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2023 Annual report
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2023 Annual report
The industrial company Talgo bases its commercial activity on two lines of business:
Manufacture and sale of auxiliary and other machines, mainly pit lathes
To be the leading company in the Spanish railway sector, with an international industrial presence, recognised worldwide for its capacity for innovation, technology, quality, reliability and the added value of its products and services
To be a supplier of products and services capable of implementing comprehensive and innovative solutions in new segments and markets
We foster an open working environment that encourages personal initiative and creativity. Technological development and the contribution of originality and added value to our products and services are the essential features of our corporate personality
We strive to provide customers with high quality, innovative products and services that meet their needs and expectations. We establish long-lasting partnerships with our customers and support their business success. We take on the client’s objectives as our own and address their needs immediately and efficiently.
We are proud to belong to Talgo as a world renowned company. We share its contributions and achievements to which we all contribute with our dedication and personal commitment.
We are constantly concerned about the development and improvement of our professionals, a job well done and ongoing improvement.
We combine our economic, social and environmental objectives, reconciling the goals pursued by the company with those of society and the family. We fulfil our commitments to society by conducting our business activities with the utmost honesty. Our employees act with integrity and loyalty that promotes mutual trust and personal esteem
We look after the well-being and health of our workers by integrating safety, prevention and occupational health aspects into the overall management of the company. Our commitment is focused on ensuring that all workers carry out their activities under safe conditions and in healthy work environments.
The Group’s business model aims to deliver long-term value to its stakeholders. It is underpinned by a solid financial model focused on steadily increasing turnover and maintaining attractive returns for shareholders; and by a sustainable model that maximises efficiency and social commitment while reducing the environmental impact of its activities.
Talgo has a broad portfolio of products that are adaptable to customer needs and linked to medium and long distance segments with high and very high speed trains, state-of-the-art passenger coaches and regional and commuter trains to continue boosting its growth in the sector.
Talgo AVRIL includes a range of technologies and shows that the Group’s skills are available to only a few manufacturers worldwide. Innovation aimed at maximising capacity and minimising operating costs ahead of competitors, with the particularity of including proprietary technology such as the equipment of the change of track gauge.
The Talgo 250 range trains have proven to be the most reliable and cost-effective option for operators looking for equipment designed for accelerated rotation both on networks that have been partially adapted to high-speed and on conventional lines that have not been adapted. They can also equip width change systems and even operate on unelectrified lines, making them the most versatile solution on the market.
The Talgo 250 range trains have proven to be the most reliable and cost-effective option for operators looking for equipment designed for accelerated rotation both on networks that have been partially adapted to high-speed and on conventional lines that have not been adapted. They can also equip width change systems and even operate on unelectrified lines, making them the most versatile solution on the market.
Talgo has developed the Vittal platform in-house, which is designed for high-frequency commuter and regional services around major cities. The excellent power-to-weight ratio improves acceleration and braking coefficients, while its unbeatable accessibility helps to cut the time spent on loading and unloading operations at each station.
This train, equipped with specific instrumentation, will be used for the maintenance and monitoring of the Spanish infrastructure and to ensure the future safety and availability of the Spanish railway service.
Talgo has a broad portfolio of products that are adaptable to customer needs
Talgo’s objective is to offer operators a product that allows them to cover more needs, and with a better cost-effectiveness ratio than other manufacturers, based on a technological paradigm built on the following main principles:
Talgo closed the year with an all-time record for order intake, reaching 4.2 billion euros in contracts, 53.7% more than the previous year, which provides visibility for industrial activity until 2030. In addition to achieving record highs in new orders worth more than 2.1 billion euros.
Currently, order intake is balanced between manufacturing and maintenance with visibility for revenue in the short and medium term, due to several aspects.
The strong manufacturing activity led by the first orders from DB (Germany) and DSB (Denmark) projects and supported by the RENFE powerhead project (Spain).
Long-distance trains have also been successfully delivered in Egypt and Renfe’s VHS project is in the process of being delivered. Additionally, the year has seen adequate performance of maintenance services on time and budget in all markets.
Revenue
EBIDTA
Revenue change 2022-2023
Talgo had a stable maintenance portfolio in 2023, with contracts indexed to inflation and protected against price volatility.
It has also experienced a recurring contribution to cash flow and low capital consumption intensity and has a growing installed base that will increase in the coming years (Spain, Germany, Denmark, Egypt).
In 2023, repairs and renovations accounted for 4% of total order intake. It is a business that continues to offer growth potential and is the gateway to new markets characterised by customer demand for areas such as upgrading, remodelling and technical improvement of existing equipment rather than the acquisition of new products.
Talgo’s commercial and strategic positioning objective is to be a leader in the long-distance segments in the rail passenger transport sector, providing customised and industry-leading solutions in terms of reliability, safety, innovation and sustainable and responsible business.
Talgo establishes its competitiveness model through the continuous improvement of its quality systems, process strength, productivity, and industrial and operational efficiency.
Furthermore, its proven track record and unique technology, together with the key positioning of rail transport in the current decarbonisation process and the process of releasing the railway map, make commercial prospects positive for the coming years.
Talgo once again demonstrates its commitment to quality and continuous improvement. In 2023 it has renewed its “Silver Performance Level” qualification according to the IRIS (International Railway Industry Standard) certification scheme, UNE-ISO-TS 22163, at its manufacturing and maintenance centres in Spain, remaining among the 10% of companies holding this distinction worldwide.
Talgo, as a leading national and international group of companies in research and development, assigns the highest priority and resources to this essential driver of business value to ensure its continuity and sustained growth over time.
TPH2 HYDROGEN/BATTERY/ELECTRIC POWERED TRAIN
HYMPULSO RAIL MOBILITY THROUGH HYDROGEN/BATTERIES
LIGHTWEIGHT CARBON FIBRE CASE/FRAME
LIGHTWEIGHT CARBON FIBRE BALL BEARING
METAMATERIALS FOR INTERIOR NOISE REDUCTION
RECYCLED CARBON FIBRE
CALCULATING THE CARBON FOOTPRINT
MOTORISED BOGIE
DISTRIBUTED DRIVE BOGIE
BOX/STRUCTURE LIFT
LUGGAGE SECURITY
INDOOR GUIDANCE USING ULTRASONIC BEACONS
SECTIONAL BLACKOUT WINDOWS
VARIABLE FREQUENCY DAMPERS