The Transport Ministry said CFR Marfa’s initial budget for 2011 was approved by counting on a capital raise later in the year.
“Since this has not happened, the company is currently unable to reduce its arrears and, therefore additional associated expenses, leading to a higher level of arrears on December 31, 2011. The wider losses in 2011 are a result of registering penalties from the overdue payment of debts to the general consolidated budget, totaling RON150 million, as expenses,” says the draft.
CFR Marfa’s revised budget provides revenue of RON1.16 billion, 10% compared to the initial level, and expenses of RON1.35 billion, 19.4% higher than before.
Debts will climb 63.2% to RON1.25 billion, while receivables are constant at RON360 million.
The salary fund has been increased by 3.5%, to RON264.71 million, but the average wage has dropped by RON77, to RON2,385.
CFR Marfa is among the companies monitored through the agreement with the IMF. The company will have private management and the state has committed to selling 20% of its stock.
(EUR1=RON4.2657)