Tajikistan : Financial Assessment of Barki Tojik
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 proj...
| Main Authors: | , , , |
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/10/18719013/financial-assessment-barki-tojik http://hdl.handle.net/10986/17009 |
| Summary: | 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. |
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