Railway Reform: Toolkit for Improving Rail Sector Performance - ppiaf

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Railway Reform: Toolkit for improving Rail Sector Performance Case Study: Russian Railways 4 Results of Reform 4.1 Market Performance Freight transportation underwent the most significant reforms, and market performance results are astounding. During 1995-09, freight market turnover improved by a dramatic 87 percent before succumbing to the effects of the 2008 global economic crisis (Figure 6). Freight modal share increased from 68 percent to 85 percent (Figure 7). These improvements were accompanied by a 36 percent decline in cargo tariffs 178 , 17 percent decline in passenger tariffs, 179 and a 3.0 percentage point improvement in on-time arrivals for passenger trains. 178 Some of the decline might be due to the prevalence of private operators leading to RzHD only collecting infrastructure access tariffs. 179 ROSSTAT The World Bank Page 396
Railway Reform: Toolkit for improving Rail Sector Performance Case Study: Russian Railways 4.2 Financial Performance Despite successful market performance, RZhD financial performance remains unsustainable. Under Russian accounting standards RZhD is supposedly profitable (Figure 8), but according to international accounting standards, RZhD is not profitable. To illustrate the difference, in 1999, RZhD recorded a Rubles 26 billion profit under Russian accounting standards, equivalent to a Rubles 7.0 billion loss under international accounting standards. 180 Most losses stem from long-distance and suburban passenger transportation services. Profits have increased from freight services, but losses from passenger services have also increased (Figure 8). RZhD knows this is unsustainable, and is emphasizing reforming passenger transportation, as described above. 4.3 Asset Condition Reforms have faced challenges in bringing substantial new investment to the Russian railway industry. Asset investment still lags depreciation by a wide margin (Figure 9). 180 Regulatory Reform of Railways in Russia, (OECD, European Conference of Ministers of Transport), p. 38 The World Bank Page 397
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Railway Reform: Toolkit for Improving Rail Sector Performance - ppiaf

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