CFR Marfă
CFR Marfă is the state-owned freight railway business of Romania.[1]
Formerly the freight division of Căile Ferate Române (CFR), it was separated in 1998 to become a semi-independent business.
In April 2013, under pressure from the IMF to reform the state sector,[2] the Romanian government offered to sell a 51% stake in CFR Marfă[3] In May 2013, three bids were received; from OmniTRAX, SC Grup Feroviar Român, and a partnership between Transferoviar Grup and Donau-Finanz.[4] The government rejected all three bids.[5] In September 2013, the 51% stake in CFR Marfă was sold to Grup Feroviar Român for €202 million, although complete payment would be deferred until the deal is approved by competition authorities.[6]. The deal was never consummated and the company remains completely state owned.
CFR Marfă is making heavy losses. In 2013, it expects to lose €47 million; it lost €20 million in 2012 on earnings of €288.8 million. It has not posted a profit since 2007.[7] As part of the privatisation, the Romanian government has allocated CFR Marfă 606 million lei (€137 million) of rail infrastructure debts.[8] In 2023, the company earned €157 million, while debts totaled €910 million. [9]
In light of CFR Marfă’s dire financial position, the Romanian government has announced plans to liquidate the company and replace it with a new entity, Carpatica Feroviar. The new entity should take over CFR Marfă’s role in the Romanian freight rail sector in March 2025. [10]
See also
[edit]References
[edit]- ^ Jane's World Railways 2009-2010. p. 373. ISBN 978-0710629043.
- ^ "Romania: reluctant state sell-offs restart with CFR Marfa". Financial Times. London. 5 April 2013. Retrieved 7 April 2013.
- ^ "CFR Marfa privatisation bids invited". Railway Gazette International. Retrieved 8 April 2013.
- ^ "CFR Marfa privatisation bids in". Railway Gazette International. Retrieved 11 May 2013.
- ^ "All CFR Marfa privatisation bids rejected". Railway Gazette International. Retrieved 18 May 2013.
- ^ "CFR Marfa sale agreement signed". Railway Gazette International. Retrieved 3 September 2013.
- ^ "Romanian state-owned rail-freight company CFR Marfa expects to double losses in 2013". 19 March 2013. Archived from the original on 19 March 2013. Retrieved 7 April 2013.
- ^ "CFR Marfă va prelua datorii la stat de 606 mil. lei de la CFR Infrastructură". Curierul Național. 16 March 2013. Retrieved 7 April 2013.
- ^ "Romania confirms plans to replace ailing state freight railway company with new one". 22 October 2024. Retrieved 26 December 2024.
- ^ "Romania confirms plans to replace ailing state freight railway company with new one". 22 October 2024. Retrieved 26 December 2024.
