Extract from the Study SCI/VERKEHR COLOGNE 2014 WORLDWIDE MANUFACTURERS OF RAIL INFRASTRUCTURE. Business, Portfolios, Facts, Figures

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1 SCI/VERKEHR COLOGNE 2014 WORLDWIDE MANUFACTURERS OF RAIL INFRASTRUCTURE Business, Portfolios, Facts, Figures

2 WORLDWIDE MANUFACTURERS OF RAIL INFRASTRUCTURE Business, Portfolios, Facts, Figures This study provides a comprehensive and consistent overview of the most significant market players in the field of rail infrastructure manufacturing, including identification, assessment and ranking of corporate data and enabling quick and meaningful comparison of numerous corporate details. Several hundred companies in the railway infrastructure sector have been surveyed and 100 selected for their specific significance as a manufacturer of railway infrastructure (track system, electrification, and control command and signalling). The ranking reveals not only the leading players in the market but also the hidden champions, who realise remarkable growth using cutting-edge technology in dedicated niche markets. The first step in the survey identified the market players with the largest turnover in the field of rail infrastructure. A survey of the share of rail manufacturing turnover in the total corporate (or business unit) business identifies the relative significance of rail infrastructure in the overall turnover of each market player. Thirdly, the market players distinctive positions were identified in core rail infrastructure product markets, including: Track System Electrification Control Command and Signalling Rails Switches/Turnouts and Crossings Rail Fastenings Catenary Equipment Traction Power Supply Electronic Interlockings Finally, the year-over-year development of turnover was assessed in order to identify the most dynamic enterprises. To create an overall benchmark, all four individual indicators were added up to a single individual parameter value for each manufacturer. Some additional assessments reveal the relationships between the manufacturers turnovers, infrastructure turnover shares, company CAGRs, and company margins, as far as appropriate data was available. All input data used for these assessments has been summarized in corporate fact sheets; they have been sent to the respective market players for discussion and revaluation and can be found in the study s annexe and easily used for all kinds of advanced detailed analysis. The English version of the study is available from April 2014 at the price of EUR 3,300 + VAT Contact: SCI Verkehr GmbH Ann Kathrin Arntz Tel: SCI Verkehr GmbH 2

3 CONTENTS 1 Executive Summary Overview Major structural movements in the rail manufacturing business since Track System Electrification Electrification / Control Command and Signalling Control Command and Signalling (including Telecommunication) Summary Segmental ratings Track System Electrification Control Command and Signalling Summary Methodology Selection of Market Players for Survey Manufacturers versus Other Suppliers Non-Rail Activities Rolling Stock Infrastructure-Related Services Infrastructure Manufacturing Survey Criteria Rail Infrastructure Turnover Rail Infrastructure Share in Total Turnover Market Share(s) in the Respective Field(s) of Activity Recent Turnover Development Total evaluation Additional assessments Alphabetical List of Surveyed Companies SCI Verkehr GmbH 3

4 3 The Most Significant Manufacturers The Largest Manufacturers by Rail Infrastructure Turnover The Most Dedicated Manufacturers by Rail Infrastructure Share in Total Turnover The Most Specialised Manufacturers by Market Shares in Selected Product Groups The Most Dynamic Manufacturers by Recent Turnover Development The Relationship between Infrastructure Business Size, Dynamics and Profitability Segmental Analysis Track System Overview of Top Manufacturers Market Shares in the Core Product Markets Electrification Overview of Top Manufacturers Market Shares in the Core Product Markets Control Command and Signalling Overview of Top Manufacturers Market Shares in the Core Product Markets The study contains 25 figures and 5 tables. ANNEXE The 100 Most Significant Rail Infrastructure Manufacturers: Corporate Fact Sheets SCI Verkehr GmbH 4

5 Extract from the Study ( ) In a differentiated view of four criteria (infrastructure turnover, infrastructure turnover share in total turnover, market shares in core markets and recent turnover development), Siemens AG (Infrastructure and Cities Sector, Transportation & Logistics Business, Mobility and Logistics Division) is the leading global infrastructure manufacturer. Infrastructure Top 10 Manufacturers [Score] Siemens (Mobility and Logistics) voestalpine BetElTrans* Vossloh Rail Infrastructure CRSC* Thales Transportation Systems Elteza* Ansaldo STS Kyosan Steel Authority of India (SAIL)* Eligibility Criteria: Rail Infrastructure Turnover, Rail Infrastructure Share in Total Turnover, Market Share(s) in Selected Core Product Markets (Track System: Rails, Swithces/Turnouts and Crossings, Rail Fastenings Electrification: Catenary, Traction Power Supply Control Command and Signalling: Electronic Interlockings), Recent Turnover Development (3-Year CAGR) * = Manufacturers owned by national governments or by national incumbent railway network managers Figure: Infrastructure Top 10 Manufacturers ( ) Compared to the results in SCI Verkehr s previous study of 2009, the new methodology reveals a range of instructive details both overall and in the segmental analysis. The following table shows the final results for the top 20 manufacturers. Rank Criteria: Infrastructure Turnover Infrastructure Turnover Share in Total Turnover Market Shares in Core Product Markets [2] Recent Turnover Development Total Score 3-Year Before After [EUR million] Score [%] Score Score CAGR Score Extrapolation[4] [%] Weighting[3]: none xx% none xx% xx% none xx% none none Siemens (Mobility 1. and Logistics) xx xx xx xx xx xx xx xx xx 2. voestalpine xx xx xx xx xx xx xx xx xx 18. Daido Signal xx xx xx xx xx xx xx xx xx 19. Gross & Janes xx xx xx xx xx xx xx xx xx 20. Baosteel [1] xx xx xx xx xx xx xx xx xx [1] = Manufacturers owned by national governments or by national incumbent rail infrastructure managers [2] = Core Product Markets: rails; switches/turnouts and crossings; rail fastenings; catenary; traction power supply; electronic interlockings. [3] = Weighting: in order to reflect the varying significance of the different criteria used, a comparative weighting between them was established ( ). [4] = Extrapolation: in cases where data was not available, or core product market shares not existent, ( ). e = estimated; = unknown Table: Infrastructure: Results for the Top 20 Manufacturers SCI Verkehr GmbH 5

6 Suppliers Non-Rail Activities (e.g. automotive, civil engineering, industrial services, etc.) Rolling-Stock Related Activities (e.g. manufacturing, assembling, trade, etc.) Non-Manufacturing Infrastructure Activities (e.g. trade, construction services, etc.) Rail Infrastructure Manufacturing Track Electrification Control Command and Signalling Delimitation of Rail Infrastructure Manufacturing Infrastructure: Top Manufacturers by Turnover, Dynamics and Profitability 20% xx [2] 15% 10% 5% 0% xx [1] xx [2] xx [1] xx [1] xx [3] xxl* [4] xx[1] -5% -10% -5% 0% 5% 10% 15% 20% 25% The Manufacturers' Fields of Activity: Margin** xx [1] xx [1] = Track System = Electrification and Control Command and Signalling = Electrification = Track System and Control Command and Signalling = Control Command and Signalling = Active in All Segments The selection has been restricted to manufacturers for which there is sufficient data available. * = Manufacturers owned by national governments or by national incumbent railway network managers ** = [1] = EBIT Margin; [2] = Segment Profit Margin; [3] = Profit from Operations Margin; [4] = Net Profit Margin = Diameter: EUR xx million in Rail Infrastructure Turnover Figure: Infrastructure Top Manufacturers by Turnover, Dynamics and Profitability Control Command and Signalling: Electronic Interlockings Top Market Players by 3-Year CAGR and Product Market Share 30% 25% 20% 15% 10% 5% 0% xx xx xx xx* xx xx xx xx xx xx 3-Year CAGR Product Market Share Electronic Interlockings The selection has been restricted to manufacturers for which there is sufficient data available. * = Manufacturers owned by national governments or by national incumbent railway network managers Figure: Control Command and Signalling: Electronic Interlockings Top Market Players by 3-Year CAGRs and Product Market Share SCI Verkehr GmbH 6

7 Company Headquartered in (Country) ABB Ltd. (ABB Group) Switzerland Alpiq Group Alpiq InTec Group Switzerland Alstom Transport SA France Angang Steel Company Ltd. (Ansteel) Ansaldo STS SpA ArcelorMittal (Long Carbon Americas and Europe Segment) Luxemburg Arrium Ltd. OneSteel Steel & Recycling Australia AŽD Praha s.r.o. Czech Republic Balfour Beatty plc (Construction Services Division) Balfour Beatty Rail United Kingdom Baoshan Iron & Steel Co. Ltd. (Baogang, Baosteel) BBR Baudis Bergmann Rösch Verkehrstechnik GmbH BetElTrans, JSC (ОАО БетЭлТранс, БЭТ/BET) Russia Bombardier Transportation GmbH Changshu Cowin Railway Materials Co. Ltd. ( 常 熟 市 科 稳 铁 路 器 材 有 限 公 司 ) Railway Construction Corporation Ltd. (CRCC) Manufacturing Operations Segment Railway Group Ltd. ( Railway, CRECG) Engineering Equipment and Component Manufacturing Business Railway Signalling & Communication Corp. Consolis Holding SAS France Costruzioni Elettromechaniche Bresciane SpA (Cembre SpA) Daidō Shingō K.K. ( 大 同 信 号 Daido Signal Co., Ltd.) Japan Dätwyler Holding AG, Sealing Solutions Switzerland Delachaux SA (Groupe Delachaux), Branche Ferroviaire France Dnipropetrovsk Switch Works PJSC (Днепропетровский стрелочный завод ПАО Ukraine / Dnipropetrovs'ky Strilotchny Zavod PAO) (DnSZ) DT Výhybkárna a strojírna, a.s. (DT Pointworks and Machineworks, Inc.) Czech Republic Efacec Capital, S.G.P.S., SA Portugal Elektrizace železnic Praha a.s. Czech Republic Elteza, JSC (ОАО ЭЛТЕЗА United Electrical Engineering Plants) Russia Esfahan Steel Company (ESCO) Iran Europoles GmbH & Co. KG Evraz plc (Евраз) Russia Fabryka Elementów Zlacznych S.A. (FEZ) Poland Fandstan Electric Group United Kingdom Frauscher Sensortechnik GmbH Austria Frequentis AG Austria GE Transportation USA Gerb Schwingungsisolierungen GmbH & Co. KG Getzner Werkstoffe GmbH Austria Goldschmidt Thermit GmbH Gross & Janes Co. USA Hebei Iron & Steel Group - Yongyang Steel Co.,Ltd. Hidremec Indústria de Materiais Ferroviários Ltda. Brazil Hitachi, Ltd. (Kabushiki Kaisha Hitachi Seisakusho), Social Infrastructure and Industrial Systems Business Segment Japan Hollysys Automation Technologies Singapore Huawei Technologies Co., Ltd. Hyundai Steel Co. South Korea JFE Holdings, Inc. JFE Steel Corporation West Japan Works (Fukuyama-shi) Japan JH Turkington & Sons Ltd. United Kingdom Jindal Steel & Power Ltd. India K.K. Kyōsan Seisakusho ( 京 三 製 作 所 Kyosan Electric Manufacturing Co., Ltd.) Japan Kapsch CarrierCom AG Austria Karabük Demir Çelik Fabrikaları (Karabük Iron and Steel Works - Kardemir) Turkey Kirchdorfer Fertigteilholding - MABA Track Solutions GmbH Austria SCI Verkehr GmbH 7

8 Company KONČAR Elektroindustrija d.d. (KONČAR Electrical Industry Inc.) Koppers Holdings, Inc. KRAIBURG Holding GmbH & Co. KG KRAIBURG ELASTIK GmbH L B Foster Co. Liljedahl Bare Wire Group LS Industrial Systems Co. Ltd., Automation Business Sector Lucchini SpA Meidensha Corporation, Social Infrastructure Systems Sector MERMEC Group Metinvest BV (Azovstal Iron and Steel Works) Mont-Ele Srl Murom Switch Works OJSC (OAO Муромский Стрелочный Завод) (MSZ) Nexans Nicco Corporation Ltd., Cable Division Nippon Shingō K.K. ( 日 本 信 号 Nippon Signal Co. Ltd.), Traffic and Transportation Infrastructure Division Nippon Steel & Sumitomo Metal Corporation nkt cables Group GmbH Nokia Solutions and Networks BV (NSN) Novosibirsk Switch Works OJSC (OAO Новосибирский стрелочный завод) Patil Rail Infrastructure Pvt. Ltd. Pfisterer Holding AG Pfisterer Kontaktsysteme GmbH Powerlines Group GmbH Prysmian Group, Telecom Business Rahee Group RAIL.ONE GmbH Rockwool A/S, Systems Segment (RockDelta) Rocla Concrete Tie Inc. Sampyo E&C Schaltbau Holding AG, Stationary Transportation Technology Division Scheidt & Bachmann GmbH Schwihag AG Shanghai Suyu Railway Fasteners Co., Ltd. Siemens AG, Infrastructure and Cities Sector, Transportation & Logistics Business (Mobility and Logistics Division) Steel Authority of India Ltd. ( ऑफ ) (SAIL) Bhilai Steel Plant (BSP) Stella-Jones, Inc. / Stella-Jones Corporation Suzhou Huibo Railway Fastener Co., Ltd. Tata Steel Ltd., Rail Sector Thales, Aerospace and Transport Sector, Transportation Systems Business Unit ThyssenKrupp AG, Materials Services Business Area (ThyssenKrupp GfT Gleistechnik GmbH) Track Tec SA Třinecké Železárny, a.s. (Moravia Steel Group) Valente SpA voestalpine Group, Metal Engineering Division Vossloh AG, Rail Infrastructure Division Wegh Group SpA Wuhan Iron and Steel Company Ltd. (Wugang) Yamato Kogyo Co., Ltd. Yamato Trackwork System Co., Ltd. Yapi Merkezi Yapiray Demiryolu Inşaat Sistemleri Sanayi ve Ticaret A.Ş. Table: Rail Infrastructure Manufacturers Included in the Present Study Headquartered in (Country) Croatia USA USA Sweden South Korea Japan Ukraine Russia France India Japan Japan Finland Russia India Austria India Denmark USA South Korea DE Switzerland India Canada United Kingdom France Poland Czech Republic Austria Japan Turkey SCI Verkehr GmbH 8

9 Company Fact Sheet Example 96 Vossloh AG, Rail Infrastructure Division Overview Head Office: Werdohl, Website: Shareholders: 31.77% Vossloh GbR (family holding), 25.14% KB Holding GmbH (Heinz Hermann Thiele), 33.09% Free Float, 10% Vossloh AG Management: Dr. Werner Andree, Chairman of the Board of Directors (until 17 February 2014) Dr.-Ing. Norbert Schiedeck, Member of the Board of Directors (until 17 February 2014) Dipl.-Ing.Dr. h.c. Hans M. Schabert, Chairman of the Board of Directors (from 1 April 2014 on) Dipl.-Ing. Volker Schenk, Member of the Board of Directors (from 1 May 2014 on) Dipl.-Bw. Oliver Schuster, Member of the Board of Directors (from 1 March 2014 on) Employees (2012): (Rail Infrastructure Division) Turnover (2012): EUR 792 million (Rail Infrastructure Division) Profit (2012): EUR 82 million (EBIT, Rail Infrastructure Division) % % % % 15% % 10.4% 10% % Vossloh AG, Rail Infrastructure Division: Development of Turnover and Profit Breakdown of turnover by activities 0 Non-Rail (Bridges, Civil Construction, Other Industries) Turnover (Rail Infrastructure Division) [EUR million] EBIT (Rail Infrastructure Division) [EUR million] EBIT Margin Reporting Period: January to December Rolling Stock Non-Manufacturing (Trade, Planning, Construction, etc.) Track System Electrification Control Command and Signalling - - ~5% ~95% - - Vossloh AG is a leading global supplier of turnouts, rail fastenings, locomotives, electrical installations for rolling stock, related components and services. On 26 November 2013, the Vossloh family announced it would sell 22% of the company's shares (i.e % of its own share package held at the time) to institutional investors, with the aim of increasing the group's capitalisation by free float. 0% Corporate Structure Vossloh AG Rail Infrastructure Fastening Systems Switch Systems (Vossloh Cogifer) Rail Services Transportation Transportation Systems Electrical Systems (Vossloh Kiepe) Continued on next page SCI Verkehr GmbH 9

10 Company Fact Sheet Example Corporate Development Acquisitions Year Disposals Eduard Vossloh Company registered 1880 Production of resilient rail fastenings using tension clamps started at Werdohl () Vossloh AG registered as a holding company of 3 divisions: Vossloh-Werke GmbH (railway products) Vossloh-Schwabe GmbH (lighting) Hansa Metallwarengesellschaft mbh Thiessen & Hager (decorative products) (all ) Second plant for rail fasteners opened in Delitzsch () 1992 Rail-related parts of insolvent Deutsche System-Technik GmbH () (traffic management and electronic information systems) Vossloh System-Technik GmbH Vossloh IT 1996 MAN Systemelektronik () (passenger information) Vossloh System-Technik GmbH VAE AG (Austria) (turnouts) (Joint Venture with VOEST-Alpine Stahl AG) Continued on next page Comreco Rail Ltd. (UK) Vossloh IT % of NovoRail Vossloh System-Technik Malmö AB (Sweden) (electronic signalling) Majority of Transwerk Perway Pty. Ltd. (South Africa) (turnouts) Vossloh Cogifer SA Bombardier Transportation (Signal) GmbH, Passenger Information & Entertainment Systems business unit Cogifer SA (France) (turnouts, signalling) Vossloh Cogifer Vossloh Switch Systems Skamo Sp. z o.o. (Poland) (rail fastenings) Vossloh-Werke GmbH % of MIN Skretnice (Serbia) (turnouts) Vossloh Cogiger SA 2003 Swedish Rail Systems AB (Sweden) (turnouts) Delkor Pty Ltd. (Australia), rail fastening operations Vossloh Fastening Systems GmbH 51% of JS Industries Private Ltd. (India) (turnouts) Vossloh Cogifer SA Daksin Transtek Ltd. (India) (point machines) (Joint Venture with Patil Group Patil Rail Infrastructure Pvt. Ltd. 60% of Beekay Engineering & Castings Ltd. (India) (turnout components) Vossloh Cogifer SA and subsidiary Amurrio (Spain) Pohl Corp. (USA) (turnouts) Cleveland Track Material, Inc. (USA) (turnouts) Last remaining share of Européenne de Travaux Ferroviaires SA (ETF) (France) Third plant for rail fasteners opened in Kunshan () Vossloh Fastening Systems () Co. Ltd. TKL Rail (Australia) (turnouts) Sportek Kontek Maskinfabrik A/S (Denmark) (turnouts) Kloos Oving BV (Netherlands) (turnouts) Nuova Sima Sud () turnout and permanent way component business Global Rail Systems (USA) (signalling equipment) Vossloh Switch Systems Stahlberg Roensch Group () (rail welding) LOG Logistikgesellschaft Gleisbau mbh () (track construction) Contrack Group ISB Instandhaltungssysteme Bahn GmbH () (track construction) Vossloh Rail Services SaarGummi Deutschland GmbH permanent way segment Vossloh Fastening Systems Joint Venture to build and operate a production plant for turnouts in from 2012 on Remaining 50% of VTS Track Technology Ltd. (UK) (turnouts and components) Vossloh Switch Systems Decoration Division (Hansa Metallwarengesellschaft mbh Thiessen & Hager) Arquati SpA Lighting Division (Vossloh-Schwabe GmbH) Matsushita Electric Works, Ltd. stake in VAE AG Voest-Alpine Bahnsysteme GmbH 2007 Vossloh Information Technology Funkwerk AG 2008 Vossloh Infrastructure Services (VIS) Eurovia S.A. (VINCI Group) SCI Verkehr GmbH 10

11 Company Fact Sheet Example Production Sites Country Site Products Remarks Werdohl Rail fastenings Corporate Headquarters Vossloh Fastening Systems GmbH Vossloh Werdohl GmbH Australia Regents Park Rail fastenings Delkor Rail Pty Limited Kunshan Rail fastenings Joint venture with Nanjing Iron Steel Co. Ltd. Poland Nowe Skalmierzyce Rail fastenings Vossloh Skamo Sp. z o.o. Australia Castlemaine Orange Kewdale Turnouts/crossings Point machines Vossloh Cogifer Australia Pty. Ltd. Belgium Carnières Turnouts/crossings EAV Durieux SA Denmark Horsens Turnouts/crossings Vossloh Sportek A/S France Reichshoffen-Fère Turnouts/crossings Vossloh-Cogifer SA Trier Turnouts/crossings Vossloh-Laeis GmbH & Co. KG India Bangalore Turnout components Dakshin Transtek Pvt. Ltd. (Joint venture with Patil Rail Infrastructure Ltd.) India Bhilai Turnout components Vossloh Beekay Castings Ltd. India Hyderabad Turnouts/crossings J. S. Industries Private Ltd. (Joint venture with Patil Rail Infrastructure Ltd.) Turnouts/crossings Bari Pomezia mechanical components for tracks, switches/turnouts and catenaries Vossloh Cogifer Italia S.r.l. Nuova Sima Sud Luxembourg Rumelange Turnouts/crossings KIHN SA Netherlands Ablasserdam Turnouts/crossings Kloos Oving B.V. Poland Bydgoszcz Turnouts/crossings Cogifer Polska Sp. z o.o. Portugal Tramagal Turnouts/crossings Frutifer-Indústria Ferroviárias SA Serbia Nis Turnouts/crossings Vossloh MIN Skretnice AD Turnouts/crossings Spain Amurrio specialised in manganese crossings Amurrio Ferrocarril y Equipos SA Spain Amurrio Turnouts/crossings Sweden Oerebro Turnouts/crossings Burbiola S.A. (Joint venture with voestalpine Bahnsysteme GmbH & Co KG) Vossloh Nordic Switch Systems AB (Previously Swedish Rail Systems AB) Thailand Bangkok Turnouts/crossings ATO-Asia Turnouts Co., Ltd. United Kingdom Scunthorpe Turnouts/crossings USA Reading PA Turnouts/crossings Corus Cogifer Switches and Crossings Ltd. (Joint venture with Corus Rail) Vossloh Track Material, Inc. (Previously Pohl Corp.) Continued on next page SCI Verkehr GmbH 11

12 Company Fact Sheet Example Production Sites (continued) Country Site Products Remarks USA Cleveland OH Turnouts/crossings Cleveland Track Material, Inc. USA Marlin TX Point machines Global Rail Systems, Inc. Market Position Product Segment Product Group Global Market Share ( ) Remarks TRACK SYSTEM Switches/Turnouts and Crossings 7% Fastenings 15% CONTROL COMMAND AND SIGNALLING Electronic Interlocking Technology Conventional Interlocking Technology <5% Point machines <5% Point machines SCI Verkehr GmbH 12

13 Order form MC Rail Infrastructure Please fax to: + 49 (221) or to: SCI Verkehr GmbH Cologne Office FAO Ms. Ann Kathrin Arntz I would like to order the Multi Client Study Worldwide Manufacturers of Rail Infrastructure 2014 Quantity Issue Language Single price 1 Total price 1 PDF Issue English 3,300 PDF + Print Issue English 3,700 Total price* Please ask for the prices for datasheets in other formats from the ordered MultiClient Study. Company Contact person (Title, first name, surname) Position Address (Street, town, postcode) VAT Number (for customers in member states of the European Union) or other invoicing address or order number Tel Fax I would like to pay by prepayment / I would like to pay by credit card 2 / Invoice For payment by credit card please use the online shop or ask Ms. Arntz Orders subject to our general terms and conditions. Place of jurisdiction is Hamburg. Date Signature / stamp 1 All prices exclude delivery costs and VAT 2 Additionally 5% credit card payment charges Cologne Office Place of jurisdiction: Schanzenstraße 117 Vor den Siebenburgen 2 Country court Hamburg Hamburg / Cologne Geschäfts-Nr. 66 HR B Tel: +49 (0) Deutsche Bank Hamburg Fax: +49 (0) Tel: +49 (0) Bank code: Fax: +49 (0) Account number:

14 q CLIENTS WE NAVIGATE WORDLWIDE Hamburg Office SCI Verkehr GmbH Schanzenstraße Hamburg Phone: 49 (0) Fax: 49 (0) Imprint: Cologne Office SCI Verkehr GmbH Vor den Siebenburgen Köln Phone: 49 (0) Fax: 49 (0) Berlin Office SCI Verkehr GmbH Köpenicker Strasse 48/49 Eingang G Berlin Tel.: 49 (0) Fax: 49 (0)

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