... recourse business's operating performance improved in 2015 for the first time since the financial crisis. Strong sales growth was reported due to a higher level of execution of works following healthy backlog growth over 2013 and 2014. This translated into a material improvement in EBITDA and FFO generation. Risks to FFO Improvement: Fitch Ratings expects FFO generation to recover further over the foreseeable future. We believe Aldesa will continue to be able to leverage its technical skills, notably in tunnelling and railways, to increase its level of activity in the profitable segments of the construction industry. However, shifts in project and customer mix as well as fiercer competition in its key markets could dampen any sustained recovery in FFO. Fragile Spanish Sector: The recovery in Spanish construction remains fragile, and pressure on profitability will only gradually ease. In Spain and Mexico, we expect growth to be driven by increasing...
