Tajikistan : Financial Assessment of Barki Tojik
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World Bank, Washington, DC
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This assessment presents the analysis of
the financial performance of Barki Tojik (BT), the
vertically integrated national power utility of Tajikistan.
The assessment is based on the financial model constructed
for BT. The assessment relies on projections of BT's
financial statements and aims to analyze the financial
standing of the company based on its operational
performance, solvency and liquidity; forecast the financial
performance of the company under various investment
scenarios; and assess the cost of domestic power supply. The
key findings of the analysis are: 1) the 2012 average
weighted billed tariff was significantly lower than the
estimated cost of supply; 2) In 2012, the company had a
large cash deficit to fully finance the expenses required
for domestic supply, the deficit being caused due to high
losses, poor collection rates and high general and
administrative expenses as well as unclassified costs; 3)
timely payments to Independent Power Producers (IPPs) are
increasingly becoming an issue; 4) difficulties of BT to
service debt will ultimately become a direct burden for the
state budget; and 5) significant revenue increase will be
required for BT to reach cost-recovery irrespective of
long-term investment scenarios pursued.
Palabras clave
ACCOUNTING, ACCOUNTING STANDARDS, ADMINISTRATIVE EXPENSES, AGRICULTURE, ARREARS, AVAILABILITY, BALANCE SHEET, BUSINESS ACTIVITIES, BUSINESS PRACTICE, CAPITAL INVESTMENTS, CASH DEFICIT, CASH FLOW, CASH FLOWS, CASH PAYMENTS, COST OF DEBT, COST OF ELECTRICITY, CREDITORS, DEBT, DEBT FINANCING, DEBT HOLDERS, DEBT OBLIGATIONS, DEBT SERVICE, DEBT SERVICE PAYMENT, DEBT SERVICE PAYMENTS, DEFICITS, DOMESTIC SUPPLY, ECONOMIC GROWTH, ELECTRICITY, ELECTRICITY CONSUMPTION, ELECTRICITY DEMAND, ELECTRICITY GENERATION, ELECTRICITY SUPPLY, ELECTRICITY TARIFF, ENERGY BILLS, ENERGY EFFICIENCY, ENERGY SHORTAGE, ENERGY SUPPLY, EQUIPMENT, EXCHANGE RATE, EXPORTS, FINANCIAL MANAGEMENT, FINANCIAL PERFORMANCE, FINANCIAL REPORTING, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, FINANCIAL SUSTAINABILITY, FINANCING COST, FINANCING COSTS, FINANCING REQUIREMENT, FUEL, FUEL SWITCHING, FUTURE FINANCING, GDP, GENERATION, GOVERNMENT BORROWING, HYDROPOWER, INCOME STATEMENT, INEFFICIENCY, INFLATION, INTEREST EXPENDITURE, INTEREST PAYMENT, INTEREST PAYMENTS, INTERNATIONAL BANK, INVENTORIES, INVENTORY, LATE PAYMENT, LEVEL OF DEBT, LIQUID ASSETS, LIQUIDITY, LIQUIDITY PROBLEM, LOAN, LOAN BALANCE, LOAN COVENANT, LOAN COVENANTS, LONG-TERM DEBT, LONG-TERM INVESTMENT, MARKETABLE SECURITIES, NET PROFIT, NET PROFITS, OPERATING COSTS, OPERATIONAL DEFICIT, OUTSTANDING DEBT, PAYMENT DISCIPLINE, PAYMENT OBLIGATIONS, PAYMENT ON DEBT, PAYMENT TO CREDITORS, PAYMENTS TO CREDITORS, PENALTIES, PENALTY, POWER, POWER PRODUCERS, POWER PURCHASE AGREEMENTS, POWER SECTOR, POWER TRADE, PRIVATE INVESTMENT, PROFIT MARGIN, PROFITABILITY, PUBLIC DEBT, PUBLIC INVESTMENTS, RECEIVABLES, REHABILITATION PROGRAM, REPAYMENT, REPAYMENTS, REPAYMENTS OF PRINCIPAL, RESERVES, RESIDENTIAL CONSUMERS, SOLVENCY, TAX, TAX OBLIGATIONS, TIMELY PAYMENTS, TOTAL COSTS, TOTAL REVENUE, VALUATION, WORKING CAPITAL