Against the backdrop of the fall production of Укрзализныця is a donor and even beat the budget plan to pay taxes. 1 billion UAH was earn for the most part, due to unpaid leave of staff.

Meanwhile, in August monopoly expects the main test for financial sustainability - the need to pay tranche of the loan from the British bank. Can Укрзализныця to seek for this purpose 1,9 bln.?

As a result of the first half of the railways of Ukraine have shown an unexpected result. Of all the major indicators of the plan surpassed only by two items: the net profits and payments to the state budget. And overfulfilment significant. According to the plan the state budget must have been 1,633 bn. And, indeed, was 2.104 bln. (28.8%, or 0.471 bln.). And in regard to financial results in general loss in the planned 0,083 bn. But in the end net profit amounted to 0,093 bln. In this regard, appropriate to recall the declaration of Viktor Yushchenko, made on 26 June at a meeting of NSDCU.

The basic problem - unprofitableness, with chronic, deep, talking about that, Укрзализныця should get a new reform, a new strategy, and through the restructuring, through profound reform of the infrastructure to get the financial balance sheets, which would allow Укрзализныце become an active a party of business, ordering and update its fleet, - he said. At the time of the delivery room decision NSDCU have not yet been published, so is not known which option to select reforms.

The president also noted that last year's loss of monopoly reached 4 billion UAH. and that only lazy did not receive profits in 2008. It is therefore strange that, with decreasing performance by 30-40%, suddenly became a lucrative monopoly. In the meantime, this economic miracle is explained very simply: the profitability has been achieved mainly due to savings in payroll of about 1 bln. And, as noted in an interview with director Michael Kostiuk monopolies, the money the railroad voluntarily put on the altar of anti-crisis fight.

In addition, capital investment has been spent on less than 0,716 billion UAH. (in terms of 2.382 bln. actually 1,666 bn.). Typically, savings of the people and the cost for upgrading to a plan for over-taxation was not conducive to the life of any system. Especially at this alarming public relations activity of the head of the monopoly, which became particularly active light after the resignation of Joseph Vinskiy and start talking about a broad coalition. Recall that Michael Kostiuk, believed to be held on the quota of Vladimir Litvin, and it was very important to show positive results in the theoretically possible resignation.

It may be noted, and positive. It is not yet confirmed Michael Kostyuk fears that this year because of falling volumes, Укрзализныця lost about 8 billion UAH. During the first half revenues amounted to 17.678 bln. Costs - 17.585 bln. The volume of traffic has stabilized in June, has increased the volume of loading, and since August is expected to increase transit from Russia. In addition, in the second half of the proceeds of railways traditionally higher. Therefore, we can predict that the monopoly earns not less than 36 bln. That only 2.8 billion less than last year.
 

But soon the Government still have to review its attitude to Укрзализныце as a donor state budget. Until the end of the year monopoly to pay about 6.5 bln. credit commitments, including about 2.6 billion UAH. under international agreements, some 2 billion UAH. - For short-term loans and about 1,9 billion UAH. amounts payable for the purchased goods and valuables, the work performed and services rendered.

In particular, it will need in August, and then - in November. In these two months accounted for the payment of the loan tranches Barclays capital bank in the amount of 1,9 billion UAH. That is, the amount of monthly payment would be about 30% of the monopoly, still about 60% will have to pay salaries and mandatory payments. On the maintenance of life will remain 10%, or about 300 million UAH.

These data are contained in a letter to Prime Minister, who sent Joseph Vinskyi marked personal before retirement (a copy is edition). As a minister, he said, and the other problems the industry is not preminuv accused of inadequate steps guidance Укрзализныци and chiefs of railways. This document can be seen in the context of the confrontation Mintranssvyazi and Укрзализныци in the areas of reform, and monitor the attractiveness of rail companies. However, the specific way out of the situation, except for proposals to solve the problem on the state level, the document does not describe.

One can only assume that the situation is not as bad as reported by ex-minister, and Укрзализныця Still, can accumulate in the accounts of the required amount. Apparently, as in the case of virtual profitability, for the payment of loans would have opted for savings on wages and reduce capital investment. However, the issue can be resolved in a different way - for example, to connect the resources of state-owned banks or the government can take the fire itself (as has been the case with Yuzhmashem and Ukravtodor) and seek funding.

Alexander Arbuzov

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