Eurofima Euro Co - Final Results
05 2월 1998 - 12:50AM
UK Regulatory
RNS No 5187a
EUROFIMA
29th January 1998
FINANCIAL RESULTS 1997
In 1997, a permanent objective of EUROFIMA remained the ongoing strengthening
of the quality of its signature. A sound financial profile was maintained.
The financial structure was again reinforced by increasing the share capital
from CHF 2.1 billion to CHF 2.6 billion. Besides rolling stock, EUROFIMA
financed other railway equipment for the development of intermodal traffic for
the first time in 1997. Capital raised approximated the previous year's volume.
All of EUROFIMA's senior issues were again rated Aaa/AAA by Moody's Investors
Service Inc. and Standard & Poor's Corporation.
With CHF 66.9 million, the cash flow remained nearly unchanged compared with
1996 (CHF 66.8 million). Provisioning needs decreased from CHF 14.6 million to
CHF 9 million. After depreciation and provisions of CHF 9.5 million (CHF 15
million), net profit increased by 11% to CHF 57.4 million.
Total assets increased by 2.9% to CHF 33.2 billion. Approximately 97% of
EUROFIMA's lendings are guaranteed by governments which are rated Aaa/AAA or
Aa/AA by Moody's Investors Service Inc. or Standard & Poor's Corporation.
Borrowings in 17 currencies totalling the equivalent of CHF 4.5 billion (CHF
4.6 billion) were balanced by repayments of CHF 3.1 billion (CHF 3.4 billion).
Of this amount, CHF 437 million (CHF 951 million) accounted for the early
redemption of issues and loans which could be refinanced at better terms.
European railway companies face considerable investment needs in infrastructure
and railway equipment. To finance these investments, forms of cooperation are
more necessary than ever. Thanks to its strong credit standing and experience
in the financial markets, EUROFIMA will continue to make an important
contribution in financing railway investments in Europe in coming years.
STATEMENT OF INCOME 1997
INCOME (1) (2) (2)-(1)
RESULTS RESULTS DIFFERENCE
1996 1997 %
I. Interest and similar income 1 811 021 445 1 765 515 588 -45 505 857 -2,5
II. Commissions income 19 942 659 19,807 714 -134 945 -0,7
III. Income from other financial
operations 13 918 913 18 047 949 4 129 036 29,7
TOTAL INCOME 1 844 883 017 1,803 371 251 -41 511 766 -2,3
EXPENSES (1) (2) (2)-(1)
RESULTS RESULTS DIFFERENCE
1996 1997 %
I. Interest and similar charges 1 771 238 803 1 727 853 502 -43 385 301 -2,4
II. Financial operations charges 297 760 338 631 40 871 13,7
III. Operating expenses 6 576 087 8 271 581 1 695 494 25,8
a) Personnel expenses 4 948 641 5 027 855 79 214 1,6
b) Other operating expenses 1 627 446 3 243 726 1 616 280 99,3
IV. Depreciation on fixed assets 403 544 476 322 72 778 18,0
V. Provisions and other value
adjustments 14 615 090 9 000 000 -5 615 090 -38,4
TOTAL EXPENSES 1 793 131 284 1 745 940 036 -47 191 248 -2,6
RESULTS (1) (2) (2)-(1)
RESULTS RESULTS DIFFERENCE
1996 1997 %
Total Income 1 844 883 017 1 803 371 251 -41 511 766 -2,3
Total Expenses 1 793 131 284 1 745 940 036 -47 191 248 -2,6
NET PROFIT FOR THE FINANCIAL YEAR 51 751,733 57 431 215 5 679 482 11,0
Depreciation and provisions 15 018 634 9 476 322 -5 542 312 -36,9
CASH FLOW 66 770 367 66 907 537 137 170 0,2
All amounts are indicated in Swiss francs
BALANCE AT DECEMBER 31, 1997
ASSETS (1) (2) (2)-(1)
RESULTS RESULTS DIFFERENCE
1996 1997 %
I. Cash, postal account, due
from banks and money market
papers 813 098 798 876 975 396 63 876 598 7,9
II. Fixed-income and other
securities 742 373 199 800 360 233 57 987 034 7,8
III. Equipment financings 28 240 236 118 28 657 062 301 416 826 183 1,5
IV. Fixed assets (*) 1 1 0 0,0
V. Unpaid subscribed share
capital 1 680 000 000 2 080 000 000 400 000 000 23,8
VI. Other assets 19 319 167 33 588,420 14 269 253 73,9
VII. Accrued income and prepaid
expenses 818 820 461 797 850 928 -20 969 533 -2,6
TOTAL ASSETS 32 313 847 744 33 245 837 279 931 989 535 2,9
LIABILITIES (1) (2) (2)-(1)
RESULTS RESULTS DIFFERENCE
1996 1997 %
I. Amounts due to credit
institutions 1 952 785 129 2 392 644 265 439 859 136 22,5
II. Debts evidenced by
certificates 26 952 786 706 27 017 444 630 64 657 924 0,2
a) Senior borrowings 25 684 471 370 25 572 166 756 -112 304 614 -0,4
b) Subordinaled
borrowing 100 000 000 100 000 000 0 0,0
c) Other debts evidenced
by certificates 1 168 315 336 1,345 277 874 176 962 538 15,1
III. Other liabilities 34 699 840 35 194 763 494 923 1,4
IV. Accrued expenses and
deferred income 792 051 991 770 758 328 -21 293 663 2,7
V. Provisions for liabilities
and charges 157 015 090 164 655 090 7 640 000 4,9
VI. Subscribed share capital 2 100 000 000 2 600 000 000 500 000 000 23,8
VII. Reserves (**) 272 199 000 206 787 000 -65 412 000 -24,0
a) Ordinary reserve 33 199 000 35 787,000 2 588 000 7,8
b) Guarantee reserve 239 000 000 171 000 000 -68 000 000 -28,5
VIII. Surplus to be distributed 52 309 988 58 353 203 6 043 215 11,6
a) Unappropriated surplus
previous year 558 255 921 988 363 733 65,2
b) Net profit for the
financial year 51 751 733 57 431 215 5 679 482 11,0
TOTAL LIABILITIES 32 313 847 744 33 245 137 279 931 989 539 2,9
All amounts are indicated in Swiss francs
(*) Insurance value of the company office: 7 500 000
(**) At the time of the share capital increase of 1997, 100 000 000 were drawn
from the guarantee reserve
Important data
1993 1994 1995 1996 1997
Balance sheet
Total 28575 30209 28793 32314 33246
Assets
Equipment financings 24619 26271 24790 28240 28657
Unpaid subscribed share capital 1680 1680 1680 1680 2080
Liabilities
Borrowings 25228 26732 25389 28906 29410
- of which subordinated liabilities - - - 100 100
Equity capital 2329 2348 2373 2408 2844
- Subscribed share capital 2100 (1) 2100 2100 2100 2600(1)
- Reserves (2) 229 (1) 248 273 308 244(1)
Profit, cash flow and appropriation
to reserves
Net profit for the financial year 39 36 41 52 57
Cash flow 86 72 66 67 67
Appropriation to reserves 26 19 25 35 37
Ratios in %
Operating expenses/Gross operating
profit 7.1 8.3 9.1 9.0 11.0
Net profit/Equity capital (3) 6.5 5.5 6.1 7.3 7.7
Cash flow/Equity capital (3) 14.5 11.0 9.7 9.4 9.0
Equity capital/Borrowings 9.2 8.8 9.3 8.3 9.7
Equity capital + subordinated
liabilities/Borrowings 9.2 8.8 9.3 8.7 10.0
Equity capital + subordinated
liabilities +joint shareholders'
guarantee/Borrowings 17.6 16.6 17.6 15.9 18.9
Guarantees
Equipment financings
with governmental guarantee (4) 24961 27055 25452 28602 29464
Joint shareholders' guarantee 2100 2100 2100 2100 2600
Financings and repayments
Financings 6306 5603 3833 4618 4500
Repayments 2970 3343 3511 3436 3065
Repayment rate in % 47.1 59.7 91.6 74.4 68.1
Railway equipment financed
Locomotives 799 477 171 266 334
Multiple-unit trains
- Motor units 555 599 286 303 174
- Trailer cars 350 726 522 571 292
Passenger cars 728 787 617 272 17
Freight cars 989 1213 801 1136 6824
Other equipment - - - - 5
Financial data:in million Swiss francs Railway equipment financed:in units
(1) At the time of the share capital increases of 1993 and 1997, 30 million and
100 million Swiss francs respectively were drawn from the guarantee reserve
(2) After appropriation of net profit for the financial year, including
unappropriated surplus previous year
(3) Equity capital; average of two consecutive year-end figures, after
appropriation of net profit and deduction of unpaid subscribed share capital
(4) Original values before adjustment for valuation difference of swap
agreements
European Company for the Financing of Railroad Rolling Stock
EUROFIMA is a supranational organization whose members and clients are European
railways. EUROFIMA is active in the public interest. It is headquartered in
Basle.
Constitution and purpose
EUROFIMA was founded on November 20, 1956 for a period of 50 years as a joint-
stock company. It is governed by an international Convention signed by its
member governments on October 20, 1955 and subsidiarily by the law of the
country where it is headquartered. The decision of the extraordinary General
Assembly of February 1, 1984 to extend this period for an additional 50 years,
until 2056, was approved by all the member governments.
EUROFIMA's shareholders are the railways of the European countries whose
governments are parties to the Convention.
EUROFIMA's purpose is to support the railways which are its shareholders as
well as other railway bodies in renewing and modernizing their equipment.
Activity
EUROFIMA finances railway equipment through borrowings or equity capital and
encourages joint purchases. EUROFIMA secures title to or obtains security
interests deemed equivalent (in particular pledges) on the equipment financed.
The general principles of the company's activity we defined in an agreement
between the railways and EUROFIMA. That agreement remains valid for the entire
duration of EUROFIMA's existence and can only be altered with the agreement of
all the railways and the company. EUROFIMA's equity capital (paid-up share
capital and reserves) is utilized partially for the financing of railway
equipment and also for investments in money market papers or bonds.
Shareholders' distribution
at December 31, 1997
Shareholders Number in % of
of shares share capital
Deutsche Balin AG DBAG 65000 25.00
French National Railways SNCF 65000 25.00
Italian State Railways Ltd. FS 35100 13.50
Belgian National Railways SNCB 25480 9.80
Netherlands Railways Ltd. NS 15600 6.00
Spanish National Railways RENFE 13572 5.22
Swiss Federal Railways CFF 13000 5.00
Community of Yugoslav Railways JZ 5980 (1) 2.30
Swedish State Railways SJ 5200 2.00
Luxembourg National Railways CFL 5200 2.00
Austrian Federal Railways OBB 5200 2.00
Portuguese Railways CP 2600 1.00
Hellenic Railways Organization CH 520 0.20
Hungarian State Railways Ltd. MAV 520 0.20
Croatian Railways HZ 520 0.20
Slovellian Railways SZ 520 0.20
Bosnia and Herzegovina Railways ZBH 520 0.20
Railways of the former Yugoslav
Republic of Macedonia CFARYM 260 0.10
Turkish State Railways TCDD 104 0.04
Danish State Railways WB 52 0.02
Norwegian State Railways NSB 52 0.02
Total 260000 100.00
(1) 2830 shares of which EUROFIMA holds in trust
END
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