May 06, 2016

CAF reports 39% fall in 1Q net profit

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CAF, Spain, has reported a 39% drop in net profit for the first quarter of 2016 which fell from €14m in the first quarter of 2015 to €8.6m this year. Nevertheless CAF says its prospects for 2016 remain unaltered due to a strong order pipeline and improved efficiency.


First quarter Ebitda fell by 18% from €44.5m in 2015 to €36.7m this year, while Ebit dropped by 19% from €34.2m to €27.8m, and pre-tax profit was down by 32% from €20.1m to €13.7m.

Revenue for the first three months of this year fell by 8.3% to €281m due to the devaluation of the Brazilian Real and a reduction in manufacturing. CAF says exports now account for 78% of its revenue, with an order for Euskotren being the only relevant Spanish project at the moment.

CAF says some of its most recent orders, such as 118 Civity EMUs for Netherlands Railways (NS), 16 trams for St Etienne in France, and 27 LRVs for Utrecht's Uithof Line, are in the early stage of production.

CAF also says its order intake for this first quarter is much greater than for the first quarter of 2015, with an intake of €789m in 2016 in comparison with just €426m in 2015. This is primarily due to the €740m contract it won in January from Arriva and Eversholt Rail Group in Britain for 43 EMUs and 55 DMUs. CAF's order backlog for each first quarter is virtually unchanged at €5.38bn, although this excludes very recent contracts worth around €600m.

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