SPANISH train builder CAF made a pre-tax profit of €17·4m in 2004, an increase of 21% on 2003. EBITDA was €32·6m, and net profit was €14m.

Sales in 2004 totalled €578m, up 16·8% on the previous year, with the Spanish domestic market accounting for 44% of sales. Contracts awarded during 2004 amounted to €1·4bn, with the most important including a €400m order from Renfe for variable-gauge high-speed trains, a €100m order to supply metro cars to Brussels, and an order for Madrid Metro cars worth €500m. A contract to supply a further six trains for the Roma Metro was worth €44m, and CAF was awarded €400m of maintenance contracts.

• Santana Motor and CAF have agreed to form a company to assemble trains at the car maker's Linares factory. CAF will be the majority stakeholder, with a two-thirds share. A metro train assembly plant employing 200 people will open at the Linares site in 2006, and it is hoped that this will be followed with a facility for suburban and high speed trains.