Tufton Assets Share Discussion Threads

[maywillow] 02/8/2005 17:11

Alstom's 1-for-40 reverse share split to take place tomorrow

PARIS (AFX) - Alstom SA said its 1-for-40 reverse stock split, approved by
shareholders at the group's AGM last month, will take place tomorrow morning.
The number of Alstom shares in circulation will fall to 137 mln from 5.498
bln. Based on today's closing price of 0.84 eur, the new Alstom share price
would be 33.6 eur.
[e-mail]
js/ra

[waldron] 12/7/2005 07:10

ordre cours quantité
67 0,89 11724016
116 0,88 18626876
148 0,87 14991668
152 0,86 12766367
198 0,85 16993521
ordre cours quantité
890 0,90 26268857
470 0,91 24327820
378 0,92 25041890
181 0,93 19831309
144 0,94 17719138

[waldron] 12/7/2005 06:56

PARIS (AFX) - Share prices are expected to open flat to lower as a fresh
rise in oil prices prompt investors to take a breather after yesterday's gains,
dealers said.
The CAC-40 index yesterday closed up 21.25 4,321.56, it highest closing
level since May 2002.
On the Matif, July CAC-40 futures were trading down 3 points at 4,322 ahead
of the official opening, while the euro was at 1.2151 against the dollar
compared with 1.2068 late yesterday.


FORTHCOMING EVENTS

TODAY
-French May trade balance (8.45 am)
-BPLG-AFP June French small business confidence (9.00 am)
-Carrefour Q2 sales (after close)
-Air France-KLM AGM

TOMORROW
-SEB H1 sales

TODAY'S PRESS
Vincent Bollore to be named non-exec chairman of Havas today (Les Echos)

COMPANY NEWS
-Technip wins 800 mln usd contract from Chevron affiliate in Nigeria
-Alstom Q1 orders 3.981 bln eur vs 3.935 bln
-Alstom Q1 sales 3.561 bln eur vs 3.226 bln
-L'Oreal H1 sales 7.163 bln eur, up 3.5 pct
-L'Oreal sees 'significant improvement' in FY results
-L'Oreal says Western Europe ops returned to sales growth in Q2
-L'Oreal says all ops saw 'significant' upturn in Q2; to persist until
yr-end


MACROECONOMIC NEWS/POLITICS/MISCELLANEOUS
-BoF's Noyer says market-flexible social model 'has lessons for France,
Germany'
-EU's Almunia says 'possible' for France to meet 2005 deficit target
-Almunia says EU to take decisions on French, German deficits from end Sept
-Euro Group's Juncker says France has to take further action to cut deficit

MARKET NEWS/SENTIMENT
-ARCELOR DOWNGRADED TO 'SELL' FROM 'ADD' BY ABN AMRO

[e-mail]
mrg/ec

[waldron] 12/7/2005 06:44

Press Release

Orders & Sales for the first quarter of fiscal year 2005/06





Orders & Sales for the first quarter of fiscal year 2005/06 (1st April – 30th June 2005)
12 July 2005

· Orders stable at approximately €4.0bn

· Sales at €3.6bn, up 10% as compared to first quarter of fiscal year 2004/05

Commenting on ALSTOM's orders and sales, Patrick Kron, Chairman and Chief Executive Officer, said:

"The level of orders for the first quarter of fiscal year 2005/06 continues to be sound and is in line with expected commercial activity for the year. This performance reflects both an appropriate selectivity on orders and the registration of a large number of mid-sized contracts in Power and Transport.
The sales are recovering from the low point reached in the first part of last year, supported by the rebound of orders."

See full press release attached

[waldron] 11/7/2005 16:45

Alstom "underweight"

Monday, July 11, 2005 7:28:53 AM ET
J.P. Morgan Securities


LONDON, July 11 (newratings.com) - Analysts at JP Morgan maintain their "underweight" rating on Alstom (AOM.FSE).

In a research note published this morning, the analysts mention that the company is scheduled to post its Q1 sales and order results on July 12. Alstom is likely to have witnessed Q1 sales and orders in-line with the quarterly trends for the previous quarters, the analysts say. The investors are expected to focus on the company's ability to secure orders for the GT24/26 gas turbines product, JP Morgan adds.

[waldron] 11/7/2005 08:08

Alstom May Say 1st-Quarter Sales Rose 4.8% as Clients Returned
July 11 (Bloomberg) -- Alstom SA, the world's second-biggest maker of trains, may say fiscal first-quarter sales advanced 4.8 percent as orders picked up after the company's rescue from near bankruptcy two years ago.

Sales probably rose to 3.47 billion euros ($4.14 billion) in the three months through June from 3.31 billion euros a year earlier, according to the median estimate of eight analysts surveyed by Bloomberg News. Paris-based Alstom reports orders and sales tomorrow before its annual shareholder meeting.

A state-led bailout restored confidence in Alstom, the maker of TGV and Eurostar high-speed trains. Chief Executive Officer Patrick Kron, 51, approached the French government after costs from a faulty model of power turbine pushed the business toward default. He sold assets and cut 11,500 jobs to reduce costs.

``Kron did a good job piloting the recovery,'' said Yann Azuelos at Financiere Meeschaert in Paris, which oversees $3.5 billion and began selling its Alstom holding last week.

Shares of Alstom, which has built power stations that supply a fifth of the world's electricity, have risen about 52 percent this year, valuing the company at 4.67 billion euros. At 84 cents, the stock's price is still more than 97 percent lower than when it was first sold to the public in June 1998.

At the annual meeting, Alstom will ask shareholders for permission to combine 40 shares into one.

Orders Stable

First-quarter orders may be little changed from a year earlier at 4 billion euros, according to the analyst survey. Bookings included a 130 million-euro order from French rail operator SNCF, a 265 million-euro contract to supply hydroelectric equipment for a dam in India and 190 million euros for a nuclear- power plant in Sweden.

``Alstom has announced a number of orders during the quarter, but nothing out of the ordinary in terms of size,'' J.P. Morgan analyst Andreas Willi said in a note to investors. He rates the stock ``underweight.''

The April-June period was the fifth quarter out of six in which orders outstripped sales, according to the analyst estimates, meaning the value of new business coming is exceeding that of completed projects.

Alstom was on the brink of collapse in mid-2003 after the turbine faults led to 4 billion euros of repairs and compensation, draining cash and hurting orders as potential clients feared the business might not deliver on contracts.

Loss Narrows

After an 8 billion-euro rescue, the government is now Alstom's biggest shareholder, with a 21 percent stake. The company had its smallest six-month loss in three years in the fiscal second half through March.

Alstom plans to return to profit this year, with an operating earnings equivalent to 6 percent of sales, compared with 4 percent last year and 1.2 percent in 2003.

Kron is planning further asset disposals to raise cash and meet conditions imposed by European Union competition regulators in exchange for their approval of the French government-led bailout in 2003 and 2004.

[ariane] 10/7/2005 13:04

Order Backlog 25,368 Billion Euros

Sales 16,688 Billion Euros

Stock Market Valuation 4,672 Billion Euros

Number of Shares in issue 5,497 Billion giving a current share price of 0.85 euros


Fiscal Year 2004/2005 - Third Quarter Orders & Sales See also in:French
Print Send


Orders received: €12.2bn, up 29% versus the first nine months 2003/04, on a comparable basis
Sales: €9.7bn, down 8% on a comparable basis, reflecting the low level of sales in the first half of FY2004/05, due to past low order intake.
Commenting on ALSTOM's orders and sales, Patrick Kron, Chairman and Chief Executive Officer, said: "After a very strong order intake during the first half of FY2004/05, the commercial performance of the third quarter is positive and encouraging. The book-to-bill ratio (orders/sales) remains significantly above 1 for the fifth consecutive quarter. Sales are also starting to recover after the low level of the first half 2004/05."

See full press release attached.

[grupo guitarlumber] 06/7/2005 06:02

12/07/2005 Annual General Meeting 2004/2005
12/07/2005 First Quarter Orders and Sales 2005/2006

[waldron] 04/7/2005 05:58

CAF, Alstom, others shortlisted for 400 mln eur train contract - report

MADRID (AFX) - Spanish state-owned railway Renfe has shortlisted Alstom,
Siemens AG, CAF Construcciones y Auxiliar de Ferrocarriles SA, Bombardier Inc
and Ansaldo Breda for a 400 mln eur local train contract, Cinco Dias reported
without citing a source.
Cinco Dias said the companies have until September to present their bids for
the contract to build 80 trains.
[e-mail]
jg/jfr

[waldron] 03/7/2005 16:45

31/05/2005 Annual Results FY 2004/2005
12/07/2005 Annual General Meeting 2004/2005
12/07/2005 First Quarter Orders and Sales 2005/2006

[ariane] 27/6/2005 07:56

Bombardier to Build Train Maintenance Center in Southern China June 27 (Bloomberg) -- Bombardier Inc., the world's biggest train maker, said the company plans to build a maintenance center in southern China as it wins more orders for electric trains in the country.

Bombardier will design and fit out the center, which will be built on government land in Guangzhou, Andre Navarri, president of Montreal-based Bombardier's transportation division, said at a briefing in Beijing today. The center will be able to service as many as 250 trains, he said.

The train maker is boosting its presence in China, where the government plans to build an additional 10,000 kilometers (6,200 miles) of track in the next five years. Bombardier is expecting to win orders valued at an estimated $4.38 billion in that time, betting they will help boost earnings at the company's train unit.

``Orders from China will certainly help make us more profitable,'' Navarri said. Bombardier, which competes with France's Alstom SA and Germany's Siemens AG, has won orders in China valued at $1.1 billion in the past six months.

The Canadian company's train unit had losses in the fourth quarter of fiscal 2004 and first quarter of fiscal 2005. Trains contributed 48 percent to Bombardier's first-quarter revenue of $3.8 billion.

The company plans to more than double its workforce in China to more than 3,000 by 2006, said Navarri, who did not disclose the total investment cost for the maintenance center.

Bombardier said on June 2 it expected total rail orders this year will probably exceed the $4.5 billion it booked in 2004 as it wins more business in Europe, North America and Asia.

The company booked $1.6 billion in new train orders in the fiscal first quarter of 2006 and has a $21 billion backlog, not including 20 trains China's Ministry of Railways last ordered earlier this month.

France, Spain

Elsewhere around the world, Bombardier is negotiating an order for high-speed trains in Spain and bidding for work in countries such as France, Poland and Turkey, Navarri said in an interview on June 2 at the company's headquarters in Montreal, Canada.

Bombardier is competing with Alstom and Siemens for a contract in France to build 330 railcars for French national railways. A winner will be announced this year, Navarri said on June 2. Europe accounts for about 75 percent of Bombardier's rail revenue.

Bombardier expects profit in the rail business to climb in coming years as it trims the number of suppliers and buys more parts and raw materials from lower-cost countries including China and Mexico, Navarri said on June 2.

Fewer Suppliers

Bombardier expects its rail unit to be profitable this year. Navarri said on June 2 he wants earnings before interest, one- time items and income taxes, or Ebit, to represent 6 percent of revenue within four years. That compares with 2.4 percent in the first quarter.

To cut purchasing costs, Bombardier is seeking to reduce the number of suppliers for some products to two or three from as many as 12 within three years, Navarri said on June 2.

Bombardier also intends to standardize products such as train doors while buying increasing amounts of parts and raw materials including steel and bolts from Eastern Europe, China and Mexico, he said.

Bombardier has said it plans to shutter three more plants within the next 12 months after closing four European factories in the past year.

Bombardier's widely traded Class B shares closed up 4 cents at C$2.70 in Toronto Stock Exchange composite trading on June 24. They have dropped 32 percent in the past year.

Bombardier had revenue of $15.8 billion for the fiscal year ending Jan. 31.

[maywillow] 16/6/2005 09:19

Goldman Sachs Cuts Alstom SA To Underperform >12019.FR

Thursday, June 16, 2005 3:39:34 AM ET
Dow Jones Newswires





NEW YORK (Dow Jones)--Goldman Sachs cut French engineering group Alstom SA (12019.FR) to underperform from neutral perform, citing valuation, even though it said the company is likely to exceed it operating margin target in fiscal 2006.

"With no liquidity concerns for the next three years, long-cycle exposure, a 40-for-1 share consolidation due in the summer, and on the verge of generating positive free cash flow, Alstom is back on investors' radar screens," Goldman said.

[energyi] 15/6/2005 10:42

The summer lull has come hard and furious this year!

There may be quite a number of newcomwers to this market who do not
understand how cyclical it can be

[maywillow] 13/6/2005 13:40

Alstom "equal weight," target price raised

Monday, June 13, 2005 6:55:45 AM ET
Morgan Stanley


LONDON, June 13 (newratings.com) - Analysts at Morgan Stanley maintain their "equal weight" rating on Alstom (AOM.FSE). The target price has been raised from €0.50 to €0.93.

In a research note published this morning, the analysts mention that the upward revision of the target price is based on a decline in the company's liabilities and an improved operating outlook. According to the analysts, Alstom's debt/equity profile is expected to continue to improve in the near term, driven by the company's working capital inflows and further disposals.

[ariane] 02/6/2005 07:10

JP Morgan Ups Alstom Target Post FY

Thursday, June 02, 2005 2:19:47 AM ET
Dow Jones Newswires





0607 GMT [Dow Jones] Alstom (12019.FR) is making "good progress towards targets," says JP Morgan, after FY results Tuesday. Increases price target to EUR0.65 from EUR0.5 following lower debt because of "better than expected," cash flow. Notes "key risk factor" is contract execution. Has an underweight rating. Shares closed Wednesday at EUR0.76. (SIN)

[maywillow] 02/6/2005 04:45

SYDNEY (AFX) - Engineering company United Group Ltd said it has agreed to
pay 267.5 mln aud for the Australian and New Zealand rail and infrastructure
services business of French industrial conglomerate Alstom.
United said the price represents 7.4 times the forecast earnings before
interest, tax and amortisation (EBITA) of 36.3 mln aud for the year to March
2006.
It said it expects the acquisition to be at least 10 pct earnings per share
accretive in fiscal 2006.
The company said it will maintain a strategic alliance with Alstom, one of
the world's leading providers of rail products, services and systems.
The acquisition will be funded by a combination of debt and equity,
including a 140 mln aud institutional placement fully underwritten by UBS.
The placement comprises a firm 120 mln aud plus 20 mln conditional on
shareholder approval.
United said additional equity funds will also be raised through a share
purchase plan, allowing shareholders to each subscribe for up to 5,000 aud in
extra shares.
Alstom's Australian and New Zealand operations involve rail services,
including rolling stock supply and maintenance, and rail and road infrastructure
services and maintenance.

(1 usd = 1.33 aud)
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blh/dk

[waldron] 31/5/2005 11:31

Alstom FY "Confirms Their Recovery" - Aurel

Tuesday, May 31, 2005 3:35:03 AM ET
Dow Jones Newswires



0719 GMT [Dow Jones] Alstom (12019.FR) FY results "confirms their recovery," says Aurel Leven. Notes debt levels have fallen and company confirms guidance for '05, while marine division is "principal point of weakness," for group. Maintains buy rating on stock, EUR0.90 target price. Shares +4.35% at EUR0.03. (SIN)

[waldron] 31/5/2005 07:44

Alstom Six-Month Loss Shrinks on Job Cuts, Disposals (Update1) May 31 (Bloomberg) -- Alstom SA, the French engineering company bailed out by the government from near bankruptcy, had its smallest six-month loss in three years after Chief Executive Patrick Kron cut 11,500 jobs and sold a quarter of the business. The stock gained as much as 7.3 percent.

The net loss shrank to 550 million euros ($681 million) in the fiscal second-half through March, from 1.2 billion euros a year earlier. The Paris-based company plans to return to profit this year, it said in a statement today.

Kron, 51, was appointed in January 2003 to lead the turnaround of the maker of TGV high-speed trains and the Queen Mary 2 cruise ship. The state-led rescue restored customer confidence, prompting a 15 percent gain in full-year orders.

``The results we are presenting today clearly demonstrate the ongoing recovery of Alstom,'' Kron said on the conference call. Profit margins from recent orders are widening, he said.

Shares of Alstom gained as much as 5 cents to 74 cents and were trading at 72 cents as of 9:10 a.m. in Paris, valuing the company at 3.96 billion euros.

The stock, which has risen 29 percent this year, was first sold to the public at 31.25 euros a share in June 1998 and fell to an all-time low of 48 cents in March 2003, adjusted for capital increases.

Full-year orders totaled 15.8 billion euros, while the annual loss shrank to 865 million euros from 1.84 billion euros. Analysts surveyed by Bloomberg News had predicted a loss of 617 million euros. The company was last in the black in the first half of fiscal 2003.

Middle East, China

Recent work secured by Alstom includes a 560 million-euro order for the Middle East's biggest power plant, 1 billion euros in orders from China for trains and locomotives, and a 150 million- euro order from the Washington subway operator.

Full-year sales fell 4 percent to 13.66 billion euros, reflecting a dip in orders prior to the bailout.

Kron is planning further asset disposals to raise cash and meet conditions imposed by European Union competition regulators in exchange for their approval of the French government-led bailout in 2003 and 2004.

Alstom, which has built power stations that generate a fifth of the world's electricity, will shed its Power Conversion unit, which had sales of 539 million euros last year, it said today.

Disposals such as last year's divestment of a power- transmission-and-distribution-unit to Areva SA for 920 million euros have helped to cut debt by one-half from when Kron took over in January 2003. A share sale last August cut Alstom's indebtedness to 1.27 times equity from about 15 times.

No Talks

Asked whether Alstom was in talks about partnerships or combinations with Areva of France or Siemens AG of Germany, Kron said there are no current discussions. ``We don't need anyone to help us recover,'' he said.

Of 20 analysts who cover the manufacturer, eight recommend buying the shares, eight say ``hold'' and four ``sell.''

The company was on the brink of collapse in mid-2003 after more than 4 billion euros of repairs and compensation for a faulty model of power turbine drained cash and new business slumped. After a planned 8 billion-euro rescue, the government is now Alstom's biggest shareholder, with a 21 percent stake.

Bloomberg News calculated second-half results by subtracting first-half figures from full-year ones.

[maywillow] 16/5/2005 06:30

BEIJING (AFX) - French energy and engineering group Alstom said it has
finalised a contract worth 80 mln eur with Dongfang Electric Group Corp to
provide power generation equipment for the extension of the Ling Ao nuclear
power plant in southern China.
It is the third nuclear power contract Alstom has won in China in recent
years.
China plans to increase its nuclear power generating capacity at least
five-fold within the next 15 years.
boc/mp/bmm/ak