Financial news
FTER achieving efficiency savings across its operations and revamping its internal loan policy, Russian Railways (RZD) has added Roubles 64bn ($US 2.04bn) to its 2012 investment programme taking it up to Roubles 492.2bn. RZD plans to use the additional funds to purchase an extra 175 locomotives, for a total of 532 during the year, and reengineer 1000 units. RZD will also rehabilitate 4400km of track, 378km of electrified lines and 357km of automatic block signalling. In addition, the Russian government has agreed to release Roubles 32bn for the purchase of global logistics operator, Gefco, if all necessary approvals are met before the end of the year. RZD says that its
USSIAN Railways (RZD) announced on October 16 that it has concluded negotiations with potential buyers of a 25% plus one share stake in its former subsidiary Freight One, with Independent Transport Company (ITC) submitting the
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Russian Railways’ investment reaches record high in 2012 A
As a result RZD projects that
net profit will grow by 1.5-times more than previously expected, reaching Roubles 5.3bn by the end of 2012. It also expects freight volumes to rise by 3.3% compared with 2.7% predicted previously. Freight revenues are also expected to increase by 4.3% instead of 1.2%.
Looking ahead, RZD expects
performance has exceeded expectations. During the first 10 months of the year, freight traffic increased by 3.2% compared with 2011 to 1.64
billion tonnes. Passenger traffic was also up by 3.8%, including a 2.6% increase on long- distance services, and 8.3% on suburban routes.
to increase freight revenue by 2.5%, 3.2% and 3.2% each year respectively between 2013 and 2015, and is targeting a profit of Roubles 1.1bn in 2013. Investment over the next three years is forecast to be Roubles 1.1 trillion, of which Roubles 411.4bn will be allocated in 2012, Roubles 360bn in 2014 and Roubles 346.1bn in 2015. These investments are almost Roubles 25bn more than previously approved.
Independent Transport Company to acquire Freight One stake best binding offer.
ITC, which is owned by Russia’s richest man Mr Vladimir Lisin, has offered to pay Roubles 50bn ($US 1.61bn) for the stake. RZD says it will now propose to its board of directors and the Russian government
that a direct deal should be done with ITC. Last October ITC paid Roubles 125.5bn for 75% minus two shares in the company in the largest transfer of rail assets to the private sector since RZD revived its privatisation programme in 2010.
NDIAN Railways (IR) has formulated a new public- private partnership (PPP) policy that permits international suppliers to form joint ventures with existing production units and workshops.
India’s newly-appointed railways minister Dr C P Joshi has approved the policy document, which will now be submitted to the cabinet. IR needs to secure Rs 1 trillion ($US 18.9bn) in private
ETWORK Rail (NR) has achieved efficiencies of £775m over the last three years and is on course to meet the targets set for the remainder of the current five-year funding period, according to the Office of Rail Regulation’s (ORR) annual assessment of the British infrastructure manager, which was published on November 8.
The ORR notes that the 14
Indian Railways opens the door to joint ventures I
sector funding during its 12th five-year plan (2012-13 to 2017- 18) to set up new production sites and other facilities. Under the proposals 10% of
shares in two IR subsidiaries, Ircon and Rites, will be sold. IR is also considering an
offer from Siemens to form a joint venture with India’s largest passenger coach manufacturing plant at Kapurthala in Punjab. IR plans to build 4000km of
savings in controllable operational expenditure, maintenance and renewals are ahead of targets set prior to the start of the funding period. According to the report, NR’s position has been improved by a range of measures, including a reduction in the number of signalling and control centres; reorganisation of maintenance activities with reduced
new lines over the next five years, in addition to the 2938km of Dedicated Freight Corridors already planned. Around 5500km of gauge conversion, 7653km of track- doubling and 6500km of electrification are also planned. Once adopted, IR hopes the new PPP policy will speed up the implementation of investment projects. IR says the new policy will be finalised by December.
Network Rail on course for 2009-2014 efficiency savings N
expressed concern at a rise in infrastructure-related train delays and aspects of NR’s asset management, in particular the long-term sustainability of civil structure renewals.
dependence on subcontractors; and reduced track renewals following a change in asset policy prioritising work on high-usage sections. However, the regulator
Sweden’s SJ reports encouraging results
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WEDEN’s state-owned passenger operator SJ generated a pre-tax profit of SKr 392m ($US 58.5m) and revenues of SKr 6.23bn in the first nine months of 2012, which compares with a pre-tax loss of SKr 191.3m and turnover of SKr 5.86bn during the same period of 2011. However, a penalty for the delayed delivery of SJ 3000 trains affected results by SKr 156m.
Net sales amounted to SKr 2.08bn during the period while the railway also reported improved punctuality, with long-distance trains operating on time 91% compared with 88% last year, and regional trains at 91% compared with 87% in 2011. “SJ is proceeding with further improvements to achieve the long term goal of 95% punctuality,” says Mr Jan Olson, SJ CEO.
IRJ December 2012
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