EUROFIMA’s balance sheet at December 31, 2013 amounted to EUR 22.6 bn (CHF 27.6 billion), approximately 12 % lower than in 2012. The portfolio of loans to the railways was fully performing and reduced to EUR 17.1 (CHF 20.9 billion). Net profit reached EUR 28.2 million (CHF 34.4 million), in line with the previous year.
Net other operating income improved to CHF 3.7 million from CHF 2.0 million (82.5 %). This source of income is predominantly made up of realized and unrealized gains and losses on debt securities and other financial instruments. The change compared with the previous year mainly reflects realized net gains on the sale of securities classified as available-for-sale.
EUROFIMA is the European Company for the Financing of Railroad Rolling Stocka and represents a supranational organization. It supports its shareholder railways as well as other railway bodies in renewing and modernizing their equipment. EUROFIMA is the third oldest multilateral lending institution and manages assets of about CHF 27.6 billion.
Its shareholders are: Deutsche Bahn AG (DB AG), French National Railways (SNCF), Ferrovie dello Stato Italiane (FS), SNCB Holding (SNCB), N.V. Nederlandse Spoorwegen (NS), RENFE Operadora (RENFE), Swiss Federal Railways (SBB), Akcionarsko društvo Železnice Srbije (ŽS), Näringsdepartementet Sweden, Luxembourg National Railways (CFL), ÖBB-Holding AG (ÖBB), CP-Comboios de Portugal (CP), Hellenic Railways (OSE), Ceské dráhy (CD), Hungarian State Railways (MÁV), Železnicná spolocnost’ Slovensko (ŽSSK), HŽ Putnicki prijevoz (HŽ), Slovenske železnice (SŽ), Bosnia and Herzegovina Railways (ŽFBH), Holding Balgarski Darzhavni Zheleznitsi (EAD BDZ), Željeznicki Prevoz Crne Gore (AD), Turkish State Railways (TCDD), Danish State Railways (DSB), Norwegian State Railways (NSB), Makedonski Železnici – Transport (AD MŽT).
Outlook for 2014
For the first time in several years there are mild signs of improving economic conditions. The decisive central bank interventions contributed to a stabilization of the Eurozone crisis and calmed fears of a meltdown and break-up of the Eurozone. However, the underlying structural problems and imbalances within the Eurozone still prevail and consequently, unpredictability and uncer -tainty in the financial markets are likely to continue.
Given this general background, EUROFIMA prepares for a challenging and demanding operating environment in 2014. The risk reduction measures initiated in the previous years will be continued. The loan book reduction and the deleveraging will be carried on. Special attention will be put on the monitoring and managing of financial and operational risk. Also in the coming year, EUROFIMA’s focus will be on the preservation of asset quality, liquidity and equity rather than pursuing profit and lending maximization.
Source*Eurofima Annual Report 2013