CREATING LONG TERM VALUE

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CREATING LONG TERM

VALUE

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FA I V E LE Y TR A N S PO R T 

ACTI V IT Y R EPO R T 2 015/16

IN MOTION 2 / New multi-product manufacturing site 3 / Increase in Indian footprint 4 / Faiveley NeoFlexx ® Disc in passenger operation 5 / Combination with Wabtec to create a global rail leader 6 / New platform orders signal regained customer confidence 7 / Deployment of our Values 8 / Key role in Paris metro

DELIVERING PERFORMANCE 10 / CEO’s message 12 / Wabtec combination 14 / Our Executive Committee 15 / Our financial performance 16 / Our QHSE performance

CREATING VALUE 20 / Shape 21 / Execute 22 / Create 23 / Develop 24 / Grow talent

STRENGHTENING OUR BUSINESS 26 / Access & Mobility 28 / Brakes & Safety 30 / Energy & Comfort 32 / Services 34 / China 36 / A worldwide partner

Faiveley Transport is a world leader in products and engineering services for the rail industry. We offer high added-value technical solutions to help our customers build and operate trains that are safe, reliable and cost-efficient throughout their life cycle. Our global footprint, with nearly 6,000 employees in 24 countries, ensures we are close to our customers, and to major rail markets. As the rail industry evolves, we are moving forward: developing world-class production facilities, innovating to create highly ­ efficient products, and pursuing a combination with Wabtec Corporation. Our aim: to secure our long-term leadership position and in doing so, provide the best possible components, systems and services to our customers. 

FA I V E LE Y TR A N S PO R T 

ACTI V IT Y R EPO R T 2 015/16

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IN MOTION

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INCREASE IN INDIAN FOOTPRINT In India, one of our four key markets, we extended the capacity of our site in Hosur, near Bangalore. This site utilizes our new ERP system and has been FWE certified: it will allow us to offer our full range of systems and services to our Indian customers and abroad. In 2015-16, we began manufacturing doors at the site, and

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In 2016, Faiveley Transport opened a 20,000 m2 state-of-the-art industrial facility in Plzen, Czech Republic. It will be used to manufacture pantographs, power collectors and auxiliary inverters as well as to assemble buffers, couplers, and brake and door components. With improved logistics, production flow and working environment, the facility is designed to provide the highest standards of quality to our customers, and of safety to our employees. 

FWE certification for seven sites The Faiveley Worldwide Excellence (FWE) program was launched two years ago to standardize the way we operate across the organization. Sites that implement the program’s

operating model and best practices in areas such as quality and risk management become FWE certified. The certification is intended as a demonstration of excellence, and used

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NEW MULTIPRODUCT MANUFACTURING SITE IN THE CZECH REPUBLIC

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increased our HVAC capacity. 

alongside external certifications such as ISO 9001. To date, seven sites have been certified. They include sites in Germany, China, France, India and the Czech Republic. 

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In August 2015, we began field trials with Swiss Federal Railways (SBB) of the Faiveley NeoFlexx® Disc. The innovative brake disc uses patented manufacturing technology to provide customers with flexibility in design and dimensions and faster time to market. Superior reliability and low weight also help optimize total cost of ownership. We are now delivering the disc to another European operator, and laying the groundwork for serial manufacturing at our plant in Witten, Germany. We expect to receive our first commercial orders for the disc in 2016-17. 

-20%

REDUCTION IN WEAR COMPARED TO A STANDARD BRAKE DISC

COMBINATION WITH WABTEC TO CREATE A GLOBAL RAIL LEADER A proposed combination with Wabtec Corporation reached a number of milestones, including agreement between the two parties and approval by our Works Council. Review by competition authorities in Europe and the United States is underway. The combination would secure the long-term future of Faiveley Transport by capitalizing on the complementary strengths of the two companies to create a global player with combined sales of around €4 billion. The transaction is expected to close end-2016.  © SBB CFF FFS

FAIVELEY NEOFLEXX® DISC IN PASSENGER OPERATION

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NEW PLATFORM ORDERS SIGNAL REGAINED CUSTOMER CONFIDENCE

Collaborative Reliable Passionate

2015-16 was a bumper year for orders on new platforms, reflecting our customers’ renewed faith in our ability to deliver high quality, reliable products.

 In Paris, we are supplying HVAC and braking systems for Alstom’s MP14 Paris metro trains. Contracts for the first 35 trains amount to nearly €15 million: more than 180 additional trains could be delivered over a 15-year period. Our energy-efficient HVAC systems and efficient brake systems contribute to the project’s objectives of low energy consumption, high performance and ease of maintenance.

worth more than €60 million and include braking systems, couplers, cabin HVAC and auxiliary converters. Bombardier has options to build an additional 710 cars.

We are Faiveley Transport.

 In Brussels, we are supplying a wide range of products to Bombardier for their M7 double-decker train cars. The contracts*, which cover 355 cars, are

 In China, we are working with the recently-formed giant CRRC, supplying HVAC systems for MBTA’s fleet renewal metro project in Boston. The contract, which totals €15 million, reflects CRRC’s confidence that Faiveley Transport is the right supplier to provide support in its first project in the United States.  *Contracts to supply auxiliar y conver ters were signed during the 2015-2016 financial year. The contracts for all other elements were booked in the first quar ter of 2016-17.

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NEW PLATFORMS

G ROW TA

© CRRC

© SIEMENS

 In Germany, we will supply HVAC and braking systems for the 82 new Rhine-Ruhr Express (RRX) trains to be built by Siemens. The contract, which totals over €25 million, includes overhaul of brake parts for 10 years. Specific technical solutions were designed to support Siemens in delivering unrivalled levels of reliability, comfort and sustainability.

© BOMBARDIER

© ALSTOM DESIGN & STYLING

Contracts on our customers’ new platforms are extremely important to Faiveley Transport. This is because new platforms are highly likely to be sold in several countries, thereby generating future opportunities for the Group. In 2015-16, we won new platform contracts with four major customers: Alstom, Siemens, Bombardier and CRRC.

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DEPLOYMENT OF OUR VALUES 2015-16 was the year in which our 5,950 people fully adhered to our values: Collaborative, Reliable and Passionate. Having worked with our employees to define these values in 2014-15, this year was about communication. We translated the values into 21 languages and explained them via information booklets and induction courses for new employees. We also included them in our performance management system. The aim: to reinforce a shared culture, and ensure our people feel part of One Faiveley. 

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KEY ROLE IN PARIS METRO

Strong growth in Services

DELIVERING

© RATP

PERFORMANCE

Faiveley Transport will play a key role in the automation of line 4 of the Paris metro, following RATP’s award of a €75 million contract to provide platform screen doors for 29 existing and new stations. Working in consortium with Eiffage Energie Ferroviaire, we will develop, supply and install semi-full-height platform edge barriers at 27 existing stations and 2 new ones. To meet RATP’s requirements for zero service interruption and maximum safety during installation and testing, we will pioneer a new modular fitting system. Full automation of the line, which is expected to deliver major improvements in passenger service, is scheduled for 2022. 

Our Services Division recorded organic growth of 8.8% (13.4% at constant currencies) during 2015-16. This strong growth was the result of record order volumes the previous year, particularly on large overhaul programs in the UK, Australia and the US. It took us one step closer to our Creating Value 2018 goal to rebalance our sales from Original Equipment towards Services: the Services Division now accounts for 45% of our total sales. Strong growth also contributed to our improved profitability* as after-sales enjoy higher margins than Original Equipment. 

*Adjusted Group operating profit, excluding restructuring costs and costs related to the planned combination with Wabtec.

Faiveley Transport saw solid sales in 2015-16, as the benefits of our Creating Value 2018 strategic plan started to be felt across the business. Our clear focus on both quality and employee safety contributed to our customers’ renewed confidence. This, in turn, resulted in significant orders during the year, including contracts on new customer platforms. Looking ahead, we will continue to execute our strategic plan, led by our reinforced senior management team, as we work towards the proposed combination with Wabtec. 

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D E LI V E R I N G PE R FO R M A N C E

STÉPHANE RAMBAUD-MEASSON, CHIEF EXECUTIVE OFFICER OF FAIVELEY TRANSPORT AND CHAIRMAN OF THE MANAGEMENT BOARD, DISCUSSES HIGHLIGHTS OF 2015-16, INCLUDING PROGRESS ON THE CREATING VALUE 2018 STRATEGIC PLAN.

FA I V E LE Y TR A N S PO R T 

ACTI V IT Y R EPO R T 2 015/16

our performance, and our service to

 Why is the proposed combination with Wabtec attractive?

customers. In January we opened our new

The proposed combination with Wabtec would

industrial site in Plzen in the Czech Republic.

be an excellent strategic move for Faiveley

Our contract margin has improved, driven

A multi-product facility, it increases our

Transport. The complementary nature of our

by three factors. The first is improved project

competitiveness in Europe.

activities is striking, both in terms of product

execution, which has resulted in far fewer

In India, one of our four key markets,

range and geographic coverage. This

project margin deteriorations. The second is

we extended the capacity and capabilities

transaction would allow us to pursue our aim of

our mix between services and original

of our Hosur site, near Bangalore, to cover

building a global leader in rail equipment and

equipment, with higher-margin services now

2015-16 was a very positive year for Faiveley

our full product portfolio and we invested

services in the Passenger Transit field.

accounting for 45% of total sales.

Transport, and one of intense change. It was

to master the special processes that are

the first year of our Creating Value 2018

unique to our industry. The site is booming,

strategic plan, in which we successfully

and turnover has increased sharply,

achieved major milestones. It was also a year

demonstrating the logic of our investment.

of transition as we laid the groundwork for

In technology, we invested in a number of

Year on year the rail market is growing in line

one-off costs relating to restructuring and

a proposed combination with Wabtec. We

areas. I would like to highlight Faiveley

with UNIFE* projections. This steady growth

the Wabtec transaction, our adjusted Group

regained our customers’ confidence, winning

NeoFlexx® Disc, whose innovative production

masks some differences depending on product,

operating profit was slightly above our

a number of landmark projects, which I see

process brings significant benefits to

segment and geography.

market guidance.

as testimony of our growing reputation for

customers, including shorter time to market,

We have already started to see a downturn in

strong execution. And we generated strong

reduced weight and lower lifecycle costs.

freight in the United States, as well as in

financial results in terms of sales, profitability

Finally, I would like to stress our solid organic

mining-dominated countries, but this is largely

and cash flow.

growth, driven by the performance of our

offset by overall growth in the transit market.

Looking ahead to 2016-17, there are three main

Services business, which is a key driver

Europe has been slow during the last couple of

priorities. We will focus on closing the Wabtec

of our profitability.

years, but we see it stabilizing, with growth

deal, completing the regulatory process. We will

coming from northern Europe.

work hard to deliver our full year guidance to

China remains a strong market, driven by the

the market. And we will execute our three-year

expansion of the high-speed rail network, a large

strategic plan.

 How would you characterize the year?

 Last year you unveiled the Creating Value 2018 strategic plan. What were the key achievements in the first year?

footprint and cost base in order to improve

 What were the year’s highlights in terms of contracts?

 What were the principal reasons behind your increase in profitability in 2015-16?

We also enjoyed higher sales volumes.

 What is the current state of the rail market in Faiveley Transport’s key geographies?

This is important as we had taken the decision to increase our cost structure to gain better control. While we booked

 What are your priorities in 2016-17?

One of the key objectives of Creating Value

Our most important wins are those where we

number of metro projects, and the emergence of

We have delivered the first visible milestones

is to create a more efficient industrial

have gained positions on our customers’ new

Light Rail Vehicles, albeit with lower growth than

of our transformation, but Creating Value 2018

platforms. This is because new platforms

in previous years. Finally, India is booming,

is a mid-term change program. We have agreed

have a high probability of being sold

driven by a large number of metro projects and a

with Wabtec that we will pursue the plan after

elsewhere, making us well positioned to win

fast-paced program of modernization of Indian

closing, incorporating best practices where

more projects going forward.

Railways. It is a market where we enjoy a strong

appropriate. In this way, we will position the

For example, we won a landmark project with

reputation and position.

combined company for the future, and serve

DELIVERING ON OUR PROMISES

Siemens for the new Rhine-Ruhr Express trains, the largest regional project in Germany last year. Bombardier awarded us contracts for several products for their M7 commuter

our customers even better. 

 What progress have you made on customer satisfaction and operational excellence?

train in Belgium, one of the largest European

We have demonstrated to our customers

platforms today. And we won contracts on

that we are reliable and have enhanced our

Alstom’s new Metropolis platform.

control over the entire project value chain,

We also won projects in Australia, India and

putting in place strong governance of our

the Americas demonstrating our strength in

projects. We have put quality at the top of the

major markets outside Europe.

agenda, and the improvements we have made are visible in the indicators we systematically monitor. These include non-conformity reports (NCRs), a measure on which I believe we outperform the industry today.

*UNIFE: Union des Industries Ferroviaires Européennes, a professional association for the railway supply industry.

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D E LI V E R I N G PE R FO R M A N C E

WABTEC COMBINATION: CREATION OF A GLOBAL RAIL LEADER On 27 July 2015, Faiveley Transport

sales of approximately €4 billion. The

FA I V E LE Y TR A N S PO R T 

Two market leaders with complementary strengths WABTEC

complementary nature of the two

offer will be filed with the Autorité des

negotiations with Wabtec Corporation.

companies’ activities is strong, both in

Marchés Financiers (AMF – French financial

Following review with employee

terms of product range and geographic

markets authority) in the weeks following

representative bodies, on 6 October 2015

coverage (see opposite).

this change in control. 

FAIVELEY TRANSPORT

$3.3bn

13,000

€1.1bn

5,950

IN SALES

EMPLOYEES. 50 MANUFACTURING PLANTS

IN SALES

EMPLOYEES. 56 SITES WORLDWIDE

quarter of 2016 and the proposed tender

announced its entry into exclusive

United States

Increasingly global

A LEADER IN ITS HOME COUNTRY, WITH 53% OF SALES TO THE US

57% OF SALES IN EUROPE; 22% IN ASIA-PACIFIC; 20% IN AMERICAS

Freight leader

Strength in transit

62% OF TOTAL SALES IN THE FREIGHT SEGMENT

MAJOR NEW CONTRACTS ON NEW METRO AND PASSENGER TRAIN PLATFORMS IN 2015-16

the Faiveley family and Wabtec Corporation signed the share purchase agreement as

Finalization of this project is subject to

well as a shareholders’ agreement; Faiveley

the fulfilment of standard closing conditions

Transport and Wabtec Corporation signed

and specifically to the approval of the

the agreement related to the tender offer.

competent competition authorities (the

ACTI V IT Y R EPO R T 2 015/16

Services BOTH FAIVELEY TRANSPORT AND WABTEC HAVE A STRONG FOCUS ON DEVELOPING AFTERMARKET PARTS AND SERVICES: 62% OF WABTEC TOTAL SALES COME FROM SERVICES; AT FAIVELEY TRANSPORT, THE FIGURE IS 45%

European Commission and the US Wabtec’s firm offer relates to the acquisition

Department of Justice, as well as Russia’s

of the entire Faiveley Transport share

Federal Antimonopoly Services)*.

capital, valuing it at an enterprise value in the region of €1.7 billion, and would give

In this context, the acquisition of the

rise to one of the world’s leading rail

controlling interest from the Faiveley family

equipment manufacturers with combined

by Wabtec is expected to occur in the fourth

*At the time of publication, the project had already been approved by the Russian competition authority. The process for applying to the European Commission for authorization was ongoing. Following the formal notification submitted on 4 April 2016, on 12 May 2016 the European Commission opened an in-depth investigation (Phase 2) with respect to a few products areas which could be affected by the combination. In the United States, the Department of Justice was continuing the second request review in relation to the planned acquisition.

…with two strong segments

The combination will create a leading global player…

€4bn IN SALES

“The proposed combination with Wabtec secures our long-term growth. The consolidation of our customer base we have seen to date is only the beginning. As major industry players merge, we need to make sure we provide customers with the best possible offer, as well as withstanding competition.” STÉPHANE RAMBAUD-MEASSON, CEO of Faiveley Transport and Chairman of the Management Board

7%

28%

OTHERS

54%

ASIA-PACIFIC

EUROPE

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AMERICAS

SALES BY GEOGRAPHY (ESTIMATE)

Transit

Freight

HEADED BY STÉPHANE RAMBAUD-MEASSON: AROUND 53% OF TOTAL SALES

BUILDING ON WABTEC’S HISTORIC LEADERSHIP POSITION: AROUND 47% OF TOTAL SALES

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FAIVELEY TRANSPORT STRENGTHENED ITS EXECUTIVE COMMITTEE IN 2015-16 BY APPOINTING TWO NEW MEMBERS. THEIR EXPERTISE WILL HELP US ACHIEVE THE GOALS SET OUT IN OUR CREATING VALUE 2018 STRATEGIC PLAN.

OUR EXECUTIVE COMMITTEE Faiveley Transport’s Executive Committee

outlook: they represent three continents,

and HSE. The appointment of these two

oversees operational activities, notably

and around half are non-French. In 2015-16,

talented executives reflects the priority given

the Faiveley Worldwide Excellence program

we welcomed two new members to

to their two areas of expertise in the strategic

and various initiatives in place to deliver

the Committee: Mihaela Andronic, Vice-

plan: developing talent and improving quality

the Creating Value 2018 strategic plan.

President HR and Internal Communication;

are both seen as essential to the ongoing

Its members benefit from an international

and Hakim Aoudia, Vice-President Quality

success of the business. 

FA I V E LE Y TR A N S PO R T 

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OUR FINANCIAL PERFORMANCE ORGANIC GROWTH IN THE ORDER BOOK

STRONG GROWTH IN SERVICES

11.9% INCREASE IN ADJUSTED GROUP OPERATING PROFIT

Building on last year’s record order book, the Group achieved further organic growth of +1.6% (-1.6% when including the negative 3.2% currency effect). This positive momentum reflects customers’ renewed confidence in Faiveley Transport. Major customers entrusted us with new platforms, and we won significant contracts in all regions.

Total sales grew by 5.4%, led by a strong performance from the Services Division. Thanks to exceptional organic growth of 8.8%, Services now accounts for 45% of sales. Original Equipment Divisions’ sales declined due to the planning of deliveries on major platforms. Around the world, Americas recorded the strongest sales growth performance.

Better project execution and an increase in sales of higher-margin Services contributed to a significant increase in gross profit. Despite a significant increase in SG&A* linked to the implementation of the strategic plan, Faiveley Transport increased its adjusted Group operating margin to 9.8% of sales, in line with its Creating Value objectives.**  * Sales, General & Administrative costs. ** 11% to 12% by 2017/18.

Order book From left to right:

1,877

SIMON CHARLESWORTH Vice President Sales & Marketing OLIVIER RAVIT President Energy & Comfort

GUILLAUME BOUHOURS Chief Financial Officer Member of the Management Board

HAKIM AOUDIA Vice President Quality and HSE

RÉMI CAUSSE President Access & Mobility

JÉRÔME SPENCER President Services

1,847

1,616 1,660

901

LILIAN LEROUX President Brakes & Safety

MIHAELA ANDRONIC Vice President Human Resources and Internal Communication

988

957

1,048

1,105

JUN HE President China 10.4

2011/12

RALPH FÜRDERER Chief Technology Officer

Operating margin* (in % of sales)

(in € millions)

(in € millions)

1,690

STÉPHANE RAMBAUD-MEASSON Chief Executive Officer and Chairman of the Management Board

Sales and operating margin

THOMAS FESER Vice President Corporate Development

2012/13

2013/14**

€1,105  MILLION SALES

2014/15

2015/16

2011/12

9.8%

ADJUSTED GROUP OPERATING MARGIN

ALAIN DESCHÊNES Vice President Operations and IT * Adjusted Group Operating margin. ** Restated figures from IFRS 10, 11, 12 impact.

11.2

2012/13

9.3

9.2

2013/14**

2014/15

9.8 2015/16

€38.5 

MILLION FREE CASH FLOW

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FAIVELEY TRANSPORT’S QHSE INITIATIVES ARE INCREASINGLY FOCUSED ON PREVENTION: PUTTING IN PLACE THE RIGHT ­SYSTEMS UPSTREAM, AND STANDARDS AND TRAINING TO ENSURE OUR EMPLOYEES REMAIN SAFE, OUR PRODUCTS ARE OF HIGH QUALITY, AND OUR IMPACT ON THE ENVIRONMENT IS MINIMIZED.

OUR QHSE PERFORMANCE to improve and monitor their QHSE

health & safety and the environment (QHSE)

and operational performance. Sites reaching

around the needs of two key stakeholders:

the same high consistent level of quality

Finally, we take steps to minimize

employees and customers.

achieve FWE certification.

our environmental impacts resulting from

Our approach in recent years has evolved

We have also introduced tighter control

our worldwide production. We have put

from the reactive to the truly proactive,

of our supply chain and have deployed

in place Environmental Management Systems

a fact reflected in our clearly defined

Faiveley Transport quality residents

and certified 19 of our production sites

structure for managing QHSE across

on major client sites.

to ISO 14001 standard, and have launched

visible leadership commitment: in 2016, the Vice President for QHSE was appointed to the Group’s Executive Committee.

Reactivity

Control

Anticipation

IN HANDLING CUSTOMER ISSUES

OF PRODUCTION BASICS

FOR NEW PROJECTS

Achieved by implementing a best practice approach to deal with customer issues rapidly and effectively using a QRQC approach (Quick Response Quality Control).

Investment in better control throughout our supply chain of key special processes such as welding and painting. We also deploy Faiveley Transport quality representatives to client sites.

Introduction of a system of “gate reviews” to track projects from the early stages of design and development and anticipate future milestones and risks. The system also takes into account previous lessons learned.

CERTIFICATION HELPS US IMPLEMENT THIS STRATEGY – AND DEMONSTRATE PROGRESS INTERNAL

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our first initiatives to reduce energy

 New initiatives in Health & Safety

and water consumption. 

SITES CERTIFIED

Faiveley Worldwide Excellence

We believe our people are our greatest resource, and that their wellbeing contributes

 Putting quality at the heart of our approach

ACTI V IT Y R EPO R T 2 015/16

OUR QUALITY STRATEGY IS BASED ON 3 PILLARS

 Improved environmental management

Faiveley Transport focuses its work in quality,

the Group. This is backed by strong and

FA I V E LE Y TR A N S PO R T 

to our ability to deliver high quality products.

INTERNATIONAL

As such, we strive to provide facilities

Our central objective is to provide our

and equipment that meet all the major

customers with the best possible quality

international HSE standards and have also

by putting in place the right systems, tools

set an objective of zero workplace accidents.

and methods. Our strategy for improving

In 2015-2016 we launched several initiatives

our quality performance, supported by

to emphasize a strong safety culture

our FWE (Faiveley Worldwide Excellence)

among all employees. Employees received

certification program, is delivering strong

regular personal messages from our

results for our customers (see opposite).

CEO on the importance of safety, reinforced

FWE represents a key plank of our approach.

by Safety Days with top executives

All sites follow the Faiveley Management

and communications campaigns deployed

System and our Internal Control rules,

across all sites.

RAIL INDUSTRY

30 

19 

SITES CERTIFIED

SITES CERTIFIED

ISO 9001

IRIS

OUR APPROACH HAS BROUGHT REAL BENEFITS FOR CUSTOMERS

90%

75%

reduction in PPM

reduction in backlog

SINCE 2012, WE HAVE REDUCED OUR PARTS PER MILLION (PPM) DEFECTS MORE THAN TENFOLD

SINCE 2012, WE HAVE REDUCED OUR BACKLOG OF CUSTOMERS’ NON-CONFORMITY REPORTS BY FOUR

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FA I V E LE Y TR A N S PO R T 

ACTI V IT Y R EPO R T 2 015/16

Our strategic three-year plan, Creating Value 2018, is ­d esigned to bring tangible benefits to customers,­­ share­holders and employees. It aims to help the Group

CREATING

become more competitive, and grow profitably. Structured around five building blocks, it encompasses all

VALUE

operational ­aspects of our business, from our industrial footprint and organization, to our growth strategy and our

2018

people. In 2015-16, the first year of the plan, we made substantial progress, driving innovation while putting in place solid processes to attain operational excellence. 

CREATING VALUE

Shape

Execute

Create

Adapt our industrial footprint and our organization to improve our performance and our competitiveness.

Achieve operational excellence in terms of Quality, Project management, and On-Time Delivery in order to provide full satisfaction to our customers and improve our financial performance.

Invest in Product and System innovation to maintain a technological edge, meet customers’ needs and improve our competitiveness.

Develop

Grow talent

Focus and accelerate our commercial initiatives to achieve steady and profitable growth that outpaces the rail market.

Promote a shared culture and a working environment which foster talent development and team commitment.

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C R E ATI N G VA LU E

FA I V E LE Y TR A N S PO R T 

ACTI V IT Y R EPO R T 2 015/16

Shape

Execute

FAIVELEY TRANSPORT IS ADAPTING ITS INDUSTRIAL FOOTPRINT, DEVELOPING MANUFACTURING AND PROCUREMENT IN LOW COST COUNTRIES WHILE MAINTAINING ENGINEERING AND PROJECT MANAGEMENT IN ESTABLISHED REGIONS OF EXPERTISE. WE ARE ALSO RESHAPING OUR ORGANIZATION TO IMPROVE COMPETITIVENESS AND PERFORMANCE.

WE AIM FOR OPERATIONAL EXCELLENCE TO MEET THE NEEDS OF OUR CUSTOMERS AND IMPROVE OUR OWN FINANCIAL PERFORMANCE. STRATEGIC INITIATIVES TARGET IMPROVEMENTS IN QUALITY, PROJECT MANAGEMENT, ON-TIME DELIVERY AND COMPETITIVENESS, THROUGH USE OF NEW WAYS OF WORKING AND TOOLS.

In line with the Creating Value 2018 strategic plan, Faiveley Transport increased capital expenditure during 2015-16, to increase its footprint, and improve customer experience and efficiency. Our largest investment was the development of the industrial site at Plzen in the Czech Republic, completed in nine months. The multi-product, state-ofthe-art plant replaces former installations at Blovice, around 20 km away, and increases quality as well as

cost-effectiveness. We have also invested significantly in our Indian footprint, which supports both the local market, and the export market for our European customers. We have extended capacity in specific processes such as painting, and have opened an engineering center in Bangalore. Other transformation projects are ongoing in Germany, France and Scandinavia, as well as in China, where we are developing a footprint for our brakes business. 

REORGANIZATION COMPLETED

Fully empowered Divisions

China management team staffed

Finance organization deployed

Faiveley Transport sees operational excellence as key to its future success: it enables us to grow profitably, by meeting the needs of our customers for high levels of quality and service. Our Faiveley Worldwide Excellence (FWE) program is central to our efforts to achieve operational excellence. It standardizes the way we operate, via the Faiveley Management System, which establishes the model and best practices to be used across the business, and the Internal Control manual, which defines our approach to risk. An important part of FWE is certification, which is awarded following an audit to confirm a site has met the program’s objectives. This year, seven sites gained certification. We also embarked on a series of programs to strengthen operational functions and risk management. New IT tools are being rolled out to harmo-

nize our procedures, and in 2015-16, we introduced the new enterprise resource planning (ERP) tool at 12  sites. Three initiatives are in place to improve project management. The creation of a Project Management Office (PMO) has enabled us to offer a strong cross-divisional center of competencies and grow our talent in this area of expertise. We have instigated a program to select and pool suppliers at Group level. And we have introduced global governance across our projects that encompasses not only financial reviews, but also purchasing, supplier development, and risk identification and ­planning. The result is that project execution has been enhanced across all Divisions. We have also improved our cash and inventory management at all critical sites, through the use of monthly reviews and sales forecasts, in turn enabling us to improve o ­ n-time delivery. 

HR business model underway

20,000 m2

x2

3.4%

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SIZE OF THE NEW PLZEN MANUFACTURING FACILITY IN THE CZECH REPUBLIC

AIM TO DOUBLE OUR BUSINESS IN INDIA OVER THE 3 YEARS OF THE CREATING VALUE PLAN

OF SALES INVESTED IN CAPITAL EXPENDITURE

SITES CERTIFIED UNDER THE FAIVELEY WORLDWIDE EXCELLENCE PROGRAM

SITES USING THE NEW ERP TOOL

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Create

Develop

INNOVATION IN PRODUCTS AND SYSTEMS HELPS FAIVELEY TRANSPORT MAINTAIN A TECHNOLOGICAL AND COMPETITIVE EDGE. WE SEEK TO MEET CUSTOMERS’ NEEDS FOR ENERGY EFFICIENCY, MASS REDUCTION, SYSTEMS RELIABILITY, AND LOWER COSTS – BOTH FOR ORIGINAL EQUIPMENT, AND THROUGHOUT A PRODUCT’S LIFECYCLE.

WE AIM TO ACHIEVE STEADY, PROFITABLE GROWTH AND OUTPERFORM THE RAIL MARKET BY REBALANCING THE BUSINESS TOWARDS SERVICES, AND BY FOCUSING ON FOUR PRIORITY REGIONS – CHINA, INDIA, NORTH AMERICA AND WESTERN EUROPE. WE ALSO EXAMINE MERGER AND ACQUISITION OPPORTUNITIES.

Faiveley Transport invests around 2% of annual sales in research and development, the majority of which is used to develop solutions that meet specific needs expressed by the Group’s existing customers. We invest in three types of innovation. The first is “pure” innovation – new products that demonstrate Faiveley Transport’s technological edge. The second is performance improvements to existing products. The third is product development to meet new regulatory requirements. The 30-35 year life span of rail products makes Total Cost of Ownership (TCO) an important consideration for customers. Energy efficiency and reliability both impact operating costs, as do ease and cost of maintenance. Customers are also interested in innovations that improve configurability. Many of our customers

want to receive flexible, plug and play solutions from system suppliers. A good example of how we respond to these two needs is Faiveley NeoFlexx® Disc, a brake disc used for coaches, locomotives, regional and highspeed trains. It allows for customization depending on requirements – for example it can be made from steel, which offers lower upfront costs, or aluminum, which is lighter, and offers better thermal properties and durability. An all-new manufacturing process allows for flexible production and logistics, reducing lead time. ESP4C, our new sliding plug door mechanism, also meets customer needs for flexibility by offering a single door architecture for different types of LRVs, metros and regional trains. We have reduced space envelope by over 50%, and weight by 30%, thereby meeting needs for lower TCO. 

Exploring the potential for mergers and acquisitions represents a core part of our Develop pillar. The most significant events of 2015-16 therefore relate to the progress we made in our proposed combination with Wabtec (see pg 12-13). Separately, we made progress in further strengthening our Services division, which saw strong sales growth and order intake. We structured our organization to provide local support to customers, expanding our

REGIONAL ORGANIZATION IN SERVICES

Local support

-50% SPACE ENVELOPE REDUCTION WITH ESP4C

Up to

20%

WEIGHT AND WEAR REDUCTION WITH FAIVELEY NEOFLEXX® DISC

engineering services offering, and improving delivery. The aim: to take advantage of opportunities related to our installed base, and accelerate growth. Our four priority regions are those where we see growth and, therefore, an opportunity to outperform the rail market. We have developed plans for each of these regions, won major contracts in 2015-16, and believe we are well positioned for large projects coming to tender. 

8.8% LIKE-FOR-LIKE GROWTH IN SERVICES IN 2015-16

Customer intimacy

Greater accountability

Faster decisions

FOUR PRIORITY REGIONS

1 WESTERN EUROPE

2 NORTH AMERICA

3 CHINA

4 INDIA

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Grow talent THE 5,950 MEN AND WOMEN THAT MAKE UP FAIVELEY TRANSPORT ARE KEY TO OUR SUCCESS. WE ARE FOCUSED ON PROMOTING SHARED VALUES AND A WORKING ENVIRONMENT THAT INSPIRES COMMITMENT FROM OUR TEAMS, AND ON IDENTIFYING AND DEVELOPING OUR PEOPLE’S TALENT.

At Faiveley Transport, we recognize the vital role our employees play in the company’s development, and have put them at the heart of our Creating Value 2018 strategy. One of the challenges of a large international Group is fostering a shared sense of identity and purpose. Last year, we carried out an in-depth exercise among employees to define the Group’s common values. The result – “Reliable, Collaborative and Passionate” – defines what makes us One Faiveley. This is why our efforts in 2015-16 were focused on communicating and translating these values, and including them in our performance management system. Going forward, we plan to include them in our selection process for new hires. Another major focus during 2015-16 was on reinforcing our project management capabilities. Our aim: to ensure

that our project managers have the skills they need to perform their roles and ensure efficient delivery of projects. We worked to define a skills profile for project managers that included both technical skills and soft skills – for example, influencing and communications. We then assessed our project managers against this target profile, and developed individual plans to help them improve. We also invested in training, offering a program in project management fundamentals at seven sites during the year. Our next step is to develop a mobile learning platform. Our final focus was on talent reviews, as part of our aim to identify and develop the Group’s future leaders. We have now completed the full cycle of talent reviews at site, Division and Executive Committee level. Going forward, this will enable us to provide people with rewarding career paths, and motivate our key talents. 

STRENGTHENING

OUR BUSINESS

FAIVELEY TRANSPORT’S THREE SHARED VALUES ARE: RELIABLE, COLLABORATIVE AND PASSIONATE

Our three Product Divisions – Brakes & Safety, Energy &

7 TRAINING ON PROJECT MANAGEMENT FUNDAMENTALS CARRIED OUT AT SEVEN SITES

Comfort, and Access & Mobility – design, manufacture, RELIABLE

COLLABORATIVE

PASSIONATE

We can be counted on. We deliver our commitments with integrity. We are accountable and trustworthy partners.

We work as a global team. We listen to and respect each other. We share our knowledge and believe in our collective contribution.

We are passionate about railways. Passion and expertise are the pillars of our craft. We build on them to address our customers’ needs creatively and swiftly.

and market our equipment. Through our Services Division, we support customers in optimizing the lifecycle costs of their assets, by providing maintenance and spares, and by retrofitting equipment. In China, the world’s largest rail market, we have brought all our products and services ­under one roof, to enable our teams to offer customized solutions. This structure enabled us to support our customers with specialized teams across all regions.  

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Access & Mobility

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36

PROJECTS TO BE DELIVERED BETWEEN 2016 AND 2020 1.

 5

 5

1. Glass bonding on RS10 door leaves, Hosur, India.

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Platform doors Automatic platform gates Access doors Movable step and ramp for disabled person  5 Interior doors

2. Door leaf glass fixation, Plzen, Czech Republic.

 1  2  3  4

2.

3.

3. Platform Screen Doors of metro line 1 - before retrofit project -, Lille, France.

 2

Faiveley Transport invests in research and development, creating innovative products that contribute to our strategic objectives to standardize our offer and reduce installation time. During 2015-16, we won high-value projects in the growing market for platform screen doors, as well as major contracts in access doors.

The Access & Mobility Division supplies manufacturers, operators and railway maintenance bodies worldwide with a complete range of passenger access systems and platform screen doors. As the market leader in platform screen doors and automatic gates, we produce door systems, as well as the surrounding glass and metal panels. The external and internal doors of trains, considered access products, constitute the remainder of the Division’s business activity.

 Leveraging expertise, ensuring delivery Retrofitting is an expertise that enables Faiveley Transport to differentiate itself from

its competitors. We are able to work within extremely tight space and time constraints. In Lille, for example, we successfully fit platform screen doors for the existing metro line 1 at night, enabling it to open for normal service during the day. We continuously invest in research and development to produce innovative products that reduce installation time and improve security. Clear-FlowTM, for exam-

transport systems and reduce weight and volume. ESP4C, our compact door operator, targets the light rail, metro and EMU/ DMU markets with a high level of standardization using service-proven components. Our new ways of working contributed to our excellent reliability and track record in delivery.

ple, is a higher, safer platform edge barrier. Designed to facilitate retrofit projects with its use of modular installation, it is able to reduce installation time by 30%, resulting in significant cost savings for customers. Prototypes for other innovations include new door operators able to serve multiple

In 2015-16, the Division won several key projects worldwide. In access doors, we won contracts for lines 8 and 13 for CRRC in Shanghai, the 93 MTRC trains for CRRC in Hong Kong and for DMRC in New Delhi as well as contracts in Latin America. We gained record orders in platform screen

 A record year for orders

doors, including high value projects such as the retrofit of line 4 of the Paris metro with RATP, who also awarded us contracts on line 14. We also won a contract with a new customer: MHI Transportation Systems, a subsidiary of Mitsubishi Heavy Industries, who awarded us the screen doors contract for line 6 of the metro in São Paulo, Brazil. Going forward, we expect the market for platform screen doors to flourish, thanks to its added value in security and passenger traffic, as well as its compatibility with new metro lines and driverless trains. In 2016-2017, we plan to continue our regional development in order to manage projects and manufacture locally in every

target region. Our ambition is to transform our facility in the Czech Republic into an export hub for Europe. We are also developing our industrial footprint in India to better serve the local market. 

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S TR E N GTH E N I N G O U R B U S I N E S S

Brakes & Safety In 2015-16, the Brakes & Safety Division began to reap the benefits of its programs to standardize and modularize products, which form part of the Creating Value 2018 strategic plan. We also reduced time to market and increased market competitiveness with enhanced localized solutions and manufacturing for our customers.

Three business units  –  Transit Brakes, Freight and Couplers  –  form the Brakes & Safety Division. We offer complete braking systems and safety solutions for all types of rolling stock, and cover the entire braking command chain in trains. While transit system customers require a high degree of customization, the freight sector is characterized by off-the-shelf products.

 Implementing the Creating Value 2018 strategic plan Improved efficiency at all project levels, greater standardization and increased competitiveness were our main objectives in 2015-16. For example, in Brakes Transit, a single tender team of system engineers and costing experts was created, to bet-

FA I V E LE Y TR A N S PO R T 

ter support customers by offering the right balance between performance and costs. This year, we began seeing the benefits of our investment to standardize and modularize products. In brakes, our progress in developing a catalog of standardized products, with stringent testing programs and protocols, resulted in increased success in both transit and freight. In couplers, we made significant progress in our modularization program, and started to see benefits in the form of improved time to market and greater competitiveness. We believe strongly in technical differentiation and see Research and Development as key to better serving our customers. In partnership with Swiss Federal Railways (SBB), we put Faiveley NeoFlexx® Disc into operation this year. This prod-

 1  2  3  4  5  6  7  8  9  10

ACTI V IT Y R EPO R T 2 015/16

uct boasts significant market advantages compared to standard brake discs, thanks to its reduced weight, longer life cycle and reduced energy consumption. Other innovations include the ParkLock® concept, a compact brake offering superior braking force, and a new brake control system.

 Developing international markets Contracts for couplers in India and China, and activity in the freight sector, demonstrate our progress in meeting customer demands with standardized solutions. In addition to existing contracts in India, we were awarded a series of contracts for the Kochi and Lucknow Metro Projects with Alstom. We are also supplying braking systems to Bombardier as part of a wider contract in Delhi. Other major contracts included the

Couplers and/or Draw gear Buffers and self lubricated buffers Air Generation and Treatment Unit Brake Control (Pneumatic, electropneumatic and electronic) Brake frame Wheel and axle mounted discs Disc and tread brake units Magnetic track brake Sanding Pantograph Compressor

­ upply of couplers to CRRC Sifang for s the Hong  Kong metro, braking systems for Alstom’s Metropolis metro trains, for use in Sydney, and braking systems and 10 years’ maintenance for Siemens’ RhineRuhr Express (RRX) trains in Germany. We also received orders for more than 1,200 UIC integrated freight brake systems, and it was a record year for orders in the US freight market. In 2016-2017, we aim to accelerate local production in Czech Republic and India, to the benefit of our customers. We are confident that we will continue to benefit from the positive trend in orders in both brakes and couplers, an extremely active market in India, and continued fleet renewals ­in Europe. 

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 1  7

 10

 9  6

2.

 8

 4  1 EET

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1. Coupler trial testing, Hosur, India.

1.

2. Wheel Mounted Discs (WMDs) Induction, Witten, Germany.

STR

 5

4

NEW PLATFORMS

Contracts included braking systems for four new platforms by Alstom, Siemens and Bombardier

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-10% Energy & Comfort

ENERGY SAVING THANKS TO OUR ECOPARK® SOLUTION

1. Auxiliary power converter wiring, La-Ville-aux-Dames, France. 2. HVAC final assembly, Hosur, India. 3. Pantograph assembly Plzen, Czech Republic.

1.

 6

 1

 5

'

0

+

Einfg

Enter

 6

 6  2

 4  3

7:0 3 Pa ris

 6

 7

Pantograph Energy meter Switch Auxilliary power converter  5 Heating, Ventilation and Air Conditioning  6 Driving Aid and recording  7 CCTV and passenger information  1  2  3  4

In a competitive market, Faiveley Transport seeks to provide added-value solutions for customers that optimize total cost of ownership, notably by improving energy efficiency. We focus on research and development to create technical differentiation and meet customer needs.

 5

 6  7

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3.

2.

The Energy & Comfort Division brings together two product groups related to a train’s energy management chain: Heating, Ventilation and Air Condition (HVAC), and Power & Information (auxiliary inverters, pantographs, switches, CCTV and event recorders). By identifying and developing synergies between products, the Division helps customers increase energy efficiency, reduce energy consumption, cut maintenance costs, and decrease weight and space envelope.

 Major wins on new platforms Against the backdrop of a competitive market, we won significant contracts in

2015-2016. The Group confirmed its position as global market leader in HVAC systems, supplying customers in Switzerland, Germany, France, Belgium, India, China, Russia and the United States. One key contract included the supply of HVAC systems for Boston metro MBTA to Chinese manufacturer CRRC, the world’s largest rolling stock manufacturer, in its first project in the United States. Other major contracts for new platforms took advantage of product synergies. Our ability to meet Bombardier’s requirements for reduced weight and space envelope enabled us to win the contract to supply auxiliary inverters and cabin HVAC systems for 355 M7* train cars.

We are also supplying HVAC for Alstom’s new MP14 Paris metro trains, and Stadler Rail Group’s EC250 EuroCity high-speed trains.

 Innovating to meet customer needs With customers increasingly demanding local content, Faiveley Transport has adopted a “glocal” strategy, focusing on customer proximity and regional production while upholding global standards. In addition to our existing footprint in Europe, China and the United States, we have begun manufacturing in Hosur, India, and are investigating production opportunities in Turkey, Brazil and Russia. Our response to price pressure is to focus

on added-value solutions that increase energy efficiency and lower Total Cost of Ownership. In 2015-16, we created a cross-business Energy Efficiency Centre Of Competence. We work with clients to collect and analyze data relating to equipment and use, before proposing customized solutions to optimize and reduce their energy consumption. We make use of service-proven technologies, such as inverter integrated solutions, heat pumps, and CO2 sensors regulating fresh air entry and heat recovery, as well as our own patented innovations. With HVAC systems, for example, accounting for up to 40% of a train’s energy consumption, our EcoPark® solution, currently being tested on SNCF

trains, provides attractive energy and cost savings. Other solutions include lighter, space-saving pantographs, as well as customizable software for video vigilance and event recorders. Looking ahead, we see opportunities in Asia Pacific and in the US. We also plan to develop further in Turkey and Russia. We believe our technical expertise, global business presence, and expertise in energy efficient solutions will differentiate us from competitors, and enable us to meet customer needs. 

*Contracts to supply auxiliary inverters were signed during the 2015-2016 financial year. The contracts for all other elements were booked in the first quarter of 2016-17.

32

Services

1. Maintenance of the SW4 distributor, Amiens, France. 2. Brake disc inspection Ashford, UK.

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Services saw strong momentum in 2015-16, in line with our ambition outlined in our Creating Value 2018 strategic plan to become a one-stop shop for customers. Improved delivery, more proactive sales strategies, and a new regional organization that better serves customer needs were key to this success.

The Services division supports customers with long-term maintenance of their original equipment, including optimization solutions and spare parts. Already the largest of the five divisions, Services achieved like-for-like sales growth of +9% in 2015-16. This strong growth was the result of record order volumes the previous year, particularly on large overhaul programs in the UK, Australia and the US. Key orders include services to support sales of the Faiveley NeoFlexx® Disc; a 10-year contract for supply and overhaul of parts for Siemens new Rhine-Ruhr Express trains; and an overhaul contract for X40 trains operated by SJ in Sweden.

 Developing customer proximity Our ambition for growth in Services forms part of our strategic plan, and is intimately

FA I V E LE Y TR A N S PO R T 

linked to our focus on customers. We have adapted our organization to provide better local support. No longer centered on business units, our new regional organization brings better customer understanding and faster decisions. We are also increasing localization to improve our reactivity and turnaround time for repair and overhaul projects: examples include new sites in Morocco, UK, Australia and Turkey. We are improving the value we bring customers via proactive sales strategies. As a result of customer visits, we better understand their needs and expectations, enabling us to develop new services. We are developing overhaul kits adapted to customers’ specific programs, for example, and bundling all their spare parts

ACTI V IT Y R EPO R T 2 015/16

needs together to help them simplify their supply chain and logistics.

turnaround times to reduce the overall duration of repairs and overhauls. Increasingly, we are developing partnerships with customers. These are frequently focused on innovation, such as our partnership in Switzerland with SBB to bring Faiveley NeoFlexx® Disc into operation. We are also developing digital services, for example cloud services for ATESS black box users, and real time CCTV streaming for buses. Going forward, we see clear opportunities to develop our Services business, addressing our installed base systematically and proactively as a one-stop shop, able to address all products with a single point of contact for customers, and to propose innovative services focusing on benefits for customers. 

 Targeting excellence in delivery Similarly, we have strengthened our teams and are working much more closely with our customers’ supply chains on demand management and forecasting. Our aim is to maximize sales of parts, by driving excellence in delivery. Cuts to lead times for spares have been significant with strong cooperation with customers. For example, we have worked in partnership with SNCF to reduce lead times to two weeks for a list of products, resulting from strong alignment between our supply chains. The contract also represents the first step in our shift to a distribution model with 48-hour delivery targets. We are also working on

Our services

Installation

Commissioning and training

1.

Preventive & corrective maintenance

Upgrades

Remote diagnostic and predictive maintenance

45%

OF GROUP SALES NOW REPRESENTED BY SERVICES

2.

Reliability and maintainability studies

Friction pair

Energy Saving

Overhauls

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China 4.

2.

1. HVAC components assembly, Shanghai, China.

19,000

2. Door leaf painting, Shanghai, China. 3. Door leaf glass bonding, Shanghai, China. 4. Door operator assembling, Shanghai, China.

1.

China has become a major player in the global railway sector, with the world’s largest high-speed rail network, and the number one rolling stock manufacturer. This year, our China Division optimized services, remained competitive and won several key contracts. We also invested in employee training and research and development.

Faiveley Transport launched its China Divi­sion in 2014 in response to customer demand for products and services in metro, high-speed rail and locomotive systems. As a supplier for China’s largest metro systems, including the Shanghai, Beijing, Harbin, Guangzhou, Changchun, and Wuhan metros, as well as Hong Kong's MTR, we are well positioned in the domestic market. Major contracts won domestically included couplers and door systems for 744 cars of the Hong Kong Metro and access doors for Shanghai line 8 and 13. In another significant achievement, we provided the door system for the first driverless metro lines in Beijing Yanfang line. We are also well positioned as a pioneer in the grow-

ing LRV market by providing a pantograph solution for Suzhou’s second LRV line. In total, we are equipping 36 trains in Suzhou with our pantographs.

 Expanding abroad, adapting locally Our Chinese manufacturing expertise is recognized abroad, in North America, South America, South-East Asia and Europe. We won major contracts to supply parts manufactured in Shanghai for the New Delhi and Kochi Metro Projects in India. In October 2015, we were awarded a milestone contract to supply HVAC systems for China Railway Rolling Stock Corp (CRRC) in its first project for the Boston metro line

KILOMETRES OF HIGH-SPEED RAIL NETWORK IN CHINA

3.

in the United States. We have preferred supplier status with CRRC, especially in door systems, pantographs and HVAC, and continue to work in partnership with the world’s largest train manufacturer. In the high-speed rail sector, we have sustained development in the growing Chinese market. We currently offer braking systems that are undergoing homologation for new high-speed platforms. In 2015, our Brakes & Safety Division was successfully approved for homologation on three Chinese-made trains (CRH3G, CRH3A and CRH2-250). For the locomotives segment in six-axle and eight-axle generations, we have maintained a strong presence and developed

new products for locomotive platforms such as the DMU 215, a future platform for the global market. Our locomotive control units, certified by local Chinese authorities, are accepted by all platforms.

 Focus on operational excellence Since the launch of the “China Quality Year” program in April 2015, we improved local customer satisfaction by focusing on quality standards in products, processes, delivery and services. Our intensive training programs, available on all sites, as well as a dedicated learning campus in Beijing, allow us to increase overall quality awareness. Each employee now benefits from a minimum of 20 hours

of training. In addition to developing product and marketing training, our employee engagement program brings a competitive edge to our hiring efforts. Moving forward, we continue to adapt to the local market with our localization initiatives, inciting sales and marketing teams to consistently update market intelligence and develop acquisition strategies. We also invest in research and development to focus on strategic local projects that boost our current position in the Chinese market. 

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A WORLDWIDE PARTNER CENTRES OF COMPETENCE

SALES BY GEOGRAPHIC REGION

COMMERCIAL SITES

57%

PEOPLE P  RODUCTION AND MAINTENANCE SITES

EUROPE 22  12 

EUROPE

22%

ASIA-PACIFIC

20%

19 

AMERICAS

3,592

1%

REST OF THE WORLD

ASIA-PACIFIC AMERICAS 10 

20 

WORKFORCE BY GEOGRAPHIC REGION

14

60%

EUROPE

1,639

9

28%

720

ASIA-PACIFIC

12%

AMERICAS

SALES BY DIVISION

45%

SERVICES NEARLY

6,000

EMPLOYEES IN 24 COUNTRIES

€1,105 MILLION SALES

56 sites

INCLUDING: 52 COMMERCIAL SITES 42 PRODUCTION AND MAINTENANCE SITES 12 CENTRES OF COMPETENCE

23%

BRAKES & SAFETY

14%

ACCESS & MOBILITY

18%

ENERGY & COMFORT

Design and layout: Writing : IMPACT Communications. 3d Illustration: Manuel Bortoletti. Photos credit: Christophe Recoura, Patrick Sordoillet.

Limited liability company governed by a Management Board and a Supervisory Board with share capital of €14,614,152. 3, rue du 19 Mars 1962 92230 Gennevilliers – France Tel.: +33(0)1 48 13 65 00 Fax: +33(0)1 48 13 65 54 www.faiveleytransport.com E-mail: [email protected]