By LuhanskTeplovoz winged order

The largest in recent years, an order for "uz" for the supply of 300 locomotives worth about $ 1.35 billion will perform "LuganskTeplovoz" rather than Russian Novocherkassk Electric Locomotive Plant, as previously thought. If it succeeds, "UZ" can save about 25% on this order.
Yesterday, Minister of Infrastructure Vladimir Kozak said that the Russian "Transmashholding" (TMH) has agreed to produce locomotives for "uz" (U.S.) belonging to the Ukrainian company "LuhanskTeplovoz" (LTP). The agreement was reached at the end in the last month negotiations with the owners of TMH. "We hope that their production will start next year, and in 2015 the company will enter the production capacity of 100 locomotives a year," — said the Minister. Head of the Department of Public Relations TMX Artem Ledenev confirmed that the parties have reached an agreement, but did not comment on the rest of the information has become. 

The level of localization locomotives "LuhanskTeplovoz" in 2014 would be 30%, and in 2015 will reach 90% for DC locomotives and 65% — for the variable. "By this time the Ukrainian companies that supply components for the production of electric locomotives, will have two to four times to increase the volume of production. Funding will be known next week," — added Mr. Kozak.

For the Ukrainian side is extremely important question of localization of production locomotives. "The government and the president have set us the task to organize the production of electric locomotives in Ukraine", — said the first deputy general director Nikolai ultrasound Sergienko. Artem Ledenev notes that TMX primarily concerned payment order, which delayed for several years. "TMX to complete the order and in Russia and Ukraine, the main thing — to get their money. If the Ukrainian side insists on the localization of production, we will not be difficult to manufacture components in Ukraine", — he said.

At first, "UZ" planned to produce 230 electric DC and 70 — AC on the LTZ, but at the signing of the 2011 agreement with TMX agreed to the proposal of the Russian side to fulfill the order belonging to her Novocherskasskom Electric Locomotive Plant (NEVZ). Their value is estimated on the LTZ IG "Art Capital" may be about $ 4.5 million per unit. Thus, the 300 locomotives to do ultrasound at least $ 1.35 billion According to experts, it is 25% cheaper than in Russia. "When TMH signed a contract with" uz "a few years ago," LuganskTeplovoz "practically nothing, it had to be reanimated," — says ex-deputy director Anatoly TMX Mescheryakov. According to him, the company was not able to produce good quality electric locomotives. "Now, with the support of TMX Ukrainian plant consistently loaded in the main orders of the Russian railways, and began production of a new product — three-section locomotives and diesel locomotives with the power plant Gereral Electric. So the plant is growing both in technical and production plan, and he is quite capable execute the order "uz", "- he said.

Chairman of the Supervisory Board LTZ Bykadorov Victor says that the transfer of production in Russia is also influenced by the fact that our localization of production locomotives DC was minimal. On the LTZ note that TMX was more convenient to carry out the production is NEVZ, as only this company could produce electrical equipment for these vehicles. In addition, the sources of "b" in the US previously reported that funding for the purchase of Russian banks could be carried out only if the machinery in Russia. But the state monopoly of railway transport has failed to reach an agreement with Vnesheconombank loan granted and announced last month a tender for leasing. "Until recently," uz "could not find the necessary funding, and it is difficult to say if it will raise funds now.’s Hard to find an investor is able to provide such a large amount without the use of political leverage. TMX If interested in this order, the company must attract financial assist partner to the deal, "- said the head of the analytical department of the IR Concorde Capital Alexander steam.

However, according to a senior analyst at IG "Art Capital" Alexei Andreychenko partially finance the purchase of locomotives "UZ" may be due to outstanding debut Eurobond in the amount of $ 500 million (see page 7). "Ultrasound is quite successfully conducted Eurobond issue for a very reasonable rate of 9.5%, which reveals to her the possibility of further borrowing by the new releases. This allows the company to not be tied to borrowing from Russian banks and seek out more comfortable negotiating with TMX," — says the expert.

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