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CFR Marfa privatisation saga continues

After a first failed privatization attempt last year, the selling process of CFR Marfa, the Romanian state-owned rail freight operator, will be resumed in a couple of months and will be conducted through the new Privatization Department which will operate under the Ministry of Economy, Transport Minister Dan Sova declared to the local press.

“We will resume the sale of CFR Marfă, but it is hard to say when, as deadline, whether there will be one month, or two months. What I can say is that the privatisation will not be made by the Ministry of Transport, but by the new Privatisation Department established under the suborder of the Ministry of Economy and which will have attributions of implicated public institution, without taking over the shareholder attributions.” (Agerpress)

Background info on CFR Marfa (2012 Activity Report)

–  CFR Marfa is the leader on the freight railway transport in Romania, with a share of 56.6% for the carried goods in 2012.

– CFR Marfă has a rolling stock fleet comprising 37,440 freight wagons of  different types, 907 electric and Diesel locomotives for transportation and  shunting .

– CFR Marfă market share, as compared to that of the other transportation modes (road, inland waters, sea, pipelines) was of 9.9% in 2012 (source: the National Statistics Institute).

– During the same period, the market share for the freight railway transportation achieved by CFR Marfă as compared to the other 20 private operators was of 56.1 % for the carried goods and of 43.6 % for the freight routes

Presentation of Profit and Loss Account

Revenues from operation 1,027,142,985
Expenditures from operation 1,404,072,185
Resulted from operation (loss) 376,929,200
Financial revenues 22,927,842
Financial expenditures 51,085,211
Financial result (loss) 28,157,369
Gross result (loss) 405,086,569

CFR Marfa in search for a new General Manager

Last week, CFR Marfa also announced the position opening for General Director. More information about the job description and selection procedure are available at this link http://www.cfrmarfa.cfr.ro/.

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