State Owned Entities (Soes) Performance Review, FY 2013-14
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FEDERAL FOOTPRINT n STATE OWNED ENTITIES (SOEs) PERFORMANCE REVIEW FY 2013-14 ENERGY FINANCIAL INDUSTRIAL & ENGINEERING TRADING SERVICES TRANSPORTATION PROMOTIONAL & ADVOCACY SOEs Directory Implementation and Economic Reforms Unit Finance Division Government of Pakistan FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2013-14 TABLE OF CONTENTS List of Abbreviations .............................................................................................................. ii List of Tables .......................................................................................................................... iii List of Boxes ........................................................................................................................... iii DASHBOARD ........................................................................................................................ iv EXECUTIVE SUMMARY .................................................................................................... 1 INTRODUCTION .................................................................................................................. 4 Assumptions and Limitations:......................................................................................................... 5 SECTION I: STATE OWNED ENTITIES MAPPING ...................................................... 8 A. Categorical Classification ....................................................................................................... 9 B. Administrative Classification ............................................................................................... 14 C. Sectoral Classification ........................................................................................................... 21 SECTION II: STATE OWNED ENTITIES PERFORMANCE OVERVIEW .............. 27 1. Performance Overview: Energy Sector .............................................................................. 28 1.1 Hydrocarbons .................................................................................................................... 28 1.2 Power .................................................................................................................................. 42 2. Performance Overview: Financial Sector ........................................................................... 64 3. Performance Overview: Industrial & Engineering ........................................................... 99 4. Performance Overview: Trading Sector ........................................................................... 122 5. Performance Overview: Services Sector ........................................................................... 127 6. Performance Overview: Promotional & Advocacy Sector .............................................. 150 7. Performance Overview: Transportation Sector ............................................................... 201 CONCLUSION & WAY FORWARD .............................................................................. 235 Annexure I: Annual GoP Support .................................................................................... 238 Annexure II: Federal Miscellaneous Investments ........................................................... 239 Annexure III: List of Other Federal Authorities and Regulatory Bodies ..................... 240 Annexure IV: List of Entities (Information not received) .............................................. 241 Page i FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2013-14 List of Abbreviations Abbreviation Description CDLs Cash Development Loans CG Corporate Governance CPPA Central Power Purchase Agency 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 2013-14 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 ....................................................................................... 21 Table 5: Sectoral List of SOEs................................................................................................ 22 Table 6: Hydrocarbons Sector: Performance Overview ......................................................... 28 Table 7: Power Sector: Performance Overview...................................................................... 42 Table 8: Financial Sector: Performance Overview ................................................................. 64 Table 9: Industrial & Engineering Sector: Performance Overview ........................................ 99 Table 10: Trading Sector: Performance Overview ............................................................... 122 Table 11: Services Sector: Performance Overview .............................................................. 127 Table 12: Promotional & Advocacy Sector: Performance Overview ................................... 150 Table 13: Transportation Sector: Performance Overview .................................................... 201 List of Boxes Box 1: Report Highlights .......................................................................................................... 1 Box 2: SOEs Categorization ..................................................................................................... 4 Box 3: SOEs Classification Criteria ......................................................................................... 5 Box 4: Key Assumptions and Limitations ................................................................................ 6 Box 5: Broader Information Areas ........................................................................................... 7 Page iii FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2013-14 DASHBOARD STATE OWNED ENTITIES (SOEs) – IN BRIEF SOEs Classification SOEs 190 Public Sector Development Finance Institutions Federal Companies (PSCs) (DFIs) Authorities 175 including 78 07 subsidiaries 8 Commercial* Non-Commercial 130 including 66 45 including 12 subsidiaries subsidiaries Under the Companies Under Special Under Section-42 Ordinance Enactment 43 123 including 66 7 subsidiraies Incorporation Structure of SOEs Incorporated Entities 190 Incorporated under Created by Special Companies Ordinance, Enactment of Parliament 1984 14 176 Listed Public Limited Companies Unlisted Public Limited Companies 9 59 Private Limited Associations not for Profit Companies (section 42 companies) 65 43 Page iv FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2013-14 SOEs – IN BRIEF (Contd…) No. of Entities PSCs 175 Commercial 130 Non-Commercial 45 190 DFIs 8 Authorities 7 FY FY 2013-14 2012-13 1 PSCs 279,749 286,432 No. of Employees Commercial 277,844 284,474 423,245 Non-Commercial 1,905 1,958 FY 2012-13: 429,356 DFIs 441 439 1Information received from 90 Commercial PSCs, 29 Non- Authorities 143,057 142,495 Commercial PSCs, 7 DFIs and 7 Federal Authorities. FY FY Dividend Received 2013-14 2012-13 by GoP PSCs 58.3 63.0 DFIs 0.8 0.1 * Authorities - - Rs. 59.1 bn FY 2012-13: Rs. 63.1 bn * Out of total Dividend Declared by SOEs: Rs. 90.4 bn. Page v FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2013-14 1 SOEs – IN BRIEF (Contd….) Total Assets Rs. 9,633 bn FY 2012-13: Rs. 8,385 bn *Except Gawadar Port Authority FY 2013-14 FY 2012-13 Current Non-Current Total Current Non-Current Total Assets Assets Assets Assets Assets Assets PSCs 7,147 6,154 3,410 1,907 5,317 2,792 1,731 4,522 Commercial - - 1,758* - - 1,569* Non-Commercial 57 15 72 47 16 63 DFIs - - 154* - - 132* Authorities* 570 1,762 2,332 529 1,570 2,099 Break-up of current and non-current assets in these SOEs is not available. FY FY Net Revenue/ 2013-14 2012-13 Turnover PSCs 5,118 4,595 Commercial 5,108 4,587 Non-Commercial Rs. 5,257bn 10 8 DFIs FY 2012-13: Rs. 4,720 bn 10 9 Authorities* 129 116 *Except GPA FY FY Net Profit / (Loss) 2013-14 2012-13 *Excluding non-commercial PSCs PSCs-Commercial 217.6 158.2 Rs. 193.5bn DFIs 6.2 5.3 FY 2012-13: Rs. 123.5 bn Authorities* (30.3) (40.0) 1 *Except GPA NICL submitted unaudited figures of Profit & Loss Statement for FY 2013-14 as currently, it is in the process of finalization of audit for the FY 2010-11 Page vi FEDERAL FOOTPRINT: STATE OWNED ENTITIES PERFORMANCE OVERVIEW FY 2013-14 SOEs – IN BRIEF (Contd….) GoP Support during the Year* (Rs. bn) FY FY GoP Support - FY 2013-14 2012-13 2013-14 Grants Loans 80.4 150.5 6% Domestic 31.9 106.7 Loans 27% Foreign 48.5 43.8 Subsidies 49% Guarantees Guarantees 123.6 99.7 18% Subsidies 281.2 271.8 Grants 35.4 33.5 GoP’s Fiscal Risk Exposure (Outstanding Balance) (Rs. bn) FY 2012-13 FY 2013-14 Loans 608.5 770.4 Domestic 420.4 556.1 Foreign 188.1 214.3 Guarantees* 490.9 516.2 Local Currency 341.6 420.9 Foreign Currency 149.3 95.3 *these are contingent liabilities *Entity -wise details provided in Annexure-I.