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Attractive financing
for rolling stock

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EUROFIMA's has a non-profit mission to support the development of public passenger rail transportation in Europe and to support the railway bodies which are its shareholders in renewing and modernizing their equipment.

 

ATTRACTIVE
LOANS

 

LEAN LOAN DOCUMENTATION

 

MEMBERSHIP COOPERATIVE MODEL

EUROFIMA finances railway equipment through borrowings or equity capital. EUROFIMA secures title to or obtains security interests deemed equivalent (in particular pledges) on or in respect of equipment.

EUROFIMA’s equity is primarily used for investments in liquid assets and, to a limited extent, for equipment financing contracts.

Approval Process

EUROFIMA’s core activity and public mission consist of supporting the development of public passenger rail transportation in Europe by providing its shareholders, 25 national railway operators, and other railway bodies with cost-effective financing to renew and modernize their railway equipment. The eligibility criteria and general procedures for granting this support are outlined in EUROFIMA’s constitutive documents (Basic Agreement, Convention, Statutes) as well as in its Internal Policy Guide.

The conservative lending policy paired with the various layers of support granted in the constitutive documents result in a high-quality and resilient loan portfolio, which has never suffered a loss in the entire history of EUROFIMA.

Requests for financing from railway operators are evaluated through a thorough approval process consisting of three phases:

INTERNAL DUE DILIGENCE

EUROFIMA’s internal teams appraise the economic, financial, legal and technical aspects of each railway project and evaluate any potential risk related to it. Particular emphasis is put on the technical and economic evaluation of the rolling stock which collateralizes the requested financing. If necessary, external consultants are involved to support the internal due diligence.

APPROVAL FROM GOVERNING BODIES

The General Assembly sets the amounts which can be borrowed and subsequently used for lending purposes. The Board of Directors approves the financing requests

MONITORING

Upon conclusion of the financing, EUROFIMA monitors the implementation of the railway project, the status of rolling stock collateral and any systemic risk that may deteriorate its position as lender.

Making an
impact

3000

LOANS

200.000

ROLLING STOCK FINANCED

90 billion

FINANCED IN CHF

0

LOAN LOSSES

4.2

LEVERAGE RATIO

51.9%

BASEL III RATIO

Projects

DISTRIBUTION OF EQUIPMENT FINANCING CONTRACTS

(amounts in CHF ‘000) Principal at December 31, 2018

Member State Railway CHF %
Germany(1) DB AG  225 263 2.1%
France(1) SNCF  261 396 2.4%
Italy FS 1 552 237 14.5%
Belgium SNCB 2 179 844 20.4%
Netherlands NS   0 0.0%
Spain RENFE 1 616 377 15.1%
Switzerland SBB 2 274 129 21.2%
Serbia ŽS  43 000 0.4%
Luxembourg CFL  90 105 0.8%
Austria ÖBB 1 866 983 17.4%
Portugal CP  281 579 2.6%
Greece OSE  119 502(2) 1.1%
Czech Republic CD   0 0.0%
Hungary MÁV   0 0.0%
Slovakia ŽSSK  27 151 0.3%
Croatia HŽ   0 0.0%
Slovenia SŽ  115 639 1.1%
Bulgaria BDZ   0 0.0%
Montenegro ŽPCG   0 0.0%
Denmark DSB  50 191 0.5%
Total principal 10 703 397 100.0%
Difference to book value  591 734  
Total book value 11 295 131  


(1) Germany and France hold 22.6% of EUROFIMA's share capital each through their fully owned state railways DB AG and SNCF and are thus related parties together with their railways
(2) all of which assumed by Greece
 

As per its by-laws, EUROFIMA finances the acquisition and modernization of railway equipment. As of December 31, 2018, the outstanding financing relates to the following equipment which is also held as collateral.

 

EQUIPMENT AS AT DECEMBER 31, 2018

Railway Locomotives Multiple-unit trains Passenger cars Freight cars Infra-structure Equipment Total
mainline shunting motor units trailer cars in fixed formation not in fixed formation
diesel electric   diesel electric  
DB AG  0  50  0  0  0  0  0  0  0  0  50
SNCF  0  18  0  0  22  94  0  0  0  0  134
FS  14  329  1  69  397  330  0 1 457  0  0 2 597
SNCB  0  114  31  60  511  344  0  282  0  27 1 369
RENFE  60  132  0  0  333  235  192  0  0  0  952
SBB  0  52  49  0  455  503  0  46  0  0 1 105
CFL  0  0  0  0  42  21  0  53  0  0  116
CP  0  0  0  15  154  176  0  0  0  0  345
ÖBB  6  155  48  24  300  281  294  88 2 262  67 3 525
OSE  0  12  0  15  0  14  0  0  0  0  41
ŽS  0  2  0  24  0  0  0  0  0  0  26
ŽSSK  0  0  0  0  0  0  0  28  0  0  28  
SŽ  0  32  0  0  0  0  0  0  0  0  32
DSB  0  0  0  0  20  10  0  0  0  0  30
Total  80  896  129  207 2 234 2 008  486 1 954 2 262  94 10 350

EUROFIMA either holds title to the equipment until the financing has been completely reimbursed or it holds a direct or indirect security interest deemed equivalent, particularly pledges. The equipment is recorded in the company’s register with its number and type. Each railway is responsible for maintaining the equipment. In case of damage or loss, the equipment must be replaced without delay and at the railway’s expense. If a railway does not fulfill its obligations, EUROFIMA has the right to repossess the equipment to cover its exposure. The railway continues to assume responsibility for all contracts into which it has entered with the company. EUROFIMA has never experienced a loss due to the failure of a railway to assume its contractual obligations.

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FAQ

  • What is EUROFIMA?

    EUROFIMA European Company for the Financing of Railroad Rolling Stock is a supranational organization located in Basel, Switzerland. It was established in 1956 based on an international treaty signed by 25 European sovereign States so far.

  • Who are EUROFIMA's Member States?
    • Germany
    • France
    • Italy
    • Belgium
    • Netherlands
    • Spain
    • Switzerland
    • Luxembourg
    • Portugal
    • Austria
    • Greece
    • Sweden
    • Serbia
    • Czech Republic
    • Croatia
    • Hungary
    • Bosnia and Herzegovina
    • Slovakia
    • Slovenia
    • Bulgaria
    • FYR of Macedonia
    • Montenegro
    • Turkey
    • Denmark
    • Norway
  • Who are EUROFIMA's shareholders?

    Deutsche Bahn AG
    SNCF Mobilités
    Ferrovie dello Stato Italiane S.p.A.
    SNCB
    NV Nederlandse Spoorwegen
    RENFE Operadora
    Swiss Federal Railways
    Luxembourg National Railways
    CP-Comboios de Portugal, E.P.E.
    ÖBB-Holding AG
    Hellenic Railways
    Näringsdepartementet, Sweden
    Akcionarsko društvo Železnice Srbije
    České dráhy, a.s.
    HŽ Putnički prijevoz d.o.o.
    Hungarian State Railways Ltd.
    Javno preduzeće Željeznice Federacije
    Bosna i Hercegovina d.o.o.
    Železničná spoločnost’ Slovensko, a.s.
    Slovenske železnice d.o.o.
    Holding BalgarskiDarzhavni Zheleznitsi EAD
    Javno pretprijatie Makedonski Železnici-Infrastruktura
    Željeznički Prevoz Crne Gore AD
    TCDD Taşımacılık A.Ş.
    Makedonski Železnici-Transport AD
    Danish State Railways
    Norwegian State Railways

  • Who does Eurofima finance?

    Eurofima finances railroad rolling stock for public passenger transport services. For Eurofima rolling stock means wagons, locomotives and multiple units. Eurofima supports its shareholder railways as well as other railway bodies in renewing and modernizing their equipment.

  • Is EUROFIMA a bank?

    Eurofima is not a bank. It is a supranational organization that fulfils a non-profit maximizing mission to support the development of rail transportation in Europe.

  • I would like to have more information about EUROFIMA, who can I contact?

    Dr. Jacqueline Haverals
    Head of Shareholder and Strategic Relations
    Tel: +41 61 287 33 57
    E-mail: jacqueline.haverals@eurofima.org

    Dimitrios Lazaris
    Analyst of Shareholder and Strategic Relations
    Tel: +41 61 287 33 58
    E-mail: dimitrios.lazaris@eurofima.org

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