Financial Sector: Performance Overview
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FEDERAL FOOTPRINT n STATE OWNED ENTITIES (SOEs) Public Disclosure Authorized PERFORMANCE REVIEW FY2014-15 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 TABLE OF CONTENTS List of Abbreviations .............................................................................................................. ii List of Tables .......................................................................................................................... iii DASHBOARD ........................................................................................................................ iv EXECUTIVE SUMMARY .................................................................................................... 1 INTRODUCTION .................................................................................................................. 4 Assumptions and Limitations:....................................................................................................... ..6 SECTION I: STATE OWNED ENTITIES MAPPING ...................................................... 8 A. Categorical Classification ....................................................................................................... 9 B. Administrative Classification ............................................................................................... 14 C. Sectoral Classification ........................................................................................................... 20 SECTION II: STATE OWNED ENTITIES PERFORMANCE OVERVIEW .............. 26 1. Performance Overview: Energy Sector .............................................................................. 27 1.1 Hydrocarbons .................................................................................................................... 27 1.2 Power .................................................................................................................................. 42 2. Performance Overview: Financial Sector ........................................................................... 64 3. Performance Overview: Industrial & Engineering ........................................................... 98 4. Performance Overview: Trading Sector ........................................................................... 118 5. Performance Overview: Services Sector ........................................................................... 123 6. Performance Overview: Promotional & Advocacy Sector .............................................. 145 7. Performance Overview: Transportation Sector ............................................................... 193 CONCLUSION & WAY FORWARD .............................................................................. 226 Annexure I: Annual GoP Support .................................................................................... 229 Annexure II: List of Other Federal Authorities and Regulatory Bodies ....................... 230 Annexure III: List of Entities - Information Not Received) ........................................... 231 Page i FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 List of Abbreviations Abbreviation Description CDLs Cash Development Loans CG Corporate Governance CPPA (G) Central Power Purchase Agency Guarantee Limited CRC Corporate Restructuring Companies Act DFIs Development Finance Institutions DISCOs Distribution Companies F.A Federal Authorities FRDL Fiscal Responsibility and Debt Limitations Act GENCOs Generation Companies GDP Gross Domestic Product GOP Government of Pakistan NPL Non-Performing Loans PSCs Public Sector Companies SECP Securities and Exchange Commission of Pakistan SOEs State Owned Entities Page ii FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 List of Tables Table 1: Categorical list of SOEs ........................................................................................................... 9 Table 2: Administrative Snapshot of SOEs .......................................................................................... 14 Table 3: Administrative list of SOEs .................................................................................................... 15 Table 4: Sectoral Snapshot of SOEs ..................................................................................................... 20 Table 5: Sectoral List of SOEs ............................................................................................................. 21 Table 6: Hydrocarbons Sector: Performance Overview ....................................................................... 27 Table 7: Power Sector: Performance Overview ................................................................................... 42 Table 8: Financial Sector: Performance Overview ............................................................................... 64 Table 9: Industrial & Engineering Sector: Performance Overview ...................................................... 98 Table 10: Trading Sector: Performance Overview ............................................................................. 118 Table 11: Services Sector: Performance Overview ............................................................................ 123 Table 12: Promotional & Advocacy Sector: Performance Overview ................................................ 145 Table 13: Transportation Sector: Performance Overview .................................................................. 193 Page iii FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 DASHBOARD STATE OWNED ENTITIES (SOEs) – IN BRIEF SOEs Classification SOEs 183 Public Sector Development Finance Institutions Federal Companies (PSCs) (DFIs) Authorities 169 including 72 07 subsidiaries 7 Commercial* Non-Commercial 126 including 60 43 including 12 subsidiaries subsidiaries Under the Companies Under Special Ordinance Enactment 120 including 60 6 subsidiraies Incorporation Structure of SOEs Incorporated Entities 183 Created by Special Foreign Incorporated Enactment of PSCs Parliament 07* 13 Incorporated under Companies Ordinance, 1984 163 Listed Public Limited Unlisted Public Companies Limited Companies 10 51 Private Limited Associations not for Profit Companies (section 42 companies) 61 41 Page iv FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 SOEs – IN BRIEF (Cont.) PSCs 169 No. of Entities Commercial 126 Non-Commercial 43 DFIs 7 183 Authorities 7 FY FY 2013-14 2014-15 PSCs 279,749 258,868 No. of Employees Commercial 277,844 255,036 Non-Commercial 1,905 3,832 402,543 DFIs 441 618 FY 2013-14: 423,245 Authorities 143,057 143,057 FY FY Dividend Received 2013-14 2014-15 by GoP PSCs 58.3 65.55 DFIs 0.8 0.3 Rs. 65.85 bn Authorities - FY 2013-14: Rs. 59.10 Page v FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 1 SOEs – IN BRIEF (Cont.) 1 Total Assets Rs. 10,823 bn FY 2013-14: Rs. 9,633 bn FY 2013-14 FY 2014-15 Current Non-Current Total Current Non-Current Total Assets Assets Assets Assets Assets Assets PSCs 7,147 7,618 Commercial 3,410 3,665 7,075 2,851 4,696 7,547 Non-Commercial 57 15 72 45 26 71 DFIs 154 169 Authorities* 570 1,762 2,332 595 2,441 3,036 Total assets of non-financial sector is clubbed in Non-current assets. FY FY 2013-14 2014-15 Net Revenue/ PSCs 5,118 4,004 Commercial Turnover 5,108 3,993 Non-Commercial 10 10 DFIs Rs. 4,175bn 10 12 FY 2013-14: Rs. 5,257 bn Authorities* 129 159 FY FY Net Profit / (Loss) 2013-14 2014-15 PSCs-Commercial 217.6 67.38 Rs. 52.34 DFIs 6.2 5.6 Authorities* (30.3) (20.35) FY 2013-14: Rs. 193.5 bn Page vi FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 SOEs – IN BRIEF (Cont.) GoP Support during the Year* (Rs. bn) FY FY 2014-15 2013-14 Loans 110.3 150.5 Domestic 93.4 106.7 Foreign 16.9 43.8 Guarantees 154.8 99.7 Subsidies 229.0 271.8 Grants 37.0 33.5 GoP’s Fiscal Risk Exposure (Outstanding Balance) (Rs. bn) FY 2014-15 FY 2013-14 Loans 857.4 770.4 Domestic 643.0 556.1 Foreign 214.4 214.3 Guarantees* 614.9 516.2 Local Currency 527.1 420.9 Foreign Currency 87.8 95.3 Page vii FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 1. PUBLIC SECTOR COMPANIES (PSCs) No. of PSCs 169 This includes 126 commercial and 43 non- commercial PSCs. Under Companies Ordinance, 1984 Commercial (120) (126) Under Special Enactment (6) (169) PSCs Non- Under section-42 of the Companies Ordinance, 1984 Commercial (43) (43) Page viii *it includes 1,905 employed in Non- FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 1. PUBLIC SECTOR COMPANIES (PSCs) No. of Board Members Commercial1 635 970 2 Non-Commercial 335 Gender Distribution A. BOARD MEMBERS Commercial PSCs Non-Commercial PSCs Male (96%) Female (4%) Male (93%) Female (7%) B. CHAIRMAN Commercial PSCs Non-Commercial PSCs Male (92%) Female (8%)* Male (86%) Female (14%) Page ix FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 2 1.1 COMMERCIAL PSCs Total Assets (Rs. Billion) FY 2014-15 7,546 FY 2013-14 7,075 Net Revenue/Turnover FY 2014-15 3,993 FY 2013-14 5,108 Net Profit/(Loss) FY 2014-15 67 FY 2013-14 217.6 Page x FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2014-15 1.1 COMMERCIAL PSCs (Contd.) Top 10 Profit making PSCs A. In Terms of Net Profit Rs. Billion FY 2014-15 FY 2013-14 Sr. No. PSC Net Profit PSC Net Profit 1. OGDCL 87.2 OGDCL 123.9 2. PPL 35.3 PPL 50.9 3. GHPL 24.5 FESCO 29.7 4. NBP