I still favour a rapprochement with Areva

The stock time are easy for anyone, including non-financial values. Alstom title thus undergoes a storm which led him to lose 44 of its value last three months since a few weeks. The last days have been particularly harsh, with a fall of 20 in 5 sessions, despite the announcement Monday of a strategic agreement that opened him the doors of the Russian rail market. ALSTOM is not the only group of affected equipment, since his great rival, German Siemens, undergoes a correction similar ( 17 in a week). The markets seem to doubt that the infrastructure continues long to find financing to its growth. Patrick Kron, Alstom's CEO, reaffirmed, for its part, the "Echos" confidence in the prospects of his group.

Your course of stock exchange has lost almost 20 in a week. How do you explain it

I banned me from commenting on stock market. But I have not found for objective reasons for the loss of one third of the value of Alstom in a month.

Is the financial crisis likely to challenge your perspectives, while infrastructure projects need to mobilize significant investments

We are in a world of uncertainties. The advantage of Alstom, that many have envied us, is the visibility available to us through a very important backlog. Our half-year results, at the end of September, which will be announced soon, will confirm a record commercial activity.

These conditions could deteriorate in the medium term...

Infrastructure market is a market in growth over the medium and long term, financial crisis or not, for structural reasons related to the massive needs of the emerging countries, ageing infrastructure, increasing environmental constraints... Can there be some inflections on the very positive trend I know nothing. I can't imagine that launched projects can be arrested and we have been confronted with no cancellation. If customers decide to delay investment decisions in the future, we have the means to adapt in view of our orderbook anyway. In a Word, the uncertainties of the time make us very attentive, but not issue from sinking into pessimism that affects some economic actors.

Therefore, you hold your growth forecasts

With a backlog very well in excess of two years of sales, I have no reason to change the goals I have for March 2010.

Your cash flow increased sharply between March 2007 and 2008. What is the current trend

Liquidity is not a concern for Alstom, because we have very important supplies and identifies each year a substantial cash flow. Moreover, we do not fund our clients and did not plan to do so. We largely have the means to finance our development. The markets seem to be have compared us to General Electric, but they forget that we have no activities in the field of finance.

You have personally sold stock in September EUR 13 million. Does this mean that you fear a decrease in the course

Absolutely not! We have put in place as early as 2004 annual award of options system enjoyed about 1,500 frames. Boss, sell his shares is always delicate because it is not that this should be interpreted as a signal to the market. In my case, I am set me as rule to sell to date fixed as soon as the terms and conditions allow me. For options that have been assigned to me in 2004, I could sell from September 18. This is what I did, without judgment on what might be the future development of the course.

What is the meaning of the partnership that you signed Monday with the Russian rail manufacturer Transmashholding

The Russian market is an important market also for energy we are have already created a joint venture in nuclear for the railway. In this sector, the Russia has very important needs modernization which we wish to participate, including through our partnership with Transmashholding ("Les Echos" of yesterday, Editor's note). We have a specific project on trains at two levels. There are others. This does not preclude answer directly, as we have for the line between Helsinki and St. Petersburg with the delivery in tilting trains.

In France, SNCF has delayed six months its tender on its TGV fleet renewal. This additional time you allow it to advance on the record of an AGV at two levels

In this type of project, the postponement of a few months of a tender was nothing unusual. SNCF confirmed the importance of its needs and we will be ready to respond once the specified applications. Next to the TGV at two levels (Duplex), we now have a new TGV at a level, the AGV. We evolve this range based on the requests of the customers.

The Prime Minister, François Fillon, said last week that there was "no urgency on the Areva folder." Start you lose patience

If I was impatient, have long that I would have abandoned! Areva, the situation is unchanged. I still favour a rapprochement with Areva. The ball is in the camp of the Government, which has no fixed schedule. That said, we will continue to implement our strategy of profitable growth.

How do you live the judicial investigations on facts of corruption alleged in Alstom

We respect the rules applicable to international trade and the very strict procedures to ensure we have implemented. They have been regularly reinforced. The justice investigation on old and limited business: if it were shown that errors had been committed, it would deal with. But I have no reason to say that Alstom organized generalized corruption systems.

Swiss justice accused you of not to cooperate...

I was shocked by some methods, whether misuse, in my view, preventive detention or the failure to respect the secrecy of the trial.