- Akka Technologies

AKKA TECHNOLOGIES
Presentation of 2013 results
8 April 2014
Maurice RICCI
Chairman &
CEO
Nicolas VALTILLE
CFO
AKKA
1 |Technologies
08/04/2014
Disclaimer
This presentation does not contain or constitute an offer of securities for sale or an
invitation or inducement to invest in securities in France, the United States or any other
jurisdiction.
This presentation may contain information expressed as forward-looking statements.
Forward-looking statements are statements that are not historical facts. Forward-looking
statements may include anticipations, projections and their underlying assumptions,
statements (regarding plans, objectives, expectations and intentions, future financial
results, potential events, operations, services, products). Such information concerns either
trends or targets and cannot be regarded as results forecasts or as any other performance
indicator.
This information is by nature subject to risks and uncertainties, that may cause the actual
results to differ from those mentioned in the forward-looking statements. Even though
AKKA Group’s management believes that the expectations reflected as of the date of this
presentation in such forward-looking statements are reasonable, this information does not
reflect the Group's future performance and are not intended to give any assurances or
comfort as to future results. Therefore no-one should unduly rely on these forward-looking
statements. The AKKA Group makes no commitment to update this information.
More comprehensive information on the AKKA Technologies Group may be obtained on
our website (www.akka.eu).
2 |
AKKA Technologies
08/04/2014
Our DNA
Our DNA
Maurice RICCI
Maurice RICCI
3 |
AKKA Technologies
08/04/2014
Our DNA – 2013 key facts
2013 revenue and underlying margin above expectations
2013 revenue: €878.8 million +6.2% (-4.8% like-for-like)
Strong growth in the legacy businesses internationally
Improved performance in H2
Sequential growth at MBtech in Q3 and Q4
Profit from Business Operations: €57.9 million (6.6% of revenue)
Net income – Group share: €31.1 million (3.5% of revenue)
Healthy balance sheet (gearing of 16%)
Net debt: €30 million, vs €52 million as of 31 December 2012
Implementation of a plan to accelerate the Group’s transformation
2013 laid the foundations of our future growth
4 |
AKKA Technologies
08/04/2014
Our DNA – AKKA’s story
From French automotive engineering company to European leader
2012
Acquisition of MBtech and presence in 20 countries
2011
Acquisition of Aeroconseil
2010
Creation of the AKKA internal research centre
First steps outside Europe (Canada, UAE)
2009
First steps in the German market
2007
Acquisition of Coframi
2005
Key French player and European expansion
Initial Public Offering (IPO)
1999
Beginning of diversification in the aerospace sector
1984
Creation of the Group in the automotive sector
5 |
AKKA Technologies
08/04/2014
Coframi
IPO
Diversification
Our DNA – AKKA’s story
A strategy of profitable growth
827
900
800
2013
2012
2011
2010
2009
2008
2007
2006
0
A differentiating position, with
strategic acquisitions as growth driver
6 |
AKKA Technologies
08/04/2014
43,0
32,1
17,3
13,3
29,8
474
10,2
120
2005
4,9
84
2004
3,4
66
2003
200
160
300
236
400
400
382
500
333
600
100
x 17
x 13
17,5
700
57,9
1 000
Profit from Business Operations (€ million)
879
►
62,9
► Revenue (€ million)
Our DNA – AKKA’s story
A healthy balance sheet
►
Gearing
MBtech
Aeroconseil
Coframi
Self-financed growth
7 |
AKKA Technologies
08/04/2014
Our DNA – AKKA’s story
A strategy of profitable growth
►
Market capitalisation since 2005 (€ million)
450
400
€400 million
350
300
2 April 2014
x4
250
200
150
€100 million
100
15 April 2005 (IPO)
8 |
AKKA Technologies
50
08/04/2014
Our DNA – AKKA’s positioning
A differentiating position
Our passion: technologies
Our promise: we are our clients’ innovation partner
Real closeness and understanding of our clients’ needs
We bring them know-how, productivity, flexibility and reactivity
We support their international expansion and globalisation
Our strength: strong know-how in tailored turnkey projects
Time and materials only since 1995
60% projects/40% Engineering & Consulting Services
18 European skills centres
Our culture: put people at the centre
AKKA Institute
“On Track” project
AKKA Research
- Link & Go
9 |
AKKA Technologies
08/04/2014
Our DNA – AKKA’s positioning
A comprehensive offer
10 |
AKKA Technologies
08/04/2014
Our DNA – AKKA’s positioning
Flexible services tailored to our clients’ needs
Experts on
demand
Engineering
Consulting
Our experts support you on
location through
Our team supports you on your
work-packages and tailored
turnkey solutions through our
Our services enable you to
sustainably optimize the entire
value chain through our entities
Expertise, know-how
Reactivity, flexibility
A deep understanding of each
business sector
A strong mastery of existing and
coming technologies
A concrete ability to create
innovation
35%
11 |
AKKA Technologies
Mechanical design centres
Systems design centres
Software design centres
Casciope
MBtech Consulting
Nearshore/offshore
facilities
60%
08/04/2014
Result & implementation
oriented
5%
Our DNA – AKKA’s positioning
Our value-added expertise in Aerospace
Aerostructure
Metal, Composite, Static
calculation, Stress/Non linear,
Cinematic
System conception and
integration & installation
Hydro-electric, avionic, etc.
Flight physics and
aerodynamics
Embedded software
Cockpit ergonomics
System conception and
integration & installation
Hydro-electric, avionic, etc.
Flight operations and
maintenance
Aircraft modifications
12 |
Information systems
functional support, Interfaces
Monitoring/bug fixing, data
processing etc.
Technical publications
Maintenance, Service Bulletin,
Electrical Schematics, etc.
3D tools
Virtual maintenance, digital
mock-up, viewer 3D real time,
etc.
Aircraft safety
Certification
Ground/flight tests
AKKA Technologies
08/04/2014
Our DNA – AKKA’s positioning
Our value-added expertise in Automotive
Styling
Design, 3D,
modelling
Vehicle
architecture
Main body
& closures
Embedded
software
Chassis &
suspension
systems
Interior, exterior
& accessories
Window lifts, seats,
lighting, dashboard,
A/C, etc.
13 |
AKKA Technologies
Electrical &
electronic systems
ECUs, energy
management, wire
harness
Powertrain
Engine and transmission
processes including
hybrid
& fuel cells
08/04/2014
Calculations
and crash
simulations
Our DNA – Strategy of balances
Geographical balance
Client balance
Segment balance
Financial Independence
A consistent and balanced strategy
since 1999
14 |
AKKA Technologies
08/04/2014
Our DNA – Strategy of balances
2013 revenue by sector
14%
2%
3%
41%
3%
4%
5%
28%
82% of revenue in the Mobility sector
15 |
AKKA Technologies
08/04/2014
Our DNA – Strategy of balances
2013 revenue by country
Switzerland China
4%
4%
Turkey
2%
Roumania
4%
Middle-East
5%
Belgium
30%
International
(excl. Germany)
13.2%
UK
5%
Spain
6%
Canada
7%
Czech Republic
13%
USA
8%
16 |
AKKA Technologies
08/04/2014
Italy
12%
Our DNA – Our values
Our passion: Technologies
To make our people better
AKKA Institute
On track
AKKA Research
Human relationships
Respect, Courage, Ambition
17 |
AKKA Technologies
08/04/2014
Our DNA – Our values
Our training centre
Make our growth sustainable
Respect our fundamentals
Strengthen our structures
Integrate
New hires
New acquisitions
New technologies and networks
Adapt to the needs of our clients
Stabilise our organisations
Clarify our offer and our business
model
Move up the value added chain
Retain the best talent
On track
Our employees are the company’s wealth
Each of our consultants conveys our strategy
Strengthen our cohesion
Increase synergies
Speed up and sustain our diversification
18 |
AKKA Technologies
08/04/2014
Our DNA – Our values
►
►
►
Anticipate technological change
Control change in engineering
methods and development environments
Ensure technological watch
Anticipate
►
►
►
Design technological
solutions
Invent tomorrow’s uses
Promote multidisciplinary
and multisector synergies
Build
loyalty
Design
►
►
Develop
people
►
►
19 |
AKKA Technologies
08/04/2014
Improve employees’ skills
Stimulate creativity
Highlight employees’ know-how
Create collaborative networks
Our DNA – Our values
AKKA, a pioneer in mobility since 2005
Astute Car
20 |
AKKA Technologies
08/04/2014
Link&Go
Link&Go 2.0
Our DNA
2013 results
Maurice RICCI
Nicolas Valtille
21 |
AKKA Technologies
08/04/2014
2013 results
Quarterly revenue (in million €)
250
231.5
225.4
210.3
211.7
200
150
International
Germany
100
France
50
0
T1 2013
T2 2013
T3 2013
T4 2013
Improved performance in the second half
Revenue of €878.8 million in 2013 (+6.2%/-4.8% like-for-like)
1.7% for the legacy businesses
22 |
AKKA Technologies
08/04/2014
2013 results
Profit from business operations by BU
€ million
France *
Germany
International
Other
(% of revenue)
Total Group
•
•
23 |
2013
2012
Proforma
31.9
32.5
7.1%
7.2%
15.0
17.1
4.8%
4.8%
14.9
13.2
12.8%
11.1%
(3.9)
3.2
(0.4)%
0.4 %
57.9
66.0
6.6%
7.1%
Profit from business operations calculated before non-recurring items and cost of stock options and bonus shares
Restated for the corporate value added tax (cotisation sur la valeur ajoutée des entreprises – CVAE)
AKKA Technologies
08/04/2014
2013 results
Profit from business operations by BU
€ million
AKKA legacy businesses
MBtech
Total Group
•
•
24 |
2013
2012
proforma
46.3
51.2
8.2%
9.2%
11.5
14.8
3.7%
4.0%
57.9
66.0
6.6%
7.1%
Profit from business operations calculated before non-recurring items and cost of stock options and bonus shares
Restated for the corporate value added tax (cotisation sur la valeur ajoutée des entreprises – CVAE)
AKKA Technologies
08/04/2014
2013 results
France – Good resistance
2013 revenue: €450.9 million
Revenue stable in 2013
+1.7% in H2, after -1.5% in H1 lfl
1.2 less working day in 2013
PBO: 7.1%, vs 7.2% in 2012
A new presentation that corresponds to reality
Competitive market
Good positioning (service centre)
Stable ADRs thanks to our value added
Slight decrease in rate of activity excluding holidays
25 |
AKKA Technologies
08/04/2014
2013 results
Germany – Positive momentum
2013 revenue: €311.4 million
-12.4% lfl
+13.4% excluding MBtech
A growing market
Gradual change in AKKA’s status
Strong growth among non-Daimler clients
Numerous new accounts
PBO: 4.8%, in line with 2012
16.2% excluding MBtech
Engineering culture
Margins remain high
High rate of activity excluding holidays
26 |
AKKA Technologies
08/04/2014
2013 results
International (excluding Germany) – Positive momentum
2013 revenue: €116.5 million
-0.5% lfl
+7.2% excluding MBtech
Slowdown in Belgium (plateau)
Several countries reported growth above 10%
Numerous new accounts
PBO: 12.8%
12.8%
16.1% excluding MBtech
High margin in most of our regions
Gradual improvement in the US and China
27 |
AKKA Technologies
08/04/2014
2013 results
MBtech – Improved operating performances in H2
2013 revenue: €313.8 million (-14.6%)
Gradual improvement in H2
Sequential growth in Q3 and Q4
-9% in H2, after -20% in H1
Slight growth at MBtech International in Q4
PBO: 3.7%
0.6% in H1 -> 6.7% in H2
Salaries and ADRs in line with competitors
Average age of 32
Cost reduction of about €52 million in 2013
28 |
AKKA Technologies
08/04/2014
2013 results
2013 consolidated income statement
(€ million)
2013
2012*
Variations
REVENUE
878.8
827.3
+6.2%
PROFIT FROM BUSINESS OPERATIONS
57.9
63.0
-7.8%
Cost of stock options and bonus shares
-
(0.2)
Other non-recurring income and expenses
(8.2)
(2.2)
OPERATING INCOME
49.7
60.6
Cost of financial debt
(8.3)
(7.4)
Other financial income and expense
(1.4)
0.9
PRE-TAX INCOME
40.0
54.2
(10.0)
(12.8)
CONSOLIDATED NET INCOME
30.1
41.3
CONSOLIDATED NET INCOME – GROUP SHARE
31.1
40.4
-23.0%
EARNINGS PER SHARE (€)
2.05
2.71
-24.4%
DILUTED EARNINGS PER SHARE (€)
2.05
2.70
Average number of shares
15,113,227
14,926,111
Average diluted number of shares
15,138,294
14,956,812
Tax expense
•
29 |
MBtech was consolidated on 1 April 2012
AKKA Technologies
08/04/2014
-18.0%
-26.2%
2013 results
Transformation plan
Action Plan 2013  2016: €20 million net impact over the period
(€ million)
2013 – 2016
2013 Impact
Reprofiling of
businesses
IT, Trainings, Contracting,
Processing
(2.9)
Recruitment &
decruitment
GAM, Management, HR Group,
Productivity & Production
Controlling, Purchasing,
Claiming, Controlling
(4.5)
Cost
(7.4)
The transformation plan will enable AKKA to achieve its objective
of €100 million in recurring operating income and comprehensive contracts
30 |
AKKA Technologies
08/04/2014
2013 results
Cash flow statement
(€ million)
2013
2012
Cash flow before cost of debt and taxes
63.6
59.8
Taxes
(8.8)
(9.8)
Change in working capital
9.8
(58.0)
Net cash flow from operating activities
64.5
(8.0)
Acquisitions/disposals of fixed assets
(19.1)
(20.8)
Change in scope of consolidation
(6.3)
(41.1)
Dividends
(9.7)
(8.7)
0
3.7
New loans
108.3
106.5
Repayment of loans
(90.9)
(36.4)
Net interests paid
(3.4)
(3.4)
Other
(0.9)
0
Change in cash
42.5
(8.2)
Opening cash position
70.9
79.1
Closing cash position
113.4
70.9
Capital increase
31 |
AKKA Technologies
08/04/2014
2013 results
Balance sheet – Assets (€ million)
2013
2012
Goodwill
111.9
104.0
Intangible assets
10.6
8.6
Property, plant and equipment
49.9
52.1
Non-current financial assets
19.3
18.1
Other net long-term assets
23.5
35.1
Deferred tax assets
18.1
13.3
NON-CURRENT ASSETS
233.5
231.3
2.9
2.5
Accounts receivable
195.5
244.4
Other receivables
93.4
62.8
Cash and cash equivalents
113.4
70.9
CURRENT ASSETS
405.1
380.7
TOTAL ASSETS
638.6
611.9
Inventories
32 |
AKKA Technologies
08/04/2014
2013 results
Balance sheet – Liabilities
(€ million)
2013
2012
174.8
155.3
15.6
21.7
SHAREHOLDERS’ EQUITY
190,4
176.9
Non-current provisions
28.5
14.6
Other non-current liabilities
129.3
84.5
NON-CURRENT LIABILITIES
157.8
99.1
Current provisions
8.5
13.8
Other current financial liabilities
14.9
39.5
Trade payables
Tax and social security liabilities
Other liabilities
CURRENT LIABILITIES
58.8
167.1
41.1
290.4
65.3
178.6
38.8
335.9
TOTAL LIABILITIES
638.6
611.9
Share capital attributable to owners of the
parent
Non-controlling interests
33 |
AKKA Technologies
08/04/2014
2013 results
Good cash generation in 2013
Net debt: €30 million, vs €52 million as of 31 December 2012
Shareholders’ equity: €190 million
Gearing: 16%
Working capital under control : 67.9 days, vs 77.5 days as of 31 December 2012
Decrease in DSOs at MBtech
Improvement in our internal billing processes
Not-due receivables transferred to the factor: €96.4 million, vs €72.9 million
in 2012
Non-recourse factoring
Low cost
High flexibility
Positive gross cash: €113.4 million, vs €70.9 million as of 31 December 2012
Success of the €100 million bond issue in February
A sound balance sheet
34 |
AKKA Technologies
08/04/2014
Our DNA
Creating a best in
class leader
Maurice RICCI
Maurice Ricci
35 |
AKKA Technologies
08/04/2014
Creating a best in class leader
In short, our strategy is clear, consistent and sustainable
Balanced: based on our 4 balances
Local: close to clients
Growing: capacity to combine internal and external growth
Acquisitions to accelerate internal growth
Clients/technology/geographical footprint
Visionary: sense of anticipation
Anticipation of structural change
Management of industry cycles
Efficient: front-ranking financial performances
Sound balance sheet (gearing of 16%, 21 months after the
acquisition of MBtech)
Revenue x13 and recurring operating income x17 in 10 years
36 |
AKKA Technologies
08/04/2014
Creating a best in class leader
Two structuring and transforming acquisitions
2010
Group headcount:
5,600 employees
37 |
AKKA Technologies
08/04/2014
2013
Group headcount:
10,785 employees
Creating a best in class leader
Transformation plan
Adjustment/reprofiling of the offer and Group structures
Abandonment of non-core or underperforming offers
Redeployment of some activities in other geographies
Staff training
Moving up the V-Model
Faster international expansion
Industrialisation of know-how and management processes for
large projects
Lean management
Standardization of our best practices
Skills centres
Increased flexibility
– Inter BU
– Onshore/nearshore/offshore
Adaptation of the Group’s cost structure
Laying the foundations of a best in class leader
38 |
AKKA Technologies
08/04/2014
Creating a best in class leader
A unique ability to complete transnational projects
European foundations
Technological know-how
AKKA
Project management
Technologies
Skills centres
Industrialisation
Best practices
We are beginning to reap
the benefits
39 |
AKKA Technologies
08/04/2014
Major contracts won in 2013
Major contracts and partnerships
Aircraft manufacturer of an emerging market
Customer support
€50 million, first tranche
2014-2017
Airbus
Customer support
€105 million (€10 millions in Germany)
2014-2016
€40 million per year, vs €20 million previously
Renault
Design of a new crossover made in China
AKKA/MBtech/onshore/offshore integration model
A genuine partnership with Renault
Technical success
40 |
AKKA Technologies
08/04/2014
Major contracts won in 2013
Major contracts and partnerships
Daimler
Design of the derivative of one of its flagship vehicles
An unprecedented €23 million contract
Duration: 2 years
Safran
Renewal of listing
Reduction in the panel of suppliers
Rank 1
Positioning over the entire value chain
Duration: 3 years
Industrialisation for Snecma of a new turbine in Asia
2014-2015
Industrialisation, method, machining programme
Transnational project
41 |
AKKA Technologies
08/04/2014
Major contracts won in 2013
Major contracts and partnerships
GDF Suez
Overall listing for engineering
First listing at GDF Suez
Rank 1
Duration: 3 years
Numerous new listing in the automotive sector
Aston Martin
Honda
Nissan
42 |
AKKA Technologies
08/04/2014
Our DNA
Conclusion
Maurice RICCI
Maurice RICCI
43 |
AKKA Technologies
08/04/2014
Conclusion
High potential for growth
Nearly 11,000 employees
Turkey
Paris > Automotive/Railway
Stuttgart > Automotive
Toulouse > Aerospace
Bordeaux > Embedded systems
18 skills centres
44 |
AKKA Technologies
08/04/2014
France
6,021
Germany
2,922
Czech
Republic
388
Belgium
386
Morocco
230
Italy
214
Romania
201
Spain
161
USA
127
Canada
80
Middle East
77
China
75
Turkey
53
Conclusion – 2014 objectives
2013
Robust results, above expectations
AKKA Technologies laid in 2013 the foundations of its
transformation into a global and transnational leader
2014 objectives
Continuation of the Group’s transformation
Negative locked-in growth in Q1
Stabilisation in France and Germany over full year
Growth in international BU in 2014
45 |
AKKA Technologies
08/04/2014
Conclusion – Medium-term objectives
confirmed
Revenue by BU
International
15 to 20%
International
13%
France
40 to 45%
France
51%
Germany
36%
Germany
40 to 45%
Medium term
2013
Medium-term revenue objective: €1.2 billion
46 |
AKKA Technologies
08/04/2014
Medium-term objectives confirmed
PBO objectives by BU
PBO
France
Medium-term
objective
7 to 9%
Germany
10 to 15%
International
10 to 15%
Other
-1 to 0%
Group
8 to 10%
Our goal of achieving recurring operating income of
€100 million is confirmed
47 |
AKKA Technologies
08/04/2014
Thank you
for your attention
Q1 2014 revenue
on 15 May 2014
after market close
Back-up
Read all financial news on
AKKA Technologies at
http://investisseurs.akka.eu
Back-up
•MBtech was consolidated on 1 April 2012.
Restated for a transnational contract gained in 2012 by Octogon in Germany, and registered in France, Spain and the
UK in 2013.
2013 revenue – Quarterly activity
50 |
(€ million)
Change at constant scope and exchange rates*
Revenue
France
Germany
Of which MBtech
Germany excluding MBtech
International (excluding MBtech)
Of which MBtech
International excluding MBtech
Total AKKA legacy businesses
Total MBtech
Q1
Q2
Q3
Q4
2013
225.4
210.3
211.7
231.4
878.48
-6.2%
-9.1%
-2.6%
-1.2%
-4.8%
115.7
108.6
106.6
120.0
450.9
-1.4%
-1.6%
+2.9%
+0.7%
0.1%
81.2
71.7
76.6
81.9
311.4
-12.1%
-21.4%
-10.6%
-5.0%
-12.4%
74.4
64.7
69.5
74.4
283.0
-14.3%
-23.9%
-12.2%
-6.4%
-14.4%
6.8
7.0
7.2
7.5
28.4
+21.0%
+13.9%
+8.4%
+11.6%
+13.4%
28.5
29.9
28.6
29.5
116.5
-6.7%
+0.5%
+2.0%
+2.6%
-0.5%
7.3
8.1
8.2
7.3
30.9
-32.9%
-17.9%
-11.4%
+0.6%
-17.1%
21.3
21.8
20.3
22.3
85.7
+7.6%
+9.7%
+8.7%
+3.3%
+7.2%
143.8
137.5
134.1
149.8
565.0
+1.7%
+0.7%
+0.8%
+4.0%
+1.6%
81.6
72.9
77.7
81.7
313.8
-5.8%
-14.6%
-16.3%
AKKA Technologies
08/04/2014
-23.3%
-12.1%
Back-up
•MBtech was consolidated on 1 April 2012.
Restated for a transnational contract gained in 2012 by Octogon in Germany, and registered in France, Spain
and the UK in 2013.
Revenue – Activity at the end of December (12 months)
51 |
2013
2012
% change
% change
at constant
scope and
exchange rates*
Revenue
878.8
827.3
+6.2%
-4.8%
France
450.9
448.9
+0.4%
0.1%
Germany
311.4
271.4
+14.8%
-12.4%
Of which MBtech
283.0
243.7
+16.1%
-14.4%
Germany excluding MBtech
28.4
27.7
+2.6%
+13.4%
116.5
107.0
+8.9%
-0.5%
Of which MBtech
30.9
27.5
+12.4%
-17.1%
International excluding MBtech
85.7
79.6
+7.6%
+7.2%
Total AKKA legacy businesses
565.0
556.2
+1.6%
+1.7%
Total MBtech
313.8
271.1
+15.8%
-14.6%
(€ million)
International (excluding Germany)
AKKA Technologies
08/04/2014
2013 results
Half-yearly profit from business operations by BU
H1 2013
H2 2013
13.8
18.1
6.2%
8.0%
1.9
13.1
1.2%
8.2%
0%
7.2%
14.0%
18.3%
6.7
8.3
11.4%
14.2%
Of which MBtech
6.0%
1.6%
International excluding MBtech
13.3%
18.8%
22.7
23.6
8.1%
8.3%
0.9
10.6
0.6%
6.7%
23.7
34.2
5.4%
7.7%
France (€ million)*
Germany (€ million)
Of which MBtech
Germany excluding MBtech
International (€ million)
Total AKKA legacy businesses
Total MBtech
Total Group
•
•
•
Profit from business operations calculated before non-recurring items and cost of stock options and bonus shares
Restated for the corporate value added tax (cotisation sur la valeur ajoutée des entreprises – CVAE)
MBtech was consolidated on 1 April 2012
(€ million)
52 |
AKKA Technologies
08/04/2014
Pro forma (€ million)
H1 2012
H2 2012
10.2
22.3
4.5%
10.1%
10.1
7.1
5.4%
4.1%
Of which MBtech
4.9%
3.1%
Germany excluding MBtech
12.6%
15.7%
6.1
7.0
10.2%
12.0%
Of which MBtech
1.1%
7.6%
International excluding MBtech
15.1%
13.9%
21.9
29.3
7.9%
10.6%
8.6
6.2
4.5%
3.5%
27.5
35.5
7.4%
7.8%
France (€ million)*
Germany (€ million)
International (€ million)
Total AKKA legacy businesses
Total MBtech
Total Group
Back-up
Net financial expense
(€ million)
2012
2013
0.5
1.0
Interest expense
(4.3)
(7.7)
Accretion of safeguard debt
(3.5)
(1.5)
Cost of gross financial debt
(7.8)
(9.2)
Net financial expense
(7.4)
(8.3)
Interest income from cash
and cash equivalents
53 |
AKKA Technologies
08/04/2014
Back-up
Our value-added expertise in Railways
Interior fittings
Trim, seating, lighting, etc.
Calculation and simulation
Stress, crash, fatigue, heat,
etc.
Mechanical structure studies
Chassis, bogies, body, etc.
Passenger Information Systems
Communications, sound and video,
etc.
Controls & commands
TCMS, Networks, etc.
Embedded equipment
Electrical, mechanical,
pneumatic, etc.
Signalling
ERTMS, TVM, ETCS, etc.
Operating safety Reliability,
safety, etc.
Traction chain
Calculators, power sizing, engine drivers
54 |
AKKA Technologies
08/04/2014
Architecture and technical specifications of
train functions Traction and braking, air
conditioning, doors, HV/LV, etc.
Our values
Respect
Courage
Trust
Embrace challenge
Attentiveness
Collaboration
Ambition
Determination
Tenacity
AKKA Culture
Generate synergies and share
Desire to win
Develop
Embrace challenge
Surpass traditional limits
55 |
AKKA Technologies
08/04/2014
Get involved