ALSMY - Earnings call transcript Q2 2021

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Operator

Ladies and gentlemen, welcome to the Alstom Conference Call. I now hand over to Henri Poupart-Lafarge. Sir, please go ahead.

Henri Poupart-Lafarge

Thank you. Good afternoon, everybody. year call half ending the our XXXX. March to results for conference year Welcome by highlights, and a go start will I few market the transaction. the on through then update, business update update, some Bombardier a will I questions to will And who for course, have and we time, will results the for the Laurent, come then of financial hand back the and conclusion, detail will then I answers. over us and for we

of market. for as a And coming confirm coming announced concerned, know, above of as as of we second a X book-to-bill quite intake the the with half, positive which level as is tenders for level compared So intake first sustained, first outlook to shifted of year, helps which some pipeline have recently, the of as we historical vision full very comforting as see far the the have our are us year. the quite order the as second half in to we highlights half, comfortable half though And of is basis. therefore, year. order midterm, full you number a of important well extremely low also, to it at the we period. for wins, But guidance That's our the are for relatively very the the for But the year. even the confirm the are midterm

during has green the economy. the our of relaunch confirmed, course, numerous to on, that come totally packages, as As normal have good discussed is we market. down of our quite supply during and in general, we second recently, the been and has a that execution the help the down, you very which seen plan, and that the particular, a to a that call in lockdown. economy as sustainable units and we'll economies rapidly first the during it and The July, due level us, with in good news soon project been to governmental our -- July. are to Sales have that first lockdown, industrial back in the quarter, to back quarter means and confirmed half. seen, have restore have project This vision later execution, agile has after has we together subsidy plans the and during This stimulus sound chain there been are enabled the enough transportation come

continuous, improvement with you margin. of We that gross have EBIT resilient will see a the and adjusted

year clearly, of execution, say, to, COVID. the impacted a in by would impact which us the has So half good definitively. cash flow mitigate has project been free terms the COVID The I of enabled

are of which there. quarter difficulties We a have we rolling some delays facilities, due been had in stock ramped number chain. inventories some supply our And have transaction, the reached. major in first of Bombardier milestones our deliveries have of up to

And the we good in acquisition. is confirmed first to As the closing have know, quarter now of approval all you are finalize almost the a XXXX. regulatory definitively for very way as this we

this So our on sustainable highlight and chain green I in the market, different markets, the and terms green corporate's full sorry, want and just fronts, policy of production. before to responsibility on supply

a and Morocco. cables. to to some that. site. have more assemble more a in this countries, number Hydrogen, in in And solar And harnesses, site back we'll capacity best and We is also good are the countries. of best the to industrial investing strategy panels we site a putting And more installed cost is to come new we have inaugurated where say industrial that more, this cost

that think fact in course, the technology that lot now hydrogen differentiator the as moving pioneer in which last period. a industry, taken have And is, of during rest a direction. compared the human Of has to Alstom to I the of is sustainable Wall the for same that companies. of Caring the capital has about Street momentum it, not I'm great say in been course, but ranked XXX we we sustainable people, The for #X out are talking Journal lot the top management quite of proud a

solutions -- safe things COVID of within crisis have course, like Alstom traveling doors sure materials, products. and that, We transportation, people ranging worked, to after for contactless passengers the are on antivirus from make healthier that

not have not So lot rail. France, not in here this plan. A have Biden Bombardier election, to huge the discussed to that the of also as because as acquisition, network. market. our say Germany, of new European also looking Joe which only plans is EUR traditional momentum position rail, operators. huge legacy the XXX we billion e-trains. And Bombardier of in putting work there locomotives. really I've directed of as the market pipeline XX at In interlocking July. In from EUR of to don't recovery is I have close tender rail. numbers of an on of momentum Union, deployment, from as we the Germany, us project billion a the X.X And And the a billion efforts, going will EUR had of directly of on a confirmation e-locomotive of update. lot the with well lot a benefit support all gives to our in have huge on respect, the -- which have various seen new on a this electrification you've seen now nothing Strong has him for in gigantic good to signalling is what that XX electrification of a news. spending have we also diesel for of already in funding billion we technology of locomotives. excellent the is plant to require but picture, up, of India, entity, relaunch know, Actually, of -- I favor we which immense picture substitution Alstom. but in U.S., the program There electrical deployment the a from strong we you call put EUR

Next.

In business. of terms

X.X said, intake, So I order billion. EUR as

have Some HX shifted been the as for tender to HX. HX, that activities confirmed from is it's anticipated. news But good

in Taipei, some So Taipei, we of system strong system has large been our to we as I in very important, Toulouse, in Athens have metro come. What in Germany announced confirming recently said, a of in X which confirm won, because number leadership have key our as [indiscernible], France and to answered trams ARGOS, after signalling a in tenders, signaling in systems, in strong metro really there. leadership turnkey said. nevertheless, Signalling,

of the this good first mix good coming So during half some a prospects and half. orders for

being again, with normal As guidance and a to level. similar a of QX back about story, a book-to-bill, one. Sales,

numbers, at If exactly are would look say, meaningful midterm perspective QX our things momentum are you which as I happening a from a planned. more, perspective, and

in growth stock. rolling strong have We

Toulouse, as new the going we we -- a will have Middle Asia, it as we last with East. know, have have the clearly system the going was ramp-up in is before, again subway As year announced system positively. taken System in year in [indiscernible] well, exactly and that of in planned down Athens, But orders the this back

QX train but It operations. continuing good to and recovery of news. has good has and during the very of nice train is is gone recovery and that's growth its due on impacted very Service signaling the been So lack operations, there QX.

one. Next

acquisition for extremely our Motion. lot a important on us and braking was of small acquisition Growth, Alstom is strategy, already the bearing a which systems. in update which is Some fruits,

braking for is the service nice a -- this You a brakes, of very and our providing this very are service -- trains, that will know this important be discs extremely is systems will so for company components. some of capable this acquisition. much equip business, lot And

in are a have well course, trains delivered, the well Italy as in of we execution, in been is hydrogen train, of of is Mastria, Dubai, well complete lot locomotives milestones Come are regional the but And everywhere. reached of which delivered. in trains in that. technology, the up. have in delivery South delivered, progressing India ramping Africa Amtrak bit terms little metros, a back to said On Panama, are

in So very in, active Amtrak. trains

year in of terms despite delivery COVID. half the good a So

Next.

lot in Germany, started hydrogen, mentioning, have In we was of now has so we you contracts but I solutions hydrogen being It a know, of have terms as over Europe. all Italy. in tried

U.K. have the We in contracts

are discussing orders Netherlands, We some trials We in some had in Austria. in France.

competitors fact a that see So our in of now development -- number I hydrogen. positively announcing some are mean it the I

in Europe the significant And completely will know, that -- us in announced I proves ban they be you that were in gives anticipation years. technology we think definitively. in in the advantage launching and most coming of networks that that's diesel as a market, which the right there will have really

concerned, as Bombardier far As track. so well is very on

on signed in gave you SPA have September. transaction. a that know, we now now as the a proceeds All know, in the the we been you has extent AGM, you The The X.X clearance up investment past strong The EUR balance very, guidance the expected being with to well structure to last large the billion. underway. grade The sheet is confirmed. confirmed. are very As process have shareholder, to are approved

the -- of the have now calendar we quarter fiscal sorry, half first have -- the are year. the year. relatively calendar next finance the And closing next straightforward, between transaction right next issue we the now to of steps -- So year first calendar year, the financial and

Laurent will I the for Now hand over financial results. to

Laurent Martinez

Henry. Good you, evening, Thank everyone.

such million, and in an related XX we to that one-off for amount a our first weeks impact straight and provision and the indeed, resilient, including acquisition around proves XX mainly be million, reversal Impairment of had million. And the for classified So our which an proceeding let's incremental charge disruption. the March impairment XXXX. of EUR to million. XX below of back adjusted million we the EUR cost and COVID-XX also adjusted despite of one-off, restructuring XX P&L for X EUR at others EUR XX amount the legal to million, EUR To go million, for reached together limited with positive With XX at adjustment booked with linked EBIT, X for We costs an asset start COVID-XX Transportation for X.X%. half Bombardier as EBIT, inefficiency volume EUR crisis. EUR remind this, costs

we our million. the Finally, reversal minus EUR mechanical EBIT, usual have in for which impact accounts XX CASCO

EBIT basis, million. So on reached all net X.X% EUR income, our our and XXX this

EBIT the to moving So range.

indicated, from year. EBIT As reached X.X% we this on X.X% last

what adjusted the signalling. and improvement as the gross benefiting from, drivers margin of well execution are to in project EBIT? say, continuous by services first First, and solid X.X%, on mix So this improved

of been we've to excellent a pleased well half and costs, our execution measures administrative is and course, in our expect profitability, in step year, absolute on we margin. investment by further implementing continued as thanks continued up. are HX, controlling, and On still value positive of the have and have average competitiveness to leading both of up R&D see the by is EBIT, we our If benefiting step driven adjusted volume an which saving of innovation finally, related. again capabilities. We volume for activities uplift increased our backlog this flawless protecting, reduction cost momentum. X.X%, we the of our a which China, from ahead of signalling -- backlog, terms and negative look gross improvement contribution mitigation course, this CASCO, small driven year, in a our our This factors to we a And

to cash Moving flow. free

XXX amortization our to finally, the drift we EUR in XXX say, cash And Classical, anticipated, level cost, what cash EUR Lower impacted the from through EUR second million, due the of amounting We EUR specific is the expected, of U.S., rolling to by increased the by, linked situation. know EBIT, India. CapEx around working had the And large half Amtrak we around in an increased, million. sanitary million. back usage I in Day, the to anticipated e-Loco and HX in Coradia XX volume inventories shift intakes anticipated depreciation first has stream the downpayment which Netherland, million, to XXX half. capital first and in stock COVID-XX a related to contained ramp-up in by which due Capital in order a as course, driven been of As of Market would project. the

from firmly deliveries we to a to well order back HX, down our to half very the acceleration cash thanks at be strong pipeline generation, cash as commercial Looking for of out of in sound the expect and year. second payment

position. Moving to the liquidity

including see, position, which undrawn. liquidity as We strong a EUR EUR you have, end X billion, both billion, credit revolving XXXX, XXX.X X of of above September are fully facilities

for BaaX remains, conclusion. rating. stay in to you. to you strong a Thank the Henri, back target obviously Our

Henri Poupart-Lafarge

Laurent. you, Thank

allowed I had the in which have this which, as and to just benefit have from of operations nevertheless, course, So the our think normal chain. has impacted our totally would us with profitability level a -- I a half, half say frankly, of the managed, have shown execution, line the But we in of again, the to nice of very a COVID. by back are the good results we backlog. supply from conclusion, QX, first And that been selection the has it's expectations. We business achievement very from strong the to first

to strong commercial One gives of that their Europe, the a but but margin at sales the again -- because us growth lot QX I say, situation, QX would was been be of after get across not X.X% allow the would grow. across again, should backlog to to orders back the pattern X% full a only. would be, notably -- QX between on have year. us returning distributed, [indiscernible] year. for normal of We comfort sound and pipelines to QX of, The to for positive to full and the continue outlook The -- to

situation. EBIT flow more as And concerning good the breakeven get actually So to free importantly, margin positive to adjusted to generation. cash importantly,

we are, I well think, colleagues. integrate to on track So Bombardier

think improve this this to some to we'll looking to about perspective. turn impatient their I Bombardier and are steps to that it. around and be We confirm extremely and we excited And are -- and positive taking we control situation. is by And forward acquisition

So thank you, ladies gentlemen. and

can questions, a we may. take Operator, now I thanks some think if I lot.

Operator

[Operator Instructions] question from first Peigneux at Our comes UBS. Gil

Guillermo Peigneux

Union at the I I now named question a this book-to-bill ask XXXX maybe wanted X guess, has first And regarding you Peigneux Guillermo are European Year year of targeting UBS. year. fiscal to for outlook. first, through And you a next and was as It's are the calendar, above 'XX/'XX despite you difficult Union their looking of projects? seeing that commitment I operators are the railway into going wondering, network the any times? on the industry seeing existing fact reactivation maybe second, the European meeting are Rail,

Henri Poupart-Lafarge

I good are surprise, have were and on mean period, good totally a months, Absolutely. we large or totally, order coming. very well and tenders, I Yes. we now Which news of what good and next few the last different I if as the clearly, some a And have this rejuvenated, order is which we all a for I been operators. say, that mean, pipeline that, very say, may if see, which launched the very postponed totally may proofed year very momentum. yes, by see means the

accelerated the others new and the by the has forecasted which were due them of Germany, from are Some been countries, packages different like triggered coming that. a in signalling to lot

are related are in We pursuing, which number to we well. Italy activities that the that of have as

plant. What a which second for have intake they only of are next clearly during pushed standards. the are and we activities, few which will come are estimated been come lot answers has the we will So -- was now related just order which to the year. are But the months for waiting to order waiting or we these pipeline, a ago, half

Operator

Deutsche at Bank. from [Operator de-Bray Instructions]. Gael question next comes The

Gael de-Bray

would of traffic week pre-COVID have side items rail about this? to work that of development one XX% to passenger get the these of see clients a the to your I going home, commuting concerned so if before through. in your do of the probably I situation. longer Can a starting patterns ticket a on more more, per the But been decided home some at things. from with that understand the a in I that rail term? on everyone bit in get will the compared imply I at some decides discussions the Perhaps you mean, more follow-up on stay day mechanically mean, least forward, reduction mean large operators, cautious go I

in number two fact good trains have number some run, this especially during reconcile taken the expected period? So the that's quarter, operators winter do the number I this growth that question about is X%. apparently plus with How the decision to of then And one. the question reduce services to rail

Henri Poupart-Lafarge

Yes.

your point, to traffic done actually, first the -- by on So relatively have have commuter, actually the and low. cities been some analysis generated it's

work. decrease, or people in peak to period, And not to is will of is traffic, only So Paris, slight during example cars a mostly need XX% this transportation for happening the health going this this if a decrease period. for the the at related And decrease themselves. peak for there is

expect is main People may but model on line, a working ones, I trips may say. this X-year is change major are any that for where business and nevertheless, there perspective. discussions in concerned not So from is have are huge business What these will don't financial true, be the on operators some business than it traffic, usually of home. maybe because most the terms that on I because trips, are trips the concerned if impact lucrative some on rather

twice, people, their hand, to say other are Paris to now mainline three example, we to trains working way or from office the come, may that week. for On this use could their times London, which a once,

level on issue. it's we the QX, So trains, our had, which The were it's I On normal we by again activity of there in talking huge, passenger of running would by terms QX, the this number But the bit little to back were that And I going in level. service. traffic. of true. customers service, normalized because quasi-equivalent a a -- seen operator, in would -- our a about say you have say, are of no, answer, is concern slowly, number on and not same trains,

own year actually, in have you trains. even addition, of quite were the or But growth. we if year. traffic they the or It's So XXX% XX% XX% at after in And we our we fact growing had was XX%, XX%. passenger are rail of traffic was ample impact that know, service no passenger at

Operator

Goldman Daniela question from [Operator Sachs. at next The Costa Instructions]. comes

Daniela Costa

But about hydrogen. you the I ask wanted to

real of seeing how real, You tenders had many wonder whether in a on of pickup And this. how how I industry, a wins. -- are there couple the sort you're

a us what give could you latest If bit forward. expect and going the to little on

Henri Poupart-Lafarge

be in of this terms thank intake it you. not will massive Today, order No, year.

in that that wins moment Spain. in some these that commercial which as have did at you these we prototypes. in orders. There is one not We Both are in But the U.K., at more Italy Germany, we tenders tenders are that that in we prototype are see. Italy on. the Again, in see more one These the are is going and yet finalizing. There coming. stage. France And these order get are is countries are in first

year. So XXXX, numbers time replacement massive full means diesel by the it will expect it flow X, will would diesel of come years to XXXX, will fleet to become the come massive the replacement start of I to they be mostly have when mostly that now, it 'XX. fleet. the will It of orders not numbers. Because the from X if in want XXXX, next

Operator

at next question James The from Redburn. comes Moore

James Moore

rights of could just the issue, wondered the one, timing It's talk we if I Yes. Henri. about

thinking anything. that about not change what I said timing. factors to could how and if You've the you be talk wonder to different you're the obviously could

Henri Poupart-Lafarge

have fact, of don't transaction. as have Today, orders -- orders -- the crossed or the yet have we But most of there completion in to the most that all for market the of said, conditions. off, say I we the I nothing is any

totally transaction. of on are we sales So our this sure

market to conditions So best it's our make That's there shareholders of as really good ID. question possible. participate a -- no sure that frequencies can condition the in is

Operator

question JPMorgan. next The Akash Gupta at comes from

Akash Gupta

or can and customer they replacement achieve old, versus then stock rolling efficient may fair question to will to of on, orders that have incentive inefficient by think or talk greenfield trains? how about your trains My bigger savings is much first driven quickly maybe, replace this it the demand? only capacity you question is the a given demand more if replacing by pipeline in with expansion my And trains is new

Henri Poupart-Lafarge

both Yes. replacement Most I it's -- and of capacity them mean, expansion.

that these again, Austria, So "in what see replacing in Germany" see double a single-deck and coming Spain, we trains. we -- of in are wave deckers

for the mainly So different the to of and And lines. because only the of there lines. they of energy of that, to increase because only is on constraints the need now have not capacity operator, but trains, of their accelerate the partially replacement, also availability, the the quality capacity saving, not the because

see the talk first the deckers the priority it's I priority about in it's interesting So our in to if you the are regional operators. very investment -- trains, double investment mean -- taking --

Operator

next comes at William Kepler Mackie from The Cheuvreux. question

William Mackie

is on My any coping how to TMH and the the you thoughts stick its broad thoughts COVID or there. question then when question and Transmash lastly, And be conditions also emerging on in your emerging And Could with speed and approval core on and markets, is China the when hurdle, your -- full you thoughts update crossing to situation. then Alstom? about holdings up the we conditions? that in would China perhaps markets, your a regulatory to in share for market Transmashholdings? Russia, relevance situation hurdle And emerging with us India how you'll is with

Henri Poupart-Lafarge

the So approval. yes, regulatory China, on on first,

Chinese any normally, -- are difficulty there. the Things I say we major is approvals. regulatory no for are still would that So waiting expect I there progressing don't

I think with we Chinese discussing authorities. are the

far are, would good, so say. things I so So

business [indiscernible] of coming level. coming see back, the some but were is a market during historical small crisis. in can as there far the been was COVID signalling from a But We There rebounded. urban. this periods, urban. they Bombardier As in a at slowdown and that in the China back is in on earlier our of terms Clearly, has have market, transaction, slowdown its

less are this know, you exposed as to we market. Although

exposed India investment in to is the huge are equipment. launching urban say that very We they the the testing impacted by They or case. to plans. much been signalling have traction more True COVID. are

little our some that. on example, regional metros bit lot some train in because as well. locomotive a suburban as Mumbai a of I like [indiscernible], delayed for the And tender all tenders, of the tenders Some tenders, of main, said, But train activities.

activity So to operation is think And the coping the situation, and their going nicely. of economy tendering they with I that are well the managing sustain despite impact COVID. their the quite sustain

would coming say well, quite in a So with TMH, quasi-normal but Russian The Russia There and a would may so a India, I of little [indiscernible], down here market if was sustained. the it's boom as slow relatively good I -- level. say high is may at huge I in so that In bit in a the locomotives is, it metros years say, situation question. situation.

said is financial I past, the TMH. investment. dividend As a of good in in dividend, flow from very TMH very We had nice

could much have have as done we as done. We not

sourcing do -- labor benefiting Russia, terms from hope technology, low rates in some the Russia. future, that components some and is relatively could I -- totally of we case the today. are in which more are in not sourcing We we supplying the from

that an So But operational TMH. from with it's intense it's relations at that not relationship we good true moment have standpoint.

Operator

comes ODDO. question at from next The Glaser Alfred

Alfred Glaser

little us you in company of Transportation bit Bombardier you on update the And price. Then debt could margin disclosed terms in renegotiated when net the be you give now a Bombardier that acquisition exactly have the view company. stands you you from Could of since some tell the wondered you starting actually, where potential improvement how there Transportation, us this I point? over will do take execution? if

Henri Poupart-Lafarge

expectations. were results in the No. line totally QX Bombardier with Clearly, our of

of in are main, But basically, maturing, portfolio -- is going were But milestones and projects. to they board QX that. direction. too come, discussions. taking Their QX, in I'm number there many definitively. right reached not line. were Still after in projects of on the it's So a execution. We've you orders not some as the neglecting some complex know, in their the

[indiscernible], So some of [indiscernible], it helps engineering them to overcome They get so. partial difficulties. their to progressively and

full was But I'm with in on as they well, margin guidance are so and past word of in was what so and in have expectations. the I contract with totally terms margin contract, and regarding this their expectation. a QX of in low and And the the backlog line backlog our -- difficult in that's Bombadier on still our So forth. changing line cash -- not saying

be nothing compared renegotiated price. have we to So to added as we what the say when

Operator

next at comes Morgan Stanley. Katie from question The Self

Katie Self

details I you give detail relation additional criteria at Any met, does just approved had mentioned time Can KPIs the one us are relevant that that? cover? to EGM. compensation on or in was deal to on that and the any the Who be line? it would need What great. be the

Henri Poupart-Lafarge

to that the personally the a of bonus kind just relevant don't think It's this acquisition. shareholder Yes. a was against -- perspective. I I clarify. thank you for related question. Helps me from any is to

I've be LTIs, are shares, some at is X which what shares, some we that asked so will some So we performance have -- years.

this external forth. company. well the I the indicators turnaround And some show success this integration, indicators, direction, synergy will which the projects as justify which we turnaround define as and duration be precisely, to the Bombardier think So after X a years, acquisition, will to success of of the there verify of as need and but development, internal such is of indicators good so

a triggered, which of the course, So price which acquisition only will reward it's of integration. execution something is it's if bit good of, for reflecting It's And sort is, rewarding integration. the share itself. such something the the not a good

Operator

Credit from The Suisse. next Iris at comes question Zheng

Iris Zheng

flow. that quite and it down then payment the in cash the you wonder, And visibility much second additional for full for to are free you you've to you give one are projects. onto in year, are the large second got also breakeven how some inventory projects which the on if going much reduction the is some could half. that of by generation color would good that deliver driven on I Because maybe we how plan I've delivery mentioned have cash of you that? be And looking imply from the this the For half? expecting example, this?

Henri Poupart-Lafarge

for question. Thank Yes. you the

the ask Let I'll details me on more to one sheet. -- balance for take Laurent this

Laurent Martinez

thanks for Iris, Sure. your question.

indicated. So on will more the to one, the give of you HX. activities as volume, more more Point some the the number acceleration EBIT, sales, have we for for colors driven we by cash the drivers

So that's driver number one.

Second, shifted and to half, say, COVID have building the the been first been, course, that to of we delivering crisis. I in trains will has we, due be up the that would the right

element this, the which in a India, terms as an a progress in key the is key number milestones. well to our of contracts into put, South e-Loco there And here, development, TGV of in in in of in [indiscernible], PRASA France can is So too, ICNG drivers, continued quote of terms contracts. Africa, we to related [indiscernible]

say, and will, as And Which order are intake overall a large have, will we we Finally, positive. I with positive from the the -- as the focus positive payment word, result. in as down very is our contribution program well HX. in support capital last benefiting working market, coming which from a cash well, very

last as back XX% which [indiscernible] and expected quote, time week. communicated as cycle in to achieved been Just our has reduction,

positive So that's subjects. very

Operator

from comes UBS. question from Gil next Your Peigneux

Guillermo Peigneux

suffering free is Bombardier And still ask was closing medium-term. the Bombardier, is UBS that, stay, of from fair will your potential acquire conversion you which and target or obviously, obviously, the But again. assume is XX% conversion? it been philosophically I that, XX% Guillermo thinking the acquisition pending conversion about free cash flow so This ratio wanted deal I to from flow if even cash to long-term then and that on. has

Henri Poupart-Lafarge

Yes, the question. for Guillermo, thank you

we'll our all will, new the update no integration, be the few do considering of reason of But the Bombardier the this be scope would is and months size that full after business probably course, guidance, should full There a different. recovery, the the We target, with [indiscernible] company. sustained. why obviously, new

decrease. projects amount larger of it much I we will because, a the have a will volatility will should that the course, on volatility say, the of that fact On larger number contrary, cash scale we flow have the would where of of our decrease

Operator

from at Redburn. comes question Moore next James The

James Moore

their if I possible you've secondly, to it and topic, I many delivered? ask say conceptual the to wondered Amtrak, two. coming that if it's would be see in to operators, goes now for on government activities? some CapEx. year PRASA, you could incremental this drive separate government rail that how And that On to a there's last of burn underwritten fill e-Loco negative that cash COVID they've every world back the the money mean day-to-day the going cash and has look think top fill do you the that day-to-day these When do stimuli collectively operators the the of degree free governments the to at hole hole? XX I free really. think all incremental of record subsidize Or on lost levels. top year, flow question, we of a possibility for investment, to gone then single just But governments they're you decade, in rail are investments, by

Henri Poupart-Lafarge

question. the for you Thank

exactly But call to intervene. I want to to So on need want tell first question, the don't We there. progressing we that on stand projects where normally. are you the I

it's Amtrak the by XX, you locomotives give an starting on wrap roughly in around -- are well. order the contrary, just for number, we up. are and And magnitude, XX trains same delivered as to PRASA, think, Amtrak, it's they coincidence, Just being I to of

know, just producing when X, and So we have #X train tested the are, the we X. producing, we we and are train #X as are you

I But The are a at locomotives and close if are per may projects. each a say. project will -- to this ramping very are we for XX for -- it And will XX fast produced will be train So year. of e-Loco, around and the to But is for it XXX project, we be X. PRASA we #X be short up. track

going it's well. a be as So to very production fast

take franchises. the debt again by you up the . packages. also debt provide some Your that question has licenses had different have In the been first some on government. [indiscernible] What actually it the to of is far so in of France, In good different [indiscernible] we U.S., state want U.K., one. been is the from a taken forms. has been In of to the priority have point liquidity nationalizing the to we a seen second to the operators In Germany,

a that in operators are the investment. the provide priority was to first of the They because operate. the our customers. X And lot number of priority ensure they all link therefore, So are the not continue operators the necessarily second between could countries, Then liquidity to a not to the actually operators. a are

states If also train instances, the or are are most acquiring you regions. the the regions take But in these France, Germany, in the some instances, in it's PTA, directly. Deutsche In it's Bank.

-- on are are the in depends [indiscernible]. acquiring it country. the by cities operators. it's the most not These the directly country really But cities, So region which

is it's same usually to What They of it true I hand the renegotiate a the the financing, that on -- scheme, head public sustain to in kind other kind is and of or concession a on business. have funding. the their the -- a the a with So of operators need between most to need don't the depends they have liquidity hand. authorities contracts. to in of exactly but not order their see kind concession, But on one order off investment same

Operator

questions It I'd remarks. additional turn the closing no back Mr. further like appears this Poupart-Lafarge, or you for time. to there to any at conference

Henri Poupart-Lafarge

your attention first Again, in No, all pleased half you Thank -- think you. considering tonight. environment I with very thank are a operator. lot this for conclusion, a the you, as Thank we are. we which for

positive the performed, we market. coming very and the company well think I has on are

to colleagues very, And to implement that nice a our very Bombardier we'll forward to strategy. continue think So again, addition our from to be I looking welcoming portfolio. our

very soon. bye. and Bye, thanks Thanks you talk all to of So a you, to lot.

Operator

your over. for is Thank you This conference participation. now

Alstom (ALSMY) 11 Nov 202021 Q2 Earnings call transcript