Alstom (a French multinational train manufacturer and one of Europe's largest rail equipment makers) saw its shares collapse nearly 30% to €16.13 on the Paris stock exchange after warning investors that delayed deliveries on major rolling-stock contracts had forced it to abandon key financial targets. The company, which reported a modest 4% rise in annual sales but a dip in operating margins to around 6%, said free cash flow fell to roughly €330 million for the year ending March, well below the €502 million recorded the previous year, and that it would miss its three-year cumulative cash flow goal of €1.5 billion. Newly appointed CEO Martin Sion said the company would take immediate steps to stabilise performance and implement deeper operational changes, while acknowledging that a promised improvement in profit margins to 8–10% next year would also not be achieved.