The company reported revenues of €1.28bn in 2015 compared with €1.44bn in 2014. Profits before corporate tax were €60.4m, a €20.1m decline against 2014's figure, but it says new contracts signed in the first two months of 2016 in Britain and Australia would increase its order backlog from €4.86bn at the end of 2015 to €5.5bn.

CAF blames the fall in revenues and profits on "moderate progress in some projects" and the impact of Brazil's devaluation of the Real.