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Increasing Private Sector Participation and Improving Efficiency in State

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Increasing Private Sector Participation and Improving Efficiency in State ReportNo. 13132-TH Thailand SectorReport Participation Public Disclosure Authorized IncreasingPrivate Sector and Improving Efficiency in State Enterprises (In Three Volumes) Volume ll-Annexes October11, 1994 Industry and EnergyOperations Division _, Country Department I %' - EastAsia and Pacific Regional Office ,,~~~~~~~~~~~ .. ,- * - .-..- '- z> rrer.*Y.wr; ,~.w Public Disclosure Authorized U~~~~~~~~~~~~~~~~~~~~~~~~~~~ -'- 4~~~~~~~~~~~~~~~~~~~~& - s., , .u>s Public Disclosure Authorized ,, ,, , ~ ,,;e , -. " , - . .* ._ ^ - " ' ~~~~~~~~~~~~4~ ~~ ~ ~ ~ ~ ~ ~ ' Public Disclosure Authorized Documentof the World Bank 4 ~~ 9 4. ~ 44 4. _4~- ' ' - , .s 4 :~.. CURRENCY EQUIVALENTS Average Jan-Jun 1994 = US$1.00 = B 25.30 Average 1993 USS1.00 = B 25.32 Average 1992 = US$1.00 = B 25.40 Average 1991 US$1.00 = B 25.52 Average 1990 = US$1.00 = B 25.59 Average 1989 = US$1.00 = B 25.70 Average 1988 US$1.00 = B 25.29 .\verage 1987 US$1.00 = B 25.72 ABBREVIATIONS AND ACRONYMS AAT Airport Authority of Thailand ADB Asian Development Bank BMTA Bangkok Mass Transit Authority BOO Build-Own-and-Operate BOOT Build-Own-Operate-Transfer CAT Communications Authority of Thailand EGAT Electricity Generating Authority of Thailand ETO Expressway Transportation Organization of Thailand ERTA Expressway and Rapid Transit Authority GDP Gross Domestic Product IDF Infrastructure Development Facility MCOT Mass Communication Organization of Thailand MEA Metropolitan Electricity Authority MOF Ministry of Finance MWA Metropolitan Water Authority NEPO National Energy Planning Office NESDB National Economic and Social Development Board NHA National Housing Authority PAT Port Authority of Thailand PEA Provincial Electricity Authority PTT Petroleum Authority of Thailand PWA Provincial Water Authority RTG Royal Thai Government SE State Enterprise SED State Enterprise Division SEIC State Enterprise Improvement Committee SEID State Enterprise Improvement Division SRT State Railway Authority TOT Telephone Organization of Thailand FISCAL YEAR October 1 to September 30 Thailand IncreasingPrivate Sector Participation and ImprovingEfficiency in State Enterprises Table of Contents ANNEXES 1. Private Sector Participation and Privatization Plans for State Enterprises ........... 1 2. The State Enterprise Sector ............ .. .. .. ... .. ... I... .. .. .. .. 58 3. Successfully Contracting Private Sector Infrastructure ....... 70 4. Legal Issues ........................ ..... ..... ..... ..... .. 77 5. Privatization - Capital Market Aspects ......... .. .. .. .. .. 84 6. Legislative Strategy for the TelecommunicationSector ...... 94 7. Privatization Studies ................ .. ... ... ... ... ... .. ... ... 100 8. Performance Evaluation and Incentive Determination ....... 104 9. State Enterprises' Financial Results and Indicators ....... 118 10. Financial Results and Indicators for the 15 Public Utility State Enterprises ..... 139 11. Pension Systems ................. ... ... ... ... ... ... ... ... 147 12. Government Guidelines for Improving the State Enterprises ...... 163 13. A Regulatory System for Thailand ......... .. .. .. .. .. 171 14. Key Legislation on Privatization .......... .. .. .. .. .. .. .. 188 The mission was led by Messrs. Claudio Femandez and Ismail Dalla, and included Mrs. Fiona Woolf and Messrs. Bernard Tenenbaum, Peter Kyle, Ahmed Galal, John Arnold, Shyamadas Baneri and Hafeez Shaikh. Specific inputs for the report were received from Messrs. Jeremias Paul (power supply), Harvey Ludwig (water supply), Leroy Jones (performance indicators), Keat Tian (pension funds) and Martin Edmonds (state enterprises). Joost Polak edited the report. 1 Annex 1 - Page 1 Thailand Private Sector Participation and Privatization Plans for State Enterprises AIRPORT AUTHORITY OF THAILAND (AAT) 1. Financial Highlights 1989 1990 1991 1992 1993 (Million Baht) Assets 10,173 11,551 12,958 14,071 14,824 Liabilities 6,036 5,867 6,558 6,411 6,864 Net Worth 4,137 5,684 6,400 7,660 7,960 Net Profit 2,004 2,541 2,780 2,690 2,688 Employees 2,584 2,652 2,875 3,128 2,365 Debt/Equity Ratio 1.46 1.03 1.03 0.84 0.86 Remittance to GOT(%) 50% 50% 47% 52% 50% ROA 19.7% 22.0% 21.5% 19.1% 18.1% Wage Component 36.9% 35.0% 33.2% 27.1% Productivity 2. Main Objective: KEY PERFORMANCE INDICATORS Operate and manage airports and (PROFIT IN MILLION 1993 BAHTS) related businesses. 120% 3. Recommendations of 1009 the WVhitePaper: (a) Corporatize and register with the SET to improve f 8 om 709 efficiency and develop the domestic 2_ stock market; (b) Achieve a broad 1 ownership of shares. 409 4. Actions taken by 209 AAT: (a) Hiring private sector to implement some services; (b) AAT 199S 1919e1989 19 199 19 1993 has minority equity in many airport related businesses as follows: airport PROFIT/STAFF-U.BsAT a RFETN ON ASSETS X % RETL'H ON EOUITY hotel 9% (B10.8 million), catering Figure 1 7% (B5.6 million), ground services 28.5% (B14.25 million), duty free 10% (B20 million), pipeline 10% (B20 million), transport 15% (B45 million) and restaurants 5% (B1 million). 5. AAT's Response. (a) Plans to increase private participation as follows: (i) subcontract most commercial activities like cleaning, security, maintenance, etc. (ii) provide long-term franchises -2- Annex 1 - Page 2 for major commercial activities such as restaurants and duty free shops; (b) Upgrade the airport facilities to international standards; (c) For the new airport: (i) set up a committee to increase private sector participation both domestic and foreign; (ii) list the new airport on the SET; (iii) build a state-of- the-art airport that would become a regional hub. 6. Cabinet Decision. NA. SEID considers that AAT should be upgraded to Class A status to facilitate private financing and enable AAT to list on the stock exchange. 7. AAT's Status and Issues 7.1 Thailand has four international airports and a number of domestic airports. The largest airport, Don Muang, handles more than 12 million international passengers per year and nearly 5 million domestic passengers. These volumes are expected to more than double by the end of the decade, thus requiring additional capacity. Of the other international airports, Phuket has been the most successful, handling about 2 million passengers per year. Chiang Mai has experienced relatively slow growth and serves a little over 1 million passengers a year, while traffic at Hat Yai has declined to about 0.5million. The government has proposed that a fifth airport, Chiang Rai, be upgraded to an international airport to accommodate the growing tourist activity in the Golden Triangle. 7.2 Airport capacity will receive a major boost when the Second Bangkok International Airport (SBIA), now under design, becomes operational by the year 2000. The new airport will be a regional hub and will accommodate both international flights and connecting domestic flights. Don Muang will be left with high-density regional "shuttle" flights and unscheduled charter flights. The site for the new airport at Nong Ngu Hao has been under consideration for nearly a quarter century. It had originally been proposed as the site for the first Bangkok airport, but delays in its development resulted in the gradual expansion of commercial facilities on the site of the military airport at Don Muang. The second airport is estimated to cost $4 billion for the first phase, with a total investment of $13 billion. The first phase terminal, which is planned to be operational by 2000, will have a capacity of 30 million passengers. 7.3 Land access to the new airport remains uncertain, although a number of plans are under consideration. These include: (a) the proposed Bangkok-Chonburi Highway, which would cross over both the first and second expressways and pass to the north of the airport; (b) the extension of the outer ring road to the east of the airport; (c) the rail facilities at Lat Krabang located just north of the airport. 7.4 What is missing in these schemes is an effective connection between Don Muang and the SBIA for passenger transfers. A highway connection would be possible using the Don Muang Highway, the third expressway and the Bangkok-Chonburi Highway, assuming all of these are available; however, vehicles transferring passengers between the airports would have to pass through congested areas of Bangkok, which would adversely affect travel times. Coordinated planning of this interconnection must begin soon if the airport is to function effectively by the year 2000. 7.5 The airports in Thailand are developed by the Department of Civil Aviation within the Ministry of Transport and Communications. When converted to international airports, they are transferred to the Airport Authority of Thailand (AAT). The authority operates them in a commercial manner similar to that used throughout the world. Landing and takeoff slots are assigned by the AAT 3 Annex 1 - Page 3 in conjunction with Thai Airways.- Gates are assigned on a flexible basis by the AAT because of the high level of utilization of the gates, but many of the gates are used on a regular basis by individual airlines. 7.6 Ticketing and other areas within the terminal for processing passengers are leased to the airlines or their agents. Retail space for restaurants and shops is leased to private companies for periods of three years. Terminal cleaning is performed by a private company. Airport parking is provided by private concessions. Ground services, including services to the airplanes and baggage handling, are provided by Thai Airways. In Don Muang, two other companies, TAGS and
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