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Austrian Federal Railways with desastrous balance

The Austrian Federal Railways are going to present a lossy balance for 2008. An article in Austrias business paper “Wirtschaftsblatt” reveals the disturbing situation.

The reasons of such a disaster can be found in the loss in speculative operations, and lushly write-downs of the capital assets. The whole loss of Austrias Federal Railways amounts 800 million Euro. The chief financial officer explains that the past year was nonetheless not that bad. “Our operative deal in 2008 was positive”, he said.

The lushly write-downs of the capital assets are a sign of high investments. Austrias Federal Railways bought a lot of new locos and waggons. According to international accountancy rules since two years, investments must be written off, if those can’t be earned from the cash flow.

“This is not a cash flow loss”, explains the chief financial officer. He promises that the railways are going to catch up again, if the econmical development improves.

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