Announcement of financial results
2023
EUROFIMA has closed the financial
year 2023 with a strong balance sheet and a positive financial
performance.
EUROFIMA's balance sheet total
increased by EUR 0.8 billion (+5.1%) to EUR 16.5 billion. This was
a result of the increase in cash collateral posted under 2-way
credit support agreements.
EUROFIMA's net profit for the
financial year amounted to EUR 27.6 million, EUR 10.8 million
higher than the level of 2022 (EUR 16.8 million). Net commission
income from lending activities was reduced by 7%, whilst net
interest income from treasury activities increased to EUR 25.9
million (11.7 million in 2022). Total operating expenses were EUR
9.4 million, slightly higher than the prior year (EUR 8.6
million).
No impairments were recognized
during the year. As of December 31, 2023, all assets were fully
performing. This represents the 67th consecutive year in which
EUROFIMA has not experienced any losses due to railways not meeting
their obligations.
EUROFIMA successfully met all the
borrowing demands of its members and proved to be a reliable
financing partner for its members. In 2023, EUROFIMA concluded 4
contracts and 2 multi-year framework agreements, refinanced 3
existing loans, drew the initial 5 tranches of 3 multi-year
framework agreements and provided short term financings under a
frame agreement, supporting 8 shareholders to finance railway
equipment.
With most of the funds being
dedicated to electric multiple-unit trains and passenger cars, 2023
marked another example of EUROFIMA's commitment to fulfilling its
public mission for sustainable mobility.
EUROFIMA managed to raise a majority
of these funds under the Green Bond Framework, which was updated in
April 2021 and was recognized by Sustainalytics as fully aligned
with the EU Taxonomy. EUROFIMA established one new green EUR line
maturing in March 2033 (EUR 570 million) through successive
taps.
Sustainability remained a key focus
of EUROFIMA throughout 2023 and the organization remained committed
to improving EUROFIMA's environmental, social and governance
footprint, which continued to be recognized by leading ESG rating
agencies.
The financial results 2023 have been
approved by the 67th Annual General Assembly on 12th March
2024.
EUROFIMA in brief:
Established in 1956 by a State Treaty
signed by 25 European member States so far.
Public mission to support rail
transport by financing investments in railway rolling
stock.
The credit rating assessment of
EUROFIMA by Standard & Poor's is 'AA/A-1+/negative', by Moody's
'Aa2/P-1/stable' and by Fitch 'AA/F1+/stable'.
You can find the Annual Report 2023
here http://www.rns-pdf.londonstockexchange.com/rns/5567G_1-2024-3-12.pdf
For more information, please do not
hesitate to contact Christoph Pasternak, Chief Executive Officer,
Christoph.Pasternak@eurofima.org.