31.8 pct stake in Thales, he said "if the state
wants to sell, it can do so because Thales can fend for itself."
[e-mail]
ea/sr/jkm/

[maywillow] 07/11/2003 11:37

PARIS (AFX) - Thales chief executive Denis Ranque said he is in favour of
industrial restructuring to create a European naval group.
Speaking on French LCI radio, Ranque said a European naval tie-up involving
Thales would be a "good prospect", adding "we have to advance in this
direction."
European consolidation in the field of electronics and aeronautics has
reached an upper ceiling, dominated by EADS, Thales and BAE Systems PLC, he
said.
But in the naval and land-based weapons sectors, "restructuring has not
begun at all," he noted.
He reiterated that Thales has not made an offer to buy German shipyard
Howaldtswerke Deutsche Werft (HDW), despite being touted as a possible bidder.
Regarding the government's 31.8 pct stake in Thales, he said "if the state
wants to sell, it can do so because Thales can fend for itself."
[e-mail]
ea/sr/jkm/

[waldron] 07/11/2003 06:10

Able might take a Kaneing

[waldron] 06/11/2003 20:48

2.88 euros

[maywillow] 05/11/2003 13:31

2.82 euros

[maywillow] 05/11/2003 11:55

PARIS (AFX) - Alstom said it and Siemens AG have won an order worth 116 mln
eur from the Belgian Railways for the supply of new electronic control centers
and signalling equipment.
Alstom said its share of the order totals around 76 mln eur, while Siemens'
share is worth 40 mln eur.
[e-mail]
lwl/cmr

[maywillow] 04/11/2003 14:17

2.84 euros

[maywillow] 03/11/2003 18:57

2.87 euros

[maywillow] 03/11/2003 12:49

2.75 euros