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RENFE restructuring approved

28 Jun 2013

SPAIN: Meeting on June 27, the RENFE board approved plans to restructure the state operator into four companies responsible for passenger operations, freight, rolling stock maintenance and train leasing. The proposals will be submitted to the Spanish cabinet for approval next month, in preparation for the domestic passenger market opening up to competition on July 31.

The four new companies will each take on a share of RENFE’s accumulated debt of €5bn. They will be structured as subsidiaries of a holding company responsible for central functions including purchasing, legal affairs, IT and international projects. Creation of a single freight company will involve bringing back together the specialised Contren, Irion, Multi and Pecovasa businesses created just two years ago.

Leasing company AMF will have a fleet of 51 trainsets (including 19 high speed trains), two Talgo formations, 37 electric locomotives, 12 diesel locos and 1 173 wagons which will be available to new operators entering the market. Rolling stock leasing is expected to generate income of €6m this year and around €12m in 2014.

At the corporate level, RENFE is expecting its loss of €40m in 2012 to more than quadruple to €173m in 2013, reflecting the takeover of FEVE’s metre-gauge operations and an increase in ADIF access charges.