The Ministry Of Railways Has Exceeded 100 Billion Yuan In Debt Service This Year.

In 2011, the Ministry of Railways was very unhappy.

Since 2008, Beijing Tianjin inter city Railway After opening, the passenger dedicated lines which have been launched gradually gradually become the heavy burden of the Ministry of railways. Some analysts said that due to the lack of attendance, the interest burden brought about by the huge investment of the passenger dedicated line is worsening the financial situation of the Ministry of railways.

According to a statistics from Beijing Jiaotong University, the Ministry of Railways should repay at least 180 billion yuan in 2011, an increase of more than 2 times than that in 2009, and a large number of high-speed railways built in 2009 and 2010 will also pay interest in 2012.

Some analysts said that although the Ministry of Railways revenue remained positive growth, but the pressure on debt and interest is increasing. It is estimated that the loss situation of the Ministry of Railways in 2011 is difficult to change.

Passenger dedicated line has become a "burden" of the Ministry of railways.

Heavy debt pressure caused by huge investments High-speed rail The network has not yet been built and has been reflected. The Beijing Tianjin inter city, Wuhan Guangzhou high-speed rail, Shanghai Nanjing high speed rail and Beijing-Shanghai high-speed railway are all facing losses.

"Before the massive passenger dedicated line has become the burden of the Ministry of railways." Zhao Jian, a professor at the school of economics and management of Beijing Jiaotong University, told reporters that the financial situation of the Ministry of Railways continued to deteriorate as a result of its single profit model and the interest burden generated by massive investments.

In fact, the low attendance rate has become the main reason for the loss of passenger dedicated lines. Data show that the Beijing Tianjin inter city has predicted that the number of passengers will reach 30 million passengers per year, and only about 20 million passengers now, only about 70% of the design capacity. According to media reports, after the operation of 1st anniversary, the Beijing Tianjin inter city has been carrying forward the load, only one bank interest, the annual expenditure amounted to 600 million yuan.

Wu Guang high-speed rail insiders also said: "the first year of high-speed rail equipment depreciation costs nearly 3 billion yuan, bank interest 2 billion 600 million yuan, in addition, because the Wuhan Guangzhou high-speed rail is entrusted to the Guangzhou Railway Group and the Wuhan Railway Bureau for generations. Operate The Wuhan Guangzhou passenger dedicated line limited liability company also needs to pay two yuan bureau about 2 billion yuan entrusted operation cost.

At the same time, CITIC construction and investment related analysts also predict that the first few years of Beijing-Shanghai high-speed railway will be over $5 billion a year, and profits will be out of date.

Some analysts also said that without calculating investment, only operating costs and interest payments, the Beijing-Shanghai high-speed railway would need at least 9 billion 600 million yuan per year. The cost will increase to at least 15 billion 100 million yuan after one or two years of operation. If the depreciation of equipment is fully compensated, the annual cost of Beijing-Shanghai high-speed railway will reach 21 billion 700 million yuan.

"Japan's Shinkansen took more than 20 years to make profits," said Anbang consulting in its research report. "China's high-speed rail is at least 30 years ahead of schedule."

Loss or unavoidable

"The freight price of the Ministry of Railways has been limited, while the cost of major production materials such as fuel and electricity has risen sharply. The benefit of passenger transport operation may be worse than expected due to the impact of the train accident, resulting in a smaller profit margin for the Ministry of railways." Li Xuerong, a senior researcher at CIC, said that a large amount of borrowing increased the financial cost. The Ministry of Railways is expected to repay the loan principal and interest about 100000000000 yuan this year. The statistics of Beijing Jiaotong University are even higher. It is believed that the Ministry of Railways should repay at least 180 billion yuan in 2011.

According to the CIC consultant statistics, the Ministry of Railways's profit sources include railway freight revenue, railway passenger revenue, other transportation income and other service income (such as ticket sales, goods handling income, etc.), and other income is mainly the income from holding enterprises and other enterprises invested by the Ministry of railways.

According to the semi annual report of the Ministry of railways, as of June 30th this year, the liabilities have reached 2 trillion and 90 billion yuan, and the asset liability ratio has reached 58.54%. In the first half of this year, the Ministry of Railways only made 4 billion 290 million yuan profit.

"In the first half of this year, the Ministry of railways made a profit of 4 billion 290 million yuan without deducting the railway construction fund." Li Xuerong told reporters that the railway construction fund in the first half of this year is expected to be more than 30 billion yuan, if the deduction is made, the loss of the Ministry of Railways in the first half of this year will exceed 25 billion 700 million yuan.

The so-called railway construction fund refers to the government funds collected by the State Council for railway construction, and is extracted from freight. The current extraction standard is 3 points, 3 tons per kilometer. According to the statement issued by the Ministry of Finance in July 22nd on the final accounts and related policies of the central government sex fund in 2010, the revenue budget of the railway construction fund last year was 58 billion 200 million yuan, and the final accounts were 61 billion 692 million yuan.

Zhao Jian said that the amount of construction funds that the Ministry of Railways should pay in 2011 will be basically the same as that of the Ministry of Railways this year. According to the general settlement method, the construction fund should be deducted from the financial statements. Li Xuerong also said that in the first half of the year, the profit of the Ministry of Railways was 4 billion 290 million yuan, which was actually caused by the railway construction fund project. He added that in the past 5 years, the Ministry of Railways' liabilities increased from 640 billion 100 million yuan in 2006 to 20907 billion yuan in 2010, an increase of 2.3 times, and operating income increased by only 60% from 2006 to 2010.

"Loss in the first quarter and actual losses in the first half of the year indicate that the Ministry of Railways is likely to suffer a huge loss in 2011." Li Xuerong said: "if the Ministry of Railways continues to lose money this year, this trend has not yet reached its peak. In the future, the pressure on bond maturity will be bigger and bigger. In the past 3 years, the State Bank of China will only receive interest on the high speed rail loan, and will not receive the principal. The future loans will not only pay interest, but also repay the capital, and the pressure will be greater."