Financial report 
Half-year 
 
As of 30 September 2023


 
2 
 
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 2023 
 
Page 3  
Condensed interim consolidated financial statements,  
half-year ended 30 September 2023 
 
Page 26 
Report of independent auditors on the half-year financial information 
 
 
Page 73 
Responsibility statement of the person responsible for the half-year financial report 
 
 
 
Page 76  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société anonyme with a share capital of €2,690,037,476 
48, rue Albert Dhalenne  
93400 Saint-Ouen-sur-Seine (France) 
Tel. : +33 (0)1 57 06 90 00 
Fax : +33 (0)1 57 06 96 66 
RCS : 389 058 447 Bobigny 
www.alstom.com


 
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Management report on condensed interim consolidated financial statements,  
Half-year ended 30 September 2023


 
4 
 
1. Main events of half-year ended 30 September 2023  
 
1.1. Trigger event assessment for assets impairment test  
 
Alstom disclosed preliminary financial information for its first half of fiscal year 2023/24, ending September 30 2023, 
as well as an updated guidance regarding the full year 2023/24 (as disclosed in the press release dated 4 October 
2023). Following this announcement, Alstom’s share price has significantly decreased, leading to a market 
capitalization lower than the carrying amount of Alstom’s net assets. As per IAS 36, this situation has been considered 
as a trigger event to reperform impairment test on goodwill (detailed in Note 11.1). The impairment test confirmed 
that the recoverable amount exceeds its carrying value at 30 September 2023, therefore no impairment loss was 
recognized on Goodwill over the period. 
On other assets: technology and other intangible assets (amortised assets), as well as deferred taxes (see Note 8), 
impairment tests are reviewed at least annually and whenever events or circumstances indicate that they might be 
impaired. Based on its reasonable estimates, the visibility available and previous enlarged sensitivity analyses 
performed in March 2023, Alstom has not identified any trigger event indicating that any assets should be impaired at 
the end of September 2023. 
 
1.2. Uncertainties linked to the current economic and political context 
 
The current economic and political context creates uncertainties on business activities (namely inflation, price volatility 
of certain commodities, energy, increases of interest rates, supply chain disruptions or electronic components 
shortage…). Nevertheless, the Group carefully follows and monitors the potential increase in its cost structures (raw 
materials prices, supply chain and wages inflation), being quite well protected (73% of the backlog being covered by 
price escalation clauses on global inflation - commodities, energy and labour indexes). 
 
1.3. One Alstom team - Agile, Inclusive and Responsible 
 
More than ever, decarbonization is at the heart of Alstom’s strategy. The Group is reducing its own direct and indirect 
emissions (Scope 1 & 2) and is also committed to work with suppliers and customers (Scope 3) to contribute to Net 
Zero carbon in the mobility sector. Alstom CO2 emissions reduction targets had been validated on the 6th of July 2023 
by the independent Science Based Targets initiative (SBTi) as in line with requirements to reach Paris Agreement 
commitments.  
The supply of electricity from renewable sources has also been expanded. Alstom signed a significant Power Purchase 
Agreement focused on solar development in Spain. The solar farm is expected to begin operations early 2025 with a 
10-years contract. The project will cover the equivalent of 80% of Alstom’s electricity consumption in Europe, so this is 
a major step in reaching our target of 100% electricity consumption from renewables. 
Alstom’s Corporate Social Responsibility performance is regularly evaluated by various rating agencies; the Group 
maintained its presence among the CAC40 ESG index for the 3rd consecutive year. Alstom improved is scoring to 
ECOVADIS questionnaire with a score of 77/100 and kept AA score with MSCI agency. Those results reflect its strong 
position and strategy on Sustainability.


 
5 
 
1.4. Key figures for Alstom in the first half of fiscal year 2023/24 
 
Group’s key performance indicators for the first half of fiscal year 2023/24: 
 
 
(1) Non - GAAP. See definition page 16 
(2) Based on Net profit from continuing operations, excluding amortisation expenses of the purchase price allocation, net of corresponding tax 
(3) Incl. Net profit from discontinued operations and excl. non-controlling interests 
(4) Incl. PPA from Chinese joint ventures counted as share in net income of equity investees in the Notes for €(5) million 
 
The aEBIT as a percentage of sales has progressed from 4.9% over the first semester of 2022/23 to 5.2% over the first 
semester of 2023/24, benefiting from synergies for 30bps, a steady reduction of low performing contracts for 40bps, 
an increased volume and favourable mix for 50bps, an improved indexation of our backlog for 20bps, partially offset 
by R&D acceleration for (30)bps and the negative gross margin impact related to the Aventra program stabilisation 
costs (80)bps. 
 
 
 
 
 
 
 
 
Half-Year ended
Half-Year ended
(in € million)
30 September 
2023
30 September 
2022
Actual
Orders Received (1)
8,446
10,072
(16%)
Sales
8,443
8,048
5%
Adjusted Gross Margin before PPA & impairment (1)
1,165
1,060
10%
aEBIT (1)
438
397
10%
aEBIT % (1)
5.2%
4.9%
EBIT before PPA & impairment (1)
275
200
EBIT (4)
86
(14)
Adjusted Net Profit (1)(2)
174
179
Net Profit - Group share (3)
1
(21)
Free Cash Flow (1)
(1,119)
(45)
% Variation
Sep. 23/ Sep. 22
Half-Year ended
Year ended
(in € million)
30 September 
2023
31 March 2023
Actual
Backlog
90,080
87,387
3%
Gross Margin % on backlog (1)
17.2%
16.9%
Capital Employed (1)
13,012
11,728
Net Cash/(Debt) (1)
(3,433)
(2,135)
Equity
9,121
9,102
% Variation
Sep. 23/ Mar. 23


 
6 
 
1.5. Organic growth 
 
For comparison purposes, the above-mentioned figures can be adjusted for foreign exchange variation resulting from 
the translation of the original currency to Euro. The below tables show the conversion of prior year actual figures to a 
like-for-like set of numbers:  
 
 
 
The actual figures for orders received and sales of the first half of fiscal year 2022/23, and the backlog of  
31 March 2023 are restated to reflect September 2023 exchange rates. This restatement showed an appreciation of 
the Euro against several currencies making up the Alstom portfolio for orders and sales for first half of 2022/23, and a 
depreciation of the Euro against several currencies for the backlog of 31 March 2023. 
• 
Orders received have been impacted by an unfavourable translation effect mainly due to depreciation of the 
Australian dollar (AUD), the Swedish krona (SEK), the Indian rupee (INR) and the Egyptian pound (EGP) 
against the Euro (EUR). 
• 
Sales were mainly impacted by the depreciation of the US dollar (USD), the Australian dollar (AUD), the South 
African rand (ZAR), the Indian rupee (INR), the Swedish krona (SEK), the British pound sterling (GBP) and 
the Canadian dollar (CAD) against the Euro (EUR). 
• 
Backlog was impacted by a favourable translation effect driven by the appreciation of the US dollar (USD), 
the British pound sterling (GBP) and the Mexican pesos (MXN) against the Euro (EUR). This favourable 
translation effect was partly offset by the depreciation of the South African rand (ZAR) and the Swedish krona 
(SEK) against the Euro (EUR). 
 
1.6. Acquisitions and partnerships  
 
There are no significant changes in the consolidation scope between 31 March 2023 and 30 September 2023.  
 
 
 
Half-Year ended
30 September 2023
(in € million)
Orders Received
8,446
10,072
(257)
9,815
(16%)
(14%)
Sales
8,443
8,048
(287)
7,761
5%
9%
Half-Year ended 30 September 2022
Actual 
figures
Actual
figures
Exchange rate 
and scope 
impact
Comparable 
figures
Sep. 23/ Sep. 22
% Var 
Actual
% Var 
Org.
Half-Year ended
30 September 2023
(in € million)
Backlog
90,080
87,387
287
87,674
3%
3%
% Var 
Org.
Actual 
figures
Actual
figures
Exchange rate 
impact
Comparable 
figures
% Var 
Actual
Year ended 31 March 2023
Sep. 23/ Mar. 23


 
7 
 
2. Commercial performance  
 
During the first half of fiscal year 2023/24, the Group witnessed significant commercial success across multiple 
geographies, notably in Europe, Asia/Pacific and in Americas, and product lines, mostly in Rolling Stock, Systems and 
Services. The recorded order intake stood at €8.4 billion, presenting a decrease of (16)% compared to the same period 
last fiscal year on an actual basis. This decrease is mostly driven by last year’s landmark contract awarded by 
Landesanstalt Schienenfahrzeuge Baden Württemberg (SFBW) network in Germany of almost €2.5 billion. For the 
same period last fiscal year, Alstom reported an order intake of €10.1 billion. 
 
 
 
 
 
In Europe, Alstom recorded €5.2 billion order intake during the first half of fiscal year 2023/24, as compared to €6.6 
billion over the same period last fiscal year. 
In Germany, Alstom was awarded a contract to supply 40 Coradia StreamTM High Capacity electric multiple units 
together with full maintenance for 30 years to Nahverkehrsverbund Schleswig-Holstein (NAH.SH), valued at close to 
€900 million, and including an option for up to 55 additional trains with a corresponding full-service package. The 
Group also signed a contract with RAILPOOL for 50 TraxxTM Universal multi-purpose locomotives. 
In France, the Group signed a framework contract with Akiem European rolling stock leasing company for 100 TraxxTM 
Universal multi-system (MS3) locomotives, together with an initial firm order for 65 locomotives. The total amount of 
the framework agreement is up €500 million.  
Alstom, as part of a consortium with the civil works companies Gulermak and Arcada, also signed a contract with the 
Cluj-Napoca City Hall in Romania for the construction of the Cluj-Napoca Metro Line 1. Alstom’s share of this state-
of-the-art turnkey project reaches approximately €400 million.  
In Italy, Alstom was awarded a contract for the supply of high-speed trains. 
Last year’s performance in Europe was mainly driven by significant orders awarded by customers in Germany, France, 
Sweden, Romania, the U.K., and Spain. 
Geographic breakdown
Actual figures
Half-Year ended
% of
Half-Year ended
% of
(in € million)
30 September 2023
contrib
30 September 2022
contrib
Europe
5,232
62%
6,571
65%
(20%)
(19%)
Americas
1,456
17%
806
8%
81%
80%
Asia/Pacific
1,723
21%
1,687
17%
2%
13%
Africa/Middle East/Central Asia
35
0%
1,008
10%
(97%)
(96%)
ORDERS BY DESTINATION
8,446
100%
10,072
100%
(16%)
(14%)
% Variation
Sep. 23/ Sep. 22
Actual
Organic
Product breakdown
Actual figures
Half-Year ended
% of
Half-Year ended
% of
(in € million)
30 September 2023
contrib
30 September 2022
contrib
Rolling stock
3,818
45%
5,508
55%
(31%)
(28%)
Services
2,141
26%
3,038
30%
(30%)
(28%)
Systems
1,548
18%
524
5%
195%
189%
Signalling
939
11%
1,002
10%
(6%)
(3%)
ORDERS BY DESTINATION
8,446
100%
10,072
100%
(16%)
(14%)
Actual
 Organic 
Sep. 23/ Sep. 22
% Variation


 
8 
 
In Americas, Alstom reported €1.5 billion order intake, as compared to €0.8 billion over the same period last fiscal year, 
driven by a contract with the Southeastern Pennsylvania Transportation Authority (SEPTA) in the United States to 
deliver 130 full low floor electric streetcars for Philadelphia, valued at over €667 million and with options to build an 
additional 30 streetcars. And the Group was awarded a contract by the Connecticut Department of Transportation 
(CTDOT) in the United States to supply 60 single-level rail coach cars valued at approximately €285 million with options 
to build an additional 313 cars, as part of CTDOT’s coach renewal program for its statewide rail system. 
The performance in Americas last year was mainly driven by the award of several small contracts. 
In Asia/Pacific, the order intake stood at €1.7 billion, as compared to €1.7 billion over the same period last fiscal year. 
In the Philippines, Alstom in consortium with Colas Rail has been awarded by Mitsubishi Corporation a contract to 
provide an integrated railway system for the extension of the North-South Commuter Railway project (NSCR). Alstom’s 
contract share is worth approximately €1 billion. In Australia, the Group will build an additional 23 VLocityTM trains in 
Victoria. 
Last year’s performance in Asia/Pacific was driven by significant contracts with the Department of Transport Victoria 
in Australia, and for the Bhopal and Indore metro projects in India. 
In Africa/Middle East/Central Asia, the Group reported €35 million order intake, as compared to €1.0 billion over the 
same period last fiscal year. The performance last year was mainly driven by a contract to supply MetropolisTM trains 
and maintenance services for upgrade of Cairo Metro Line 1. 
 
Alstom received the following major orders during the first half of fiscal year 2023/24: 
Country 
Product 
Description 
Australia 
Rolling stock  
Supply of additional VLocityTM trains    
France 
Rolling stock  
Supply of 65 multi-system TraxxTM Universal locomotives to Akiem, under a framework 
contract for 100 locomotives 
Germany 
Rolling stock / 
Services 
Supply 40 Coradia StreamTM high-capacity electric multiple units and 30 years of full-
service maintenance to Nahverkehrsverbund Schleswig-Holstein (NAH.SH), with an 
option for up to 55 additional trains with a corresponding full-service package 
Germany 
Rolling stock 
Supply of 50 TraxxTM Universal multi-purpose locomotives to Railpool 
Italy 
Rolling stock 
Supply of high-speed trains 
Philippines Systems 
Integrated railway system for the extension of the North-South Commuter Railway 
project in consortium with Colas Rail 
Romania 
Systems 
Construction of Cluj-Napoca Metro Line 1 turnkey project as part of a consortium with 
the civil works companies Gulermak and Arcada 
U.S.A. 
Rolling stock 
Supply of 130 low floor electric CitadisTM light rail vehicles to Southeastern Pennsylvania 
Transportation Authority (SEPTA), with options for an additional 30 streetcars 
U.S.A. 
Rolling stock 
Supply of 60 single-level rail coach cars to Connecticut Department of Transportation 
(CTDOT), with option for an additional 313 cars


 
9 
 
3. Backlog 
 
As of 30 September 2023, the backlog stood at €90.1 billion, providing the Group with strong visibility over future 
sales. This represents a 3% increase on both an actual basis and on an organic basis as compared to  
31 March 2023. The increase of backlog is mostly driven by positive contract price adjustments. 
The appreciation of several currencies against the Euro (EUR) since March 2023, mainly the US dollar (USD) and the 
Mexican peso (MXN) in Americas, positively impacted backlog for a total amount of €0.3 billion. This mainly affected 
the backlog of services and systems products. 
 
 
 
 
 
 
Geographic breakdown
Actual figures
Half-Year ended
% of
Year ended
% of
(in € million)
30 September 2023
contrib
31 March 2023
contrib
Europe
50,802
57%
49,146
56%
Americas
14,245
16%
13,796
16%
Asia/Pacific
12,975
14%
12,191
14%
Africa/Middle East/Central Asia
12,058
13%
12,254
14%
BACKLOG BY DESTINATION 
90,080
100%
87,387
100%
Product breakdown
Actual figures
Half-Year ended
% of
Year ended
% of
(in € million)
30 September 2023
contrib
31 March 2023
contrib
Rolling stock
43,328
48%
42,806
49%
Services
31,860
36%
30,741
35%
Systems
7,320
8%
6,330
7%
Signalling
7,572
8%
7,510
9%
BACKLOG BY DESTINATION 
90,080
100%
87,387
100%


 
10 
 
4. Income statement 
 
4.1. Sales 
 
Alstom’s sales amounted to €8.4 billion for the first half of fiscal year 2023/24, representing a growth of 5% on an 
actual basis and 9% on an organic basis as compared to Alstom sales in the same period last fiscal year. Sales related 
to non-performing backlog, representing sales on projects with a negative margin at completion, amounted to €1.0 
billion during the first half of the fiscal year 2023/24.  
 
 
 
 
In Europe, sales reached €4.9 billion, accounting for 57% of the Group’s total sales and representing an increase of 2% 
on an actual basis. It was mainly driven by the continued execution of large rolling stock contracts, including the Coradia 
StreamTM trains in the Netherlands, the Regio 2N regional trains, the AveliaTM high-speed trains for SNCF as well as 
EMU trains for the Paris Metro for RATP in France, the Coradia StreamTM regional trains for Trenitalia in Italy, the ICE 
4 trains for Deutsche Bahn in Germany, the AventraTM trains in the United Kingdom and the double-deck M7-type 
multifunctional coaches for SNCB in Belgium. The ramp-up of Services contracts in the United Kingdom has also been 
a strong contributor to this growth. On the other hand, large Rolling Stock contracts such as the S-Bahn Stuttgart 
trains for Deutsche Bahn in Germany and the Francilien suburban trains for SNCF in France are close to completion, 
therefore generating lower level of sales as compared to the same period last year. 
In Americas, sales stood at €1.7 billion, accounting for 20% of the Group’s sales and representing an increase of 23% 
compared to last year on an actual basis. The performance was mainly driven by the metro cars for BART fleet of the 
future in San Francisco and Tren Maya project for the National Fund for the Promotion of Tourism in Mexico. The 
projects of Amtrak high-speed trains in the United States and the light metro system for REM in Canada remain key 
sales contributors within the region, together with the MetropolisTM trains for São Paulo Metropolitan Train System in 
Brazil. 
In Asia/Pacific, sales amounted to €1.2 billion, accounting for 14% of the Group’s sales and representing a decrease of 
1% compared to last year on an actual basis. These sales were driven by the continuous ramp-up of the production of 
electric locomotives and metro cars in India, the Bombardier moviaTM cars for LTA Singapore and the VLocityTM regional 
trains for The Department of Transport (DoT) in Victoria in Australia. 
Geographic breakdown
Actual figures
Half-Year ended
% of
Half-Year ended
% of
(in € million)
30 September 2023
contrib
30 September 2022
contrib
Europe
4,875
57%
4,788
59%
2%
3%
Americas
1,664
20%
1,352
17%
23%
29%
Asia/Pacific
1,165
14%
1,178
15%
(1)%
7%
Africa/Middle East/Central Asia
739
9%
730
9%
1%
10%
SALES BY DESTINATION
8,443
100%
8,048
100%
5%
9%
% Variation
Sep. 23/ Sep. 22
Actual
Organic
Product breakdown
Actual figures
Half-Year ended
% of
Half-Year ended
% of
(in € million)
30 September 2023
contrib
30 September 2022
contrib
Rolling stock
4,463
52%
4,360
54%
2%
6%
Services
1,986
24%
1,802
23%
10%
14%
Systems
751
9%
734
9%
2%
5%
Signalling
1,243
15%
1,152
14%
8%
12%
SALES BY DESTINATION
8,443
100%
8,048
100%
5%
9%
% Variation
Sep. 23/ Sep. 22
Actual
Organic


 
11 
 
In Africa/Middle East/Central Asia, sales stood at €0.7 billion, contributing to 9% to the Group’s total sales and 
representing an increase of 1% on an actual basis. The system contract for the Cairo monorail trains in Egypt, the rolling 
stock contract for the X’TrapolisTM Mega commuter trains in South Africa, as well as the PrimaTM freight locos for 
Kazakh Railways and Azerbaijan Railways, are the main sales contributors within the region. 
 
4.2. Research and development  
 
As of end of September 2023, research and development gross costs amounted to €(330) million, i.e. 3.9% of sales, 
reflecting the Group’s continuous investment in innovation to develop smarter and greener mobility solutions, in line 
with the Alstom In Motion strategy which is based on three pillars: Autonomous mobility, Data factory and Mobility 
orchestration. Net R&D amounts to €(254) million before PPA amortisation. 
 
 
(*) Financing received includes public funding amounting to €34 million at 30 September 2023, compared to €31 million at 30 September 2022. 
(**) For the fiscal period ended 30 September 2023, excluding €(30) million of amortisation expenses of the purchase price allocation of Bombardier 
Transportation, compared to €(30) million at 30 September 2022. 
 
Programs funded by IPCEI Hydrogen have been launched. This important European program will allow to further 
develop the components portfolio needed for hydrogen powered trains, fuel cell powerpacks, batteries and power 
converters. It will support the development of new hydrogen trains for regional applications, shunting locos and freight, 
leveraging on the experience collected with Coradia iLint™ regional trains that are now in revenue service.  
The development of Avelia range continues. Two pre-serial trainsets of Avelia Horizon™ pursue dynamic test on the 
French network. The 320 kph milestone has been reached in September 2023. The development of international 
configurations is ongoing. 
Based on Citadis™ DNA, Alstom is developing a light rail vehicle addressing the specificities of the market in the USA 
with a focus on passenger experience and the possibility to operate without catenary. 
The replacement of Adessia™ commuter train has been launched to address the U.K. and USA markets. This new 
product range will include EMU, BMU, BEMU and HMU versions to also replace the existing Diesel trains. 
The other Rolling Stock developments were focused on Alstom Coradia stream™ range which has been further 
extended with longer cars and 15kV traction chain (primarily in Germany), and Alstom TRAXX™ Multi-system 3 - 
locomotives with the development of the passenger version at 200kph. The upgrade of Large gauge Metros addressing 
the Indian market is ongoing. 
Services product line continues to focus on addressing green, sustainable and more efficient operation concepts like  
Green re-tractioning initiatives and Health-Hub™, an innovative solution for operation and maintenance activities.  
Half-Year ended
Half-Year ended
(in € million)
30 September 2023 30 September 2022
R&D Gross costs 
(330)
(297)
R&D Gross costs (in % of Sales)
3.9%
3.7%
Funding received (*)
56
50
Net R&D spending
(274)
(247)
Development costs capitalised during the period
70
57
Amortisation expense of capitalised development costs (**)
(50)
(41)
R&D expenses (in P&L)
(254)
(231)
R&D expenses (in % of Sales)
3.0%
2.9%


 
12 
 
Signalling Product Line worked on Atlas™ European Standard convergence, driving market presence with its 
integration into TRAXX platform and securing new contracts for cross border operation, ERTMS* level 2 and level 3 on-
board solution together with Automatic Train Operation, and it continued its footprint expansion with a new contract 
in Canada with the ATLAS™ on-board train control solution. Alstom kept on developing CBTC solutions Urbalis 
Fluence™ (e.g., Torino Line 1), Urbalis™ 400™ (e.g., Cluj Metro, Surat Metro L1&2, Bhopal & Indore Metro) and 
Cityflo™ 650™ (e.g., Delhi Line 7 extension, Metro Santiago de los Caballeros) for metros and tramways, and ICONIS™ 
and Ebi™Screen™ suites for Operational Control Centres, maximising traffic fluidity and orchestrating operations from 
a distance. 
Alstom Signalling also plays a key role in the System and Innovation Pillar defining a harmonised functional architecture 
for the rail system including migration paths and regulatory framework as well as contributing to several Flagship 
projects: MOTIONAL (FP1), R2DATO (FP2) and FUTURE (FP6).  
Alstom Innovations cluster continued to develop Autonomous Mobility solutions for Passengers & Freight trains.   
 
4.3. Operational performance 
 
In the first half of fiscal year 2023/24, Alstom’s adjusted EBIT reached €438 million, equivalent to a 5.2% operational 
margin, as compared to €397 million or 4.9% during the same period last fiscal year. 
Selling and Administrative costs as a percentage of sales represented 6.4% for the group as compared to 6.3% on an 
actual basis last year. 
Over the period, the contribution resulting from the inclusion of the share in net income of the equity-accounted 
investments whose activity are considered as part of the operating activities of the Group amounted to €65 million, 
decreasing from the €75 million reported in the same period last fiscal year, impacted by unfavorable exchange rates. 
The contribution from CASCO Signal Limited joint-ventures and Alstom Sifang (Qingdao) Transportation Ltd. amounted 
to €30 million and €13 million respectively, compared to €32 million and €13 million respectively in the same period 
last year. The contribution of the remaining joint-ventures amounted to €22 million, as compared to €30 million in the 
same period last year. 
 
4.4. From adjusted EBIT to adjusted net profit  
 
During the first half of fiscal year 2023/24, Alstom recorded restructuring and rationalisation charges of €(7) million 
mainly related to the adaptation of the means of production, especially in Germany for €(3) million, in France for €(2) 
million and the U.S.A. for €(2) million. 
Integration costs & others before impairment of tangible assets related to PPA amounted to €(92) million, consisting 
of costs related to the integration of Bombardier Transportation for an amount of €(65) million, €(6) million of legal 
fees in the context of Bombardier Transportation’s integration remedies, and other exceptional expenses for €(21) 
million. 
Overall, Alstom’s other expenses for the first half of fiscal year 2023/24 amounted to €(98) million, a €24 million 
decrease in comparison to the same period last fiscal year. 
Taking into consideration restructuring and rationalisation charges, capital gains on disposal of business, integration 
costs, impairment loss & others, Alstom’s EBIT before amortisation and impairment of assets exclusively valued when


 
13 
 
determining the purchase price allocation (“PPA”) stood at €275 million. This compares to €200 million in the same 
period last fiscal year. 
Net financial expenses of the period amounted to €(98) million, impacted by higher interest rates, as compared to 
€(24) million in the same period last fiscal year. 
The Group recorded an income tax charge of €(28) million in the first half of fiscal year 2023/24, corresponding to an 
effective tax rate before PPA of 25%, compared to €(29) million for the same period last fiscal year and an effective tax 
rate of 27%. 
The share in net income from equity investments amounted to €53 million – excluding the amortisation of the purchase 
price allocation (“PPA”) from Chinese joint ventures of €(5) million –, compared to €62 million in the same period last 
fiscal year, with strong performances from CASCO joint-venture as well as Alstom Sifang (Qingdao) Transportation 
Ltd., Jiangsu Alstom NUG Propulsion System Co. Ltd and Changchun Changke Alstom Railway Vehicles Company Ltd. 
Net profit attributable to non-controlling interest totalled €12 million, compared to €11 million in the same period last 
fiscal year. 
Adjusted net profit, representing the group’s share of net profit from continued operations excluding PPA and 
impairment net of tax, amounts to €174 million for the first half of fiscal year 2023/24. This compares to an adjusted 
net profit of €179 million in the same period last fiscal year. 
 
4.5. From adjusted net profit to net profit 
 
During the first half of fiscal year 2023/24, amortisation & impairment of assets exclusively valued when determining 
the purchase price allocation (“PPA”) in the context of business combination amounted to €(189) million before tax, 
compared to €(214) million in the same period last year. Positive tax effect associated with the PPA amounts to €16 
million, compared to €19 million last year. 
The Group’s share of net profit from continued operations (Group share), including net effect from PPA after tax for 
€(173) million, stood at €1 million, compared to €(16) million in the same period last fiscal year. 
The net profit from discontinued operations for the first half of fiscal year 2023/24 is nil. As a result, the Group’s Net 
profit (Group share) stood at €1 million for the first half of fiscal year 2023/24, compared to €(21) million in the same 
period last fiscal year.


 
14 
 
5. Free cash-flow 
 
 
 
The Group’s Free Cash Flow stands at €(1,119) million for the first half of fiscal year 2023/24 as compared to 
€(45) million during the same period last fiscal year. 
Funds from Operations stand at €256 million, compared to €336 million in the same period last fiscal year, despite an 
increase in EBIT before PPA (€275 million compared to €200 million in the same period last fiscal year). 
Depreciation and amortisation excluding PPA amounted to €211 million (€395 million including PPA), compared to 
€233 million in the same period last fiscal year (€441 million including PPA). Right-of-use assets amortisation 
amounted to €61 million compared to the €68 million for the first semester of fiscal year 2022/23. 
Financial cash-out reached €(92) million, compared to €(14) million in the same period last fiscal year, mainly due to 
increased interest rates on the Group’s short-term debt and fees paid for the Committed Guarantee Facility Agreement 
(“CGFA”) renegotiated in July 22. 
In the first semester of the 2023/24 fiscal year, Alstom spent €(86) million in capital expenditures excluding R&D, as 
compared to €(99) million in the same period last fiscal year. The Capex program was focused on transformation & 
productivity-related investments in Europe as well as on the strategy of continuous increase of the industrial capacity 
in best cost countries such as Poland, Brazil, Hungary, Mexico, Kazakhstan, and India. Alstom continued to invest in 
energy savings and safety, reinforcing the Company’s commitments for sustainable growth 
Cash generation was also impacted by an unfavourable €(1,375) million change in working capital compared to 
€(381) million in the same period last fiscal year; mostly due to a degradation of Trade Working Capital of which a 
€(408) million inventory build-up is the main element, as well as the reversal effect of the change in law on VAT in 
France for €(380) million. The Contract Working Capital is negatively impacted by the delay of the Aventra program in 
the UK and the lower-than-expected downpayments in the first semester.   
 
 
 
Half-Year ended
Half-Year ended
(in € million)
30 September 
2023
30 September 
2022
EBIT before PPA
275
200
Depreciation and amortisation
211
233
JV dividends
106
97
EBITDA before PPA + JV dividends
592
530
Capital expenditure 
(86)
(99)
R&D capitalisation
(70)
(57)
Financial and Tax cash-out
(164)
(86)
Other
(15)
48
Funds from Operations
256
336
Trade Working Capital Changes
(730)
(44)
Contract Working Capital Changes
(645)
(337)
FREE CASH FLOW
(1,119)
(45)


 
15 
 
6. Net Cash/(debt) 
 
At 30 September 2023, the Group recorded a net debt position of €(3,433) million, compared to the €(2,135) million 
net cash balance that the group reported on 31 March 2023. This €1,298 million increase is driven by various factors. 
Free Cash Flow consumption is at €(1,119) million. It is also impacted by €(46) million dividend pay-out, €(72) million 
lease, €(9) million acquisitions/disposals and €(53) million other items including FX and remedies. 
 
7. Equity 
 
The Group Equity on 30 September 2023 amounted to €9,121 million (including non-controlling interests), from €9,102 
million on 31 March 2023, mostly impacted by:  
• 
net profit/(loss) of €1 million (Group share); 
• 
actuarial hypothesis variation on pensions (recorded in equity) of €(40) million net of tax;  
• 
currency translation adjustment of €63 million; 
• 
dividends of €(95) million by Alstom SA; 
• 
capital increase of €58 million related to performance shares and dividends convertible into shares; 
• 
other items including €23 million mark to market volatility and €16 million of recognition of equity settled 
share-based payments. 
 
8. Subsequent events 
 
8.1. Moody's Investors Service rating 
 
On 12 October 2023, the credit rating agency Moody’s Investors Service has decided to confirm Alstom’s Baa3 long-
term issuer rating. It has lowered its credit outlook to Negative from Stable. 
 
8.2. New liquidity line 
 
On the 31 October 2023, the Group has signed a new €2.25 billion liquidity line with a 1st tier international bank as a 
step to demonstrate the financial flexibility of Alstom. This facility is not subject to financial covenant and its maturity 
is October 2024 with two six-month extensions at borrowers' discretion.


 
16 
 
8.3  Project of savings plan to reduce overhead costs 
 
Announcement on Tuesday, November 14 by Alstom management to the European staff representative body of a 
proposed savings plan to reduce overhead costs representing close to 10% of total S&A positions (around 1,500 FTE 
reduction). 
 
9. Non-GAAP financial indicators definitions 
 
This section presents financial indicators used by the Group that are not defined by accounting standard setters. 
 
9.1. Orders received 
 
A new order is recognised as an order received only when the contract creates enforceable obligations between the 
Group and its customer.  
When this condition is met, the order is recognised at the contract value. 
If the contract is denominated in a currency other than the functional currency of the reporting unit, the Group requires 
the immediate elimination of currency exposure using forward currency sales. Orders are then measured using the spot 
rate at inception of hedging instruments. 
 
9.2. Book-to-bill  
 
The book-to-bill ratio is the ratio of orders received to the amount of sales traded for a specific period. 
 
9.3. Gross Margin % on backlog 
 
Gross Margin % on backlog is a Key Performance Indicator to present the expected performance level of firmed contracts 
in backlog. It represents the difference between the sales not yet recognized and the cost of sales not yet incurred from 
the contracts in backlog. This % is an average of the portfolio of contracts in backlog and is meaningful to project mid 
and long term profitability. 
 
9.4. Adjusted Gross Margin before PPA 
 
Adjusted Gross Margin before PPA is a Key Performance Indicator to present the level of recurring operational 
performance. It represents the sales minus the cost of sales, adjusted to exclude the impact of amortisation of assets 
exclusively valued when determining the purchase price allocations (“PPA”) in the context of business combination as 
well as non-recurring “one off” items that are not supposed to occur again in following years and are significant.


 
17 
 
9.5. Adjusted EBIT and EBIT before PPA 
 
9.5.1. Adjusted EBIT 
 
Adjusted EBIT (“aEBIT”) is the Key Performance Indicator to present the level of recurring operational performance. 
This indicator is also aligned with market practice and comparable to direct competitors.  
Starting September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted 
investments into the aEBIT when these are considered to be part of the operating activities of the Group (because there 
are significant operational flows and/or common project execution with these entities). This mainly includes Chinese 
joint-ventures, namely CASCO joint-venture for Alstom as well as, following the integration of Bombardier 
Transportation, Alstom Sifang (Qingdao) Transportation Ltd., Bombardier NUG Propulsion System Co. Ltd and 
Changchun Changke Alstom Railway Vehicles Company Ltd. 
aEBIT corresponds to Earning Before Interests and Tax adjusted for the following elements:  
• 
net restructuring expenses (including rationalisation costs); 
• 
tangibles and intangibles impairment; 
• 
capital gains or loss/revaluation on investments disposals or controls changes of an entity; 
• 
any other non-recurring items, such as some costs incurred to realise business combinations and amortisation 
of an asset exclusively valued in the context of business combination, as well as litigation costs that have 
arisen outside the ordinary course of business; 
• 
and including the share in net income of the operational equity-accounted investments. 
A non-recurring item is a “one-off” exceptional item that is not supposed to occur again in following years and that is 
significant. 
Adjusted EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales. 
 
9.5.2. EBIT before PPA 
 
Following the Bombardier Transportation acquisition and with effect from the fiscal year 2021/22 condensed 
consolidated financial statements, Alstom decided to introduce the “EBIT before PPA” indicator aimed at restating its 
Earnings Before Interest and Taxes (“EBIT”) to exclude the impact of amortisation of assets exclusively valued when 
determining the purchase price allocations (“PPA”) in the context of business combination. This indicator is also aligned 
with market practice. 
The non-GAAP measure adjusted EBIT (aEBIT hereafter) and EBIT before PPA indicators reconcile with the GAAP 
measure EBIT as follows:


 
18 
 
 
(*) Gross amount before tax 
 
9.6. Adjusted net profit 
 
The “Adjusted Net Profit” indicator aims at restating the Alstom’s net profit from continued operations (Group share) 
to exclude the impact of amortisation of assets exclusively valued when determining the purchase price allocations 
(“PPA”) in the context of business combination, net of the corresponding tax effect.  
This non-GAAP measure adjusted net profit indicator reconciles with the GAAP measure Net profit from continued 
operations attributable to equity holders (Net profit from continued operations – Group share) as follows: 
 
 
9.7. Free cash flow  
 
Free Cash Flow is deﬁned as net cash provided by operating activities less capital expenditures including capitalised 
development costs, net of proceeds from disposals of tangible and intangible assets. Free Cash Flow does not include 
any proceeds from disposals of activity. 
The most directly comparable financial measure to Free Cash Flow calculated and presented in accordance with IFRS 
is net cash provided by operating activities.  
A reconciliation of Free Cash Flow and net cash provided by operating activities is presented below: 
Half-Year ended
Half-Year ended
(in € million)
30 September 
2023
30 September 
2022
Sales
8,443
8,048
Adjusted Earnings Before Interest and Taxes (aEBIT)
438
397
aEBIT (in % of Sales)
5.2%
4.9%
Capital Gains / (losses) on disposal of business
1
(20)
Restructuring and rationalisation costs
(7)
(6)
Integration costs, impairment and other
(92)
(96)
Reversal of Net Interest in Equity Investees pick-up
(65)
(75)
EARNING BEFORE INTEREST AND TAXES (EBIT) BEFORE PPA & IMPAIRMENT
275
200
PPA amortisation & impairment*
(189)
(214)
EARNING BEFORE INTEREST AND TAXES (EBIT)
86
(14)
Half-Year ended
Half-Year ended
(in € million)
30 September 2023 30 September 2022
Adjusted Net Profit*
174
179
Amortization & impairment of assets valued when determining the purchase price allocation
(173)
(195)
NET PROFIT FROM CONTINUED OPERATIONS (GROUP SHARE)
1
(16)


 
19 
 
 
 
Alstom uses the Free Cash Flow both for internal analysis purposes as well as for external communication as the Group 
believes it provides accurate insight into the actual amount of cash generated or used by operations.  
During the first half of fiscal year 2023/24, the Group Free Cash Flow was at €(1,119) million compared to 
€(45) million in the same period last fiscal year. 
 
9.8. Capital employed 
 
Capital employed corresponds to hereafter-defined assets minus liabilities.  
• 
Assets: sum of goodwill, intangible assets, property, plant and equipment, equity-accounted investments and 
other investments, other non-current assets (other than those related to financial debt and to employee 
defined benefit plans), inventories, costs to fulfil a contract, contract assets, trade receivables and other 
operating assets; 
• 
Liabilities: sum of non-current and current provisions, contract liabilities, trade payables and other operating 
liabilities. 
At the end of September 2023, capital employed stood at €13,012 million, from €11,728 million on 31 March 2023. 
 
 
 
 
Half-Year ended
Year ended
(in € million)
30 September 
2023
30 September 
2022
Net cash provided by / (used in) operating activities
(967)
95
Of which operating flows provided / (used) by discontinued operations
Capital expenditure (including capitalised R&D costs)
(156)
(156)
Proceeds from disposals of tangible and intangible assets
4
16
FREE CASH FLOW
(1,119)
(45)
Half-Year ended
Year ended
(in € million)
30 September 
2023
31 March 2023
   Non current assets
16,698
16,845
   less deferred tax assets
(634)
(596)
   less non-current assets directly associated to financial debt
(103)
(108)
Capital employed - non current assets (A)
15,961
16,141
   Current assets
16,515
14,551
   less cash & cash equivalents
(826)
(826)
   less other current financial assets 
(59)
(92)
Capital employed - current assets (B)
15,630
13,633
   Current liabilities
19,467
17,643
   less current financial debt
(1,665)
(396)
plus non current lease obligations
515
501
less other obligations associated to financial debt
(145)
(144)
   plus non current provisions
407
442
Capital employed - liabilities (C)
18,579
18,046
CAPITAL EMPLOYED (A)+(B)-(C)
13,012
11,728


 
20 
 
9.9. Net cash/(debt) 
 
The net cash/(debt) is defined as cash and cash equivalents, marketable securities and other current financial asset, 
less borrowings. On 30 September 2023, the Group recorded a net cash level of €(3,433) million, as compared to the 
net cash position of €(2,135) million on 31 March 2023.   
 
 
9.10. Organic basis 
 
Management report on condensed interim consolidated financial statements include performance indicators presented 
on an actual basis and on an organic basis. Figures given on an organic basis eliminate the impact of changes in scope 
of consolidation and changes resulting from the translation of the accounts into Euro following the variation of foreign 
currencies against the Euro. 
The Group uses figures prepared on an organic basis both for internal analysis and for external communication, as it 
believes they provide means to analyse and explain variations from one period to another. However, these figures are 
not measurements of performance under IFRS. 
 
9.11. Sales by Currency 
 
 
 
 
Half-Year ended
Year ended
(in € million)
30 September 2023
31 March 2023
Cash and cash equivalents
826
826
Other current financial assets
59
65
Other non current assets
27
27
less:
Current financial debt
1,665
396
Non current financial debt
2,680
2,657
NET CASH/(DEBT) AT THE END OF THE PERIOD
(3,433)
(2,135)
Half-Year ended
30 septembre 2023 as 
a % of Sales
Currencies 
EUR
46.3%
USD
12.5%
GBP
11.5%
INR
5.0%
AUD
4.8%
CAD
3.0%
SEK
2.7%
ZAR
2.6%
MXN
2.2%
KZT
1.2%
BRL
1.2%
Currencies below 1% of sales
7.1%


 
21 
 
9.12. Adjusted income statement, EBIT and Adjusted Net Profit 
 
This section presents the reconciliation between the consolidated income statement and the MD&A management view. 
 
(*) non-GAAP indicator, see definition in section 9 
 
Adjustments 30 September 2023: 
(1) Impact of business combinations: amortisation of assets exclusively valued when determining the purchase price 
allocation (PPA), including net income of equity accounted investments, and including corresponding tax effect; 
(2) Impact of business combinations: impairment of assets exclusively valued when determining the purchase price 
allocation (PPA) (see Note 3.6 of the financial statements), including corresponding tax effect – no impact this 
semester; 
(3) Reclassification of share in net income of the equity-accounted investments when these are considered to be part 
of operating activities of the Group (see section 9.5.1 “Adjusted aEBIT”) 
 
 
 
(in € million)
(1)
(2)
(3)
30 September 2023
Sales
8,443
8,443
Cost of Sales
(7,432)
154
(7,278)
Adjusted Gross Margin before PPA & impairment (*)
1,011
154
-
-
1,165
R&D expenses
(284)
30
(254)
Selling expenses
(180)
-
(180)
Administrative expenses
(358)
-
(358)
Equity pick-up
-
65
65
Adjusted EBIT (*)
189
184
-
65
438
Other income / (expenses)
(98)
(98)
Equity pick-up (reversal)
-
-
-
(65)
(65)
EBIT / EBIT before PPA & impairment (*)
91
184
-
-
275
Financial income (expenses)
(98)
(98)
Pre-tax income
(7)
184
-
-
177
Income tax Charge
(28)
(16)
-
(44)
Share in net income of equity-accounted investments
48
5
53
Net profit (loss) from continued operations
13
173
-
-
186
Net profit (loss) attributable to non controlling interests (-)
(12)
(12)
Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) (*)
1
173
-
-
174
Purchase Price Allocation (PPA) & impairment net of corresponding tax effect
-
(173)
(173)
Net profit (loss) from discontinued operations
-
-
Net profit (Group share)
1
-
-
-
1
Tota l 
Consolida ted 
Fina ncia l 
Sta tements 
(GAAP)
Adjustments
Tota l 
Consolida ted 
Fina ncia l 
Sta tements 
(MD&A view)


 
22 
 
 
(*) non-GAAP indicator, see definition in section 9 
 
Adjustments 30 September 2022: 
 
(1) Impact of business combinations: amortisation of assets exclusively valued when determining the purchase price 
allocation (PPA), including net income of equity accounted investments, and including corresponding tax effect; 
(2) Impact of business combinations: impairment of assets exclusively valued when determining the purchase price 
allocation (PPA) (see Note 3.6 of the financial statements), including corresponding tax effect – no impact this 
semester; 
(3) Impact of Aptis closure: reclassification of operational results as non-recurring items following Alstom’s announced 
and planned discontinuance of Aptis activities; 
(4) Reclassification of share in net income of the equity-accounted investments when these are considered to be part 
of operating activities of the Group (see section 9.5.1 “Adjusted aEBIT”) 
 
 
 
 
 
(in € million)
(1)
(2)
(3)
(4)
30 September 2022
Sales
8,048
8,048
Cost of Sales
(7,168)
178
2
(6,988)
Adjusted Gross Margin before PPA & impairment (*)
880
178
-
2
-
1,060
R&D expenses
(261)
30
(231)
Selling expenses
(178)
-
(178)
Administrative expenses
(329)
-
(329)
Equity pick-up
-
75
75
Adjusted EBIT (*)
112
208
-
2
75
397
Other income / (expenses)
(120)
(2)
(122)
Equity pick-up (reversal)
-
-
-
-
(75)
(75)
EBIT / EBIT before PPA & impairment (*)
(8)
208
-
-
-
200
Financial income (expenses)
(24)
(24)
Pre-tax income
(32)
208
-
-
-
176
Income tax Charge
(29)
(19)
(48)
Share in net income of equity-accounted investments
56
6
62
Net profit (loss) from continued operations
(5)
195
-
-
-
190
Net profit (loss) attributable to non controlling interests (-)
(11)
(11)
Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) (*)
(16)
195
-
-
-
179
Purchase Price Allocation (PPA) & impairment net of corresponding tax effect
-
(195)
(195)
Net profit (loss) from discontinued operations
(5)
(5)
Net profit (Group share)
(21)
-
-
-
-
(21)
Tota l 
Consolida ted 
Fina ncia l 
Sta tements 
(GAAP)
Adjustments
Tota l 
Consolida ted 
Fina ncia l 
Sta tements 
(MD&A view)


 
23 
 
9.13. From Enterprise Value to Equity Value 
 
 
 
 
(1) Long-term and short-term debt and Leases (Note 20), excluding the lease to a London metro operator for €109 
million due to matching financial asset (Notes 14 and 20) 
(2) As per Note 22 net of €(25) million of deferred tax allocated to accruals for employees benefit costs 
(3) As per balance sheet 
(4) As per balance sheet 
(5) Other non-current assets: Loans to non-consolidated Investments for €27 million and deposit on a US loan for 
€28 million (Notes 14 and 20)  
(6) Deferred Tax Assets and Liabilities – as per balance sheet, net of €(25) million of deferred tax allocated to accruals 
for employees benefit costs 
(7) JVs – to the extent they are not included in the share in net income of the equity-accounted investments whose 
activity are considered as part of the operating activities of the Group / FCF, ie excluding Chinese JVs 
(8) Non-consolidated investments as per balance sheet 
 
 
 
(in € million)
30 September 2023
31 March 2023
Total Gross debt, incl. lease obligations
(1)
4,897
3,579
Pensions liabilities net of prepaid and deferred tax asset related to pensions
(2)
632
582
Non controlling interest
(3)
104
105
Cash and cash equivalents
(4)
(826)
(826)
Oher current financial assets
(4)
(59)
(65)
Other non-current financial assets
(5)
(55)
(56)
Net deferred tax liability / (asset)
(6)
(493)
(443)
Investments in associates & JVs, excluding Chinese JVs
(7)
(110)
(123)
Non-consolidated Investments
(8)
(75)
(82)
Bridge
4,015
2,671


 
24 
 
9.14. Bombardier Transportation PPA amortisation plan 
 
This section presents the amortisation plan of the Purchase Price Allocation of Bombardier Transportation. 
 
(*) excludes PPA other than related to the purchase of Bombardier Transportation 
 
9.15. Contract & Trade Working Capital 
 
This section defines the Contract & Trade Working Capital. 
Contract Working Capital is the sum of: 
• 
Contract Assets & Liabilities, which includes the Customer Down-Payments 
• 
Current provisions, which includes Risks on contracts and Warranties 
Trade Working Capital is the Working Capital that is not strictly contractual, hence not included in Project Working 
Capital. It includes: 
• 
Inventories 
• 
Trade Receivables 
• 
Trade Payables 
• 
Other elements of Working Capital defined as the sum of Other Current Assets/Liabilities and Non-Current 
provisions  
 
9.16. Funds From Operations Adjusted 
 
Funds from Operations “FFO” in the EBIT to FCF statement refers to the Free Cash Flow generated by Operations, 
before Working Capital variations. 
 
Half-Year ended
(in € million)
30 September 2023
Amortisation Plan, as per P&L booking (*)
(3,148)
2021
(71)
2022
(428)
2023
(436)
2024
(368)
2025
(373)
2026
(264)
2027
(213)
2028
(203)
2029
(166)
2030
(138)
2031
(107)
2032
(96)
2033
(95)
2034
(46)
Beyond
(143)


 
25 
 
9.17. EBITDA before PPA + JV dividends 
 
EBITDA before PPA + JV dividends is the EBIT before PPA, before the depreciation and amortisation, with the addition 
of the dividends received from the JVs.


 
26 
 
 
 
 
 
 
 
 
 
 
Condensed interim consolidated financial 
statements 
 
30 September 2023


 
27 
 
INTERIM CONSOLIDATED INCOME STATEMENT 
 
Half-year ended 
(in € million) 
Note 
 
At 30 September 2023 
At 30 September 2022 
Sales 
(4) 
8,443 
8,048 
Cost of sales 
 
(7,432) 
(7,168) 
Research and development expenses 
(5) 
(284) 
(261) 
Selling expenses 
 
(180) 
(178) 
Administrative expenses 
 
(358) 
(329) 
Other income/(expense) 
(6) 
(98) 
(120) 
Earnings Before Interests and Taxes 
  
91 
(8) 
Financial income 
(7) 
26 
23 
Financial expense 
(7) 
(124) 
(47) 
Pre-tax income 
  
(7) 
(32) 
Income Tax Charge 
(8) 
(28) 
(29) 
Share in net income of equity-accounted investments 
(13) 
48 
56 
Net profit (loss) from continuing operations 
  
13 
(5) 
Net profit (loss) from discontinued operations 
(9) 
- 
(5) 
NET PROFIT (LOSS) 
  
13 
(10) 
Net profit (loss) attributable to equity holders of the parent 
  
1 
(21) 
Net profit (loss) attributable to non controlling interests 
  
12 
11 
Net profit (loss) from continuing operations attributable to: 
  
  
  
• Equity holders of the parent 
 
1 
(16) 
• Non controlling interests 
 
12 
11 
Net profit (loss) from discontinued operations attributable to: 
 
  
• Equity holders of the parent 
 
- 
(5) 
• Non controlling interests 
  
- 
- 
Earnings (losses) per share (in €) 
  
• Basic earnings (losses) per share 
(10) 
0.00 
(0.06) 
• Diluted earnings (losses) per share 
(10) 
0.00 
(0.06) 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements.


 
28 
 
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
Half-year ended 
(in € million) 
Note 
At 30 September 2023 
At 30 September 2022 
Net profit (loss) recognised in income statement 
  
13 
(10) 
Remeasurement of post-employment benefits obligations 
(22) 
(52) 
298 
Equity investments at FVOCI 
 
(2) 
6 
Income tax relating to items that will not be reclassified to profit or loss 
(8) 
7 
(113) 
Items that will not be reclassified to profit or loss 
  
(47) 
191 
of which from equity-accounted investments 
  
- 
- 
Fair value adjustments on cash flow hedge derivatives 
  
(3) 
6 
Costs of hedging reserve 
 
35 
49 
Currency translation adjustments (*) 
 
67 
170 
Income tax relating to items that may be reclassified to profit or loss 
(8) 
(10) 
(14) 
Items that may be reclassified to profit or loss 
  
89 
211 
of which from equity-accounted investments 
(13) 
(5) 
10 
TOTAL COMPREHENSIVE INCOME  
  
55 
392 
Attributable to: 
  
  
  
• Equity holders of the parent 
44 
383 
• Non controlling interests 
  
11 
9 
Total comprehensive income attributable to equity shareholders arises 
from: 
  
  
  
• Continuing operations 
44 
388 
• Discontinued operations 
  
- 
(5) 
Total comprehensive income attributable to non controlling interests 
arises from: 
  
  
  
• Continuing operations 
10 
9 
• Discontinued operations 
  
1 
- 
 (*) Includes currency translation adjustments on actuarial gains and losses for €8 million as of 30 September 2023 (€3 million as of 30 September 
2022). 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements.


 
29 
 
INTERIM CONSOLIDATED BALANCE SHEET 
Assets 
(in € million) 
Note 
At 30 September 2023 
At 31 March 2023 
Goodwill 
(11) 
9,402 
9,380 
Intangible assets 
(11) 
2,465 
2,606 
Property, plant and equipment 
(12) 
2,515 
2,481 
Investments in joint-venture and associates 
(13) 
1,067 
1,131 
Non consolidated investments 
76 
82 
Other non-current assets 
(14) 
539 
569 
Deferred Tax 
(8) 
634 
596 
Total non-current assets 
  
16,698 
16,845 
Inventories 
(15) 
4,216 
3,729 
Contract assets 
(15) 
5,369 
4,533 
Trade receivables 
(15) 
3,019 
2,670 
Other current operating assets 
(15) 
3,026 
2,728 
Other current financial assets 
(18) 
59 
65 
Cash and cash equivalents 
(19) 
826 
826 
Total current assets 
  
16,515 
14,551 
Assets held for sale 
(9) 
- 
- 
TOTAL ASSETS 
  
33,213 
31,396 
 
Equity and Liabilities 
(in € million) 
Note 
At 30 September 2023 
At 31 March 2023 
Equity attributable to the equity holders of the parent 
(16) 
9,017 
8,997 
Non controlling interests 
104 
105 
Total equity 
  
9,121 
9,102 
Non current provisions 
(15) 
407 
442 
Accrued pensions and other employee benefits 
(22) 
906 
923 
Non-current borrowings 
(20) 
2,681 
2,657 
Non-current lease obligations 
(20) 
515 
501 
Deferred Tax 
(8) 
116 
128 
Total non-current liabilities 
  
4,625 
4,651 
Current provisions 
(15) 
1,750 
1,779 
Current borrowings 
(20) 
1,665 
396 
Current lease obligations 
(20) 
145 
144 
Contract liabilities 
(15) 
6,958 
6,781 
Trade payables 
(15) 
4,223 
3,640 
Other current liabilities 
(15) 
4,726 
4,903 
Total current liabilities 
  
19,467 
17,643 
Liabilities related to assets held for sale 
(9) 
- 
- 
TOTAL EQUITY AND LIABILITIES 
  
33,213 
31,396 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements.


 
30 
 
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 
 
 
Half-year ended 
(in € million) 
Note 
At 30 September 
2023 
At 30 September 
2022 
Net profit (loss) 
  
13 
(10) 
Depreciation, amortisation and impairment 
(11)/(12) 
395 
441 
Expense arising from share-based payments 
 
16 
27 
Cost of net financial debt and costs of foreign exchange hedging, net of interest paid and 
received (a), and other change in provisions 
 
(11) 
6 
Post-employment and other long-term defined employee benefits 
 
- 
10 
Net (gains)/losses on disposal of assets 
 
(3) 
18 
Share of net income (loss) of equity-accounted investments (net of dividends received) 
(13) 
58 
41 
Deferred taxes charged to income statement 
  
(43) 
(95) 
Net cash provided by operating activities - before changes in working capital 
  
425 
438 
Changes in working capital resulting from operating activities (b) 
(15) 
(1,392) 
(343) 
Net cash provided by/(used in) operating activities 
  
(967) 
95 
Proceeds from disposals of tangible and intangible assets 
  
4 
16 
Capital expenditure (including capitalised R&D costs) 
 
(156) 
(156) 
Increase/(decrease) in other non-current assets 
(14) 
8 
15 
Acquisitions of businesses, net of cash acquired 
(2) 
(9) 
(29) 
Disposals of businesses, net of cash sold 
  
- 
(73) 
Net cash provided by/(used in) investing activities 
  
(153) 
(227) 
Of which investing flows provided / (used) by discontinued operations 
(9) 
(5) 
(5) 
Dividends paid including payments to non controlling interests 
 
(46) 
(51) 
Changes in current and non-current borrowings  
(20) 
1,197 
248 
Changes in lease obligations 
(20) 
(72) 
(76) 
Changes in other current financial assets and liabilities 
(20) 
30 
25 
Net cash provided by/(used in) financing activities 
  
1,109 
146 
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 
  
(11) 
14 
Cash and cash equivalents at the beginning of the period 
 
826 
810 
Net effect of exchange rate variations 
 
11 
7 
Transfer to assets held for sale 
 
- 
2 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 
(19) 
826 
833 
(a) Interests paid & received 
  
(60) 
(14) 
(b) Income tax paid 
  
(73) 
(72) 
 
 
Half-year ended 
(in € million) 
 
At 30 September 
2023 
At 30 September 
2022 
Net cash/(debt) variation analysis 
  
  
  
Changes in cash and cash equivalents 
 
(11) 
14 
Changes in other current financial assets and liabilities 
 
(30) 
(25) 
Changes in current and non-current borrowings 
 
(1,197) 
(248) 
Net debt of acquired/disposed entities at acquisition/disposal date and other variations 
 
(60) 
38 
Decrease/(increase) in net debt 
  
(1,298) 
(221) 
Net cash(debt) at the beginning of the period 
  
(2,135) 
(2,085) 
NET CASH/(DEBT) AT THE END OF THE PERIOD 
  
(3,433) 
(2,306) 
The accompanying notes are an integral part of the condensed interim consolidated financial statements.


 
31 
 
 
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
(in € million, except for number of shares) 
Number of 
outstanding 
shares 
Capital 
Additional 
paid-in 
capital 
Retained 
earnings 
Actuarial 
gains 
and 
losses 
Cash-
flow 
hedge 
Currency 
translation 
adjustment 
Equity 
attributable 
to the 
equity 
holders of 
the parent 
Non 
controlling 
interests 
Total 
equity 
At 31 March 2022 
373,391,746 
2,614 
5,354 
1,236 
160 
(3) 
(450) 
8,911 
113 
9,024 
Movements in other comprehensive income 
  
- 
- 
38 
189 
9 
168 
404 
(2) 
402 
Net income for the period 
  
- 
- 
(21) 
- 
- 
- 
(21) 
11 
(10) 
Total comprehensive income 
  
- 
- 
17 
189 
9 
168 
383 
9 
392 
Dividends convertible into share 
  
- 
- 
(50) 
- 
- 
- 
(50) 
- 
(50) 
Dividends paid in cash 
  
- 
- 
(43) 
- 
- 
- 
(43) 
(8) 
(51) 
Capital increase by issuance of new shares 
2,432,331 
17 
35 
- 
- 
- 
- 
52 
- 
52 
Issue of ordinary shares under long term 
incentive plans 
392,010 
3 
- 
(3) 
- 
- 
- 
- 
- 
- 
Recognition of equity settled share-based 
payments 
- 
- 
- 
27 
- 
- 
- 
27 
- 
27 
At 30 September 2022 
376,216,087 
2,634 
5,388 
1,184 
349 
6 
(282) 
9,279 
113 
9,392 
Movements in other comprehensive income 
  
- 
- 
23 
53 
(7) 
(368) 
(299) 
(11) 
(310) 
Net income for the period 
  
- 
- 
(111) 
- 
- 
- 
(111) 
13 
(98) 
Total comprehensive income 
  
- 
- 
(88) 
53 
(7) 
(368) 
(410) 
2 
(408) 
Change in controlling interests and others 
  
- 
- 
(1) 
4 
- 
- 
3 
- 
3 
Dividends paid in cash 
  
- 
- 
- 
- 
- 
- 
- 
(11) 
(11) 
Issue of ordinary shares under long term 
incentive plans 
4,237,367 
29 
56 
- 
- 
- 
- 
85 
- 
85 
Recognition of equity settled share-based 
payments 
  
- 
- 
39 
- 
- 
- 
39 
- 
39 
At 31 March 2023 
380,453,454 
2,663 
5,445 
1,134 
406 
(1) 
(650) 
8,997 
105 
9,102 
Movements in other comprehensive income 
  
- 
- 
23 
(40) 
(3) 
63 
43 
(1) 
42 
Net income for the period 
  
- 
- 
1 
- 
- 
- 
1 
12 
12 
Total comprehensive income 
  
- 
- 
24 
(40) 
(3) 
63 
44 
11 
55 
Change in controlling interests and others 
 
- 
- 
(1) 
- 
- 
(1) 
(2) 
(1) 
(3) 
Dividends convertible into share 
2,435,803  
17 
41 
(58) 
- 
- 
- 
- 
- 
- 
Dividends paid in cash 
  
- 
- 
(37) 
- 
- 
- 
(37) 
(11) 
(48) 
Issue of ordinary shares under long term 
incentive plans 
1,401,811 
10 
- 
(10) 
- 
- 
- 
- 
- 
- 
Recognition of equity settled share-based 
payments 
  
- 
- 
16 
- 
- 
- 
16 
- 
16 
At 30 September 2023 
384,291,068 
2,690 
5,486 
1,067 
366 
(4) 
(588) 
9,017 
104 
9,121 
 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements.


 
32 
 
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 
 
A. 
MAJOR EVENTS AND CHANGES IN SCOPE OF CONSOLIDATION 
33 
Note 1. 
Major events 
33 
Note 2. 
Changes in consolidation scope 
33 
B. 
ACCOUNTING POLICIES AND USE OF ESTIMATE 
34 
Note 3. 
Accounting policies 
34 
C. 
SEGMENT INFORMATION 
36 
Note 4. 
Segment information 
36 
D. 
OTHER INCOME STATEMENT 
37 
Note 5. 
Research and development expenditure 
37 
Note 6. 
Other income and expenses 
38 
Note 7. 
Financial income and expenses 
38 
Note 8. 
Taxation 
39 
Note 9. 
Financial statements of discontinued operations and assets held for sale 
39 
Note 10. 
Earnings (losses) per share 
40 
E. 
NON-CURRENT ASSETS 
41 
Note 11. 
Goodwill and intangible assets 
41 
Note 12. 
Property, plant and equipment 
44 
Note 13. 
Investments in Joint Ventures and Associates 
45 
Note 14. 
Other non-current assets 
47 
F. 
WORKING CAPITAL 
47 
Note 15. 
Working Capital 
47 
G. 
EQUITY AND DIVIDENDS 
50 
Note 16. 
Equity 
50 
Note 17. 
Distribution of dividends 
51 
H. 
FINANCING AND FINANCIAL RISK MANAGEMENT 
51 
Note 18. 
Other current financial assets 
51 
Note 19. 
Cash and cash equivalents 
51 
Note 20. 
Financial debt 
52 
Note 21. 
Financial instruments and financial risk management 
53 
I. 
POST-EMPLOYMENT AND OTHER LONG-TERM DEFINED EMPLOYEE BENEFITS 
53 
Note 22. 
Post-employment and other long-term defined employee benefits 
53 
J. 
CONTINGENT LIABILITIES AND DISPUTES 
54 
Note 23. 
Disputes 
54 
K. 
OTHER NOTES 
63 
Note 24. 
Related parties 
63 
Note 25. 
Subsequent events 
63 
Note 26. 
Scope of consolidation 
64


 
33 
 
Alstom is a leading player in the world rail transport industry. As such, the Company offers a complete range of 
solutions, including rolling stock, systems, services as well as signalling for passenger and freight railway 
transportation. 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 rail transport market. Lastly, in order to generate profitable growth, Alstom 
focuses on operational excellence and its product mix evolution. 
The condensed interim consolidated financial statements are presented in euro and have been authorised for issue by 
the Board of Directors held on 14 November 2023. 
A. 
MAJOR EVENTS AND CHANGES IN SCOPE OF CONSOLIDATION 
NOTE 1. MAJOR EVENTS 
Trigger event assessment for assets impairment test  
Alstom disclosed preliminary financial information for its first half of fiscal year 2023/24, ending September 30 2023, 
as well as an updated guidance regarding the full year 2023/24 (as disclosed in the press release dated 4 October 
2023). Following this announcement, Alstom’s share price has significantly decreased, leading to a market 
capitalization lower than the carrying amount of Alstom’s net assets. As per IAS 36, this situation has been considered 
as a trigger event to reperform impairment test on goodwill (detailed in Note 11.1). The impairment test confirmed 
that the recoverable amount exceeds its carrying value at 30 September 2023, therefore no impairment loss was 
recognized on Goodwill over the period. 
On other assets: technology and other intangible assets (amortised assets), as well as deferred taxes (see Note 8), 
impairment tests are reviewed at least annually and whenever events or circumstances indicate that they might be 
impaired. Based on its reasonable estimates, the visibility available and previous enlarged sensitivity analyses 
performed in March 2023, Alstom has not identified any trigger event indicating that any assets should be impaired at 
the end of September 2023. 
 
NOTE 2. CHANGES IN CONSOLIDATION SCOPE 
There are no significant changes in the consolidation scope between 31 March 2023 and 30 September 2023.


 
34 
 
B. 
ACCOUNTING POLICIES AND USE OF ESTIMATE 
NOTE 3. Accounting policies  
3.1 Basis of preparation of the condensed interim consolidated financial statements 
Alstom condensed interim consolidated financial statements, for the half year ended 30 September 2023, are presented 
in millions of Euros and have been prepared:  
• 
in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by 
the International Accounting Standards Board (IASB) and endorsed by the European Union and whose 
application was mandatory at 1 April 2023 and in accordance with IAS 34, Interim Financial Reporting; 
• 
using the same accounting policies and measurement methods as at 31 March 2023, with the exceptions of 
changes required by the enforcement of new standards and interpretations presented here after and the 
specific measurement methods of IAS 34 applied for the preparation of condensed interim consolidated 
financial statements regarding estimate of tax expense (as described in Note 8) and Post-employment and 
other long term employee defined benefits valuations (as described in Note 22). 
The full set of standards endorsed by the European Union can be consulted at:  http://www.efrag.org/Endorsement. 
3.2 New standards and interpretations mandatorily applicable for financial periods beginning on 1 April 2023 
Amendments that are applicable on 1 April 2023 and endorsed by European Union:   
• 
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of 
Accounting policies; 
• 
Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of 
Accounting Estimates; 
• 
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single 
Transaction. 
All these amendments effective at 1 April 2023 for Alstom have no material impact on the Group’s consolidated financial 
statements.  
3.3 New standards and interpretations not yet mandatorily applicable  
New standards and interpretations endorsed by the European Union not yet mandatorily applicable: 
• 
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-
current (applicable for annual periods beginning after 1 January 2024); 
• 
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods 
beginning after 1 January 2024); 
• 
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier 
Finance Arrangements (applicable for annual periods beginning after 1 January 2024); 
• 
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable 
for annual periods beginning after 1 January 2025). 
The potential impacts of all those new pronouncements are currently being analysed.


 
35 
 
The IASB has also published amendments to IAS 12, “Income Taxes” – International Tax Reform – Pillar Two Model 
Rules. Due to its size, Alstom is in the scope of the Pillar two Model Rules as released by the OECD, introducing a 
minimum corporate income tax rate of 15% and that should come into force in 2024. The amendment to IAS 12 
International Tax Reform - Pillar Two Model Rules provides a temporary exception from accounting for deferred taxes 
arising from the implementation of the Pillar Two Rules and requires targeted disclosures. It should be applicable as 
soon as endorsed by the European Union. At 30 September 2023 the Group has not accounted for deferred taxes in 
relation with the Pillar Two Rules and is currently analysing potential impacts of these new provisions. 
3.4  Uncertainties linked to the current economic and political context 
The current economic and political context creates uncertainties on business activities (namely inflation, price volatility 
of certain commodities, energy, increases of interest rates, supply chain disruptions or electronic components 
shortage…). Nevertheless, the Group carefully follows and monitors the potential increase in its cost structures (raw 
materials prices, supply chain and wages inflation), being quite well protected (73% of the backlog being covered by 
price escalation clauses on global inflation - commodities, energy and labour indexes). 
3.5 Climate change consequences  
Thanks to the activities managed, the Group is actively engaged in the climate transition which generates new 
opportunities of business development for the Group. At 30 September 2023, to the best of the Group knowledge and 
considering in-depth analysis of the risks and opportunities related to the consequences of climate change has not been 
yet finalised, Alstom did not identify any triggering events that could change the environmental risks assessment 
performed in March 2023. Therefore, Alstom does not foresee significant environmental risks that might negatively 
impact in the coming years the useful lives and/or residual values of non-financial assets such as goodwill, intangible, 
tangible fixed assets, as well as rights of use.  
By signing a Virtual Power Purchase Agreement on the 10th of July 2023, in order to secure the procurement of green 
power certificates for 10 years, Alstom achieves an important milestone to accelerate decarbonisation related to energy 
consumption of its facilities and sites in Europe. The power will be purchased as produced from a Spanish solar asset, 
for an estimated volume of 160 GWh/year. The solar farm which will be built in Andalusia is expected to start operating 
early 2025 and is deemed to cover 80% of Alstom’s electricity consumption in Europe. Accounting-wise, the VPPA is a 
split between i) a non-financial host contract (the obligation to deliver the green power certificates from the producer 
to Alstom), which is accounted for as an executory contract (application of own use exemption as per IFRS 9), and ii) 
a power price related embedded derivative (due to systematic net settlement between the power contractual price and 
the power grid market price) which is accounted for at fair value through Profit and Loss. This contract does not have 
significant impacts on the Group Financial Statements as of 30 September 2023. 
3.6 Amortisation of Purchase Price Allocation 
The amortisation expense of assets exclusively acquired in the context of business combinations is accounted in costs 
of sales for backlog, product and project, customer relationships, as well as property, plant and equipment in R&D costs 
for acquired technology, and in share in net income of equity-accounted investment for investments in Joint Ventures 
and Associates. The PPA amortisation impacting the pre-tax income (meaning cost of sales and R&D costs) amounts 
to €(185) million at 30 September 2023, compared to €(208) million at 30 September 2022, while the PPA


 
36 
 
amortisation impacting the share in net income of equity-accounted investment amounts to €(5) million at 30 
September 2023, compared to €(6) million at 30 September 2022. 
 
C. 
SEGMENT INFORMATION 
NOTE 4. SEGMENT INFORMATION 
The financial information of Alstom Group is regularly reviewed by the Executive Committee, identified as Chief 
Operating Decision Maker, for assessing performance and allocating resources. This reporting presents Key 
Performance Indicators at Group level. The reassessment of segment information performed after Bombardier 
Transportation’s acquisition did not change the analysis that strategic decisions and resource allocation are still driven 
based on this reporting. 
Sales by product  
 
Half-year ended 
(in € million) 
At 30 September 2023 
At 30 September 2022 
Rolling stock 
4,463 
4,360 
Services 
1,986 
1,802 
Systems 
751 
734 
Signalling 
1,243 
1,152 
TOTAL GROUP 
8,443 
8,048 
 
Sales by country of destination  
Half-year ended 
(in € million) 
At 30 September 2023 
At 30 September 2022 
Europe 
4,875 
4,788 
of which France 
1,237 
1,250 
Americas 
1,664 
1,352 
Asia/Pacific 
1,165 
1,178 
Africa/Middle-East /Central Asia 
739 
730 
TOTAL GROUP 
8,443 
8,048 
Backlog by product  
(in € million) 
At 30 September 2023 
At 31 March 2023 
Rolling stock 
43,328 
42,806 
Services 
31,860 
30,741 
Systems 
7,320 
6,330 
Signalling 
7,572 
7,510 
TOTAL GROUP 
90,080 
87,387 
Backlog by country of destination


 
37 
 
(in € million) 
At 30 September 2023 
At 31 March 2023 
Europe 
50,802 
49,146 
of which France 
13,070 
13,121 
Americas 
14,245 
13,796 
Asia/Pacific 
12,975 
12,191 
Africa/Middle-East /Central Asia 
12,058 
12,254 
TOTAL GROUP 
90,080 
87,387 
Information about major customers 
No external customer represents individually 10% or more of the Group’s consolidated sales. 
 
D. 
OTHER INCOME STATEMENT 
NOTE 5. RESEARCH AND DEVELOPMENT EXPENDITURE 
Half-year ended 
(in € million) 
At 30 September 2023 
At 30 September 2022 
Research and development gross cost 
(330) 
(297) 
Financing received (*) 
56 
50 
Research and development spending, net 
(274) 
(247) 
Development costs capitalised during the period 
70 
57 
Amortisation expenses (**) 
(81) 
(71) 
RESEARCH AND DEVELOPMENT EXPENSES 
(284) 
(261) 
(*) Financing received includes public funding amounting to €34 million at 30 September 2023, compared to €31 million at 30 September 2022.  
(**) For the first half-year ended 30 September 2023, including €(30) million of amortization expenses related to purchase price allocation compared 
to €(30) million at 30 September 2022. 
As of end of September 2023, Alstom Group invested €330 million in Research and Development, notably to develop: 
• 
its very high-speed trains Avelia Horizon™; 
• 
its Hydrogen and Battery shunter locomotives & freight locomotives; 
• 
its Coradia stream™ range; 
• 
its Citadis™ USA; 
• 
its Adessia™ commuter; 
• 
its TRAXX Multi-system 3 locomotives; 
• 
its Green re-tractioning initiatives (battery and hydrogen); 
• 
its Health Hub solutions set to optimize reliability and availability while maximizing the useful life of 
components for sustainability improvement; 
• 
its ERTMS level 2 on-board solution; 
• 
its Atlas™ ETCS convergence; 
• 
its CBTC solutions Urbalis Fluence™ and Urbalis 400™;  
• 
its ICONIS™ and EbiScreen™ suites for Operational Control Centers; 
• 
its Autonomous Mobility solutions for Passengers & Freight trains, where Alstom had a successful GoA4 
(Grade of Automation 4) test with SNCF under real mainline operating conditions;


 
38 
 
• 
its new SaaS platform that will enhance the global digital offering; 
• 
its AI-driven solutions, as for example Radioscopy, to optimize radio communication. 
NOTE 6. OTHER INCOME AND EXPENSES 
Half-year ended 
(in € million) 
At 30 September 2023 
At 30 September 2022 
Capital gains / (losses) on disposal of business 
1 
(20) 
Restructuring and rationalisation costs  
(7) 
(6) 
Integration costs, impairment loss and other 
(92) 
(94) 
OTHER INCOME / (EXPENSES) 
(98) 
(120) 
As of 30 September 2023, acquisition, restructuring and rationalisation costs are mainly related to the adaptation of 
the means of production. 
Over the period ended at 30 September 2023, Integration costs, impairment loss and other include mainly: 
• 
€(65) million of integration costs related to Bombardier Transportation’s integration; 
• 
€(6) million related to some legal proceedings (see Note 23) and other risks occurring outside the ordinary 
course of business. 
NOTE 7. FINANCIAL INCOME AND EXPENSES 
Half-year ended 
(in € million) 
At 30 September 2023 
At 30 September 2022 
Interest income 
11 
4 
Interest expense on borrowings and on lease obligations 
(71) 
(16) 
NET FINANCIAL INCOME/(EXPENSES) ON DEBT 
(60) 
(12) 
Net gains/(losses) of foreign exchange hedging 
15 
16 
Net financial expense from employee defined benefit plans  
(17) 
(11) 
Financial component on contracts 
(9) 
3 
Other financial income/(expense) 
(27) 
(20) 
NET FINANCIAL INCOME/(EXPENSES)  
(98) 
(24) 
Total financial income 
26 
23 
Total financial expense 
(124) 
(47) 
 
Net financial income/(expenses) on debt is the cost of borrowings net of income from cash and cash equivalents. As 
of 30 September 2023, interest income amounts to €11 million, representing mainly the remuneration of the Group’s 
cash position over the period, while interest expenses amount to €(71) million including €(9) million of interest 
expenses on lease obligations. 
The net gain of foreign exchange hedging of €15 million includes primarily the amortised cost of carry (forward points) 
of foreign exchange hedging implemented to hedge the exposures in foreign currency arising from commercial contracts 
and from hedging of intercompany financial positions.


 
39 
 
The net financial expense from employee defined benefit plans of €(17) million represents the interest costs on 
obligations net of interest income from fund assets calculated using the same discount rate. 
The financial component of €(9) million is the recognition of financial revenue under IFRS15. 
Other net financial income/(expenses) of €(27) million include mainly bank and other fees of which a large part relates 
to commitment fees paid on guarantee facilities, revolving facilities and fees paid on bonds. 
Net Financial income and net financial expenses presentation has been realigned between this note and condensed 
interim consolidated income statement of the primary statement for both Half Year ended 30 September 2023 and 30 
September 2022 as already performed and explained in the Full Year Financial Statement ended 31 March 2023. 
NOTE 8. TAXATION 
Income tax charge of €(28) million as of 30 September 2023 is recognised based on management’s estimate of the 
projected effective tax rate for the whole financial year applied to the pre-tax income of the interim period and takes 
into consideration discrete items for €9 million, including notably uncertain tax positions updates. Due to negative pre-
tax income, effective tax rate of the period is not meaningful: excluding the €(185) million PPA amortisation (see Note 
3.6), effective tax rate is 25% as compared to 27% at 30 September 2022. 
Despite the uncertainties created by the current macroeconomic context and based on its reasonable estimates, the 
visibility available and previous enlarged sensitivity analyses performed in March 2023 (see Note 1), Alstom has not 
identified any trigger event that would impact the recognition of deferred tax assets as at 30 September 2023. 
NOTE 9. FINANCIAL STATEMENTS OF DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE 
9.1 Discontinued Operations 
The line “Net profit from discontinued operations”, recognised in the Interim Consolidated Income Statement, includes 
the reassessment of liabilities related to the disposal of previous activities. Over the half year ended 30 September 
2023, Alstom recognised a non-material loss.  
Cash flows related to the disposal of previous activities arising from discontinued operations for the half year amounts 
to €(5) million. 
In the context of the General Electric transaction, the release of some conditional and unconditional parent company 
guarantees formerly issued, mainly by Alstom Holdings SA, to cover obligations of the former Energy affiliates amount 
of €4 billion. The Group benefits from a general indemnification from General Electric in these matters. 
9.2 Assets held for sale - TMH Limited 
TMH Limited, located in Cyprus, in which Alstom owns a 20% participation, is the holding company for TMH Group, 
the leading Russian railway equipment manufacturer.  
 
Related to the current geopolitical context in Russia, on 14 September 2023, the Office of Foreign Assets Control 
(OFAC) of the US department of Treasury added JSC Transmashholding (TMH AO) to the Specially Designated


 
40 
 
Nationals And Blocked Person (SDN) List. TMH AO is the Russian holding company of TMH Group and is 100% owned 
by TMH Limited. 
In September 2023, the Group decided to sell its participation in TMH Limited. Alstom is in advanced discussions with 
the identified purchaser and will proceed with the sale within a short period of time. 
The Group further assessed potential exposures arising from the new OFAC sanctions related to commercial contracts 
between the Alstom Group and entities of the TMH Group and its participation in two Joint Ventures with TMH Group, 
Railcomp BV and TMH-Alstom BV, located in the Netherlands. As a result of the assessment, no significant impact on 
the Group’s consolidated financial statements was identified as the commercial contracts with TMH Limited Group and 
its related entities are suspended and the two Joint Venture entities are in the process of being liquidated. 
Considering the decision taken by Alstom Group to sell its participation within TMH Limited, the net asset value 
previously accounted for as “Investments in joint-venture and associates” was reclassified to “asset held for sales”, as 
per the below detail: 
 
TMH Limited 
 (in € million) 
At 30 September 2023 
Net equity value 
363 
Impairment (*) 
(363) 
Share in net assets of equity investments 
- 
(*) The full impairment position taken by the Group at the end of March 2022 considering the environment, and in particular the adoption of trade 
and financial sanctions, has been maintained at the end of September 2023.  
As a reminder, the Currency Translation Adjustment (CTA) recognised directly in equity since the acquisition of TMH 
Ltd amounts to €(202) million at 30 September 2023, compared to €(202) million at 31 March 2023. At completion 
of the sale of the investment, the loss recorded in the CTA will be recognized in the net income of the Group, net of the 
proceeds of the sale.  
NOTE 10. EARNINGS (LOSSES) PER SHARE 
Half-year ended 
(in € million) 
At 30 September 2023 
At 30 September 2022 
Net Profit (Loss) attributable to equity holders of the parent: 
  
  
• From continuing operations 
1 
(16) 
• From discontinued operations 
- 
(5) 
EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 
1 
(21) 
 
 
 
 
 
 
Half-year ended


 
41 
 
number of shares 
At 30 September 2023 
At 30 September 2022 
Weighted average number of ordinary shares used to calculate basic earnings 
per share 
381,764,027 
374,123,810 
Effect of dilutive instruments other than bonds reimbursable with shares: 
  
  
 • Stock options and performance shares (LTI plan) 
1,850,060 
1,324,884 
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES USED TO CALCULATE 
DILUTED EARNINGS PER SHARES 
383,614,087 
375,448,694 
 
Half-year ended 
(in €) 
At 30 September 2023 
At 30 September 2022 
Basic earnings (losses) per share 
0.00 
(0.06) 
Diluted earnings (losses) per share 
0.00 
(0.06) 
Basic earnings (losses) per share from continuing operations 
0.00 
(0.05) 
Diluted earnings (losses) per share from continuing operations 
0.00 
(0.05) 
Basic earnings (losses) per share from discontinued operations 
- 
(0.01) 
Diluted earnings (losses) per share from discontinued operations 
- 
(0.01) 
 
E. 
NON-CURRENT ASSETS 
NOTE 11. GOODWILL AND INTANGIBLE ASSETS 
11.1  Goodwill 
(in € million) 
At 31 March 2023 
Acquisition and 
adjustments on 
preliminary 
goodwill 
Disposals 
Translation 
adjustments 
and other 
changes 
At 30 September 2023 
GOODWILL 
9,380 
7 
- 
15 
9,402 
Of which: 
  
  
  
  
  
Gross value 
9,380 
7 
- 
15 
9,402 
Impairment 
- 
- 
- 
- 
- 
Goodwill impairment test  
Goodwill is reviewed for impairment at least annually and whenever events or circumstances indicate that they might 
be impaired. Such events or circumstances are related to significant, unfavourable changes that are of a lasting nature 
and affect either the economic environment (i.e. inflation, geopolitical crises, market capitalisation decrease, etc) or 
the assumptions (i.e. contract execution, procurement, etc). An impairment loss is recognised when the recoverable 
value of the assets tested becomes lower than their carrying value. 
Alstom disclosed preliminary financial information for its first half of fiscal year 2023/24, ending 30 September 2023, 
as well as an updated guidance regarding the full year 2023/24 (as per the press release dated 4 October 2023). 
Following this announcement, Alstom’s share price has significantly decreased, leading to a market capitalisation lower


 
42 
 
than the carrying amount of Alstom’s net assets. As per IAS 36, this situation has been considered as a trigger event 
to reperform impairment test on goodwill as of September 2023. 
Presentation of key assumptions used for the determination of recoverable amounts 
 
The value in use is determined as the discounted value of future cash flows by using Group’s internal cash flow 
projections for the next three years and the extrapolation of the two following years. As of September 2023, those cash 
flow projections correspond, for the first year, to the updated 2023/24 guidance and for the following years, to the 
Group’s projections used for the mid-term guidance published in May 2023. Those assumptions are supported by 
current acceleration of rail market momentum, the high level of Group’s backlog and commercial, profitability and cash 
generation assumptions. They are also confirmed by first half of fiscal year 2023/24 results: Book to bill ratio of 1, 
Sales organic growth of +9% and aEBIT Margin of +5.2%. 
The value in use is mainly driven by the terminal value which is particularly sensitive to changes in the assumptions on 
the discount rate after tax, the long-term growth rate and the terminal value Adjusted EBIT margin (corresponding to 
the ratio “aEBIT” over Sales). 
Alstom has opted for the inclusion of the share in net income of the equity-accounted investments into the aEBIT when 
these are considered to be part of the operating activities of the Group (because there are significant operational flows 
and/or common project execution with these entities). This mainly includes Chinese joint-ventures, namely CASCO, 
Alstom Sifang (Qingdao) Transportation Ltd, Jiangsu ALSTOM NUG Propulsion System Co. Ltd. (former Bombardier 
NUG Propulsion) and Changchun Changke Alstom Railway Vehicles Company Ltd.  
The indicator “aEBIT” corresponds to Earning Before Interests and Tax adjusted with the following elements:  
• 
net restructuring expenses (including rationalisation costs); 
• 
tangibles and intangibles impairment;  
• 
capital gains or loss/revaluation on investments disposals or controls changes of an entity;  
• 
any other non-recurring items, such as some costs incurred to realise business combinations and amortisation of 
an asset exclusively valued in the context of business combination, as well as litigation costs that have arisen 
outside the ordinary course of business; 
• 
 and including the share in net income of the operational equity-accounted investments.  
A non-recurring item is a “one-off” exceptional item that is not supposed to occur again in following years and that is 
significant.


 
43 
 
The main assumptions used to assess the recoverable amounts of goodwill are as follows: 
Net carrying amount of goodwill at 30 September 2023 (in € million) 
  
9,402 
Value elected as representative of the recoverable value 
Value in use 
Number of years over which cash flow estimates are available 
3 years 
Extrapolation period of cash flow estimates 
  
2 years 
Long-term growth rate at 30 September 2023 
3.0% 
Long-term growth rate at 31 March 2023 
  
3.0% 
After tax discount rate at 30 September (*) 
  
9.5% 
After tax discount rate at 31 March 2023 (*) 
  
9.0% 
(*) The application of pre-tax discount rates to pre-tax cash flows leads to the same valuation of Group Generating Units. 
Discount rate is based on weighted average cost of capital (WACC) which is calculated for the Group based on a risk-
free rate and a market risk premium. The current market assessment of the risks specific to Group activity is reflected 
by taking into account specific peer group information on industry beta, leverage and cost of debt. The parameters for 
calculating the discount rate are based on external sources of information. 
The discount rate has been updated from 9.0% to 9.5% compared to March 2023 as a result of the combination of the 
increase in the risk free rates and the decrease in equity risk premium over the period. 
The long-term growth rate has not changed since March 2023 because it remains consistent with current acceleration 
of rail market momentum confirmed by independent market studies and the positive evolution of the Group backlog 
which provides strong visibility over future revenues. 
Sensitivity of the values in use to key assumptions can be presented as follows:  
(in € million) 
aEBIT Margin in Terminal year 
-25bp 
+25bp 
(405) 
405 
After tax discount rate  
-25bp 
+25bp 
780 
(722) 
Long-term growth rate 
-25bp 
+25bp 
(588) 
635 
 
The current economic and political context creates uncertainties on business activities (namely inflation, increase of 
the price of certain commodities, energy, supply chain disruptions or electronic components shortage…).This led the 
Group to take those into consideration in the key assumptions as well as in the business plan used for the impairment 
test performed in the frame of the preparation of the Group’s condensed interim consolidated financial statements, 
based on its best reasonable estimates and the visibility available for its operations at 30 September 2023.   
The impairment tests confirmed that the recoverable amount comfortably exceeds its carrying value at 30 September 
2023. Some enlarged sensitivity analyses were performed with regards to key assumptions, that would not change the 
conclusions of the impairment test. Namely, a (100) basis point change in the discount rate or in the long-term growth 
rate or in the Adjusted EBIT margin (versus the usual sensitivities disclosed in the table above), would lead to a 
recoverable amount still exceeding its carrying value at 30 September 2023.


 
44 
 
11.2  Intangible assets  
(in € million) 
At 31 March 
2023 
Additions/ 
amortisation / 
impairment 
Disposals 
Other changes 
including 
translation 
adjustments 
At 30 
September 2023 
Development costs 
1,659 
70 
- 
2 
1,731 
Other intangible assets 
3,574 
6 
(3) 
27 
3,604 
Gross value 
5,233 
76 
(3) 
29 
5,335 
Development costs 
(1,230) 
(50) 
- 
(2) 
(1,282) 
Other intangible assets 
(1,397) 
(182) 
3 
(12) 
(1,588) 
Amortisation and impairment 
(2,627) 
(232) 
3 
(14) 
(2,870) 
Development costs 
429 
20 
- 
- 
449 
Other intangible assets  
2,177 
(176) 
- 
15 
2,016 
NET VALUE 
2,606 
(156) 
- 
15 
2,465 
NOTE 12. PROPERTY, PLANT AND EQUIPMENT 
(in € million) 
At 31 March 
2023 
Additions / 
amortisation / 
impairment 
Disposals 
Other changes 
including 
translation 
adjustments 
At 30 
September 
2023 
Land 
281 
- 
- 
3 
284 
Buildings 
2,767 
80 
(6) 
44 
2,885 
Machinery and equipment 
2,064 
15 
(24) 
21 
2,076 
Constructions in progress  
280 
86 
- 
(67) 
299 
Tools, furniture, fixtures and other 
371 
13 
(5) 
(2) 
377 
Gross value 
5,763 
194 
(35) 
(1) 
5,921 
Land 
(12) 
- 
- 
(1) 
(13) 
Buildings 
(1,459) 
(92) 
6 
9 
(1,536) 
Machinery and equipment 
(1,519) 
(59) 
23 
(2) 
(1,557) 
Constructions in progress  
(2) 
1 
- 
- 
(1) 
Tools, furniture, fixtures and other 
(290) 
(16) 
5 
2 
(299) 
Amortisation and impairment 
(3,282) 
(166) 
34 
8 
(3,406) 
Land 
269 
- 
- 
2 
271 
Buildings 
1,308 
(12) 
- 
53 
1,349 
Machinery and equipment 
545 
(44) 
(1) 
19 
519 
Constructions in progress  
278 
87 
- 
(67) 
298 
Tools, furniture, fixtures and other 
81 
(3) 
- 
- 
78 
NET VALUE 
2,481 
28 
(1) 
7 
2,515 
The commitments of fixed assets which are mainly composed of property, plant and equipment and intangible assets 
amount to €50 million at 30 September 2023 (compared to €31 million at 31 March 2023).


 
45 
 
Right-of-Use  
Property, Plant and Equipment balances include Right-of-Use related to Leased Assets for the following amounts: 
(in € million) 
At 31 March 
2023 
Additions / 
amortisation / 
impairment 
Decrease (*) 
Other changes 
of which 
translation 
adjustments 
At 30 
September 
2023 
Land 
9 
- 
- 
- 
9 
Buildings 
716 
76 
(12) 
(3) 
777 
Machinery and equipment 
30 
2 
(1) 
- 
31 
Tools, furniture, fixtures and other 
57 
7 
(4) 
- 
60 
Gross value 
812 
85 
(17) 
(3) 
877 
Land 
(1) 
- 
- 
(1) 
(2) 
Buildings 
(276) 
(50) 
12 
2 
(312) 
Machinery and equipment 
(13) 
(3) 
1 
1 
(14) 
Tools, furniture, fixtures and other 
(27) 
(8) 
4 
- 
(31) 
Amortisation and impairment 
(317) 
(61) 
17 
2 
(359) 
Land 
8 
- 
- 
(1) 
7 
Buildings 
440 
26 
- 
(1) 
465 
Machinery and equipment 
17 
(1) 
- 
1 
17 
Tools, furniture, fixtures and other  
30 
(1) 
- 
- 
29 
NET VALUE 
495 
24 
- 
(1) 
518 
(*) Decrease are included into the “Other changes including translation adjustments” flow of the Property, Plant and Equipment general table above. 
NOTE 13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES  
Financial information    
Share in equity 
Share of net income 
(in € million) 
At 30 September 2023
At 31 March 2023 At 30 September 2023 At 30 September 2022
TMH Limited (*) 
-
- 
- 
-
Alstom Sifang (Qingdao) Transportation Ltd 
400
413 
12 
13
Other Associates 
310
341 
36 
36
Associates 
710
754 
48 
49
Jiangsu Alstom NUG Propulsion System Co. Ltd 
178
190 
2 
10
SpeedInnov JV 
81
94 
(12) 
(10)
Other Joint ventures 
98
93 
10 
7
Joint ventures 
357
377 
- 
7
TOTAL 
1,067
1,131 
48 
56
 (*) TMH Limited was reclassified to Assets held for sale (see Note 9.2)


 
46 
 
Movements during the period 
 
(in € million) 
At 30 September 2023
At 31 March 2023
Opening balance 
1,131
1,179
Share in net income of equity-accounted investments after impairment 
48
112
Dividends 
(106)
(114)
Acquisitions (*) 
2
27
Translation adjustments and other 
(8)
(74)
CLOSING BALANCE 
1,067
1,131
(*) Mainly related to capital increase in Speed Innov joint venture in June 2022. 
13.1  Alstom Sifang (Qingdao) Transportation LTD 
The table below presents the management summarised financial information (at 100%) of Alstom Sifang (Qingdao) 
Transportation Ltd at 30 September 2023: 
 
Balance sheet 
AST Ltd 
AST Ltd 
(in € million) 
At 30 September 2023 
At 31 March 2023 
Non-current assets 
276 
249 
Current assets 
1,178 
1,151 
TOTAL ASSETS 
1,454 
1,400 
Equity-attributable to the owners of the parent company 
702 
725 
Current liabilities 
752 
675 
TOTAL EQUITY AND LIABILITIES 
1,454 
1,400 
Equity interest held by the Group  
50% 
50% 
NET ASSET 
352 
363 
Goodwill 
35 
37 
Other (*) 
13 
14 
CARRYING VALUE OF THE GROUP'S INTERESTS 
400 
413 
(*) Correspond to the fair value of acquired assets calculated at the time of the Bombardier Transportation’s acquisition. 
Income statement  
AST Ltd
AST Ltd
(in € million) 
Half year 30 September 2023
Half year 30 September 2022
Sales 
292
140
Net income from continuing operations 
24
26
Net income attributable to the owners of the parent company 
24
26
Equity interest held by the Group  
50%
50%
Share in the net income 
12
13
Other items (*) 
-
-
GROUP'S SHARE IN THE NET INCOME 
12
13
(*) Correspond to the amortisation of the fair value of acquired assets calculated at the time of the Bombardier Transportation’s acquisition.


 
47 
 
13.2  Other associates 
The Group’s investment in other associates comprises investment in CASCO, held by the Group at 49%, for €158 million 
(of which €31 million of net profit), compared to €177 million (of which €60 million of net profit), at 31 March 2023, 
as well as other associates which are not significant on an individual basis. On aggregate, the net carrying value of 
Alstom’s Investment represents €310 million as of 30 September 2023 (€341 million as of 31 March 2023). 
NOTE 14. OTHER NON-CURRENT ASSETS 
(in € million) 
At 30 September 
2023 
At 31 March 2023 
Financial non-current assets associated to financial debt (*) 
109 
119 
Long-term loans, deposits and other (**) 
430 
450 
Other non-current assets 
539 
569 
 
(*) These non-current assets relate to a long-term rental of trains and associated equipment to a London metro operator (see Note 20). 
(**) Including NMTC programs implementation (see Note 20) and the pre-paid assets on pension amounting to €249 million at September 2023 vs 
€316 million at 31 March 2023 (see Note 22). 
 
F. 
WORKING CAPITAL 
NOTE 15. WORKING CAPITAL 
(in € million) 
At 30 September 
2023 
At 31 March 2023 
Variation 
Inventories 
4,216 
3,729 
487 
Contract assets 
5,369 
4,533 
836 
Trade receivables 
3,019 
2,670 
349 
Other current operating assets / (liabilities) 
(1,700) 
(2,175) 
475 
Contract liabilities 
(6,958) 
(6,781) 
(177) 
Provisions 
(2,157) 
(2,221) 
64 
Trade payables 
(4,223) 
(3,640) 
(583) 
WORKING CAPITAL 
(2,434) 
(3,885) 
1,451 
 
(in € million) 
Half-year ended at 
30 September 2023 
Working capital at the beginning of the period 
(3,885) 
Changes in working capital resulting from operating activities 
1,392 
Changes in working capital resulting from investing activities 
(24) 
Translation adjustments and other changes 
83 
Total changes in working capital 
1,451 
Working capital at the end of the period 
(2,434)


 
48 
 
15.1  Inventories 
(in € million) 
At 30 September 2023 
At 31 March 2023 
Raw materials and supplies 
2,861 
2,645 
Work in progress 
1,499 
1,321 
Finished products 
198 
174 
Inventories, gross 
4,558 
4,140 
Raw materials and supplies 
(207) 
(257) 
Work in progress 
(132) 
(151) 
Finished products 
(3) 
(3) 
Write-down 
(342) 
(411) 
Inventories, net 
4,216 
3,729 
15.2  Net contract Assets/(Liabilities)  
(in € million) 
At 30 September 
2023 
At 31 March 2023 
Variation 
Cost to fulfil a contract 
46 
24 
22 
Contract assets 
5,323 
4,509 
814 
Total contract assets 
5,369 
4,533 
836 
Contract liabilities 
(6,958) 
(6,781) 
(177) 
Net contract Assets/(Liabilities)  
(1,589) 
(2,248) 
659 
 
Net contract Assets/(Liabilities) include down payments as well as, in some specific cases, progress payments received 
in exchange of irrevocable and unconditional payment undertakings issued by the customer. In those specific cases, 
such transactions are analysed as an advance payment received on behalf of the customer under the supply contract 
and they amount to €173 million at 30 September 2023 compared to €198 million at 31 March 2023. 
15.3  Other current operating assets & liabilities 
(in € million) 
At 30 September 2023 
At 31 March 2023 
Down payments made to suppliers 
178 
230 
Corporate income tax 
73 
61 
Other taxes 
598 
548 
Prepaid expenses 
243 
153 
Other receivables 
344 
383 
Derivatives relating to operating activities 
846 
682 
Remeasurement of hedged firm commitments in foreign currency 
744 
671 
Other current operating assets 
3,026 
2,728


 
49 
 
(in € million) 
At 30 September 2023 
At 31 March 2023 
Staff and associated liabilities 
865 
950 
Corporate income tax 
259 
268 
Other taxes (*) 
513 
831 
Deferred income 
3 
2 
Trade payables with extended payment terms 
288 
303 
Other payables 
1,450 
1,439 
Derivatives relating to operating activities 
858 
668 
Remeasurement of hedged firm commitments in foreign currency 
490 
442 
Other current operating liabilities 
4,726 
4,903 
(*) At 31 March 2023, a one off effect was recorded due to the alignment of the VAT French law with the European VAT Directive according to which 
VAT is due on all the invoices made to customers including down payments and progress billings. VAT was collected in March 2023 and the 
corresponding payment has been made during the semester, explaining mainly the decrease of “Other taxes”. 
Over the period ended 30 September 2023, the Group entered into agreements of assignment of receivables that lead 
to the derecognition of tax receivables for an amount of €34 million. The total disposed amount outstanding at 30 
September 2023 is €160 million compared to €159 million at 31 March 2023. 
Bombardier Transportation negotiated extended payment terms of 210 to 240 days after delivery with certain of its 
suppliers, that have the possibility to early finance their receivables through a supply chain financing program supported 
by third parties. Those third parties are not committed, and suppliers have the right to return to original payment terms 
for future payables upon providing a minimum notice period. The Group considers that the balance of trade payables 
supported by the supply chain financing program does not have the nature of a financial debt as the extension of the 
payment terms are not contractually linked to the existence of the supply chain financing program. However, following 
IFRIC Update issued in December 2020, the Group decided to present the amounts of trade payables supported by the 
supply chain financing arrangement and exceeding regular payment terms on a dedicated line item of its balance sheet 
in the other current liabilities. 
15.4  Provisions 
(in € million) 
At 31 March 2023 
Additions 
Releases 
Applications 
Translation 
adjustments 
and other 
At 30 September 
2023 
Warranties 
597 
88 
(42) 
(36) 
2 
609 
Risks on contracts 
1,182 
90 
(48) 
(134) 
51 
1,141 
Current provisions 
1,779 
178 
(90) 
(170) 
53 
1,750 
Tax risks & litigations 
121 
2 
(25) 
(2) 
7 
103 
Restructuring 
166 
7 
(2) 
(21) 
- 
150 
Other non-current provisions 
155 
6 
(1) 
(2) 
(4) 
154 
Non-current provisions 
442 
15 
(28) 
(25) 
3 
407 
Total Provisions 
2,221 
193 
(118) 
(195) 
56 
2,157 
Provisions for warranties relate to estimated costs to be incurred over the residual contractual warranty period on 
completed contracts.  
Provisions for risks on contracts relate to provisions on contract losses and to commercial disputes and operating risks.


 
50 
 
In relation to uncertain tax treatments and tax risks, the Group tax filings are subject to audit by tax authorities in most 
jurisdictions in which the Group operates. These audits may result in assessment of additional taxes that are 
subsequently resolved with the authorities or potentially through the courts. The Group believes that it has strong 
arguments against the questions being raised, that it will pursue all legal remedies to avoid an unfavorable outcome 
and that it has adequately provided for any risk that could result from those proceedings where it is probable that it 
will pay some amounts. Following IFRIC 23 application in April 2019, it is reminded that liabilities for uncertainty over 
income tax treatments are now presented as tax liabilities on the line corporate income tax in the other current 
operating liabilities (see Note 15.3). 
Restructuring provisions mainly derive from the adaptation of the means of production in certain countries, mainly 
Germany. 
Other non-current provisions mainly relate to guarantees delivered or risks in connection with disposals, employee 
litigations, commercial disputes, and environmental obligations.  
The management identifies and analyses on a regular basis current litigations and other risks, using its best estimate 
to assess, when necessary, provisions. These estimates take into account information available and different possible 
outcomes. Main disputes are described in Note 23. 
 
G. 
EQUITY AND DIVIDENDS 
NOTE 16. EQUITY  
16.1   Capital 
At 30 September 2023, the share capital of Alstom amounts to €2,690,037,476 consisting of 384,291,068 ordinary 
shares with a par value of €7 each. Over the period, the weighted average number of outstanding ordinary shares 
amounts to 383,614,087 after the effect of all dilutive instruments. 
During the period ended 30 September 2023: 
• 
2,435,803 ordinary shares were issued under dividends; 
• 
611,086 ordinary shares were issued under long term incentive plans; 
• 
790,725 ordinary shares were issued under employee free shares plan “We Are Alstom 2021”. 
16.2   Currency translation adjustment 
As at 30 September 2023, the currency translation group reserve amounts to €(588) million. 
The currency translation adjustment, presented within the consolidated statement of comprehensive income for €(62) 
million, primarily reflects the effect of variations of the Canadian Dollar (€24 million), US Dollar (€18 million), British 
Pound (€15 million), Swiss Franc (€10 million), partially offset by Swedish Krona (€(10) million) and Chinese Yuan 
(€(10) million), against the Euro for the half-year ended 30 September 2023.


 
51 
 
NOTE 17. DISTRIBUTION OF DIVIDENDS 
The Combined Shareholders’ Meeting, which took place on 11 July 2023, approved the dividend related to the 2022/23 
fiscal year for an amount of €0.25 gross per share, and has decided to offer to each shareholder an option, for payment 
of such dividend to be made in cash or in new shares. The period to exercise the option ran from 19 July to 1 September 
2023 included. At the end of the option period, 2,435,803 new shares were issued at a share price of €23.75 and 
amounted to €58 million. The cash dividend to be paid to the shareholders who did not elect to receive 2022/23 
dividend in shares amounted to €37 million and the date for the payment was 7 September 2023. 
 
H. 
FINANCING AND FINANCIAL RISK MANAGEMENT 
NOTE 18. OTHER CURRENT FINANCIAL ASSETS 
As at 30 September 2023, other current financial assets comprise the positive market value of derivatives instruments 
hedging financing activities. 
(in € million) 
At 30 September 2023 
At 31 March 2023 
Derivatives related to financing activities and others 
59 
65 
OTHER CURRENT FINANCIAL ASSETS 
59 
65 
 
NOTE 19. CASH AND CASH EQUIVALENTS 
(in € million) 
At 30 September 2023 
At 31 March 2023 
Cash 
745 
806 
Cash equivalents 
81 
20 
CASH AND CASH EQUIVALENT    
826 
826 
In addition to bank open deposits classified as cash for €745 million, the Group invests in cash equivalents: 
• 
Bank term deposits that can be terminated at any time with less than three months notification period for an 
amount of €79 million (€18 million at 31 March 2023); 
• 
Euro money market funds for an amount of €2 million (€2 million at 31 March 2023) qualified as “monetary” or 
“monetary short-term” under the French AMF classification.


 
52 
 
NOTE 20. FINANCIAL DEBT 
 
Cash 
movements 
Non-cash 
movements 
 
(in € million) 
 
At 31 March 
2023 
Net cash 
variation 
  
Translation 
adjustments 
and other 
At 30 
September 
2023 
Bonds 
 
2,631 
- 
  
1 
2,632 
Commercial paper program (NEU CP) 
 
248 
1,122 
  
- 
1,370 
Bank debt & other financial debt (*) 
 
102 
75 
  
67 
244 
Derivatives relating to financing activities 
 
58 
18 
  
10 
86 
Accrued interests and Other(**) 
 
14 
- 
  
- 
14 
Borrowings 
 
3,053 
1,215 
  
78 
4,346 
Lease obligations (***) 
 
645 
(72) 
  
87 
660 
Total financial debt 
 
3,698 
1,143 
  
165 
5,006 
(*) Includes New Markets Tax Credit (NMTC) 7-year $40 million loan (€37 million at end of September 2023) implemented during fiscal year 2021-
2022 and covered by a 7-year deposit of $29 million (€28 million at end of September 2023). 
(**) Paid interests are disclosed in the net cash provided by operating activities part in the cash flow statement. Net interests paid and received 
amount to €(60) million and those related to lease obligations amount to €(9) million. 
(***) Lease obligations include obligations under long-term rental representing liabilities related to lease obligations on trains and associated 
equipment for €109 million at 30 September 2023 and €119 million at 31 March 2023 (see Note 14). 
 
The financial debt’s variation over the period is mainly due to:  
• 
The issuance of €1.1 billion Negotiable European Commercial Papers under the group NEU CP program bringing 
the level outstanding at 30 September 2023 to €1,370 million (from €248 million in March 2023); 
• 
€141 million overdraft; 
 
The following table summarizes terms of the Group’s bond: 
 
  
Initial Nominal 
value (in € million) 
Maturity 
date 
(dd/mm/yy) 
Nominal 
interest rate 
Effective 
interest rate 
Accounting value at 
30 September 2023 
Market value at 30 
September 2023 
Alstom October 
2026 
700 
14/10/2026 
0.25% 
0.38% 
697 
628 
Alstom July 2027 
500 
27/07/2027 
0.13% 
0.21% 
498 
434 
Alstom January 
2029 
750 
11/01/2029 
0.00% 
0.18% 
744 
607 
Alstom July 2030 
700 
27/07/2030 
0.50% 
0.62% 
693 
553 
Total and weighted average rate 
  
0.22% 
0.35% 
2,632 
2,222


 
53 
 
NOTE 21. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT  
The main categories of financial assets and financial liabilities of the Group and Financial Risk Management are 
identical to those described in the consolidated financial statements at 31 March 2023. 
Revolving Credit Facility 
In addition to its available cash and cash equivalents, amounting to €826 million at 30 September 2023, Alstom benefits 
from strong liquidity through short term lines. The facilities available at 30 September 2023 for the Group are made 
of: 
• 
€1.75 billion short term Revolving Credit Facility maturing in January 2026; 
• 
€2.5 billion Revolving Credit Facility maturing in January 2028. 
 
These two facilities have a one-year extension option remaining at lenders’ discretion and are undrawn at 30 September 
2023. 
The €2.5 billion Revolving Credit Facility serves as a back-up of the Group €2.5 billion NEU CP program in place. 
Considering the €1,370 million of Negotiable European Commercial Papers outstanding and €141 million overdraft, 
the remaining liquidity available at 30 September 2023 reached €3.6 billion. 
 
Commercial obligations  
Contractual obligations of the Group towards its customers may be guaranteed by bank bonds or insurance bonds. 
Bank and insurance bonds may guarantee liabilities already recorded on the balance sheet as well as contingent 
liabilities.  
To issue these bonds, the Group relies on both uncommitted bilateral lines in numerous countries and a €12.7 billion 
Committed Guarantee Facility Agreement (“CGFA”) with sixteen tier one banks allowing issuance until 22 July 2025 of 
bonds with tenors up to 7 years. This bilateral line contains a change of control clause, which may result in the program 
being suspended, in the obligation to procure new bonds to replace outstanding bonds or to provide cash collateral. 
At 30 September 2023, the total outstanding bonding guarantees related to contracts from continuing operations, 
issued by banks or insurance companies, amounted to €26.4 billion (€26.2 billion at 31 March 2023). The available 
amount under the Committed Guarantee Facility Agreement at 30 September 2023 amounts to €5.4 billion (€5.3 billion 
at 31 March 2023). 
 
I. 
POST-EMPLOYMENT AND OTHER LONG-TERM DEFINED EMPLOYEE BENEFITS 
 
NOTE 22. POST-EMPLOYMENT AND OTHER LONG-TERM DEFINED EMPLOYEE BENEFITS 
The net liability on post-employment and on other long-term employee defined benefits is calculated using the latest 
valuation at the previous financial year closing date. Adjustments of actuarial assumptions are performed on main 
contributing areas (United Kingdom, Germany, France, Switzerland, Sweden, Canada, and the US) if significant 
fluctuations or one-time events have occurred during the 6 months period. The fair value of main plan assets was 
reviewed at 30 September 2023.


 
54 
 
Discount rates for main geographic areas (weighted average rates) 
(en %)  
At 30 September 
2023 
At 31 March 2023 
United Kingdom 
5.70 
4.95 
Euro Zone 
4.02 
3.67 
North America 
5.73 
5.04 
Other 
2.56 
2.78 
Movements of the period 
At 30 September 2023, the net provision for post-employment benefits amounts to €(657) million (made up of €249 
million of prepaid assets and other employee benefit costs (see Note 14) and €(906) million accrued pension and other 
employee benefit costs) compared with €(607) million at 31 March 2023 (made up of €316 million of prepaid assets 
and other employee benefit costs (see Note 14) and €(923) million accrued pension and other employee benefit costs). 
The variation of actuarial gains and losses arising from post-employment defined benefit plans recognised in the Other 
comprehensive income amounts to €(52) million for the half-year ended 30 September 2023 mainly due to negative 
unbalanced evolution between decrease of fair value of plan assets and positive evolution of discount rates by 
geographic areas. 
Other variations in the period ended 30 September 2023 mainly arose from service costs related to defined benefits 
that are consistent with costs incurred in the previous period, and with projections estimated in actuarial valuations 
performed at 31 March 2023. 
 
J. 
CONTINGENT LIABILITIES AND DISPUTES 
NOTE 23. DISPUTES 
23.1  Disputes in the Group’s ordinary course of business 
The Group is engaged in several legal proceedings, mostly contract-related disputes that have arisen in the ordinary 
course of business. These disputes, often involving claims for contract delays or additional work, are common in the 
areas in which the Group operates, particularly for large long-term projects. In some cases, the amounts, which may 
be significant, are claimed against the Group, sometimes jointly with its consortium partners. 
In some proceedings the amount claimed is not specified at the beginning of the proceedings. Amounts retained in 
respect of these litigations are taken into account in the estimate of margin at completion in case of contracts in 
progress or included in provisions and other current liabilities in case of completed contracts when considered as reliable 
estimates of probable liabilities. Actual costs incurred may exceed the amount of initial estimates because of a number 
of factors including the inherent uncertainties of the outcome of litigation.


 
55 
 
23.2  Disputes outside the Group’s ordinary course of business 
Asbestos 
Some of the Group’s subsidiaries are subject to civil proceedings in relation to the use of asbestos in France essentially 
as well as in Spain, in the United Kingdom and in the United States of America. In France, these proceedings are 
initiated by certain employees or former employees suffering from an occupational disease in relation to asbestos with 
the aim of obtaining a court decision allowing them to obtain a supplementary compensation from the French Social 
Security funds. In addition, employees and former employees of the Group not suffering from an asbestos related 
occupational disease have started lawsuits before the French courts with the aim of obtaining compensation for 
damages in relation to their alleged exposure to asbestos, including the specific anxiety damage. 
The Group believes that the cases where it may be required to bear the financial consequences of such proceedings do 
not represent a material exposure. While the outcome of the existing asbestos-related cases cannot be predicted with 
reasonable certainty, the Group believes that these cases would not have any material adverse effect on its financial 
condition. 
Alleged anti-competitive activities 
 
Brazil 
In July 2013, the Brazilian Competition Authority (“CADE”) raided a number of companies involved in transportation 
activities in Brazil, including the subsidiaries of Alstom and Bombardier Transportation, following allegations of anti-
competitive practices. After a preliminary investigation stage, CADE notified in March 2014 the opening of an 
administrative procedure against several companies, of which the Alstom’s and Bombardier Transportation’s 
subsidiaries in Brazil, and certain current and former employees of the Group.  
CADE ruled in July 2019 a financial fine of BRL 133 million (approximately €25 million) on Alstom’s subsidiary in Brazil 
as well as a ban to participate in public procurement bids in Brazil conducted by the Federal, State, and Municipal 
Public Administration over a period of 5 years. In parallel, CADE applied a financial penalty of BRL 23 million 
(approximately €4 million) on Bombardier Transportation’s subsidiary in Brazil (there is no ban to participate in public 
procurement bids in Brazil).  
In September and December 2020, both Alstom and Bombardier Transportation’s subsidiaries in Brazil filed a civil 
lawsuit before the Brasilia civil court aiming at suspending and ultimately cancelling the July 2019 ruling. Both 
subsidiaries obtained an injunction to suspend the effects of the administrative ruling until a final judgment is issued 
on the merits.  
The public prosecutor of the State of Sao Paulo launched in May 2014 a civil action against the Group’s subsidiaries in 
Brazil, along with a number of other companies, for a total amount asserted against all companies of BRL 2.5 billion 
(approximately €465 million) excluding interests and possible damages in connection with a transportation project. 
In December 2014, the public prosecutor of the State of Sao Paulo also initiated a lawsuit against Alstom’s subsidiaries 
in Brazil, along with a number of other companies (including now Bombardier Transportation’s local subsidiary) related 
to alleged anti-competitive practices regarding the first phase of a train maintenance project, and in the last quarter of 
2016, regarding a second phase of the said maintenance project.


 
56 
 
The Group’s subsidiaries are actively defending themselves against these two actions. 
In case of proven illicit practices, possible sanctions can include the cancellation of the relevant contracts, the payment 
of damage compensation, the payment of punitive damages and/or the dissolution of the Brazilian subsidiaries 
involved. 
 
Italy  
On 23 June 2020, a series of searches and arrests have been carried out by the Milan police under instructions of the 
Milan Prosecution Office as part of a preliminary investigation into alleged bribes and bid-rigging in connection with 
public tenders for Azienda Transporte Milanesi (“ATM”), the municipal public transport company and operator of the 
Milan Subway. The investigation concerns at least seven companies and 28 individuals, including three current 
employees and one former employee of Alstom Ferroviaria S.p.A (the “Alstom Italy employees”). 
The Prosecution Office alleges that the Alstom Italy employees engaged in bid-rigging under Article 353 of the Italian 
Criminal Code, including colluding with an employee of ATM, to obtain confidential technical information in order to 
secure an undue advantage in the tender process for a 2019 contract for the Milan subway. Alstom did not ultimately 
submit a bid in respect of this contract. 
Alstom Ferroviaria S.p.A. is also subject to investigation regarding alleged violation of Legislative Decree No. 231/2001 
(“Decree 231/2001”) for not having implemented (or not having efficiently applied) a system of control capable to 
avoid the commission by its employees of corruption. A company may only be held liable under Decree 231 if the 
criminal misconduct of its employees is established. In such a case, a company may seek to defend itself from corporate 
liability under Decree 231/2001 by showing that it had adopted and effectively implemented an organizational model 
(known as a “Modello”) to prevent misconduct and established an independent supervisory body (known as an 
“organismo di vigilenza”) to oversee compliance with the Modello. Alstom Ferroviaria S.p.A. has adopted a Modello 
and has established an “organismo di vigilenza”.  
Alstom is conducting an internal investigation into the allegations discussed above in coordination with external counsel 
and has taken certain interim measures in response to the allegations of the Prosecution Office, in particular by 
suspending one of its employees of Alstom Ferroviaria S.p.A.  
In August 2022, the Prosecution Office determined (i) withdrawal of the bribery charges against Alstom Ferroviaria 
S.p.A. and the individuals and (ii) is seeking for indictment of two former and two current employees of Alstom 
Ferroviaria S.p.A for bid rigging. The judge of Preliminary Investigations is now to decide on such determinations.  
In November 2022, ATM and the Milan Municipality joined the proceedings as offended parties (“costituzione di parte 
civile”). 
 
Spain 
The Spanish Competition Authority (“CNMC”) opened a formal procedure end of August 2018 in connection with 
alleged irregularities in public tenders with the Spanish Railway Infrastructures Administrator (“ADIF”) against eight 
competing companies active in the Spanish signaling market including Bombardier European Investments, S.L.U (BEI) 
and its parent company Bombardier Transportation (Global Holding) UK Limited, and Alstom Transporte SA and its 
parent Alstom SA. The inclusion of the parent company is typical of European competition authorities at the early stage 
of the proceedings. No Alstom or Bombardier managers were included in the file. In September 2020, the companies 
obtained access to the Statement of Objections in which the CNMC discloses the evidence gathered against the various


 
57 
 
participants in the alleged cartel in the Spanish signaling market. Both Alstom and Bombardier have submitted their 
defense paper rejecting all of CNMC allegations on the basis of absence of evidence. The Sub-directorate of the CNMC 
submitted a Proposed Resolution end of March 2021 which both Alstom and Bombardier rejected. Both companies 
submitted their defence to the Council of the CNMC.  
The Council of the CNMC ruled in September 2021 a financial fine of €22 million and €3.7 million on Alstom’s subsidiary 
and Bombardier Transportation’s subsidiary in Spain respectively. The Council also ruled a ban to participate in public 
procurement bids in Spain. The scope and duration of the ban to participate in public procurement both for Alstom’s 
and Bombardier Transportation’s subsidiaries in Spain remain to be set by the State Public Procurement Advisory Board 
(Junta Consultiva de Contratación Pública del Estado). 
On 29 November and 7 December 2021 Alstom’s subsidiary and Bombardier Transportation’s subsidiary in Spain 
respectively lodged an appeal against this ruling of the Council of the CNMC before the National High Court (“Audiencia 
Nacional”). The Group believes that the grounds of appeal are solid. On 23 September 2022, Alstom’s subsidiaries in 
Spain filed their respective statement of claim under the appeal proceedings. 
In parallel to these appeals, Alstom’s and Bombardier Transportation’s subsidiaries in Spain have respectively requested 
to the National High Court, as an interim measure, to suspend the implementation of the Council ruling regarding (i) 
the payment of the financial fine and (ii) the prohibition to tender in public procurement bids in Spain. On the 1 and 
on the 14 February 2022 respectively, the National High Court accepted both requests for interim measures and 
granted such suspension. 
 
Pending investigations which relate to Bombardier Transportation  
The matters described in this section relate to historical conduct involving Bombardier Transportation that occurred 
prior to Alstom’s acquisition.  
Bombardier Transportation is the subject of an audit of the World Bank Integrity Vice Presidency and is participating 
in several investigations relating to allegations of corruption including by the Swedish Prosecution authority, the Special 
Investigation Unit (SIU) and National Prosecuting Authority (NPA) in South Africa and the DOJ.  
With respect to these above-mentioned matters, Alstom and/or Bombardier Inc. are cooperating with the concerned 
authorities or institutions. These investigations or procedures may result in criminal sanctions, including fines which 
may be significant, exclusion of Group’s subsidiaries from tenders and third-party actions. In this context, Alstom has 
obtained a number of contractual protections in the acquisition of Bombardier Transportation to mitigate potential 
risks.  
The matter under investigation by the Swedish authorities, the World Bank and the U.S. Department of Justice (DOJ) 
(cf. details below) is in relation to a 2013 contract for the supply of equipment and services to Azerbaijan Railways in 
the amount of approximately $340 million (principally financed by the World Bank) awarded to a bidding consortium 
composed of Bombardier Transportation’s Sweden’s subsidiary (BT Sweden), a Russian Bombardier Transportation 
affiliate (with third party shareholders) and a third party (the “ADY Contract”). Ownership of the affiliate was 
subsequently transferred to an entity well established in the Russian and CIS market with which BT Sweden had a 
historical relationship, and an affiliate of which had been added post-bid approval as a project sub-contractor. There 
remains uncertainty as to the services provided by these entities in return for some of the payments they received.


 
58 
 
 
Sweden 
The Swedish authorities commenced an investigation in relation to the ADY Contract in 2016, and in 2017 filed charges 
against the former head of Sales, North Region, RCS, BT Sweden (the ”former BTS employee”) for aggravated bribery, 
and alternatively, influence trafficking. The authorities alleged that the former BTS employee had contacts and 
correspondence with a representative of the third-party member of the consortium who was also employed by 
Azerbaijan railways during the bidding period with a view towards illicitly influencing the outcome of the tender. 
After a trial, the former BTS employee was acquitted on both counts in 2017. The authorities appealed the decision 
and as of today only the aggravated bribery charge is pending. Although no charges have been filed against BT Sweden 
to date, the Swedish authorities are investigating other former BT Sweden employees and made mutual legal assistance 
treaty requests to authorities in numerous jurisdictions.  
The Swedish authorities concluded investigations on another former BT Sweden employee and filed charges. In 
December 2021, the Swedish Court issued a decision acquitting the former BTS employee. The authorities appealed 
such decision. This former BTS employee was acquitted in Appeal in May 2023. 
 
World Bank  
The World Bank audited the ADY Contract and in 2018 the World Bank’s Integrity Vice Presidency (“INT”) issued a 
strictly confidential show cause letter which was leaked. The letter outlines INT’s position regarding alleged collusion, 
corruption and fraud in the ADY Contract and obstruction of the INT’s investigation. The audit could result in some 
form of debarment of Bombardier Transportation and BT Sweden from bidding on contracts financed by the World 
Bank for a number of years. 
 
U.S. Department of Justice - DOJ  
On 10 February, 2020, the DOJ notified Bombardier that it had opened an investigation. The DOJ has made information 
requests since March 2020 to Bombardier Inc. regarding the ADY Contract and may be doing so in the near term in 
relation to other projects in CIS countries. The DOJ has also made information requests regarding contracts with 
Transnet (cf. below South-Africa and Project related litigation- South-Africa) and a Bombardier Transportation South 
Africa signaling contract with the Passenger Rail Agency of South Africa (PRASA). 
 
South Africa 
Bombardier Transportation South Africa’s contract to supply locomotives to Transnet Freight Rail is one of the matters 
among numerous other matters under investigation by the judicial commission of inquiry into allegations of State 
Capture (the “Zondo Commission”), by the Special Investigation Unit in South Africa (“SIU”), and by the National 
Prosecuting Authority (“NPA”).  
Alstom and Transnet engaged in commercial negotiations which resulted in the signature of a settlement agreement 
in August 2023 with Transnet and co-signed by the SIU. This settlement requires formal validation by the State Court 
(cf. below Project execution related litigation – South Africa).


 
59 
 
 
Project execution related litigation 
 
CR-1 Marmaray railway infrastructure – Turkey 
In March 2007, the Turkish Ministry of Transport (DLH) awarded the contract to upgrade approximately 75 km of 
railway infrastructure in the Istanbul region, known as the “Marmaray Commuter Rail Project (CR-1)” to the 
consortium Alstom Dogus Marubeni (AMD), of which Alstom Transport’s main French subsidiary is a member. This 
project, which included works on the transcontinental railway tunnel under the Bosphorus, has undergone significant 
delays mainly due to difficulties for the DLH to make the construction site available. Thus, the AMD consortium 
terminated the contract in 2010. This termination was challenged by DLH, who thereafter called the bank guarantees 
issued by the consortium up to an amount of approximately €80 million. Following injunctions, the payment of such 
bank guarantees was forbidden, and the AMD consortium immediately initiated an arbitration procedure to resolve the 
substantive issues. The arbitral tribunal has decided in December 2014 that the contract stands as terminated by virtue 
of Turkish law and has authorized the parties to submit their claims for compensation of the damages arising from 
such termination.  
The set off of the various amounts awarded by the tribunal to both parties after more than ten years of proceedings 
resulted, in a net amount, after set-off, of €27.4 million payable by the AMD consortium to DLH. AMD partners paid 
their respective proportionate share to the Ministry (Alstom share being €8.5 million) during the summer of 2021. 
Bonds were released and the case is therefore closed subject to the process of release of counter-guarantees 
respectively issued by AMD’s partners which is ongoing.  
On the other hand, through arbitration request notified on 29 September 2015, Marubeni Corporation launched 
proceedings against Alstom Transport SA taken as consortium leader in order to be compensated for the consequences 
of the termination of the contract with AMD. In a similar fashion, through arbitration request issued on 15 March 
2016, the other consortium member Dogus launched proceedings against Alstom Transport SA with similar demands 
and a request to have the disputes between consortium members consolidated in a single case. Alstom Transport SA 
is rejecting these compensation requests and is defending itself in these proceedings between consortium members 
which, while having gone through a consolidation in a single case, have however been suspended by the arbitral 
tribunal pending the outcome of the main arbitral proceedings between AMD and DLH. In October 2018, Dogus applied 
for interim measures to clarify certain aspects of the consortium agreement and this request was rejected by the arbitral 
tribunal on account of the suspension. In January 2021, Dogus filed an application to resume arbitration proceedings 
while Alstom filed a successful application seeking an order of payment according to partners’ net proportionate shares 
(see above). In accordance with the timetable defined by the case management team, Dogus and Marubeni filed their 
respective statements of claims on 30 September 2021 and Alstom submitted its defense and counterclaims on 14 
February 2022. On 28 April 2022, the arbitral tribunal issued an order to close the document production phase of the 
proceedings. On 9 September 2022 and on 13 February 2023, Dogus and Marubeni filed their respective replies and 
statements of defense to Alstom’s counterclaims and their rejoinder to which Alstom responded on 30 November 2022 
and on 20 February 2023 by filing its rejoinder and reply on counterclaims. The arbitral tribunal hearing started on 20 
March and ended on 29 March 2023, following which a final decision on the dispute is expected before the end of 
2023.


 
60 
 
Regional Minuetto trains & high-speed Pendolino trains – Italy 
Alstom Transport’s subsidiary in Italy is involved in two litigation proceedings with the Italian railway company 
Trenitalia. One is related to a supply contract of regional Minuetto trains awarded in 2001 (the “Minuetto case”), and 
the other to a supply contract of high-speed Pendolino trains awarded in 2004 (the “Pendolino case”). Each of these 
contracts has undergone technical issues and delays leading the Trenitalia company to apply delay and technical 
penalties and, consequently, to withhold payments. Since the parties dispute certain technical matters as well as the 
causes and responsibilities of the delays, the matter was brought before Italian courts in 2010 and 2011 respectively. 
In the Minuetto case on 26 June 2019, the Court of Cuneo issued its decision, which Alstom after careful and detailed 
analysis considered to be wrong for various legal reasons. On 24 January 2020 Alstom appealed, and on 12 May 2020 
Trenitalia counter appealed, the decision before the Court of Appeal of Turin. Proceedings took place and on 24 
December 2021 ALSTOM received the Court of Appeal’s decision. The Court of Appeal notably (i) rejected Alstom’s 
request to order supplementary technical expertise and (ii) did not recognize Alstom’s economic dependence vis-à-vis 
Trenitalia, which led consequently to the rejection of Alstom’s request to have the penalties clause declared null, as 
opposed to the first-degree decision. However, the Court of Appeal confirmed the first-degree decision regarding (i) 
the amount of the penalties due to Trenitalia and (ii) the fact that Trenitalia could not obtain the corresponding payment 
based on procedural grounds. On 21 June 2022, Alstom appealed the decision by filling a recourse to the Supreme 
Court to which Trenitalia responded by filing its defense and a counter recourse on 1 August 2022. The preliminary 
decision of the Filter Section (“Sezione Filtro”) of the Supreme Court, that shall be limited to the admissibility of the 
recourse, is not expected before end of 2023.  
In the Pendolino case, the technical expertise report was released, and Alstom has obtained certain corrections 
following its challenge on some of the conclusions of the report. After the closing of the expertise phase the proceedings 
continued their path on the legal aspects of the dispute. The tribunal rendered in March 2019 a decision acknowledging 
that a significant part of the delays was not attributable to Alstom and therefore reduced a large portion of the delay 
damages claimed by Trenitalia. The tribunal also rejected the reliability penalties claimed by Trenitalia while accepting 
certain of its residual damage compensation requests. Finally, the tribunal accepted Alstom’s claims linked to contract 
price adjustment formula while rejecting some of its other cost compensation claims. Alstom appealed the decision on 
7 October 2019. On 15 January 2020 Trenitalia filed its defense and counter-appeal. After postponement of the initial 
date the Court of Appeal of Rome fixed the first hearing to 30 September 2022 during which the parties to the dispute 
summarized their respective positions. The Court of Appeal of Rome ordered Alstom and Trenitalia to file (i) their final 
briefs on 29 November 2022 and (ii) their respective reply to the other party’s final briefs on 19 December 2022. On 
10 January 2023 the Court of Appeal of Rome issued its decision that was notified to Alstom on 22 February 2023. The 
Court of Appeal confirmed the ruling of the first-degree judgment in favour of Alstom in its entirety except for the 
recognition of the economic dependence of Alstom vis-à-vis Trenitalia. Alstom filed a recourse before the Supreme 
Court against this decision.  
In April 2023 Alstom filed a recourse before the Supreme Court against this decision, to which Trenitalia responded by 
filing its defense and a counter recourse on 31 May 2023. 
 
Saturno – Italy 
Following a dispute within a consortium involving Alstom’s subsidiary in Italy and three other Italian companies, the 
arbitral tribunal constituted to resolve the matter has rendered in August 2016 a decision against Alstom by awarding 
€22 million of damage compensation to the other consortium members. Alstom’s subsidiary strongly contests this 
decision and considers that it should be able to avoid its enforcement and thus prevent any damage compensation 
payment. On 30 November 2016, Alstom’s subsidiary filed a motion in the Court of Appeals of Milan to obtain the


 
61 
 
cancellation of the arbitral award. On 1 December 2016, Alstom’s subsidiary filed an ex parte motion for injunctive 
relief to obtain the suspension of the arbitral award pending the outcome of the appeal proceedings, which was 
temporarily accepted by the Court. After a phase of hearings in contradictory proceedings on the request for suspension 
of the arbitral award, the Court of Appeal of Milan decided on 3 March 2017 in favor of Alstom’s subsidiary by 
confirming definitively the suspension of this arbitration decision pending the outcome of the proceedings relating to 
the cancellation of such decision. The Court of Appeal of Milan ruled on the merits in March 2019 in favour of the 
Alstom’s subsidiary and cancelled the arbitration award of August 2016 including the €22 million of damage 
compensation. The members of the consortium (excluding Alstom) appealed the decision of the Court of Appeal of 
Milan on 19 October 2019. On 27 November 2019 Alstom filed its defense and counter-appeal. The parties are still 
waiting for a decision on the admissibility of the recourse, to be given by the so-called “Filter Section” of the Supreme 
Court. 
The Supreme Court considered admissible the recourse and on 25 July 2023 notified to the parties that the hearing to 
discuss the case will be held on 9 November 2023 by giving a deadline to 30 October 2023 for the parties to file their 
briefs. 
 
South-Africa 
On 17 March 2014, Bombardier Transportation South Africa (BTSA) entered into a locomotive supply agreement with 
Transnet for the supply of 240 electric locomotives (LSA). The LSA is part of Transnet’s 1064 locomotive project 
concluded between Transnet and four Original Equipment Manufacturers including BTSA.  
On 9 March 2021, Transnet and the Special Investigating Unit (SIU), alleging unlawfulness and irregularities in the 
procurement process and subsequent award of the 1064 locomotive project, launched review application proceedings 
in the High Court of South Africa (High Court) for, amongst other things, the review and setting aside of the respective 
LSA’s concluded with the four Original Equipment Manufacturers including BTSA. The relief sought by Transnet as it 
relates to BTSA includes: (i) the review and setting aside of the LSA concluded between BTSA and Transnet on 17 
March 2014; (ii) that Transnet be entitled to retain the locomotives delivered by BTSA; and (iii) that BTSA be ordered 
to make restitution to Transnet of the advance payments and profit and/or excess profit earned in the supply of the 
locomotives.  
On 13 April 2021, the court case team ordered Transnet to provide a properly constituted record of decision (ROD), the 
ROD being a critical element of Transnet’s review application, following the four Original Equipment Manufacturers 
respective complaints addressing the incompleteness of such ROD filed by Transnet. On 17 July 2021 Transnet 
submitted a revised ROD to the High Court the completeness of which was again challenged by Alstom (BTSA) end of 
August 2021. 
In parallel, on 2 September 2021 two of the Original Equipment Manufacturers filed an interlocutory motion to dismiss 
in its entirety the review application, such motion being based on Transnet‘s and SIU’s respective failure to bring such 
review application in due course. This interlocutory motion has been challenged by Transnet requesting the High Court, 
via an interlocutory application filed on 15 December 2021, to set it aside. The High Court dismissed the two Original 
Equipment Manufacturers’ interlocutory motion on 12 April 2022. The two Original Equipment Manufacturers brought 
further procedural applications that remain to be ruled upon by the High Court prior to the setting of the date for the 
submission of the responding affidavits by the four Original Equipment Manufacturers.  
These proceedings are at an early stage and the Group is unable, at this stage, to predict their consequences. These 
matters are also a subject of the investigation by the DOJ, Zondo Commission and the NPA as referenced above.


 
62 
 
Acquisition of Bombardier Transportation – Arbitration Proceedings 
 
With respect to the acquisition of Bombardier Transportation (“BT”), completed on 29 January 2021, Alstom identified 
various breaches by Bombardier Inc. (“BI”) of its obligations as Seller under the Memorandum of Understanding dated 
17 February 2020 (amended and restated on 30 March 2020) and the Sale and Purchase Agreement dated 26 
September 2020 (amended on 28 January 2021). 
 On 15 April 2022, Alstom filed a request for arbitration against BI with the International Chamber of Commerce (in 
accordance with the Parties’ agreements). Alstom’s claims against BI concern breaches of the interim covenants in 
force prior to completion, breaches of warranty, and claims related to the calculation of the final purchase price. 
Notably, Alstom contends that BI’s actions prior to completion wrongfully increased the purchase price paid by Alstom 
and that BI’s breaches of various obligations caused further losses to Alstom. On 24 June 2022, BI filed its answer to 
the request for arbitration, denying Alstom’s claims and advancing counterclaims. As to the counterclaims specifically, 
BI alleges that Alstom attempted to minimise the price it would have to pay to BI at completion in breach of contractual 
and non-contractual obligations, which is denied by Alstom.  
The arbitral tribunal was constituted by the International Chamber of Commerce on 26 August 2022. In October 2022, 
the tribunal established a procedural timetable leading to an evidentiary hearing in late 2025. On 3 March 2023, Alstom 
filed its full Statement of Claim. On 27 October 2023, BI filed its full Statement of Defence and Counterclaim.  The 
parties will file additional submissions and evidence during 2024 and 2025, with an evidentiary hearing scheduled for 
late 2025. 
 
Sale of Alstom’s Energy Businesses in November 2015 
 
Finally, it shall be noted that, by taking over Alstom’s Energy Businesses in November 2015, General Electric undertook 
to assume all risks and liabilities exclusively or predominantly associated with said businesses and in a symmetrical 
way, Alstom undertook to keep all risks and liabilities associated with the non-transferred business. Cross-
indemnification for a duration of 30 years and asset reallocation (“wrong pocket”) mechanisms have been established 
to ensure that, on the one hand, assets and liabilities associated with the Energy businesses being sold are indeed 
transferred to General Electric and on the other hand, assets and liabilities not associated with such businesses are 
borne by Alstom. As a result, the consequences of litigation matters that were on-going at the time of the sale and 
associated with these transferred activities are taken over by General Electric. Indemnity provisions protect Alstom in 
case of third-party claims directed at Alstom and relating to the transferred activities. For this reason and since Alstom 
no longer manages these litigation matters, Alstom is ceasing to include them in this section.  
There are no other governmental, legal or arbitration procedures, including proceedings of which the Group is aware, 
and which are pending or threatening, which might have, or have had during the last twelve months, a significant 
impact on the financial situation or profitability of the Group.


 
63 
 
K. 
OTHER NOTES 
 
NOTE 24. RELATED PARTIES 
There are no material changes in related-party transactions between 31 March 2023 and 30 September 2023.  
 
NOTE 25. SUBSEQUENT EVENTS 
25.1 Moody's Investors Service rating 
On 12 October 2023, the credit rating agency Moody’s Investors Service has decided to confirm Alstom’s Baa3 long-
term issuer rating. It has lowered its credit outlook to Negative from Stable.  
25.2 New liquidity line 
On the 31 October 2023, the Group has signed a new €2.25 billion liquidity line with a 1st tier international bank as a 
further step to demonstrate the financial flexibility of Alstom. This facility is not subject to financial covenant and its 
maturity is October 2024 with two six-month extensions at borrowers' discretion. 
25.3 Project of savings plan to reduce overhead costs 
Announcement on Tuesday, November 14 by Alstom management to the European staff representative body of a 
proposed savings plan to reduce overhead costs representing close to 10% of total S&A positions (around 1,500 FTE 
reduction).


 
64 
 
NOTE 26. SCOPE OF CONSOLIDATION 
PARENT COMPANY 
Country 
Ownership 
Consolidation Method 
ALSTOM SA 
France 
- 
Parent Company 
 
 
 
 
Companies 
  
  
  
ALSTOM Algérie "Société par Actions" 
Algeria 
100 
Full consolidation 
ALSTOM Grid Algérie SPA 
Algeria 
100 
Full consolidation 
ALSTOM Argentina S.A. 
Argentina 
100 
Full consolidation 
ALSTOM Transport (Customer Support) Australia Pty Limited 
Australia 
100 
Full consolidation 
ALSTOM Transport (V/Line) Australia Pty Limited 
Australia 
100 
Full consolidation 
ALSTOM Transport Australia Holdings Pty Limited 
Australia 
100 
Full consolidation 
ALSTOM Transport Australia Pty Limited 
Australia 
100 
Full consolidation 
NOMAD DIGITAL PTY LTD 
Australia 
100 
Full consolidation 
ALSTOM Transport Austria GmbH 
Austria 
100 
Full consolidation 
ALSTOM Transport Azerbaijan LLC 
Azerbaijan 
100 
Full consolidation 
ALSTOM Belgium SA 
Belgium 
100 
Full consolidation 
CABLIANCE BELGIUM 
Belgium 
100 
Full consolidation 
NOMAD DIGITAL BELGIUM 
Belgium 
100 
Full consolidation 
ALSTOM Brasil Energia e Transporte Ltda 
Brazil 
100 
Full consolidation 
ALSTOM Holdings LP 
Canada 
100 
Full consolidation 
ALSTOM Investments GP Inc. 
Canada 
100 
Full consolidation 
ALSTOM Investments GP Manitoba Inc. 
Canada 
100 
Full consolidation 
ALSTOM Transport Canada Inc. 
Canada 
100 
Full consolidation 
ALSTOM Transport Canada Participation Inc. 
Canada 
100 
Full consolidation 
ALSTOM Western Pacific Enterprises Electrical Installation General 
Partnership 
Canada 
51 
Full consolidation 
ALSTOM Chile S.A. 
Chile 
100 
Full consolidation 
ALSTOM Investment Company Limited 
China 
100 
Full consolidation 
ALSTOM Investment Management and Consulting (Beijing) Co., Ltd. 
China 
100 
Full consolidation 
ALSTOM Qingdao Railway Equipment Co., Ltd. 
China 
51 
Full consolidation 
ALSTOM Transportation (Engineering Service) Beijing Co., Ltd. 
China 
100 
Full consolidation 
ALSTOM Transportation Railway Equipment (Qingdao) Co., Ltd. 
China 
100 
Full consolidation 
BOMBARDIER 
RAILWAY 
TRANSPORTATION 
EQUIPMENT 
(SHANGHAI) CO., LTD. 
China 
100 
Full consolidation 
BOMBARDIER TRANSPORTATION CONSULTING (SHANGHAI) 
CO., LTD. 
China 
100 
Full consolidation 
Chengdu ALSTOM Transport Electrical Equipment Co., Ltd. (CATEE) 
China 
60 
Full consolidation 
SHANGHAI ALSTOM Transport Electrical Equipment Company Ltd 
China 
60 
Full consolidation 
TRANSLOHR INDUSTRIAL (TIANJIN) CO. LTD 
China 
100 
Full consolidation 
XI'AN ALSTOM YONGJI ELECTRIC EQUIPMENT CO., LTD 
China 
51 
Full consolidation 
ALSTOM Hong Kong Ltd 
China  
100 
Full consolidation 
ALSTOM Transportation China Limited 
China 
100 
Full consolidation 
ALSTOM Transportation Colombia S.A.S. 
Colombia 
100 
Full consolidation 
ALSTOM Czech Republic a.s. 
Czech Republic 
98 
Full consolidation 
ALSTOM Transport Danmark A/S 
Denmark 
100 
Full consolidation 
ALSTOM Transport Danmark Hvidovre A/S 
Denmark 
100 
Full consolidation


 
65 
 
ALSTOM Transport Danmark NT Maintenance ApS 
Denmark 
100 
Full consolidation 
NOMAD DIGITAL (DENMARK) APS 
Denmark 
100 
Full consolidation 
NOMAD DIGITAL APS 
Denmark 
100 
Full consolidation 
ALSTOM Egypt for Transport Projects SAE 
Egypt 
99 
Full consolidation 
ALSTOM Monorail Egypt for Contracting Works LLC 
Egypt 
100 
Full consolidation 
AREVA 
INTERNATIONAL 
EGYPT 
FOR 
ELECTRICITY 
TRANSMISSION & DISTRIBUTION 
Egypt 
100 
Full consolidation 
BOMBARDIER TRANSPORTATION ETHIOPIA PLC 
Ethiopia 
100 
Full consolidation 
ALSTOM Transport (Helsinki) Finland Oy 
Finland 
100 
Full consolidation 
ALSTOM Transport Finland Oy 
Finland 
100 
Full consolidation 
ALSTOM APTIS 
France 
100 
Full consolidation 
ALSTOM Crespin SAS 
France 
100 
Full consolidation 
ALSTOM Executive Management 
France 
100 
Full consolidation 
ALSTOM Flertex SAS 
France 
100 
Full consolidation 
ALSTOM Holdings 
France 
100 
Full consolidation 
ALSTOM Hydrogène SAS 
France 
100 
Full consolidation 
ALSTOM Ibre 
France 
100 
Full consolidation 
ALSTOM Kleber Sixteen 
France 
100 
Full consolidation 
ALSTOM Leroux Naval 
France 
100 
Full consolidation 
ALSTOM Network Transport 
France 
100 
Full consolidation 
ALSTOM Omega 1 
France 
100 
Full consolidation 
ALSTOM Omega 2 
France 
100 
Full consolidation 
ALSTOM Shipworks 
France 
100 
Full consolidation 
ALSTOM Transport SA 
France 
100 
Full consolidation 
CENTRE D'ESSAIS FERROVIAIRES 
France 
96 
Full consolidation 
ETOILE KLEBER 
France 
100 
Full consolidation 
INTERINFRA 
(COMPAGNIE 
INTERNATIONALE 
POUR 
LE 
DEVELOPPEMENT D'INFRASTRUCTURES) 
France 
50 
Full consolidation 
LORELEC 
France 
100 
Full consolidation 
NOMAD DIGITAL FRANCE 
France 
100 
Full consolidation 
STATIONONE 
France 
100 
Full consolidation 
ALSTOM Bahntechnologie Holding Germany GmbH 
Germany 
100 
Full consolidation 
ALSTOM Drives GmbH 
Germany 
100 
Full consolidation 
ALSTOM Lokomotiven Service GmbH 
Germany 
100 
Full consolidation 
ALSTOM Signal GmbH 
Germany 
100 
Full consolidation 
ALSTOM Transport Deutschland GmbH 
Germany 
100 
Full consolidation 
ALSTOM Transportation Germany GmbH 
Germany 
100 
Full consolidation 
NOMAD DIGITAL GMBH 
Germany 
100 
Full consolidation 
VGT 
VORBEREITUNGSGESELLSCHAFT 
TRANSPORTTECHNIK 
GMBH 
Germany 
100 
Full consolidation 
J&P AVAX SA - ETETH SA - ALSTOM TRANSPORT SA 
Greece 
34 
Full consolidation 
ALSTOM Hungary Kft. 
Hungary 
100 
Full consolidation 
ALSTOM Transport Hungary Zrt. 
Hungary 
100 
Full consolidation 
ALSTOM Transport India Limited 
India 
100 
Full consolidation 
MADHEPURA ELECTRIC LOCOMOTIVE PRIVATE LIMITED 
India 
74 
Full consolidation 
NOMAD DIGITAL (INDIA) PRIVATE LIMITED 
India 
70 
Full consolidation 
TWENTY ONE NET (INDIA) PRIVATE LTD 
India 
100 
Full consolidation


 
66 
 
PT ALSTOM Transport Indonesia 
Indonesia 
67 
Full consolidation 
ALSTOM Khadamat S.A. 
Iran 
100 
Full consolidation 
ALSTOM Transport Ireland Ltd 
Ireland 
100 
Full consolidation 
ALSTOM Israel Ltd. 
Israel 
100 
Full consolidation 
ALSTOM Ferroviaria S.p.A. 
Italy 
100 
Full consolidation 
ALSTOM Services Italia S.p.A. 
Italy 
100 
Full consolidation 
NOMAD DIGITAL ITALIA S.R.L. 
Italy 
100 
Full consolidation 
ALSTOM Métro d'Abidjan 
Ivory Coast 
100 
Full consolidation 
ALSTOM Kazakhstan LLP 
Kazakhstan 
100 
Full consolidation 
EKZ Service Limited Liability Partnership 
Kazakhstan 
100 
Full consolidation 
ELECTROVOZ KURASTYRU ZAUYTY LLP 
Kazakhstan 
100 
Full consolidation 
ALSTOM Baltics SIA 
Latvia 
100 
Full consolidation 
ALSTOM Transport Systems (Malaysia) Sdn. Bhd. (formerly: 
BOMBARDIER (MALAYSIA) SDN. BHD.) 
Malaysia 
100 
Full consolidation 
ALSTOM Holding Mauritius Ltd. 
Mauritius 
100 
Full consolidation 
ALSTOM Mauritius Ltd. 
Mauritius 
100 
Full consolidation 
ALSTOM Ferroviaria Mexico, S.A. de C.V. 
Mexico 
100 
Full consolidation 
BT ENSAMBLES MÉXICO, S. DE R.L. DE C.V. 
Mexico 
100 
Full consolidation 
BT MÉXICO CONTROLADORA , S. DE R.L. DE C.V. 
Mexico 
100 
Full consolidation 
BT PERSONAL MÉXICO, S. DE R.L. DE C.V. 
Mexico 
100 
Full consolidation 
ALSTOM Railways Maroc 
Morocco 
100 
Full consolidation 
BOMBARDIER TRANSPORT MAROC S.A.S 
Morocco 
100 
Full consolidation 
ALSTOM Global Holding SE 
Netherlands 
100 
Full consolidation 
ALSTOM Holdings Netherlands B.V. 
Netherlands 
100 
Full consolidation 
ALSTOM Netherlands B.V. 
Netherlands 
100 
Full consolidation 
ALSTOM Traction B.V. 
Netherlands 
100 
Full consolidation 
ALSTOM Vastgoed B.V. 
Netherlands 
100 
Full consolidation 
NOMAD DIGITAL B.V. 
Netherlands 
100 
Full consolidation 
ALSTOM Rail Transportation New Zealand Limited 
New Zealand 
100 
Full consolidation 
AT NIGERIA LIMITED 
Nigeria 
100 
Full consolidation 
ALSTOM Enio ANS 
Norway 
100 
Full consolidation 
ALSTOM Transport Norway AS 
Norway 
100 
Full consolidation 
ALSTOM Panama, S.A. 
Panama 
100 
Full consolidation 
ALSTOM Transport Peru S.A. 
Peru 
100 
Full consolidation 
ALSTOM (SHARED SERVICES) PHILIPPINES, INC. 
Philippines 
100 
Full consolidation 
ALSTOM Transport Construction Philippines, Inc 
Philippines 
100 
Full consolidation 
BOMBARDIER TRANSPORTATION PHILIPPINES, INC. 
Philippines 
100 
Full consolidation 
ALSTOM Polska Spolka Akcyjna 
Poland 
100 
Full consolidation 
ALSTOM Ferroviária Portugal, S.A. 
Portugal 
100 
Full consolidation 
NOMAD TECH, LDA. 
Portugal 
51 
Full consolidation 
ALSTOM GSS Romania S.R.L. 
Romania 
100 
Full consolidation 
ALSTOM Transport SA. 
Romania 
93 
Full consolidation 
ALSTOM Transport Rus LLC 
Russian Federation 
100 
Full consolidation 
RESOURCE TRANSPORTATION LLC 
Russian Federation 
100 
Full consolidation 
ALSTOM Arabia Transportation Limited 
Saudi Arabia 
100 
Full consolidation 
ALSTOM Transport (Holdings) Systems Singapore Pte. Ltd. 
Singapore 
100 
Full consolidation 
ALSTOM Transport (S) Pte Ltd 
Singapore 
100 
Full consolidation


 
67 
 
ALSTOM Transport Systems (Singapore) Pte. Ltd. 
Singapore 
100 
Full consolidation 
ALSTOM Rolling Stock SA Pty Ltd 
South Africa 
74 
Full consolidation 
ALSTOM Southern Africa Holdings (Pty) Ltd 
South Africa 
100 
Full consolidation 
ALSTOM Transport Holdings SA (Pty) Ltd 
South Africa 
100 
Full consolidation 
ALSTOM Ubunye (Pty) Ltd 
South Africa 
100 
Full consolidation 
BOMBELA ELECTRICAL AND MECHANICAL WORKS (PTY) LTD. 
South Africa 
90 
Full consolidation 
BOMBELA MAINTENANCE (PTY) LTD. 
South Africa 
90 
Full consolidation 
GIBELA RAIL TRANSPORT CONSORTIUM (PTY) LTD 
South Africa 
70 
Full consolidation 
ALSTOM Korea Transport Ltd 
South Korea 
100 
Full consolidation 
ALSTOM ATEINSA, SA 
Spain 
100 
Full consolidation 
ALSTOM Movilidad, S.L. 
Spain 
100 
Full consolidation 
ALSTOM Transporte, S.A. 
Spain 
100 
Full consolidation 
AMETSIS INGENIERÍA Y ASESORÍA TÉCNICA, S.L. 
Spain 
100 
Full consolidation 
ALSTOM Holding Sweden AB 
Sweden 
100 
Full consolidation 
ALSTOM Rail Sweden AB 
Sweden 
100 
Full consolidation 
ALSTOM Transport AB 
Sweden 
100 
Full consolidation 
ALSTOM Transport Information Systems AB 
Sweden 
100 
Full consolidation 
ALSTOM Transportation (Signal) Sweden AB 
Sweden 
100 
Full consolidation 
ALSTOM Transportation (Signal) Sweden HB 
Sweden 
67 
Full consolidation 
ALSTOM Network Schweiz AG, ALSTOM Network Switzerland Ltd, 
ALSTOM Network Suisse SA 
Switzerland 
100 
Full consolidation 
ALSTOM Schienenfahrzeuge AG 
Switzerland 
100 
Full consolidation 
ALSTOM Schweiz AG, ALSTOM Suisse SA, ALSTOM Switzerland Ltd. 
Switzerland 
100 
Full consolidation 
ALSTOM Transport Solutions (Taiwan) Ltd. 
Taiwan 
100 
Full consolidation 
ALSTOM (Thailand) Ltd. 
Thailand 
100 
Full consolidation 
ALSTOM Holdings (Thailand) Ltd. 
Thailand 
100 
Full consolidation 
ALSTOM Transport (Thailand) Co., Ltd. 
Thailand 
100 
Full consolidation 
ALSTOM T&T Ltd 
Trinidad and Tobago 
100 
Full consolidation 
ALSTOM Ulasim Anonim Sirketi 
Turkey 
100 
Full consolidation 
ALSTOM Signalling, Limited Liability Company 
Ukraine 
100 
Full consolidation 
ALSTOM (Investment) UK Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM (Litchurch) Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM Academy for Rail 
United Kingdom 
100 
Full consolidation 
ALSTOM Electronics Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM Engineering and Services Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM Network UK Ltd 
United Kingdom 
100 
Full consolidation 
ALSTOM NL Service Provision Ltd. 
United Kingdom 
100 
Full consolidation 
ALSTOM Product and Services Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM Transport Service Ltd 
United Kingdom 
100 
Full consolidation 
ALSTOM Transport UK (Holdings) Ltd 
United Kingdom 
100 
Full consolidation 
ALSTOM Transport UK Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM Transportation (Global Holding) UK Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM UK CIF Trustee Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM UK Pension Trustee Limited 
United Kingdom 
100 
Full consolidation 
ALSTOM UK VP Pension Trustee Limited 
United Kingdom 
100 
Full consolidation 
CROSSFLEET LIMITED 
United Kingdom 
100 
Full consolidation 
INFRASIG LTD. 
United Kingdom 
100 
Full consolidation


 
68 
 
NOMAD DIGITAL (INDIA) LIMITED 
United Kingdom 
70 
Full consolidation 
NOMAD DIGITAL LIMITED 
United Kingdom 
100 
Full consolidation 
NOMAD HOLDINGS LIMITED 
United Kingdom 
100 
Full consolidation 
PRORAIL LIMITED 
United Kingdom 
100 
Full consolidation 
SOUTH EASTERN TRAIN MAINTENANCE LTD. 
United Kingdom 
100 
Full consolidation 
WEST COAST SERVICE PROVISION LIMITED 
United Kingdom 
100 
Full consolidation 
WEST COAST TRAINCARE LIMITED 
United Kingdom 
100 
Full consolidation 
ALSKAW LLC 
United States of America 
100 
Full consolidation 
ALSTOM Mass Transit Corp. 
United States of America 
100 
Full consolidation 
ALSTOM Signaling Inc. 
United States of America 
100 
Full consolidation 
ALSTOM Signaling Operation, LLC 
United States of America 
100 
Full consolidation 
ALSTOM Transit LLC 
United States of America 
100 
Full consolidation 
ALSTOM Transport Holding US Inc. 
United States of America 
100 
Full consolidation 
ALSTOM Transport Services Inc. 
United States of America 
100 
Full consolidation 
ALSTOM Transport USA Inc. 
United States of America 
100 
Full consolidation 
ALSTOM Transportation Inc. 
United States of America 
100 
Full consolidation 
AUBURN TECHNOLOGY, INC. 
United States of America 
100 
Full consolidation 
B&C TRANSIT INC. 
United States of America 
100 
Full consolidation 
NOMAD DIGITAL, INC 
United States of America 
100 
Full consolidation 
SOUTHERN NEW JERSEY RAIL GROUP L.L.C. 
United States of America 
100 
Full consolidation 
ALSTOM Venezuela, S.A. 
Venezuela 
100 
Full consolidation 
ALSTOM Transport Vietnam Ltd 
Vietnam 
100 
Full consolidation 
ONxpress Transportation Partners Inc. 
Canada 
25 
Joint Operation 
BTREN MANTENIMIENTO FERROVIARIO S.A. 
Spain 
51 
Joint Operation 
IRVIA MANTENIMIENTO FERROVIARIO, S.A. 
Spain 
51 
Joint Operation 
THE ATC JOINT VENTURE 
United Kingdom 
38 
Joint Operation 
CITAL 
Algeria 
49 
Equity Method 
EDI RAIL - ALSTOM Transport (Maintenance) Pty Limited 
Australia 
50 
Equity Method 
EDI RAIL - ALSTOM Transport Pty Limited 
Australia 
50 
Equity Method 
NGR HOLDING COMPANY PTY LTD. 
Australia 
10 
Equity Method 
NGR PROJECT COMPANY PTY LTD. 
Australia 
   10 
   Equity Method 
GROUPE PMM OPERATIONS AND MAINTENANCE G.P. / GROUPE 
PMM OPÉRATIONS ET MAINTENANCE S.E.N.C. 
Canada 
   50 
   Equity Method 
TRANSED O&M PARTNERS GENERAL PARTNERSHIP 
Canada 
   60 
   Equity Method 
TRANSED PARTNERS GENERAL PARTNERSHIP 
Canada 
   10 
   Equity Method 
ALSANEO L7 SPA 
Chile 
   50 
   Equity Method 
ALSTOM Sifang (Qingdao) Transportation Ltd. 
China 
   50 
   Equity Method


 
69 
 
BOMBARDIER NUG SIGNALLING SOLUTIONS COMPANY LIMITED 
China 
   50 
   Equity Method 
BOMBARDIER TRANSPORTATION EQUIPMENT (SUZHOU) CO., 
China 
   50 
   Equity Method 
CASCO SIGNAL LTD 
China 
49 
Equity Method 
CHANGCHUN CHANGKE ALSTOM RAILWAY VEHICLES COMPANY 
LTD. 
China 
50 
Equity Method 
CRRC PUZHEN ALSTOM TRANSPORTATION SYSTEMS LIMITED 
China 
50 
Equity Method 
GUANGXI LIUZHOU PUZHEN ALSTOM TRANSPORTATION 
SYSTEM CO., LTD. 
China 
50 
Equity Method 
GUANGZHOU CHANGKE ALSTOM RAIL TRANSIT EQUIPMENT 
COMPANY LTD 
China 
50 
Equity Method 
Jiangsu ALSTOM NUG Propulsion System Co Ltd. 
China 
50 
Equity Method 
SHANGHAI ALSTOM Transport Company Limited 
China 
40 
Equity Method 
SHENTONG ALSTOM (SHANGHAI) RAIL TRANSIT VEHICLE 
COMPANY LIMITED 
China 
50 
Equity Method 
TRANSMASHHOLDING LIMITED(*) 
Cyprus 
20 
Equity Method 
ORA L15 
France 
20 
Equity Method 
SPEEDINNOV 
France 
75 
Equity Method 
LLP JV  KAZELEKTROPRIVOD 
Kazakhstan 
50 
Equity Method 
SMART TECHNOLOGY ALMATY COM TOO(*) 
Kazakhstan 
20 
Equity Method 
TOO PROMMASHKOMPLEKT(*) 
Kazakhstan 
10 
Equity Method 
TOO R.W.S. WHEELSET(*) 
Kazakhstan 
20 
Equity Method 
TMHS (or "TMXC")(*) 
Mongolia 
20 
Equity Method 
MALOCO GIE 
Morocco 
70 
Equity Method 
RAILCOMP BV(*) 
Netherlands 
60 
Equity Method 
TMH-ALSTOM BV(*) 
Netherlands 
60 
Equity Method 
RAIL ENGINEERING SP. Z O.O. 
Poland 
60 
Equity Method 
AM-TEKH(*) 
Russian Federation 
20 
Equity Method 
AVIS OOO(*) 
Russian Federation 
17 
Equity Method 
CENTR PLANIROVANIYA I UPRAVLENIYA MTR OOO (in Russian) 
MTR PLANNING AND MANAGEMENT CENTER LLC (in English)(*) 
Russian Federation 
20 
Equity Method 
CORPORATE UNIVERSITY OF LOCOMOTIVE TECHNOLOGIES 
(Non- Profit Organization of Additional Professional Education)(*) 
Russian Federation 
20 
Equity Method 
DEMIKHOVSKY MASHINOSTROITELNY ZAVOD OAO(*) 
Russian Federation 
20 
Equity Method 
DIESEL-INSTRUMENT SPB LLC(*) 
Russian Federation 
10 
Equity Method 
DIMICROS OAO(*) 
Russian Federation 
10 
Equity Method 
DOL BRIGANTINA LLC(*) 
Russian Federation 
17 
Equity Method 
ELTK-URAL LLC(*) 
Russian Federation 
10 
Equity Method 
ENERGODRIVE OOO(*) 
Russian Federation 
10 
Equity Method 
IVSK OOO(*) 
Russian Federation 
12 
Equity Method 
IZD TMH LLC(*) 
Russian Federation 
19 
Equity Method 
KOLOMENSKY ZAVOD OAO(*) 
Russian Federation 
19 
Equity Method 
KOLOMNA ENERGO DIESEL LLC(*) 
Russian Federation 
19 
Equity Method 
LAZUR OOO(*) 
Russian Federation 
17 
Equity Method 
LLC ALMETA(*) 
Russian Federation 
17 
Equity Method 
LLC PLAVA(*) 
Russian Federation 
17 
Equity Method 
LOCOTECH GLOBAL TRADING(*) 
Russian Federation 
20 
Equity Method 
LOCOTECH-FOUNDRY PLANTS(*) 
Russian Federation 
15 
Equity Method 
LOCOTECH-KOMPOSIT LLC(*) 
Russian Federation 
8 
Equity Method


 
70 
 
LOCOTECH-LEASING(*) 
Russian Federation 
15 
Equity Method 
LOCOTECH-PROMSERVICE(*) 
Russian Federation 
20 
Equity Method 
LOCOTECH-SERVICE(*) 
Russian Federation 
20 
Equity Method 
METROVAGONMASH OAO(*) 
Russian Federation 
17 
Equity Method 
METROVAGONMASH SERVICE LLC(*) 
Russian Federation 
17 
Equity Method 
MONTAZHNAYA BAZA OAO(*) 
Russian Federation 
2 
Equity Method 
NO TIV ZAO(*) 
Russian Federation 
16 
Equity Method 
NOVOCHERKASSKY 
ELEKTROVOZOSTROITELNY 
ZAVOD 
PROIZVODSTVENNAY KOMPANIYA OOO(*)
Russian Federation 
20 
Equity Method 
OKHOTRESURS LLC(*) 
Russian Federation 
20 
Equity Method 
OKTYABRSKY ELEKTROVAGONOREMONTNY ZAVOD OAO(*) 
Russian Federation 
15 
Equity Method 
OSTIUM LLC(*) 
Russian Federation 
17 
Equity Method 
OVK TMH ZAO(*) 
Russian Federation 
20 
Equity Method 
PENZADIESELMASH OAO(*) 
Russian Federation 
15 
Equity Method 
PENZENSKIYE DIESELNIYE DVIGATELY LLC(*) 
Russian Federation 
20 
Equity Method 
PO BEZHITSKAYA STAL OAO(*) 
Russian Federation 
12 
Equity Method 
PROFIL LLC(*) 
Russian Federation 
13 
Equity Method 
RAILCOMP LLC(*) 
Russian Federation 
60 
Equity Method 
RAZVITIYE OOO(*) 
Russian Federation 
20 
Equity Method 
REKOLD AO(*) 
Russian Federation 
7 
Equity Method 
RIVITSA OOO(*) 
Russian Federation 
17 
Equity Method 
SALVEO OOO(*) 
Russian Federation 
20 
Equity Method 
SAPFIR OOO(*) 
Russian Federation 
20 
Equity Method 
STAGNUM LLC(*) 
Russian Federation 
17 
Equity Method 
STERZH OOO(*) 
Russian Federation 
17 
Equity Method 
TMH ENERGY SOLUTIONS LLC(*) 
Russian Federation 
15 
Equity Method 
TMH ENGINEERING ASIA LLC(*) 
Russian Federation 
10 
Equity Method 
TMH ENGINEERING LLC(*) 
Russian Federation 
20 
Equity Method 
TMH FINANCE LLC(*) 
Russian Federation 
20 
Equity Method 
TMH INVESTMENTS LLC(*) 
Russian Federation 
20 
Equity Method 
TMH PRO LLC(*) 
Russian Federation 
20 
Equity Method 
TMH TECHNOLOGIE LLC(*) 
Russian Federation 
20 
Equity Method 
TMH-ELECTROTEKH LLC(*) 
Russian Federation 
20 
Equity Method 
TMH-LOCOMOTIVY AO(*) 
Russian Federation 
20 
Equity Method 
TMH-PTR LLC(*) 
Russian Federation 
20 
Equity Method 
TMHS LOKALIZATSIYA LLC(*) 
Russian Federation 
10 
Equity Method 
TORGOVY DOM TMH ZAO (in Russian) / TRADE HOUSE TMH JSC 
(in English)(*) 
Russian Federation 
20 
Equity Method 
TRAMRUS LLC(*) 
Russian Federation 
60 
Equity Method 
TRANSCONVERTER LLC(*) 
Russian Federation 
13 
Equity Method 
TRANSHOLDLEASING AO(*) 
Russian Federation 
4 
Equity Method 
TRANSMASH OAO(*) 
Russian Federation 
12 
Equity Method 
TRANSMASHHOLDING AO(*) 
Russian Federation 
20 
Equity Method 
TRTRANS LLC(*) 
Russian Federation 
60 
Equity Method 
TSENTR PERSPEKTIVNYKH TECHNOLOGIY TMH LLC(*) 
Russian Federation 
20 
Equity Method 
TVER-SAFARI LLC(*) 
Russian Federation 
17 
Equity Method 
TVERSKOY VAGONOSTROITELNY ZAVOD OAO(*) 
Russian Federation 
17 
Equity Method


 
71 
 
TZENTR PERSPEKTIVNYKH TEKNNOLOGIY TMH LLC(*) 
Russian Federation 
20 
Equity Method 
UPRAVLYAUSCHAYA KOMPANIYA BRYANSKY 
MASHINOSTROITELNY ZAVOD ZAO(*) 
Russian Federation 
20 
Equity Method 
VOSKHOD LLC(*) 
Russian Federation 
9 
Equity Method 
VSEROSSIYSKY NAUCHNO-ISSLEDOVATELSKY I PROEKTNO-
KONSTRUKTORSKY INSTITUT ELEKTROVOZOSTROENIYA OAO(*) 
Russian Federation 
13 
Equity Method 
YUZHDIESELMASH OAO(*) 
Russian Federation 
1 
Equity Method 
ZAVOD AIT(*) 
Russian Federation 
7 
Equity Method 
ZENTROSVARMASH OAO(*) 
Russian Federation 
20 
Equity Method 
ZHELDORREMMASH(*) 
Russian Federation 
15 
Equity Method 
ZTOV LLC(*) 
Russian Federation 
3 
Equity Method 
BOMBELA TKC (PROPRIETARY) LIMITED 
South Africa 
25 
Equity Method 
ISITHIMELA RAIL SERVICES (PTY) LTD. 
South Africa 
50 
Equity Method 
EK EISENBAHNKOMPONENTEN AG(*) 
Switzerland 
20 
Equity Method 
FIRST LOCOMOTIVE HOLDING AG 
Switzerland 
15 
Equity Method 
LUGANSKTEPLOVOZ OAO(*) 
Ukraine 
15 
Equity Method 
TRANSMASH EAST TRAIN TRADING LLC(*) 
United Arab Emirates 
20 
Equity Method 
ABC ELECTRIFICATION LTD 
United Kingdom 
33 
Equity Method 
LAX INTEGRATED EXPRESS SOLUTIONS HOLDCO, LLC 
United States of America 
10 
Equity Method 
LAX INTEGRATED EXPRESS SOLUTIONS, LLC 
United States of America 
10 
Equity Method 
V/LINE MAINTENANCE PTY LTD 
Australia 
100 
Non consolidated investment 
RTA RAIL TEC ARSENAL FAHRZEUGVERSUCHSANLAGE GMBH 
Austria 
44 
Non consolidated investment 
4iTEC 4.0 
France 
11 
Non consolidated investment 
AIRE URBAINE INVESTISSEMENT 
France 
4 
Non consolidated investment 
CADEMCE SAS (en liquidation judiciaire) 
France 
16 
Non consolidated investment 
CAMPUS CYBER 
France 
3 
Non consolidated investment 
COMPAGNIE INTERNATIONALE DE MAINTENANCE - C.I.M. 
France 
1 
Non consolidated investment 
EASYMILE 
France 
13 
Non consolidated investment 
ESPACE DOMICILE SA HABITAT LOYER MODERE 
France 
1 
Non consolidated investment 
FRAMECA - FRANCE METRO CARACAS 
France 
26 
Non consolidated investment 
MOBILITE AGGLOMERATION REMOISE SAS 
France 
17 
Non consolidated investment 
OC'VIA CONSTRUCTION 
France 
12 
Non consolidated investment 
OC'VIA MAINTENANCE 
France 
12 
Non consolidated investment 
RESTAURINTER 
France 
35 
Non consolidated investment 
SOCIÉTÉ CONCESSIONNAIRE DU TRANSPORT SUR VOIE 
RÉSERVÉE DE L'AGGLOMÉRATION CAENNAISE (S.T.V.R) S.A 
France 
39 
Non consolidated investment 
SOCIÉTÉ D'ÉCONOMIE MIXTE LOCALE LE PHÉNIX THÉÂTRE DE 
VALENCIENNES 
France 
1 
Non consolidated investment 
SOCIETE IMMOBILIERE DE VIERZON 
France 
1 
Non consolidated investment 
SUPERGRID INSTITUTE SAS 
France 
3 
Non consolidated investment 
VALUTEC S.A. 
France 
1 
Non consolidated investment 
IFB INSTITUT FUR BAHNTECHNIK GMBH 
Germany 
7 
Non consolidated investment 
PARTNER 
FÜR 
BERLIN 
HOLDING 
GESELLSCHAFT 
FÜR 
HAUPTSTADT-MARKETING MBH 
Germany 
1 
Non consolidated investment 
PARS SWITCH 
Iran 
1 
Non consolidated investment 
CYLUS CYBER SECURITY LTD. 
Israel 
   9 
   Non consolidated investment


 
72 
 
CONSORZIO ELIS PER LA FORMAZIONE PROFESSIONALE 
Italy 
   0 
   Non consolidated investment 
CRIT SRL 
Italy 
1 
Non consolidated investment 
METRO 5 SPA 
Italy 
9 
Non consolidated investment 
TRAM DI FIRENZE S.p.A. 
Italy 
9 
Non consolidated investment 
SUBURBANO EXPRESS, S.A. DE C.V. 
Mexico 
11 
Non consolidated investment 
IDEON S.A. 
Poland 
0 
Non consolidated investment 
INWESTSTAR S.A. 
Poland 
0 
Non consolidated investment 
KOLMEX SA 
Poland 
2 
Non consolidated investment 
KRAKOWSKIE ZAKLADY AUTOMATYKI S. A. 
Poland 
12 
Non consolidated investment 
NORMETRO ACE AGRUPAMENTO DO METROPOLITANO DO 
PORTO 
Portugal 
25 
Non consolidated investment 
FIRST LOCOMOTIVE COMPANY LLC 
Russian Federation 
15 
Non consolidated investment 
ALBALI SEÑALIZACIÓN, S.A. 
Spain 
12 
Non consolidated investment 
TRAMVIA METROPOLITA DEL BESOS SA 
Spain 
21 
Non consolidated investment 
TRAMVIA METROPOLITA, S.A. 
Spain 
24 
Non consolidated investment 
ARGENTINE CLUB LIMITED 
United Kingdom 
1 
Non consolidated investment 
TRAMLINK NOTTINGHAM (HOLDINGS) LIMITED 
United Kingdom 
13 
Non consolidated investment 
WHEREISMYTRANSPORT LIMITED 
United Kingdom 
3 
Non consolidated investment 
MASSACHUSETTS BAY COMMUTER RAILROAD COMPANY, LLC 
United States of America 
20 
Non consolidated investment 
(*) Subsidiaries of TMH Limited., consolidated within Alstom financial statements by equity method.


 
73 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report of independent auditors on the half-year financial information


 
74 
 
 
PricewaterhouseCoopers Audit 
63, rue de Villiers 
92200 Neuilly-sur-Seine 
 
 
MAZARS 
61, rue Henri Regnault 
92075 Paris La Défense 
 
 
 
 
 
STATUTORY AUDITORS’ REVIEW REPORT ON THE INTERIM FINANCIAL 
INFORMATION 
 
(Period from 1 April 2023 to 30 September 2023) 
 
 
This is a free translation into English of the Statutory Auditors’ review report on the interim financial information 
issued in French and is provided solely for the convenience of English speaking users. This report includes 
information relating to the specific verification of information given in the Group’s half-yearly management report. 
This report should be read in conjunction with, and construed in accordance with, French law and professional 
standards applicable in France.  
 
 
 
To the Shareholders, 
ALSTOM SA 
48 rue Albert Dhalenne 
93400 Saint-Ouen-sur-Seine 
France 
 
 
In compliance with the assignment entrusted to us by your Shareholder’s Meeting and in accordance 
with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code (Code 
monétaire et financier), we hereby report to you on: 
 
- 
the review of the accompanying condensed interim consolidated financial statements of 
Alstom SA, for the period from 1 April 2023 to 30 September 2023; 
 
- 
the verification of the information presented in the interim management report. 
 
 
These condensed interim consolidated financial statements are the responsibility of the Board of 
Directors. Our role is to express a conclusion on these financial statements based on our review.  
 
I. 
Conclusion on the financial statements 
 
We conducted our review in accordance with professional standards applicable in France.  
 
A review of interim financial information consists of making inquiries, primarily of persons responsible 
for financial and accounting matters, and applying analytical and other review procedures. A review is 
substantially less in scope than an audit conducted in accordance with professional standards 
applicable in France and consequently does not enable us to obtain assurance that we would become 
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an 
audit opinion.  
 
Based on our review, nothing has come to our attention that causes us to believe that the accompanying 
condensed interim consolidated financial statements are not prepared, in all material respects, in


 
75 
 
accordance with IAS 34, standard of the IFRSs as adopted by the European Union applicable to interim 
financial information. 
 
 
II. 
Specific verification 
 
We have also verified the information presented in the interim management report on the condensed 
interim consolidated financial statements subject to our review.  
 
We have no matters to report as to its fair presentation and consistency with the condensed interim 
consolidated financial statements. 
 
 
Neuilly-sur-Seine and Paris La Défense, November 17, 2023 
 
 
The Statutory Auditors 
French original signed by 
 
 
 
PricewaterhouseCoopers Audit 
MAZARS 
 
 
 
 
 
Edouard Cartier            Cédric Haaser 
Daniel Escudeiro       Jean-Luc Barlet


 
76 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Responsibility statement of the person responsible for the half-year financial report


 
77 
 
STATEMENT BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT* 
 
 
I hereby certify that, to the best of my knowledge, the condensed consolidated financial statements of ALSTOM (the 
“Company”) for the first half-year of fiscal year 2023/24 have been prepared under generally accepted accounting 
principles and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company 
and of all entities included in its scope of consolidation, and that the half-year management report included herein 
presents a true and fair review of the main events which occurred in the first six months of the fiscal year and their 
impact on the condensed accounts, as well as the main transactions between related parties and a description of the 
main risks and uncertainties for the remaining six months of the fiscal year. 
 
Saint-Ouen-sur-Seine, on 14 November 2023, 
Original signed by 
 
 
Henri Poupart-Lafarge 
Chairman and Chief Executive Officer 
 
 
* This is a free translation of the statement signed and issued in French language by the Chairman and Chief Executive Officer of the Company and 
is provided solely for the convenience of English-speaking readers.