SA下调全年指引，并宣布新措施以加强资产负债表，包括可能的资产剥离，此前关键德国项目延误导致罚款，拖累利润率和现金流。
SA cut its full-year guidance and announced new measures to shore up its balance sheet, including possible divestments, after delays in key German projects led to penalties, weighing on margins and cash flow.
法国列车制造商预计，截至3月31日的财政年度调整后息税前利润率约为1%，此前预测为6.5%，该公司周一在一份声明中表示。原本预计全年将实现正向自由现金流，现下调为预计现金流出15亿欧元（17亿美元）。
The French train maker forecasts adjusted Ebit margin of about 1% for the fiscal year ending March 31, compared with a previous projection of 6.5%, the company said Monday in a statement. An anticipated positive free cash flow for the full year was revised to an expected cash burn of €1.5 billion ($1.7 billion).
Alstom还将同期列车车厢生产目标从最多4500辆下调至约4000辆。
Alstom also downgraded its train car production target for the same period to about 4,000 units from as many 4,500.
该公司4月因多个项目进展缓慢而撤回财务指引，令市场震惊，当日股价暴跌27%。该集团一直在努力加强资产负债表，此前其2021年收购庞巴迪公司铁路业务的55亿美元交易陷入困境。Alstom股价今年已下跌37%。
The company stunned markets in April by withdrawing its financial guidance due to slow progress related to various projects, prompting a 27% slump in the stock that day. The group has been seeking to shore up its balance sheet after the troubled $5.5 billion acquisition of Bombardier Inc.’s rail business in 2021. Alstom shares are down 37% this year.
Alstom最新的预警与Coradia Max订单有关，这是一系列项目，包括巴登-符腾堡州和下萨克森州等德国州订购的区域列车，原本计划成为该公司今年最大规模的产能提升。
Alstom’s latest warning is tied to the Coradia Max orders, a series of projects including regional trains ordered by German states such as Baden-Württemberg and Lower Saxony that were meant to be the company’s biggest ramp-up this year.
Alstom首席财务官伯纳德·德尔皮特在一次媒体电话会议上表示，其中一个Coradia Max项目因最终开发阶段出现问题而延误，对所有其他德国项目产生了“多米诺骨牌效应”，导致罚款，拖累利润率。
The delays in one of the Coradia Max projects, caused by problems in the final development phases, had a “domino effect” on all the other German projects, leading to penalties that weighed on margins, Chief Financial Officer Bernard Delpit said on a media call.
德尔皮特表示，问题出现在Alstom首席执行官马丁·西翁于4月上任后派出团队处理陷入困境的项目之后。西翁发现，“不仅存在工程问题，而且围绕项目管理的组织既不高效也不有效”，德尔皮特表示。
The problem was detected after Alstom Chief Executive Officer Martin Sion, who took the helm in April, sent out teams to deal with struggling projects, Delpit said. The CEO found that “not only were there engineering issues, but the organization surrounding project management was neither efficient nor effective,” Delpit said.
阿尔斯通公司目前正在对其组织架构进行更广泛的审查，以改进执行力和问责制，降低成本并简化流程，德尔皮特表示。该集团还将实施一项新计划，削减约20亿欧元的债务，其中将包括进一步的资产剥离。
Alstom is now tackling a broader review of its organization to improve execution and accountability, to lower costs and to make processes simpler, Delpit said. It also will carry out a new plan to slash debt by about €2 billion, which will include further divestments.
该集团前任首席执行官亨利·普帕尔-拉法日此前已完成一项削减20亿欧元债务的计划。该计划包括增资、裁员以及出售诸如该公司美国信号业务等资产。
The group’s former CEO, Henri Poupart-Lafarge, had completed a previous €2 billion plan to slash debt. That plan included a capital increase, job cuts and the sale of assets such as the company’ US signaling business.
“我们已确定相关资产，并已开始该流程，”德尔皮特在电话会议上表示，当时被问及该集团可能的未来资产剥离。他没有进一步阐述。
“We have identified the assets and are beginning the process,” Delpit said on the call, when asked about the group’s possible future divestments. He didn’t elaborate further.
阿尔斯通将于11月17日公布上半财年完整业绩。该公司将于2027年第二季度举行资本市场日活动。
Alstom is due to report full fiscal first-half results on Nov. 17. It will hold a capital markets day in the second quarter of 2027.