Press releases

2015/07/29

1ST HALF-YEAR 2015 RESULTS

The Backlog at 30 June 2015 stood at € 5,396 M, which is a new record for CAF, 11% up on the Backlog at the end of the 1st semester of the previous year. 80% of this amount relates to international markets.

CONSOLIDATED GROUP PERFORMANCE 

Net Turnover at 30 June 2015 was € 660 M, i.e. € 77 M (10.4%) less than in June 2014, a drop resulting from less industrial activity caused by an uneven distribution of work loads of the various contracts in the course of time.

The EBITDA Margin at 30 June 2015 was € 95.3 M against € 91.4 M for the same period in 2014, i.e. a 4% increase. In percentage terms, the EBITDA margin increased from 12.4% to 14.4%.

The Company’s Profit before Corporate Tax, at 30 June 2015 was €44.3 M against € 55.7 M posted in 2014.

However, the 2015 figure comprises higher costs of approximately € 9 M compared to the 1st half-year of the previous year due to exchange differences, which primarily owe to the devaluation of the Brazilian Real against Euro. In addition, the 2014 figure included an income of € 4.4M from the sale of the Company's share in the Seville Metro concession company.

Net Profit for the Year, after Corporate Tax, at 30 June 2015, amounted to € 32.7 M, i.e. 26% profit drop relative to the first half-year of 2014, which is partly the result of an increase in excess of 25% of the average tax rate.

CAF's noteworthy projects currently under way include the supply of suburban units for São Paulo and Belo Horizonte (in Brazil), Trieste (Italy), trains for Amtrak in the United States of America, as well as for Holland, Italy, Mexico and Saudi Arabia; LRVs for the cities of Malaga, Granada, Stockholm, Houston, Cincinnati, Kansas, Boston, Birmingham, Fribourg, Tallinn, Budapest and Kaohsiung in Taiwan; and Metro Units for cities such as Rome, Bucharest, São Paulo, Santiago de Chile, Istanbul and Helsinki.

In addition to these projects, the Company has signed new contracts in the first months of this year, such as for the supply of LRVs for the cities of Saint Etienne, Utrecht and Luxembourg, cars for the Caledonian Sleeper in Scotland, the signalling contract for the AVE Monforte del Cid - Murcia line, as well as the most recent contract for the supply of High Speed units for Norway including a recent contract to supply 20 Metro Units for the City of Medellín. All these combine for a volume in excess of € 750 M for firm contracts.