Dead-end branch lines: why Russian Railways sells its stake in Aeroexpress

The state monopoly has approved the sale of 25% of Aeroexpress having spent 46 billion rubles on its development. Why sell an asset with the value increased ten times?
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Trains "Aeroexpress", that went like clockwork during the Olympics to the airport in Adler to Krasnaya Polyana, transported 3.5 million passengers. Tourists were satisfied - fast, convenient, comfortable. This company also delivers passengers from Moscow, Kazan and Vladivostok to nearby airports. Business is adjusted, the route Belorussky Railway Station - Sheremetyevo often not enough seats. Net profit of "Aeroexpress" in the first nine months of 2013 amounted to 442 million rubles.

Meanwhile, in recent years in the company of important events occur. What's behind them?

In mid-February 2014 the Board of Directors of OAO "RZD" approved the sale of 25% of "Aeroexpress" entrepreneur Sergei Glinka and Tatiana Liksutovoy, ex-wife of Maxim Liksutova 157, the Deputy Mayor for Transportation and Development of road transport infrastructure. Liksutov divorced his wife in the summer of 2013, and at the end of 2012 sold his part of the joint business with Glinka. RZD will remain 25% "Aeroexpress", Glinka and Liksutovoy will be 50%, even 25% - in business from the list of Forbes Iskander Makhmudov and Andrey Bokarev 1574.

Railways became a shareholder of "Aeroexpress" in 2008, when the company bought 50% from Sheremetyevo Airport and structures Glinka and Liksutova 60 million rubles (such figures are called vice-president of RZD Valeriy Reshetnikov). Six years later, 25% of "Aeroexpress" Railways rescue about 500 million rubles. Why sell an asset whose value is increased by the order?

According to the Railways Ekaterina Gerasimova, have a monopoly there is no money to invest in this project.

Now "Aeroexpress" trains seven own and 18 leased from Russian Railways. It buys Railways rolling stock to "Aeroexpress", the cost per train ED4M is about 280 million rubles. But the cost of the train - a trifle compared with investments in railways. The first route of "Aeroexpress" launched in 2002 for the existing railway line from Paveletsky station to Domodedovo airport. The second route, from the Kiev railway station to Vnukovo was opened in 2005, to modernize the line of Railways has spent 646 million rubles. Tenth June 2008 "Aeroexpress" was run from the station to the Sher Savelovskymetevo, for the construction of new branches and the electrification of Railways has spent 4.8 billion rubles. In 2009, the train "Aeroexpress" went to Sheremetyevo from Belorussky railway station, Railways investment increased by 300 million rubles.

Then began the federal projects with much larger numbers. Getting Started in Sochi in February 2012, it was made possible after the construction of the new section of the road, two tunnels, three viaducts and station a total value of 9.8 billion rubles. In July 2012, before the APEC summit "Aeroexpress" has started to work on the line from Vladivostok to Knevichi airport, which cost 8 billion rubles. Tourists and sportsmen took place in 2013 Universiade in Kazan also traveled from the airport to the city to "Aeroexpress", here on the infrastructure costs amounted to 10.6 billion rubles.

Total lines "Aeroexpress" cost the Railways and the state budget more than 34 billion rubles (excluding rolling stock procurement). The investments of the company in the development of the business, according to CEO "Aeroexpress" Alexei Krivoruchko, totaled 12 billion rubles.

However, at alldirections, except for routes to Sheremetyevo and Domodedovo, transportation "Aeroexpress" remain unprofitable.

Compensate the losses should the regional authorities. failed to agree in Sochi. And although trains sported the words "Aeroexpress", to May 1, 2013 was engaged in transportation of Russian Railways. "Aeroexpress" under the agency agreement granted the monopoly of its staff and ticket system. On this route, according to Ekaterina Gerasimova, "Aeroexpress" will not return.

Tatarstan's government has allocated "Aeroexpress" compensation in the amount of 25 million rubles, but it covered only half of the losses that the company suffered in the republic in 2013. In Vladivostok, on the results of 2013 the loss reached 110 million rubles (in 2012 - 70 million rubles). "The issue of compensation for damages is still open, which generally adversely affect the successful development of the company's plans for the project in Vladivostok - said Krivoruchko. - But we are actively negotiating with the local authorities about the traffic volume of subsidies. "

Everywhere, except in Moscow, often convaschayuscheysya in one continuous traffic jam, air travelers prefer to "Aeroexpress" ground transportation, which is more convenient and cheaper. As part of "Aeroexpress" 472 passenger seats, Kazan congestion "Aeroexpress" at the end of 2013 amounted to an average of 40 passengers in Vladivostok - 100 passengers.

The company compensates for the losses in the regions due to the lucrative Moscow routes. "The attitude of the authorities to all carriers equally successful, - says head of a large passenger railway company. - If some site you get a profit, it must compensate for the loss of their own on the other. "

How long "Aeroexpress" will transport passengers in the regions? According to the head Infranews research agency Alexei Bezborodov, RZhD will issue as soon as the sale of 25% shares of its stake, "Aeroexpress" will begin to withdraw from unprofitable areas. Rather, as in Sochi, on the railway lines Railways will, because the other contenders for the carriage is not here.