e686c0f9-c78e-4b43-b816-607f6d3d4af2.pdf
HALF-YEAR FINANCIAL REPORT
(Half-year ended 30 September 2015)
Table of contents
This document is a free translation of the French language original version
Management report on condensed interim consolidated financial statements, half- year ended 30 September 2015
Page [3]
Condensed interim consolidated financial statements, half-year ended 30 September 2015
Page [25]
Report of independent auditors on the half-year financial information Page [77]
Responsibility statement of the person responsible for the half-year financial report Page [80]
French Société anonyme with a share capital of €2,171,678,222 3 avenue André Malraux - 92300 Levallois-Perret (France)
Tel. : +33 (0)1 41 49 20 00
RCS : 389 058 447 Nanterre
www.alstom.com
Management report on condensed interim consolidated financial statements, Half-year ended 30 September 2015
MANAGEMENT REPORT
ON CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS HALF YEAR ENDED 30 SEPTEMBER 2015
The following half-year report shall be read in conjunction with the condensed interim consolidated financial statements for the half-year ended 30 September 2015 and the Company's Registration Document for fiscal year 2014/15 filed with the French Autorité des Marchés Financiers on 21 May 2015.
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Main events of half year ended 30 September 2015
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Alstom strategic move
Effective 2 November 2015, Alstom and General Electric have completed the transaction presented hereafter. For further detail on closing, please refer to Note 27 'subsequent events' of the condensed interim consolidated financial statements for the half-year ended 30 September 2015.
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Presentation of the transaction between Alstom and General Electric
On 26 April 2014, the Board of Directors of Alstom received from General Electric an offer, updated on 20 June 2014, to acquire its Energy activities. The Alstom's Board of Directors unanimously decided to issue a positive recommendation on the General Electric's offer. The global transaction includes the following:
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the acquisition by General Electric of Thermal Power, Renewable Power and Grid activities as well as central and shared services;
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the creation of three alliances with General Electric;
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the acquisition by Alstom of most of General Electric's signalling business.
The disposal of Energy activities to General Electric simultaneously to the investment by Alstom in three Joint alliances (Grid, Renewables and Global Nuclear & French Steam) and the acquisition of General Electric's Signalling Business lead to a net cash proceed of €7.1 billion. This net cash proceed is consistent with the €12.35 billion price related to the sole sale of Energy activities (including €1.9 billion of cash existing in Energy scope at 31 March 2014), the subsequent adjustments including the commercial agreements signed in December 2014 (leading to an additional consideration of circa €0.4 billion) and the price reduction approved by Alstom board in July 2015 (€0.3 billion), the reinvestment at respectively €2.4 billion and €0.7 billion in the joint alliances and General Electric's Signalling business and deal costs of circa €0.3 billion.