List of Abbreviations - Home - Springer978-3-7908-2002...List of Abbreviations 269 NMP Net material...

List of Abbreviations

3PLs Third party logistics services providers AAR Association of American Railroads ADB Asian Development Bank ATOC Association of Train Operating Companies (UK) BEV Bundeseisenbahnvermögen (German Federal Railway Property Office) BNSF Burlington Northern and Santa Fe Railway BSP Bombardier Sifang Power (Qingdao) Transportation Ltd. BV Banverket (owner of Swedish rail infrastructure) CAAC Civil Aviation Administration of China CAGR Compound annual growth rate CIA Central Intelligence Agency CNR China Northern Locomotive and Rolling Stock Industry (Group) Corporation CNY Chinese Yuan Conrail The Consolidated Rail Corporation COSCO China Ocean Shipping (Group) Company CRCTC China Railway Container Transport Co., Ltd. CRE China Railway Express Co., Ltd. CRSC China Railway Special Cargo Services Co., Ltd. CSCMP Council of Supply Chain Management Professionals CSG China Shipping Group CSIS Center for Strategic and International Studies CSR China South Locomotive and Rolling Stock Industry (Group) Corporation DB AG Deutsche Bahn AG (German Railways) DOT Department of Transport DRC Development Research Center of the State Council of the People's Republic of China EBA Eisenbahnbundesamt (Federal Railway Office) EBIT Earnings before interest and tax EC European Community ECMT European Conference of Ministers of Transport ECRS Economic Contract Responsibility System

268 List of Abbreviations

Ed. Editor eds. Editors EiBV Eisenbahninfrastrukturbenutzungsverordnung (Rail Infrastructure Usage Ordinance) EIU Economist Intelligence Unit EU European Union EU25 25 member countries of the European Union EUR Euro EWS English, Welsh and Scottish Railway FDI Foreign direct investment FEC Federal Energy Commission FIEs Foreign-invested enterprises FRA Federal Railroad Administration FTL Full truckload HDI Human Development Index GATT General Agreement on Tariffs and Trade GDP Gross domestic product GDR German Democratic Republic GHQ General Headquarters IAS International Accounting Standards ICC Interstate Commerce Commission ICE InterCityExpress IFRS International Financial Reporting Standards IPO Initial public offering IR Indian Railways iss. Issue IT Information technology JNR Japanese National Railways JR Japan Railways Group JSC Joint stock company JV Joint venture KPI Key performance indicator LORIC China National Railway Locomotive and Rolling Stock Industry Corporation LTL Less than truckload MOC Ministry of Communications MOR Ministry of Railways MPS Ministry of the Means of Communication (Russian Ministry of Railways) NBS National Bureau of Statistics n. d. No date NDRC National Development and Reform Commission

List of Abbreviations 269

NMP Net material product no. Number n. p. No place NPLs Non-performing loans NPV Net present value NS Nederlandse Spoorwegen N.V. (Dutch Railways) ÖBB Österreichische Bundesbahnen (Austrian Railways) OECD Organization for Economic Co-operation and Development P&L Profit and loss statement p.a. Per annum PPP Purchasing power parity PRC People's Republic of China ROCE Return on capital employed ROR Rate-of-return RZD Russia Zeleznaja Dorogna (Russian Railways) SBB Schweizerische Bundesbahnen (Swiss Railways) Sinotrans China National Foreign Trade Transportation (Group) Corporation SMR San-Mao Railway Company SOEs State-owned enterprises STB Surface Transportation Board TERFN Trans European Rail Freight Network TEU Twenty feet Equivalent Unit (measurement for containers) TGV Train à Grande Vitesse TOC Train Operating Company (UK) UIC Union Internationale des Chemins de Fer (International Union of Railways) UK United Kingdom UN United Nations UNCTAD United Nations Conference on Trade and Development UNDP United Nations Development Program US, USA United States of America USCBC US-China Business Council vol. Volume WOFE Wholly-owned foreign enterprise WTO World Trade Organization

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Appendix

Appendix 1: Railroad key performance indicators Appendix 2: List of interview partners (sanitized) Appendix 3: Interview questionnaire Appendix 4: Sanitized interview minutes (available from author upon re-

quest) Appendix 5: Basic indicators from Chinese Railways' profit and loss state-

ment

292 Appendix

Appendix 1: Railroad key performance indicators

Appendix 293

294 Appendix

Appendix 295

296 Appendix

Appendix 297

298 Appendix

Appendix 2: List of interview partners (sanitized)

INTERVIEW NUMBER

SANITIZED INTERVIEWEE NAME

INTERVIEW DATE

INTERVIEW CITY

1 Representative of an international or-ganization in China March 2, 2005 Beijing

2 Ministry of Rail-

ways official March 2, 2005 Beijing

Ministry of Rail-

ways subsidiary official March 2, 2005 Beijing

3 University professor March 3, 2005 Beijing

University professor March 3, 2005 Beijing

University professor March 3, 2005 Beijing

4 University lecturer March 4, 2005 Beijing

PhD student March 4, 2005 Beijing

5 Representative of a foreign supplier to the Ministry of Railways in China

March 14, 2005 Beijing

6 Representative of a government commission April 1, 2005 Beijing

7 Representative of a medium-sized supplier to MOR April 3, 2005 Shanghai

8

Team leader at sales and distribution de-partment of supplier to Chinese Rail-ways April 7, 2005 Shanghai

General Manager of a support func-tion of a regional railway bureau April 7, 2005 Shanghai

Appendix 299

Deputy General Manager of a support function of a regional railway bureau April 7, 2005 Shanghai

9 Representative of a governmental re-search institution April 8, 2005 Beijing

10

Vice Manager Joint venture

railway between MOR and provincial government April 11, 2005 Guangzhou

11 Ministry of Rail-

ways subsidiary manager April 12, 2005 confidential

12 Executive of Deutsche Bahn AG July 20, 2005 Berlin

300 Appendix

Appendix 3: Interview questionnaire

Research project: Efficiency improvement opportunities for Chinese Rail-ways

Interview Guide

GENERAL INTERVIEWEE INFORMATION

Name

Company

Department/position

Interview date

Interview place

Other

1. MINISTRY OF RAILWAYS AND REGIONAL RAILWAY ADMINISTRATIONS: REGULATORY SETUP AND STRUCTURAL REFORM EFFORTS

POLITICS AND GOVERNANCE

From your point of view, how successful have the structural reforms been that have been undertaken until today:

• Separation process of MOR's administrative functions from its operational func-tions?

• &Spinning-off the rolling stock,

signaling & telecommunications, engineering, railway construction and

Appendix 301

civil-engineering corporations from MOR?

• 1986 ECRSECRS 1990

Introduction of ECRS in 1986, trying to give more decision making power to the operational side emphasizing economic rather than politi-cal goals and financial accountability (ECRS – Economic Contract Re-sponsibility System, expired in 1990):

o ECRS What were the most important effects of ECRS from your point of view?

o ECRS Was the program a success?

o ECRS Why has it been discontinued?

• 300 000 Reduction of operational staff by 300,000 (did they get off the payroll)?

As of today, which decision making rights on which topics:

• Have been given to the railway administrations?

• Have been given to the operational part of MOR?

• Have been given to local/provincial governments?

• Remain with MOR's administrative part

in cooperation with other government agencies (e.g., State Planning Commission)?

Does the current decision making rights distribution make sense? Why (not)?

COMPETITION AND DEREGULATION

What reform and restructuring efforts are most important for Chinese Rail-ways in the future?

302 Appendix

Deregulation

• How and in what respect is Chinese Railways important for the entire Chi-nese economic development?

o infrastructure growth lags behind growth pace of economy?

o crucial role in passen-ger and freight transportation?

Competition (intra-modal only)

•

What are the most important advantages and disadvantages of deregulating Chinese Railways? In your opinion, which ones would prevail?

• One important prerequisite in order to introduce competition is

the separation of infrastructure and operations:

o Is this separation being considered at the moment? For which rea-sons?

o

Which separation model would be most appropri-ate/feasible for Chinese Railways (vertical separation, vertical integration with access regulation, vertical integration with hori-zontal separation, joint ownership)?

o What would be the main

effects of such a separation on the operations of Chinese Rail-ways, i.e., could they withstand competition?

Appendix 303

•

A common argument against competition in rail-ways is the social obligation of the incumbent to provide non-commercial services (e.g., operation of small, unprofitable routes in order to provide basic transportation services for the population). This obligation leaves the incumbent at a disadvantage over competitors who can concentrate on large, profitable routes. In your opinion, what would be feasible workarounds for this problem?

• Which role could a po-

tential MOT play (e.g., as independent regulatory authority, as devel-oper of long-term national railway strategy, etc.)? Would any of this be realistic?

• What would be the main obstacles to implementing competition?

RESOURCES

Government subsidies:

• Which areas are currently government subsidized (passenger

operations, freight operations, infrastructure construction and mainte-nance, etc.)?

• 2Are there plans to substantially change this subsidy structure in

the next 2 years and what do they look like?

What are the main sources for government subsidies used for railway investments?

How are Chinese Railways' profits used?

Are there plans to make Chinese Railways self-sustainable financially?

Chinese Railways have the right to raise capital from the private sector:

304 Appendix

• Which activities and projects are open to private funding?

• Is private funding from outside China allowed? Under which conditions?

• How does private funding work?

• Which areas have been focal points of private funding?

• 2004 2003Which percentage of Chinese Railways' total funds came

from private sources in 2004 (2003)?

Investment policy

• Who selects in-vestment projects based on which criteria?

• How much autonomy do the railway bureaus have in investment decisions?

• What is the role of local govern-ments in investment decisions?

• Who determines the amount of fund-ing allocated to investment projects?

• Who is being held accountable for usage of funds, budget restrictions and perform-ance of investment projects?

2. FREIGHT DIVISION: EFFICIENCY IMPROVEMENT OPPORTUNITIES


Current and future organiza-

Appendix 305

tional setup

• —— (Specific questions regarding organization structure – if any)

• How old is your current or-ganization/business unit structure?

Competition

• Rail only: who

are your strongest competitors? How do you deal with them/prepare for new entrants?

o What kind of services do your competitors offer?

o Which parts of your value chain are particularly threatened by competition?

o 2 In the next 24 months, how much of your market share are

you expecting the competitors to occupy?

o Are your com-petitors domestic or international players?

o

Do they build/own their own infrastruc-ture/rolling stock? How does the model for using the incum-bent's infrastructure work? Who designs this model? Is it sus-tainable in the future?

o

What measures are you currently taking or planning to take in order to retain customers (e.g., price differentiation, temporary discounts on key routes,

306 Appendix

higher load flexibility, increase in delivery speed, value added services, etc.)?

• Intermodal (truck/ship/air): who are your strongest competi-

tors?

o / What percentage of your cargo goes in-

termodal at some point (domestic/international)?

o / Which are the most frequently used intermodal

combinations (truck/ship/air, domestic/international)?

o (20ft/40ft) / What is the average connection

time for a standard container (20ft/40ft) between your railway and other intermodal options (domestic/international)?

o

What kind of partnership agreements do you have with operators offering other modes of transport so you can offer intermodal services yourself? How much revenue (in percent, estimate) of your cargo that goes intermodal do you lose to operators which are not your own/your partners?

o / /

On which routes do you face direct competition from truck/ship/air? What is your own and your competitor's average price per tkm? Other than price, what are your intermodal com-petitors' greatest strengths?

o Which legs of your pro-

duction system are particularly vulnerable to intermodal compe-tition (e.g., pick-up and delivery to end customer)?

Appendix 307

Internationalization

• Do you have international freight operations? What are they?

• Do you market your freight services to international

customers (e.g., capacity sale via internet, partnerships with foreign lo-gistics providers)?

Power of customers

• Do you face strong buyer groups among your customers? Who are they?

• Which role do state owned en-terprises play as customers?

•

Which percentage of your customers can easily switch to other modes of transport without incurring significant transfer costs (esti-mate)? Which modes of transport would profit the most from such transfers? How?


/ Allocation of decision making power/coordination proc-esses

•

How are the interfaces with the holding designed? How are responsibilities structured? How are decisions made (timely, constructively)?

• How much independency/freedom do you have in your decision making?

• In your opinion, is communica-

tion with other business units efficient, well-coordinated and happen-

308 Appendix

ing in a timely manner? What could be improved?

RESOURCES

Access to financial resources

• What are you main sources of funding (revenues, government

subsidies)?

•

Which areas are/will be open to foreign investors (e.g., operation of regional lines, specialized technology, etc.)? When?

• / /Who selects and evaluates your investment projects (busi-

ness unit itself, holding, separate unit) based on which performance criteria (financial performance, construction/renewal necessity, etc.)?

Suppliers

• To what extent are suppliers and purchasing managed centrally

at holding level, to which extent are they managed centrally at business unit level?

• How many independent, how many subsidiary suppliers do

you have?

• To what extent are your suppliers regulated?

• How mutually de-pendent are you and your suppliers?

• / /How close is the cooperation/integration with suppliers? Do

partnerships, e.g., for R&D, exist?

Specialization (in-/outsourcing)

Appendix 309

• Which ac-

tivities do you outsource? For which reasons other than lower price do you outsource (e.g., insufficient in-house project planning and man-agement capacity)?

• How are the out-sourcing activities managed and coordinated (centrally, decentrally)?

• Which amount of your cost base goes into outsourcing (estimate, in percent)?

OPERATIONS

Overhead

• Which administra-tive functions exist at the business unit level (total FTEs?) and how many FTEs work in the respective functions, e.g.,

o HR, outplacement, training

o finance, payroll, accounting, controlling

o legal, tax

o sales, marketing

o planning, business unit strategy

o IT

o R&D

Schedule and line planning

• Who is in charge of schedule and line planning?

310 Appendix

• What support and analysis systems are used and what capabilities do they have?

• How frequently are plans adapted/revised?

• Which actions do you take to:

o avoid canni-

balization of offerings, bundling of similar products at similar times?

o offer

products appropriate to demand (e.g., fast direct connections be-tween big industrial centers, slower less frequent connections on lines with little industrial infrastructure)?

o

20’40’ centrally optimize coach configurations for

demand, forecast demand accurately, integrate potentially large customers (avoiding bottlenecks as well as expensive over-supply, flexible handling for peak demand situations, coaches appropriate for cargo type – dangerous goods/inflammable goods/cold storage/20 ft. vs. 40 ft. containers)?

o optimize transfer times at "hub stations"?

o consider abandonment of weak regional

connections or substitution by other modes of transport?

• How is most of your cargo bundled and transported:

Appendix 311

o point-to-point shuttles?

o "liner trains" (indirect shuttles)?

o hub-and-spoke systems?

• Punctuality

o 5 which percentage of your trains

is punctual (departs/arrives within +/- 5 minutes on schedule)?

o

what are the main reasons for unpunctual trains (e.g., technical defects, staff incomplete, "small preparations" too slow, formation late or faulty, loading process too slow, etc.)

Production

• How many hours per day are your trains productive (i.e., actu-

ally carrying freight)?

• What is your total cost base in freight production?

• What are the main cost drivers in production (estimate, in percent)?

• Which actions do you take to ensure that your rolling stock is well utilized:

o maintenance at off service hours?

o reduction of oversized operational reserves?

312 Appendix

o rolling stock rotation?

o preparatory works performed

during natural train downtimes (e.g., small maintenance, clean-ing, formation, shunting, etc.)?

o monitor percentage of available capacity actually utilized (on average)?

o try to shift loads from highly to poorly utilized routes?

o optimize per-centage of full truckloads (FTLs) vs. less than truckloads (LTLs) sold?

• Which actions do you take to ensure that maintenance is done efficiently:

o lean manufacturing in maintenance workshops?

o spreading of maintenance and inspection intervals?

o tracking/analysis of mean time between

(component-)failures, introduction of preventive maintenance?

• What do you do to manage your fuel consumption and propulsion equipment?

o energy-efficient driving?

o energy-efficient components and rolling stock, cooperation with pur-chasing?

Appendix 313

Value added services

• What kind of the following value-added services do you offer:

o insurance tailored to type of cargo

o special wagons for cooling, heating, moisture control

o special wagons for liq-uids, gases, hazardous/inflammable goods

o warehousing services at depar-ture point/destination

o online/GPS tracking of cargo posi-tion

o guaranteed arrival dates

o delivery to final des-tination (intermodal)

Pricing system

• How do the following drivers determine the purchase price of cargo space:

o distance

o FTLs vs. LTLs vs. very small volumes

o speed of connection (express train, slow train)

o special service requirements (insurance,

moisture and temperature protection, dangerous/inflammable

314 Appendix

goods, liquids or gases, etc.)

o peak demand/bottlenecked route

o time of purchase

• Are prices

differentiated to reflect the price elasticity of different customer groups? How? Are there discounts for special customer groups (e.g., state-owned production enterprises, state-owned logistics providers, etc.)?

• Are very small or excessively large cargo volumes

penalized? How?

• How many different products do you offer?

Is the specificity of a customer request reflected in the price?

Distribution and marketing

• How do you distribute your freight services?

o railway owned sales points

o commissioned 3PLs (how much commission do they get?)

o internet

o phone

• Are corporate accounts or

large SOEs specially managed (preferred access to certain trains, spe-cial discounts)?

Appendix 315

3. INFRASTRUCTURE DIVISION: EFFICIENCY

IMPROVEMENT OPPORTUNITIES


Current and future organiza-tional setup



Competitors' infrastructure

• Tracks and stations only:

o Do other com-panies use your infrastructure?

o Which complimentary services do your competitors offer?

o

? What is the usage model for these companies (e.g., fees to purchase usage rights, role of regulator in contract negotiations, integration of schedules, etc)?

o Are there companies currently

constructing or planning to construct their own track infrastruc-ture? What do you know about their plans?

• Rolling stock only:

o Do other companies own and operate rolling stock?

316 Appendix

o Who builds and maintains it?

o Do models exist where other

companies lease your own rolling stock to independently operate it on designated routes and what do they look like?



•

How are the interfaces with the holding designed? How are responsibilities structured? How are decisions made (timely, constructively)?

• How much independency/freedom do you have in your decision making?

• In your opinion, is communica-

tion with other business units efficient, well-coordinated and happen-ing in a timely manner? What could be improved?

RESOURCES


• What are you

main sources of funding (revenues transfers from other business units, government subsidies in percent of total infrastructure spending)?

• Which areas are/will

be open to foreign investors (e.g., infrastructure operation/construction on designated lines, development and distribution of specialized tech-nology, etc.)? When?

• / /

Appendix 317

Who selects and evaluates your investment projects (busi-ness unit itself, holding, separate unit) based on which performance criteria (financial performance, construction/renewal necessity, etc.)?

o rolling stock

purchasing decision determinants (train capacity, train speed, target life cycle cost per train, necessary maintenance facilities and maintenance regime)?

o

infrastructure construction decision determinants (in-house construction know-how available, planning and execu-tion capacity available, infrastructure life cycle cost, necessary maintenance regime)?

Suppliers

• To what extent are suppliers and purchasing managed centrally

at holding level, to which extent are they managed centrally at business unit level?


you have?




partnerships, e.g., for R&D, exist?

Specialization (in-/outsourcing)

• Which ac-

318 Appendix

tivities do you outsource? For which reasons other than lower price do you outsource (e.g., insufficient in-house project planning and man-agement capacity)?

• How are the out-sourcing activities managed and coordinated (centrally, decentrally)?

• Which amount of your cost base goes into outsourcing (estimate, in percent)?

OPERATIONS

Overhead

• Which administra-tive functions exist at the business unit level (total FTEs?) and how many FTEs work in the respective functions, e.g.,



o legal, tax

o sales, marketing

o planning, business unit strategy

o IT

o R&D

- Construction (only new infrastructure – excludes renewal and maintenance)

• 2002 2003 2004 2005 What is your investment volume for construction in 2002, 2003, 2004, 2005?

• Which percentage

Appendix 319

of this volume is performed by external contractors?

• How are outsourcing contracts tendered? Is tendering open to domestic contractors only?

• Are contractors responsible for defects occurring after final ac-

ceptance?

Renewal and maintenance (only existing infrastructure)

• Renewal:

o do you do

preventive maintenance? Which kind? How do you see the trade-off between (preventive and more expensive) maintenance vs. renewal?

o how do you optimize re-

newal decisions (long-term, short-term, choice of material, choice of technology, etc.)?

o do you (have to) prioritize renewals? What are the criteria?

• Maintenance:

o how is your maintenance regime organized (overview)?

o are there separate workers/teams for routine

maintenance and fault clearance?

o

how do you monitor frequency and root causes of technical

320 Appendix

defects? What is your average response time for a technical de-fect? How are responses coordinated?

o how are routine maintenances scheduled/coordinated? Is traffic situation taken into account?

o do your mainte-nance workers work alone or in teams?

o how specialized are your maintenance work-

ers? Are they dedicated to specific asset categories?

o how standardized are their work procedures?

o how long

is a standard shift for a maintenance worker and how many con-secutive shifts are worked per day? Are night/holiday shifts more expensive in terms of compensation?

o how much slack does a worker have in one standard

shift (in percent, estimate)?

4. / : HOLDING/OVERHEAD: EFFICIENCY IMPROVEMENT OPPORTUNITIES


Current and future organiza-tional setup as result of deregulation



Appendix 321

• Are

(additional) deregulation activities planned? What are they? What is the timeframe? How does this affect your future strategy?

Competition

• In which business fields do you have competition?

• Who are your strongest

competitors (rail, other modes of transport)? How do you deal with them/prepare for new entrants?

• Are your competitors domestic or international players?

•

Do they build/own their own infrastructure? If not, how does the model for using the incumbent's in-frastructure work? Who designs this model? Is it sustainable in the fu-ture?

• 2

In the next 24 months, how much of your market share are you expecting new competitors to occupy (by business unit)? What meas-ures are you currently taking or planning to take in order to retain cus-tomers?

Internationalization

• Do you have international op-erations? What are they?

• Are you planning activities/investments abroad? What are the most important projects?

322 Appendix



•

Where and how is decision making power allocated (centralized at holding vs. de-centralized at business units)? How are the interfaces designed? How are responsibilities structured? How are decisions made (timely, con-structively)?

• In your opinion, is

communication between holding and business units and between busi-ness units themselves efficient, well-coordinated and happening in a timely manner? What could be improved?

RESOURCES


• What are you main sources of financing (revenues, government

subsidies)?

• What kind of reviews do you face from your in-

vestors before and during the investment?

• How do your investors measure performance of their in-

vestments (annual RoI, operating profit, etc.)?

• Do you receive both domestic and for-eign-direct investment?

•

Which areas are/will be open to foreign investors (e.g., operation of regional lines, specialized technology, etc.) and under which condi-

Appendix 323

tions? When?

Suppliers

• To what extent are suppliers and purchasing managed cen-

trally?


you have?




partnerships, e.g., for R&D exist?

Resource allocation to divisions

• / /How do you select and evaluate your investment projects

(financial performance, necessity in construction/renewal, etc.)?

• Who allocates funds to the business units?

• On what ba-sis are funds allocated (annual plan, project proposals)?

• How do business units report back on use of funds?

OPERATIONS

Overhead

• Which administra-

324 Appendix

tive functions exist at the holding (total FTEs?) and how many FTEs work in the respective functions, e.g.,



o legal, tax

o sales, marketing

o board of management support

o planning, strategy (corpo-rate/business unit)

o IT/ R&D

5. STATISTICS – MAVERICKS AND MISSING DATA

/ Productivity/asset utilization mavericks (where signifi-cant)

2003 Employees by business unit 2003

2003 2002 Revenues 2003 (in EUR), change in percent over 2002

2003 2002Revenues by business unit 2003 (in EUR), change in percent over 2002

2003 2002Operating profit after interest 2003 (in EUR), change in percent over 2002

2003 State-budget subsidies 2003 (in EUR)

2003 Gross investment 2003 (in EUR)

Major investment pro-jects, timeframe, investment volume (in EUR)

Appendix 325

2003 Passenger locomotives (owned by CR) 2003

2003 Freight locomotives (owned by CR) 2003

2003 = / Employee cost 2003 (in percent of revenues) = total wages/total revenues

6. INTERVIEW WRAP-UP

What are the main levers for efficiency improvement in the business unit discussed today?

How would you estimate the efficiency improvement potential?

What are the main obstacles to implementing efficiency improvement? How serious are they?

Can you rec-ommend some other interview partners I could speak to?

326 Appendix

Appendix 4: Sanitized interview minutes

To protect interview partners' confidentiality, the interview minutes can be obtained from the author upon request. Please contact [email protected]

Appendix 327

Appendix 5: Basic indicators from Chinese Railways' profit and loss state-ment

Item (in per cent) 1990 1995 2000 2002 2003 2004Profit margin total transport 27.5 negative 3.1 1.7 1.2 2.7 Passenger revenue as per cent of total trans-port revenue 27.0 31.9 33.7 35.0 32.1 33.0

Freight revenue as per cent of total transport revenue 66.2 56.6 51.6 49.6 52.9 52.6

Luggage revenue as per cent of total trans-port revenue 2.1 2.5 3.5 3.0 3.0 2.7

Postal revenue as per cent of total transport revenue 0.2 0.3 0.3 0.3 0.3 0.2

Other revenue as per cent of total transport revenue 4.5 8.7 10.9 12.2 11.8 11.5

Cost by category as percentage of operation cost

Wages and salaries 16.9 21.8 20.8 24.3 23.3 23.1 Materials 12.8 13.3 8.1 10.1 9.7 11.6 Fuel 15.2 15.8 14.8 13.0 13.9 13.9 Electricity 3.5 5.0 6.5 7.8 8.4 8.2 Depreciation 42.9 11.5 36.9 19.9 17.0 16.8 Other Costs 8.8 32.5 12.9 24.9 27.6 26.3 Source: Guojia tongji ju [National Bureau of Statistics] 2004: 16-26; Guojia tongji ju [National Bureau of Statistics] 2005: 16-24; author's own analysis.

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