EUROFIMA Annual Report 2023

Eurofima

12 March 2024

 

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, [e-mail].

 

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