Implementation and Economic Reforms Unit, Ministry of Finance Q Block, Pak Secretariat Tel 051-9223619 Fax 051-9202565 www.finance.gov.pk SOE FEDERAL FOOTPRINT 2016-17 FY 2017 Federal Footprint - State-Owned Enterprises (SOEs) Performance Review TABLE OF CONTENTS Table of Contents List of Abbreviations_____________________________________________________________________________________ 3 List of Tables _____________________________________________________________________________________________ 4 List of Figures ____________________________________________________________________________________________ 6 Foreword _________________________________________________________________________________________________ 7 Dashboard ________________________________________________________________________________________________ 9 Executive Summary _____________________________________________________________________________________ 25 Introduction _____________________________________________________________________________________________ 28 Year in Review___________________________________________________________________________________________ 29 A. Global economy __________________________________________________________________________________________ 29 B. National economy________________________________________________________________________________________ 29 C. Profile _____________________________________________________________________________________________________ 30 D. Administrative Overview _______________________________________________________________________________ 31 E. Financial Overview ______________________________________________________________________________________ 31 F. Reforms Overview _______________________________________________________________________________________ 33 Annual GOP Support ____________________________________________________________________________________ 35 Sectoral Snapshot _______________________________________________________________________________________ 39 Energy Sector ___________________________________________________________________________________________________ 39 Financial Sector ________________________________________________________________________________________________ 40 Transportation Sector ________________________________________________________________________________________ 41 Industrial and Engineering sector __________________________________________________________________________ 43 Promotional & Advocacy Sector _____________________________________________________________________________ 44 Services Sector _________________________________________________________________________________________________ 45 Trading Sector__________________________________________________________________________________________________ 46 Looking Ahead __________________________________________________________________________________________ 48 Annexures _______________________________________________________________________________________________ 51 Annexure 1: Methodology, Assumptions and Limitations _______________________________________________ 51 Annexure 2: List of Federal Authorities & Regulatory Bodies not covered in the Report ___________ 54 TABLE OF CONTENTS Annexure 3: SOE under Admnistrative Ministries ________________________________________________________ 55 Annexure 4: SOE Incorporation Structure _________________________________________________________________ 61 Annexure 5: List of Foreign Incorportaed and Special Enactment SOEs _______________________________ 67 Annexure 6: List of SOEs with Subsidiaries ________________________________________________________________ 68 Annexure 7: Dividneds Received by Government of Pakistan – FY2016/17 __________________________ 71 Annexure 8: Loans Disbursed During the Year – FY2016/17 ___________________________________________ 72 Annexure 9: Comparative Ministry Wise Performance – Net Profit and Loss ________________________ 73 Annexure 10: Key Sectoral Financial Data – FY2016/17 ________________________________________________ 74 Annexure 11: Financial Summary Profit and Loss Position - FY2016/17 _____________________________ 75 Annexure 12: Financial Summary Liabilities and Equity Position – FY2016/17 _____________________ 86 Annexure 13: Financial Summary Assets and Shareholding Position – FY2016/17 _________________ 99 Annexure 14: Historical Profit and loss profile – Sectoral (FY2014 – FY2017) _____________________112 Annexure 15: Historical Profit and Loss Profit of SOEs – Ministry Wise _____________________________123 Annexure 16: Outstanding GOP Support – FY2017 ______________________________________________________132 Annexure 17: SOEs One Pager Snapshot __________________________________________________________________139 Contact Information ___________________________________________________________________________________145 Organization Information _____________________________________________________________________________146 LIST OF ABBREVIATIONS List of Abbreviations Board of Directors BOD Cash Developmental Loan CDL China-Pakistan Economic Corridor CPEC Corporate Governance Rules CGR Corporate Restructuring Act CRA Current Account Savings Account CASA Development Finance Institutions DFI Electricity Distribution Companies DISCOs Enterprise Resources Planning ERP Exploration and Production E&P Fiscal Responsibility and Debt Limitation FRDL Government of Pakistan GOP Implementation and Economic Reforms Unit IERU Joint Ventures’ JV Ministry of Finance MOF Non-Banking Finance Company NBFC Public Sector Development Program PSDP Public–Private Partnerships PPP Re-gasified Liquified Natural Gas RLNG Special Economic Zones SEZ State-Owned Enterprises SOEs 3 LIST OF TABLES List of Tables Table 1: Human Resource Position .................................................................................................................................................. 10 Table 2: Board of Directors.................................................................................................................................................................. 12 Table 3: Board of Directors – Sectoral Classification – FY2016/17 .................................................................................. 12 Table 4: Board of Directors – Gender Classification ................................................................................................................. 13 Table 5: Total Assets – SOEs (Rs. Million) ..................................................................................................................................... 15 Table 6: Total Revenues - SOEs .......................................................................................................................................................... 17 Table 7: Total Net Profit / Loss - SOEs ............................................................................................................................................ 18 Table 8: Top Ten Profit Making SOEs .............................................................................................................................................. 21 Table 9: Top Ten Loss Making SOEs ................................................................................................................................................. 21 Table 10: SOEs Category Snapshots – FY2016/17.................................................................................................................... 22 Table 11: Profit and Loss Snapshot ................................................................................................................................................. 23 Table 12: State Owned Enterprises Classification (Sectoral & Sub-Sectoral) ............................................................... 25 Table 13: Administrative Profile of SOEs ...................................................................................................................................... 31 Table 14: Foreign Loans Disbursed During the Year ................................................................................................................ 35 Table 15: Domestic Loans Disbursed During the Year ............................................................................................................ 35 Table 16: Subsidies During the Year ................................................................................................................................................ 35 Table 17: Equity Investments During the Year ........................................................................................................................... 36 Table 18: Guarantees Issued During the Year ............................................................................................................................. 36 Table 19; Total GOP Support During the Year ............................................................................................................................. 36 Table 20: Total GOP Support During the Year FY2016/17 (Classification and Sectoral Wise) ............................. 37 Table 21: Total Outstanding GOP Fiscal Risk Exposure (FY2016/17) ............................................................................. 37 Table 22: Dividends Received by GOP ............................................................................................................................................ 38 Table 23: Dividends Received by GOP (Sectoral Classification) .......................................................................................... 38 Table 24: Energy sector profile ......................................................................................................................................................... 39 Table 25: Total assets base of energy sector ................................................................................................................................ 40 Table 26: Total profitability of the energy sector ...................................................................................................................... 40 Table 27: Financial sector profile ..................................................................................................................................................... 41 Table 28: Transportation sector profile ......................................................................................................................................... 42 Table 29: Industrial & engineering sector profile ..................................................................................................................... 43 Table 30: Promotional & advocacy sector profile ..................................................................................................................... 44 Table 31: Services sector profile ....................................................................................................................................................... 45 Table 32: Trading sector profile ........................................................................................................................................................ 46 Table 33: SOEs Classification .............................................................................................................................................................. 51 4 LIST OF TABLES Table 34: Finance Division Information Template for SOEs ................................................................................................. 52 Table 35: Key Assumptions and Limitations ............................................................................................................................... 52 5 LIST OF FIGURES List of Figures Figure 1: SOEs Snapshot ......................................................................................................................................................................... 9 Figure 2: SOEs Classification – FY2017 ........................................................................................................................................... 9 Figure 3: SOEs Sectoral Classification – FY2017 ....................................................................................................................... 10 Figure 4: SOEs Incorporation Structure – FY2017 ................................................................................................................... 10 Figure 5: Human Resource Classification – FY2017 ................................................................................................................ 11 Figure 6: Human Resource Sectoral and Sub-Sectoral Classification – FY2017 .......................................................... 11 Figure 7: Board of Directors Classification in SOEs – FY2016/17 ..................................................................................... 14 Figure 8: Board of Directors - Sectoral Break Up – FY2016/17.......................................................................................... 14 Figure 9: Board of Directors - Gender Classification – FY2016/17 ................................................................................... 15 Figure 10: Total Assets – By SOE Classification .......................................................................................................................... 15 Figure 11: Total Assets Sectoral Classification – FY2016/17 .............................................................................................. 16 Figure 12: Total Assets Top Sub-Sectoral Classification – FY2016/17 ............................................................................ 16 Figure 13: Revenue Classification – FY2016/17 (Rs. Million) ............................................................................................. 17 Figure 14: Sector Wise Revenue Classification (Rs. Million) ................................................................................................ 17 Figure 15: Top sub-Sector Wise Revenue Classification (Rs. Million) – FY2016/17 ................................................. 18 Figure 16: Net Profit/Loss of SOEs .................................................................................................................................................. 19 Figure 17: Sectoral Profit and Loss (FY2016/17) ..................................................................................................................... 19 Figure 18: Key Sub-Sectoral Distribution of Profit/Loss (FY2016/17)........................................................................... 20 Figure 19: Total GOP Support Outstanding .................................................................................................................................. 23 Figure 20: Sectoral Dividend Receipts to GOP – FY2017 ....................................................................................................... 24 Figure 21: Total GOP Support to SOEs – FY2017 ....................................................................................................................... 24 Figure 22: SOEs Classification and Sectoral Break-up ............................................................................................................ 30 Figure 23: Profitability Trend in the Energy Sector ................................................................................................................. 32 Figure 24: Profitability trend in Financial Sector ...................................................................................................................... 32 Figure 25: Profitability Trend in the Transportation Sector ................................................................................................ 33 6 FOREWORD Foreword State-Owned Enterprises (SOEs) are likely to remain an important instrument in any government’s toolbox for societal and public value creation. Increased global competition for finance, talent, and resources may mean that countries may increasingly turn to SOEs as a tool to better position themselves for the future in the global economy. The motivations for state ownership can change over time, but SOEs appear to be an enduring feature of the economic landscape and will remain an influential force globally to fulfill economic needs instead of visiting financial parameters only. As such, it is important to ensure that – whether held nationally, regionally or locally – the states investment delivers the societal outcomes desired. State-Owned Enterprises should observe high standards of transparency and be subject to the same high- quality accounting, disclosure, compliance and auditing standards as listed companies. Pakistan identifies the importance of having vibrant SOEs to drive economic growth. Since 2013, the country has introduced important policy reforms to improve the environment for both the public and the private sector, which are beginning to translate into increased formal business creation, investment and employment opportunities. Furthermore, continued efforts are being made to reform the SOE for private sector development, fostering greater investment opportunities, reducing the costs of doing business and improving service delivery. SOEs fulfill a plethora of socio-economic functions through provision of services in strategic sectors where sometimes market system does not find enough incentive to deliver especially in the strategic sectors like transport, communication and public utilities, including but not limited to energy and natural resources. Sectors like heavy industries, banking and finance, food and agriculture also have SOE presence alongside a vibrant and health private sector growth. This is the fourth comparative study of SOE’s performance at the Federal Level undertaken by the Implementation and Economic Reforms Unit (IERU) at the Ministry of Finance, and the first of such exercises at the Federal level. This objective of this report is to provide pertinent information on the current performance of SOEs, their administrative landscape, legal structure and support provided by the Government of Pakistan, if any. It is expected that the identification of key financial and operational performance parameters will ease the economic decision-making process for stakeholders including policy makers, development partners and general public on various key issues related to SOEs. It is imperative that SOEs performance is evaluated in an objective and impartial manner and this transparency is an essential precursor to successful reform. In the reforms area, the government is keen to involve the private sector through public-private partnerships as well as privatization for an effective way to sustain improved SOE performance and service delivery. The introduction of renewed and revamped Companies Act 2017, Amendment in Public Sector Companies (Corporate Governance Rules) 2017, and various privatization and public partnership initiatives during the last five years have further strengthened the reforms process. 7 FOREWORD I would like to take this opportunity to thank the focal individuals of all participating ministries and SOEs for their extensive inputs, without which the report would not have been possible. I also thank the officials of the Finance Division, Mrs. Fozia, Khurram, Aman and our Young Development Fellows, Samir and Hira for their input and efforts; the World Bank, which provided their valuable suggestions and support. I am self-assured that the study will provide insights and stimulate useful discussions, towards further progress in SOE reforms in the country for an improved and better service delivery in the years to come. Dr. Khaqan Hassan Najeeb Director General – Implementation and Economic Reforms Unit 8 DASHBOARD Dashboard All numbers in Rs. million (except HR, BOD and entity numbers) and all figures/tables reflect data for FY2016-17 where explicitly stated otherwise. Figure 1: SOEs Snapshot SOEs 204 Public Sector Development Finance Institutions Federal Companies (PSCs) (DFIs) Authorities 186 8 10 Commercial Non-Commercial 138 48 Figure 2: SOEs Classification – FY2017 Federal DFI, 8 Authorities, SOEs Classification 10 Public Sector Companies – 138 Commercial Public Sector Public Sector Companies – 48 Companies - Non Non-Commercial Public Commercial, Sector Development Financial 8 48 Companies - Institutions Commercial, 138 Federal Authorities 10 Total Number of SOEs 204 9 DASHBOARD Figure 3: SOEs Sectoral Classification – FY2017 46 41 SOEs Classification 35 33 Energy 41 Financial 33 26 Industrial & Engineering 20 20 Promotional & Advocacy 46 Services 26 Trading 3 3 Transportation 35 Total Number of SOEs 204 Energy Financial Industry and Promotional Services Trading Transportation Engineering and Advocacy Figure 4: SOEs Incorporation Structure – FY2017 Foreign Incorporated Companies 7 Incorporated under Companies Ordinance 1984 177 Created by Enactment 20 Table 1: Human Resource Position FY2014/15 FY2015/16 FY2017 Human Resource 402,543 424,014 422,962 10 DASHBOARD Figure 5: Human Resource Classification – FY2017 Staff Distribution SOE Classification Executives 2% Daily Wages 4% Officers Contractuals 15% 6% Authorities 32% Commercial DFIs 66% 0% Non- Staff Commercial 73% 2% Figure 6: Human Resource Sectoral and Sub-Sectoral Classification – FY2017 Human Resources - Sectoral Classification Transportation 25% Energy 46% Trading 3% Services 11% Promotional & Financial Advocacy 8% 2% Industrial and Engineering 5% 11 DASHBOARD Human Resources – Sub-Sectoral Classification – FY2017 124,010 75,633 47,294 35,559 27,613 26,589 17,469 18,509 15,000 8,218 7,046 28 68 14 1,073 - 1,815 955 82 5,202 1,351 1,101 3,446 4,848 - 39 Table 2: Board of Directors FY2014/15 FY2015/16 FY2016/17 Board of Directors 970 1,377 1,387 Table 3: Board of Directors – Sectoral Classification – FY2016/17 FY2015/16 FY2016/17 Energy 289 290 Executive Directors 52 18% 48 17% Non-Executive Directors 122 42% 135 47% Independent Directors 115 40% 107 37% Financial 188 184 Executive Directors 36 19% 37 20% Non-Executive Directors 108 57% 96 52% Independent Directors 44 23% 51 28% Industrial & Engineering 134 131 Executive Directors 26 19% 26 20% Non-Executive Directors 72 54% 69 53% Independent Directors 36 27% 36 27% Promotional & Advocacy 389 378 Executive Directors 70 18% 69 18% Non-Executive Directors 215 55% 214 57% Independent Directors 104 27% 95 25% Services 172 183 Executive Directors 68 40% 66 36% 12 DASHBOARD Non-Executive Directors 77 45% 92 50% Independent Directors 27 15% 25 14% Trading 30 30 Executive Directors 3 10% 3 10% Non-Executive Directors 14 47% 14 47% Independent Directors 13 43% 13 43% Transportation 175 184 Executive Directors 112 64% 111 60% Non-Executive Directors 36 21% 46 25% Independent Directors 27 15% 27 15% Table 4: Board of Directors – Gender Classification FY2015/16 FY2016/17 Board of Directors Male Female Total Male Female Total Executive Directors 360 7 367 351 11 362 Non-Executive Directors 602 42 644 625 42 667 Independent Directors 354 12 366 344 14 358 Total 1,313 61 1,377 1,320 67 1,387 13 DASHBOARD Figure 7: Board of Directors Classification in SOEs – FY2016/17 Executive Independent Directors Directors 26% 26% Non-Executive Directors 48% Figure 8: Board of Directors - Sectoral Break Up – FY2016/17 378 290 184 183 184 131 30 Energy Financial Industrial & Promotional & Services Trading Transportation Engineering Advocacy 14 DASHBOARD Figure 9: Board of Directors - Gender Classification – FY2016/17 Independent Directors 344 14 Non-Executive Directors 625 42 Executive Directors 351 11 Male Female Table 5: Total Assets – SOEs (Rs. Million) Rs. Million FY2014 FY2015 FY2016 FY2017 Total PSCs 6,905,782 8,229,843 8,945,856 10.267,007 PSCs Commercial 7,075,000 7,547,000 8,835,689 10,136,677 PSCs Non-Commercial 72,273 71,304 110,167 130,330 DFIs 154,262 168,809 194,547 212,420 Authorities 2,332,112 3,036,048 2,412,380 6,634,614 Total SOEs 9,633,647 10,823,161 11,552,783 17,114,042 Figure 10: Total Assets – By SOE Classification Authorities 6,634,614 DFIs 212,420 PSCs Non-Commercial 130,330 PSCs Commercial 10,136,677 15 DASHBOARD Figure 11: Total Assets Sectoral Classification – FY2016/17 7,535,653 4,874,464 3,648,799 417,797 279,918 225,619 131,791 Energy Financial Industrial and Promotional & Services Trading Transportation Engineering Advocacy Figure 12: Total Assets Top Sub-Sectoral Classification – FY2016/17 4,071,502 3,075,316 2,638,595 1,926,024 1,601,203 933,110 777,454 366,733 328,824 232,749 107,406 Hydrocarbons Power - Power - Energy - Banks NBFCs and Insurance Aviation Ports and Railways Roads and GENCOs DISCOs Others DFIs Shipping Highways 16 DASHBOARD Table 6: Total Revenues - SOEs Total Revenues (Rs. Million) FY2014 FY2015 FY2016 FY2017 Public Sector Companies 5,117,268 4,003,840 2,907,866 3,304,891 Commercial 5,108,000 3,993,964 2,893,407 3,285,958 Non-Commercial 9,268 9,876 17,858 18,933 DFIs 10,321 11,841 14,116 11,903 Authorities 128,955 159,400 130,914 164,952 Total 5,256,544 4,175,081 3,056,295 3,481,746 Figure 13: Revenue Classification – FY2016/17 (Rs. Million) 3,285,958 164,952 18,933 11,903 Commercial Non-Commercial DFIs Authorities Figure 14: Sector Wise Revenue Classification (Rs. Million) 2,993,543 125,055 199,685 19,751 16,534 57,521 69,657 Energy Financial Industrial and Promotional & Services Trading Transportation Engineering Advocacy 17 DASHBOARD Figure 15: Top sub-Sector Wise Revenue Classification (Rs. Million) – FY2016/17 1,789,100 887,908 185,999 130,536 98,699 96,408 14,945 11,411 31,174 42,807 29,296 Table 7: Total Net Profit / Loss - SOEs Net Profit/Loss (Rs. Million) FY2014 FY2015 FY2016 FY2017 Public Sector Companies 219,320 69,172 (42,711) (11,161) Commercial 217,600 67,380 (43,935) (12,311) Non-Commercial 1,720 297 1,225 1,150 DFIs 6,179 5,615 7,371 4,582 Authorities (31,999) (20,358) (9,433) (184,947) Total 193,500 52,934 (44,772) (191,527) 18 DASHBOARD Figure 16: Net Profit/Loss of SOEs 1,150 4,582 Commercial Non-Commercial DFIs Authorities (12,311) (184,947) Figure 17: Sectoral Profit and Loss (FY2016/17) 41,806 34,946 Energy Financial Industrial and Promotional & Services Trading Transportation Engineering Advocacy (6,980) (2,652) (12,917) (29,393) (216,336) 19 DASHBOARD Figure 18: Key Sub-Sectoral Distribution of Profit/Loss (FY2016/17) 159,631 27,647 22,436 2,153 6,201 6,309 (3,223) (39,502) (40,131) (133,479) (147,625) 20 DASHBOARD Table 8: Top Ten Profit Making SOEs Top Ten Profit Making Companies – PAT (Rs. Million) FY2016/17 FY2015/16 1 OGDCL 63,802 OGDCL 59,971 2 PPL 35,679 NBP 22,752 3 GHPL 20,308 WAPDA 19,457 4 PARCO 19,062 PARCO 18,830 5 PSO 18,226 GHPL 18,067 6 WAPDA 17,014 PPL 17,242 7 NTDC 10,585 PSO 10,273 8 SNGPL 8,614 GEPCO 10,198 9 GEPCO 7,492 NTDCL 9,227 10 GENCO – II 3,662 Pak-Kuwait Investment 3,452 Co. Table 9: Top Ten Loss Making SOEs Top Ten Loss Making Companies (Rs. Million) FY2016/17 FY2015/16 1 NHA (133,488) PIA (45,276) 2 Pakistan Railways (40,702) QESCO (34,608) 3 PIAC (39,559) HESCO (27,246) 4 LESCO (37,370) Pakistan Railways (26,994) 5 HESCO (27,310) SEPCO (21,739) 6 PESCO (19,372) PSM (18,757) 7 Sindh Engineering (19,305) PESCO (14,508) 8 QESCO (18,703) FESCO (13,311) 9 MEPCO (17,935) LESCO (11,184) 10 PSM (14,852) MEPCO (10,294) 21 DASHBOARD Table 10: SOEs Category Snapshots – FY2016/17 DFI FY2014 FY2015 FY2016 FY2017 Number of entities 7 7 8 8 Total Assets 154,262 168,809 194,547 212,420 Total Revenues 10,321 11,841 10,795 6,926 Net Profit 6,179 5,615 7,371 4,582 Number of employees 441 618 634 638 Federal Authorities FY2014 FY2015 FY2016 FY2017 Number of entities 7 7 10 10 Total Assets 2,332,112 3,036,048 2,412,380 6,364,614 Total Revenues 128,955 159,400 130,914 164,952 Net Profit (31,999) (20,538) (9,433) (184,947) Number of employees 143,057 143,057 132,959 132,749 PSC Commercial FY2014 FY2015 FY2016 FY2017 Number of entities 127 126 134 138 Total Assets 7,075,000 7,547,000 8,835,689 10,136,677 Total Revenues 5,108,000 3,993,964 2,893,407 3,285,958 Net Profit 217,600 67,380 (43,935) (12,311) Number of employees 277,844 255,036 281,726 280,693 PSC Non-Commercial FY2014 FY2015 FY2016 FY2017 Number of entities 43 43 45 48 Total Assets 72,273 71,304 110,167 212,420 Total Revenues 9,268 9,876 17,858 18,933 Net Profit 825 1,792 1,225 1,150 Number of employees 1,905 3,832 8,695 8,882 22 DASHBOARD Table 11: Profit and Loss Snapshot Loss Profit Number of SOEs 77 99 Value (Rs. Million) (453,155) 261,628 Few SOEs are pending audit and few are inactive or are not operational. Figure 19: Total GOP Support Outstanding PSC - Non Commercial - 591 10,322 PSC - Commercial 227,312 37,252 785,900 Federal Authority 315,463 327,469 107,000 DFI - Federal PSC - Non DFI PSC - Commercial Authority Commercial Foreign Loans Outstanding Amount 315,463 227,312 10,322 Domestic Loans Outstanding - 327,469 37,252 591 Amount Total Guarantees - 107,000 785,900 - Foreign Loans Outstanding Amount Domestic Loans Outstanding Amount Total Guarantees 23 DASHBOARD Figure 20: Sectoral Dividend Receipts to GOP – FY2017 Promotional & Services Trading Advocacy Industrial and 1% 4% Transportation 0% Engineering 0% 7% Financial 3% Energy 85% Figure 21: Total GOP Support to SOEs – FY2017 203,452 197,240 174,589 1,584 Foreign Loans Domestic Loans Grants Subsidies Incldes few amounts for non-SOEs also. 24 EXECUTIVE SUMMARY Executive Summary The pace of expansion in the economy continued to accelerate in FY17 with real GDP touching 5.3% against the target of 5.7% but well above the real GDP growth rate of 4.5% making the real GDP growth in FY17 the highest during the last ten years. The growth was led by a rebound in agriculture and a broad-based increase in value addition by services sector. Within industry, improvement in manufacturing and construction activity proved to be the main drivers. One of the outcomes of the broadening economy was the surge in imports, which together with a decline in exports and remittances resulted in a broadening current account deficit. The persistent increase in imports for consumption remained a source of concern and increased reliance on external borrowings. The Government’s SOE portfolio for FY2017 is spread over 204 SOEs in 7 key sectors and as per the mapping outlined in Table 11 below. The SOEs portfolio in Pakistan comprises of infrastructure service providers (e.g., airports, seaports, railways, power, hydrocarbons, broadcasting, postal services) and other commercially oriented services undertakings such as transport, banking and insurance. The SOEs are supported by the Government through various financial instruments such as domestic and foreign loans, budgeted government subsidies and guarantees. Table 12: State Owned Enterprises Classification (Sectoral & Sub-Sectoral) Energy PSCs Financials 1 Hydrocarbons 16 1 Banks 17 2 Power DISCOs 10 2 Insurance 7 3 Power GENCOs 6 3 NBFCs & DFIs 9 4 Power Others 9 Industry and Engineering Trading 1 Chemicals 5 1 Trading 3 2 Engineering and Industrial Metals 15 Services Promotional and Advocacy 1 Services 26 1 Agriculture 1 2 Arts 1 Transportation 3 Auto 3 1 Aviation 4 4 Food 1 2 Ports and Shipping 23 5 Funds and Foundations 16 3 Railways 6 6 Industries and Production 17 4 Roads and Highways 2 7 Information Technology 1 8 Minerals and Mining 1 9 Rural Development 1 25 EXECUTIVE SUMMARY 10 Textiles 4 The last two years have highlighted the need to restructure PSEs. With low international oil price scenario (till FY2016) and higher borrowings for SOEs, the losses have constrained public expenditures on other optimum sectors. A significant amount of fiscal resources was consumed by high interest payments, untargeted subsidies, loss making PSEs, energy subsidies and other security related payments. Less than optimum revenues for PSEs such as in the transport sector – NHA, Railways and PIA, have put additional constraints besides loss making DISCOs and GENCOs. Consequently, an unprecedented rise in fiscal deficit has been witnessed in the country. It is imperative that going forth PSEs achieve fiscal consolidation on the back of prudent expenditure management and resource mobilization strategy. For FY2016/17, the report coverage increased from total number of SOEs from 197 in FY2015/16 to 204 in FY2016/17. In terms of sectoral classification, promotional and advocacy sector continues to have most SOEs (46) – mainly operating as funds and foundations and research and development entities for industries and production. Energy sector comes next with 41 entities and has the biggest asset size in the entire SOEs portfolio with companies ranging from hydrocarbons to power distribution, transmission, generation and trading. On human resources, the number of individuals employed decreased from 424,014 individuals in FY2015/16 to 422,962 in FY2016/17, largely due to employees retiring and no new hiring. Sub-sectoral wise, distribution companies continue to provide employment opportunities to the greatest number of individuals (124,010) followed by Pakistan Railways (75,633). The number of Board of Directors (BOD) remained almost the same from 1,377 in FY2015/16 to 1,387 in FY2016/17. For FY2016/17, 26% of the total directors are Executive Directors, 48% are Non-Executive Directors while 26% are Independent Directors. Trading (43%) and energy sectors (37%) have the highest percentages of independent directors whereas transportation (15%) and services (14%) represent the lowest. However, the female participation in the overall BOD needs to be strengthened as less than 5% of females are represented in the BODs. In terms of functional level, 73% of all employees represent the staff cadre whereas 15% are officers’ level. Only 3% of the total employee base represent executives while 4% are daily wagers. With increased investments in infrastructure, transport and energy sectors, and restating the numbers, the restated total assets base of SOEs reported last year increased from around Rs. 14.5 trillion in FY2015/16 to Rs. 17.1 trillion representing an increase of 20% in total asset base. The assets have largely increased with a push to develop new energy infrastructure in the country (dams, energy assets, power plants) along with transport sector, mainly NHA. Commercial PSCs make up of 60% of the total assets base while federal authorities make up another 39% (FY2016: 21%). In terms of sectoral share, energy sector continues to top the asset base with Rs. 7.5 trillion in FY2016/17 followed by transportation (Rs. 4.8 trillion) and financial sectors (Rs. 3.6 trillion). The net revenues of the SOEs regained some lost ground from last year with total revenues of Rs. 3.5 trillion in FY2016/17 as compared to Rs. 3.0 trillion in FY2015/16. The increase mainly came due to higher oil prices scenario which saw hydrocarbon companies receiving incremental well-head price of their products. In the energy sector, the hydrocarbons sector – especially the Oil and Gas Development Company (OGDCL), Government Holding Private Limited (GHPL) and 26 EXECUTIVE SUMMARY Pakistan Petroleum Limited (PPL) – continue to provide bedrock support to total revenues and profitability of SOEs portfolio. Policy makers in Pakistan are aware of the need to strengthen SOEs’ performance, reduce fiscal costs, and improve its impact on growth and poverty alleviation. Consequently, efforts to reform SOEs have been ongoing. However, the overlapping ownership and management functions coupled with the unclear and indefinite mandates have undermined their full efficiency. To improve SOE performance, efforts must be taken to create an atmosphere where SOEs operate in an independent environment without any political affiliations and where a centralized, independent board regularly evaluates both the financial and non- financial performance. In this regard, the Malaysian Khazanah model, Singapore Tamasek model and Indian Centrally Owned Public Enterprises (CPSEs) MOU model provide clear insights as to how SOEs can be structured and evaluated on an on-going basis. 27 INTRODUCTION Introduction State-Owned Enterprises (SOEs) have always been a central facet of many national economies. SOEs traditionally earmark their partaking by maintaining a balance in providing socio-economic benefits to the society as well as earning healthy returns. At present, many of the contemporary SOEs are enjoying their share in the colossal and fastest expanding multinational companies of the world and contribute their expertise in various diverse sectors – ranging from technically advanced mining to deep off-shore exploration and drilling, from cutting-edge robotics to a forward-looking R&D deployment. They also design avant-garde strategies in-order to partake in the ongoing competition with private sector firms in both domestic and international markets. The wide range SOEs in Pakistan also play a vital role in the national economy. This report reviews the financial and operational performance of all SOEs mapped under seven main sectors namely (i) energy, (ii) financial, (iii) industrial & engineering, (iv) trading, (v) services, (vi) promotional & advocacy and (vii) transport. They are also mapped under their relevant administrative ministries as well as the nature of their business operations (commercial, non-commercial, DFIs, authorities). The report identifies the key financial and operational performance and outlines GOP support provided to the SOEs. SOEs used as an umbrella term refers to public enterprises, commercial and non-commercial public-sector enterprises, DFIs, and authorities that are majority-owned by the state (at least 51%) and as outlined in the Public Sector Corporate Governance Rules definition for a Public-Sector Company. Among the 204 SOEs covered in this report, 138 are commercial enterprises, 48 are non-commercial enterprises, 10 are federal authorities and 8 are DFIs. Further, 177 companies are corporatized (established under Companies Act), 20 are created under a special enactment and 7 are foreign incorporated subsidiaries. In terms of incorporation structure, 42 companies are established under section-42 of the Companies Act, 11 are listed public limited enterprises, 57 are unlisted public limited enterprises and 67 are private limited companies. The report would not have been possible without the wholehearted support of the Ministry of Finance (MOF) and an enthusiastic response from the administrative ministries of respective SOEs. Each ministry provided audited financial information of its SOEs, board of directors’ information, HR strength and GOP support information to IERU through a completed questionnaire. This information was then discussed with each agency for further clarification, before being assessed comparatively across for sectoral and administrative classifications for an aggregate analysis. This report is aimed at providing an objective evaluation for the SOE reform, where it stands today and what the areas that require further improvements to pursue a broader reform agenda. While the primary focus is on the comparative financial and operational performance of 204 SOEs, classified under seven sectors, the report provides a sound source to look at the underlying legislative frameworks, monitoring structures, governance arrangements, financial performance and the extent of oversight to further improve SOEs performance in the future. 28 YEAR IN REVIEW Year in Review A. GLOBAL ECONOMY The FY2017 marked a turbulent year with natural disasters, geopolitical tensions and political divisions in many countries. However, for the financial markets and the global economy, FY2017 ended on a high note, with GDP continuing to accelerate over much of the world in the broadest cyclical upswing since the start of the decade. Boosted by a recovery in investment, FY2017 global trade growth rebounded from its slowest pace since 2001, other than during the recession of 2009. Metal and fuel prices were supported by stronger momentum in global demand as well as supply restraints in the energy sector. With futures prices indicating general stability or some moderation in prices going forward, energy exporting countries have realized the need for adjustment in diversifying their economies to build resilience and support for future growth. Developing Asia continued to perform well. The region was forecasted to expand by 5.7% in 2017 and 2018, nearly the 5.8% growth achieved in 2016, as moderation in the People’s Republic of China is balanced by a healthy pickup in most other economies in the region. Inflation revived to 2.5% on the back of strong consumer demand and rebounding global commodity prices. While short-term risks seemed manageable, regional policy makers remained vigilant to respond to possible spillover through capital flows and exchange rate movements. Decades of rapid growth has transformed developing Asia from a low- income region to middle income. Sustaining growth to power the transition into high income will depend on much greater improvement to productivity. innovation, human capital, and infrastructure as the continued pillars of productive growth. B. NATIONAL ECONOMY Pakistan’s economy grew by 5.3 percent in FY2016/17, up from 4.5 percent growth recorded in FY2015/16. The acceleration was achieved on the back of a strong performance in agriculture and services sectors, which posted growth rates of 3.5 percent and 6.0 percent respectively as compared to 0.3% and 5.5% last year. The inflation remained quite subdued in the first two quarters of FY2016/17 but picked up gradually in the third quarter on the back of rising international oil prices. The average inflation during Jul- Mar FY2016/17 was 4.0 percent, compared with 2.6 percent in the same period last year. Some of the uptick in inflation was a result of partial pass-through of the increase in international oil prices to domestic POL prices. The industrial sector grew by 5% during FY2016/17 as against 5.8% last year. Against this, Large Scale Manufacturing (LSM), a key contributor to industry, grew by 4.9% during FY2017 compared to 2.9% last year. The overall improvement in business sentiments along with supportive policies – low interest rate environment, higher infrastructure spending or companies to enter expansion plans. This led in private sector credit off-take in FY2017 – with a sizable share of fixed investment loans. 29 YEAR IN REVIEW C. PROFILE The state-owned enterprises (SOEs) in this report are primarily engaged in two broad activities under seven important sectors. These are the delivery of core public infrastructure services such as airports, seaports, power, promotional and advocacy, broadcasting, postal services, and information technology— and a range of other commercially oriented undertakings such as transport, banking, food processing, tourism, agriculture and oil, and gas exploration. Overall, there are 41 companies in the energy sector, 33 in financial, 20 in industrial & engineering, 46 in promotional & advocacy, 26 in services, 3 in trading and 35 in transportation. In terms of commercial natural of operations, 138 companies are commercial enterprises, 48 are non-commercial enterprises, 10 are Federal Authorities and 8 are DFIs. There is renewed interest in Pakistan in the role that State-Owned Enterprises (SOEs) play in promoting economic growth and development, the relationship between SOEs and the ownership of the State and the economic criteria used in assessing options for investing in or divesting of SOEs from a broader financial portfolio. This issue is of interest to Pakistan as most SOEs in Pakistan are engaged in the provision of essential infrastructure and related services which are vital to the competitiveness of the economy (e.g. electricity, gas, airports, railways, trading etc.). Overall, while some progress has been made in upgrading Pakistan’s infrastructure, the country continues to have significant infrastructure development needs. In addition, the socio-economic conditions as well as human development endeavor needs a significant push for Pakistan to achieve larger socio-economic agenda for the poor and the vulnerable. Having undertaken a significant amount of work on infrastructure, social and regional priorities and the potential for greater coordination between Government departments and agencies in the delivery of infrastructure, this report assesses the critical role that many SOEs continue to play in the provision of critical services. In addition to being significant providers of transport, financial, trading and energy services, the SOE sector is also an important sector as it employs over 422,000 people. The broad profile of SOEs classification and their sectoral break up is provided in the figure 19 below. Figure 22: SOEs Classification and Sectoral Break-up Transportation 30 0 5 Trading 3 0 Services 20 3 3 Promotional and Advocacy 5 40 1 Industry and Engineering 17 3 0 Financial 25 0 Energy 38 2 1 0 5 10 15 20 25 30 35 40 45 50 PSC Commercial PSC Non-Commercial Authority DFI 30 YEAR IN REVIEW D. ADMINISTRATIVE OVERVIEW Administratively, there are 18 ministries and 2 divisions that oversee the management of 197 SOEs. Ministry of Energy (after combining power and petroleum divisions) has the most number of SOEs (47), followed by the Ministry of Industry and Production (36). Ministry of Finance comes third with the management of 31 SOEs. A total list of administrative structure is shown below in Table 12. A complete list of administrative ministries and their relevant SOEs are placed at Annex – 1. Table 13: Administrative Profile of SOEs Administrative Ministry Number of Entities Aviation Division 4 Cabinet Division 6 M/o Climate Change 4 M/o Commerce 11 M/o Communication 3 M/o Defence Production 1 M/o Energy 49 M/o Finance 32 M/o Housing & Works 3 M/o Industries and Production 36 M/o Information Technology & Telecommunication 7 M/o Information, Broadcasting & National Heritage 3 M/o Inter Provincial Coordination 1 M/o National Food Security & Research 3 M/o Overseas Pakistanis and Human Resource Development 2 M/o Ports & Shipping 23 M/o Railways 7 M/o Science & Technology 1 M/o Textile Industry 7 Devolution Trust 1 Total 204 E. FINANCIAL OVERVIEW The Government of Pakistan’s investments in SOEs are substantial. With new investments in transport, infrastructure and energy projects, the total asset base of the SOE portfolio has increased from Rs. 14.5 trillion (restated) in FY2015/16 to Rs. 17.1 trillion. However, the net profitability of SOEs slightly improved from a net loss of Rs. 235.5 billion in FY2015/16 (restated) to Rs. 191.5 billion. The deficit has largely occurred in the transport sector with PIA, Pakistan Railways and NHA continue to incur large losses, along with distribution companies in the energy sector. With the tariffs notified in March 2018, it is expected that 31 YEAR IN REVIEW the DISCOs will recoup these deficits in subsequent years. However, the Government has already sped up reforms required in Railways and PIA to turn it around and minimize the losses going forth. With well-head prices tied to international crude oil prices and subsequent rise in international oil price scenario, the profitability of five major public-sector energy enterprises (OGDCL, PPL, GHPL, PARCO and PSO) – bounced back with cumulative net profit of Rs. 157 billion. The trend in profitability of energy companies are outlined in the Figure below (figures in Rs. Million). Figure 23: Profitability Trend in the Energy Sector 214,315 161,747 159,631 115,518 42,146 30,690 30,633 27,647 16,954 2,564 4,167 2,153 Hydrocarbons Power - GENCOs (5,451) Power - DISCOs Energy - Others (72,098) (130,152) (147,625) FY2014 FY2015 FY2016 FY2017 The profitability in the financial sector has remained largely stable with financial companies contributing steady profits in the overall SOEs portfolio. With an imminent high interest rate scenario going forward, the financial companies profitability is further going to increase which have done well to increase low cost deposit base and focused on improving Current Account Savings Account (CASA) accounts. The trend in profitability of financial companies are outlined in the Figure 21 below. Figure 24: Profitability trend in Financial Sector 25,161 23,822 22,436 20,083 6,331 5,393 5,085 6,104 6,970 6,201 6,309 4,997 FY2014 FY2015 FY2016 FY2017 Banks NBFCs and DFIs Insurance 32 YEAR IN REVIEW Transportation sector recorded a deficit in FY2016/17. In the aviation sector, the legacy loans of PIA continued to result in financial cost that lowers its overall profitability. Pakistan Railways posted a deficit of Rs. 40.7 billion which is higher than previous year’s losses. The Government has already started rationalizing routes and has put emphasis on freight trains to improve performance. On the roads and highways segment, the government gave a substantial push to remove infrastructure bottlenecks through National Highway Authority (NHA) which is expected to add significant economic benefits in the years to come while also improving its own financial position. However, with limited toll revenue and a significant financial push to improve roads and highways as a public good, NHA will continue to incur higher financial losses (with depreciation as the main expense item). The trend in profitability of transportation sector is outlined in Figure 22 below. In a larger picture, government ownership and investments in the energy and the transport sectors have achieved critical areas of macro-economic stability, by bringing much needed investments, jobs and economic productivity, both directly and indirectly and ultimately resulting in highest GDP growth of 5.3% for FY2017 – which remains the highest in the last five years. Figure 25: Profitability Trend in the Transportation Sector FY2014 FY2015 FY2016 FY2017 (32,397) (27,039) (26,559) (40,131) (21,505) (22,799) (157,356) (133,479) Aviation Ports and Shipping Railways Roads and Highways F. REFORMS OVERVIEW China Pakistan Economic Corridor: The scope of China Pakistan economic relations is not limited to CPEC only but also has broadened to include Trade, bilateral investment, Financial services and Transfer of Technology. In financial services, currency swaps between Yuan and Pak Rupee, expansion of Chinese bank branches in Pakistan and allowing Pakistani banks to open branches in China and availability of credit lines for cross border trade would reduce the transaction costs of doing business for both the countries. The second order effects of CPEC projects would be further spread as trade and financial cooperation are intensified. China has become a powerhouse in emerging technologies with applications to health, 33 YEAR IN REVIEW agriculture and industry that include clean energy, genetics, biotechnology and ICT and every effort is going to be made to learn from Chinese decision makers and policy makers. The CPEC is likely going to change the perception of Pakistan among other countries as an attractive destination for investment. It would help in easing the power shortages, building Gwadar port and city, upgrading the quality of railway network, connecting the backward districts of Balochistan and southern KP with the national markets through the Western route and proposed Railway link connecting Gwadar with Jacobabad. CPEC is the first major initiative that could play a pioneering role in taking advantage of Pakistan’s strategic location. Following this other corridor connecting the East-west and Pakistan-Iran and Pakistan-Afghanistan–Central Asian states can be established. SOE Reforms: Based on the review of available literature and subsequent reports that this Division has published on SOEs, the Government is working towards undertaking reforms that evaluate optimizing SOE resources. The end goal is to assess whether SOEs are: i. Providing high quality, competitively priced infrastructure and services to Pakistani citizens ii. Optimizing their overall contribution to supporting economic recovery and providing opportunities for enterprise and innovation The Pakistan economy has changed significantly since the establishment of many of our SOEs. The Government intends to take regular reviews to outline the potential of SOEs and the risks that they can drift from their founding goals or that individual SOE goals may not reflect current national economic development needs. In the months to come, the reform agenda will continue to evaluate: i. the rationale for State involvement in specific markets to determine the goals of SOEs collectively and individually be; and ii. the roles of SOEs in terms of supporting wider economic growth - through the timely provision of high-quality and cost-competitive infrastructure. For example, the role of SOEs in terms of making the best use of the energy assets that they own. Such a practice will provide a framework to use existing assets as well as provide a greater investment focus on optimizing future productive assets. 34 ANNUAL GOP SUPPORT Annual GOP Support The Government of Pakistan provides support to SOEs in four ways, through (i) loans – both domestic cash development loans and foreign loans, (ii) subsidies (iii) guarantees and (iv) grants. The details of the GOP support provided to SOEs under all these components are summarized as below. Table 14: Foreign Loans Disbursed During the Year Rs. Million FY2015-16 FY2016-17 Public sector companies 42,710 62,763 - Commercial 42,710 62,763 - Non-commercial - - DFIs - - Authorities 11,890 124,403 Others 23,225 10,074 Total 77,825 197,240 Table 15: Domestic Loans Disbursed During the Year Rs. Million FY2015-16 FY2016-17 Public sector companies 61,899 64,605 - Commercial 61,899 64,605 - Non-commercial - - DFIs - - Authorities 105,615 138,847 Total 167,514 203,452 Table 16: Subsidies During the Year Rs. Million FY2015-16 FY2016-17 Public sector companies 203,971 124,486 - Commercial 203,971 124,486 - Non-commercial - - DFIs - - Authorities (grant to Pakistan Railways) 37,000 37,000 Others 22,550 13,103 Total 263,521 174,589 35 ANNUAL GOP SUPPORT Table 17: Equity Investments During the Year Rs. Million FY2015-16 FY2016-17 Public sector companies 780 1,584 - Commercial 770 1,584 - Non-commercial 9 - DFIs - - Authorities - - Total 780 1,584 Table 18: Guarantees Issued During the Year Rs. Million FY2015-16 FY2016-17 Public sector companies 140,000 387,000 - Commercial 140,000 387,000 - Non-commercial - - DFIs - - Authorities (grant to Pakistan Railways) - 212,000 Others 52,000 - Total 192,000 599,000 Table 19; Total GOP Support During the Year Rs. Million FY2015-16 FY2016-17 Public sector companies 309,359 640,438 - Commercial 309,350 640,438 - Non-commercial 9 - DFIs - - Authorities 154,505 512,250 Others 97,775 23,177 Total 561,369 1,175,865 36 ANNUAL GOP SUPPORT Table 20: Total GOP Support During the Year FY2016/17 (Classification and Sectoral Wise) Rs. Million Foreign Loans Domestic Loans Subsidies Equity Injection New Guarantees DFI - - - - - Financial - - - - - Federal Authority 124,403 138,847 37,000 - 212,000 Energy 45,489 14,000 - - 203,000 Promotional & Advocacy - - - - - Services - - - - - Transportation 78,915 124,847 37,000 - 9,000 PSC – Commercial 62,763 64,605 124,486 1,584 387,000 Energy 62,763 60,346 118,000 1,584 289,000 Financial - - - - 54,000 Industrial & Engineering - 4,225 - - - Promotional & Advocacy - - - - - Services - 34 - - - Trading - - 6,486 - - Transportation - - - - 44,000 PSC - Non-Commercial - - - - - Energy - - - - - Industrial & Engineering - - - - - Promotional & Advocacy - - - - - Services - - - - - Grand Total 187,166 203,452 161,486 1,584 599,000 *Excludes amounts for others (entities not covered in this report) Table 21: Total Outstanding GOP Fiscal Risk Exposure (FY2016/17) Rs. Million FCY Guarantees Local Guarantees Foreign Loans Domestic Loans Outstanding Outstanding Outstanding Outstanding DFI - - - - Federal Authority 3,900 103,100 315,463 327,469 Energy 3,900 103,100 89,502 4,306 Promotional & Advocacy - - - - Services - - - - Transportation - - 225,961 323,163 PSC - Commercial 72,900 713,000 227,312 37,252 Energy 47,200 482,600 220,668 6,760 Financial - 65,700 6,644 - 37 ANNUAL GOP SUPPORT Industrial & Engineering - 42,900 12,344 Promotional & Advocacy - - - - Services - - - 5,766 Trading - - - - Transportation 25,700 121,800 - 12,381 PSC - Non-Commercial - - 10,322 591 Energy - - - - Industrial & Engineering - - - - Promotional & Advocacy - - 10,322 591 Services - - - - Grand Total 76,800 816,100 553,097 365,312 Table 22: Dividends Received by GOP Dividends Received (Rs. Million) FY2016 FY2017 Public Sector Companies 62,575 69,102 Commercial 62,575 69,102 Non-Commercial - - DFIs 774 435 Authorities - - From Non-SOEs* 6,534 21,968 Total 69,883 91,504 * Non-SOEs include dividends received from minority stakes and Privatization Commission (BESOS) Table 23: Dividends Received by GOP (Sectoral Classification) Rs. Million FY2016 FY2017 Energy 58,641 59,371 Financial 3,422 1,747 Industrial and Engineering 83 5,000 Promotional & Advocacy 100 44 Services 776 604 Trading 100 2,600 Transportation 227 171 From Non-SOEs 6,534 21,968 Total 69,883 91,504 38 SECTORAL SNAPSHOT Sectoral Snapshot The SOE portfolio comprise of seven sectors out of which the three main sectors are energy, financial and transport. Together, the three sectors accounts for 94% of the total assets base, 95% of total revenues and a substantial impact on overall annual profitability of SOEs portfolio. For complete list of SOEs under each sector, please refer to Annex-13. ENERGY SECTOR The energy sector remains the pre-dominant sector in the entire SOEs portfolio accounting for almost 58% of total assets base in FY2017, 86% of total revenues and a positive contributor to the net profit for the last four years. Hydrocarbons sector mainly comprising of OGDCL, GHPL and PPL continue to provide headway into national E&P efforts, ultimately translating into sound financial performance. On the back of higher oil price scenario going forth, the profitability of hydrocarbons sector is expected to improve which will result in higher profitability from FY2018 onwards. The profitability of DISCOs declined due to non-notification of tariffs pending court stays on account of prior year adjustment. With the notification of tariff in March 2018, the DISCOs will be able to recoup these losses in subsequent years. The snapshot of energy sector portfolio is as under: Table 24: Energy sector profile Energy Sector Total number of SOEs 41 % Total number of Public Sector Companies – Commercial 38 92.7% Total number of Public Sector Companies - Non- Commercial 2 4.9% Total number of Federal Authorities 1 2.4% Total number of Board of Directors 290 Total number of Executive Directors 48 17% Total number of Non-Executive Directors 135 47% Total number of Independent Directors 107 37% FY2014-15 FY2015-16 FY2016-17 Total Employees 174,261 194,517 193,204 Total Employees below 40 years 80,165 79,939 78,304 Total Employees above 40 years 94,096 114,578 114,900 Current Assets Rs. Million 2,323,588 3,118,568 3,286,903 Non-Current Assets Rs. Million 3,424,227 3,611,818 4,248,750 Total Assets Rs. Million 5,747,635 6,730,386 7,535,653 Current Liabilities Rs. Million 2,153,949 2,540,589 2,755,098 39 SECTORAL SNAPSHOT Non-Current Liabilities Rs. Million 1,386,342 1,734,063 2,334,637 Total Liabilities Rs. Million 3,540,291 4,274,652 5,089,734 Total Equity Rs. Million 2,555,518 2,455,734 2,445,921 Net Revenue Rs. Million 3,653,938 2,612,194 2,993,543 Gross Profit/(Loss) Rs. Million 415,998 300,730 411,394 Operating Profit/(Loss) Rs. Million 150,410 (569) 117,045 Net Profit/(Loss) Rs. Million 125,047 5,993 41,806 Net Profit/Loss Margin % 3.4% 0.2% 1.4% Return on Assets % 2.2% 0.1% 0.6% Total Dividend Paid to GOP Rs. Million 60,859 59,371 58,641 The sub-sectoral performance of energy sector performance is outlined as below: Table 25: Total assets base of energy sector Energy Sector - Total Assets (Rs. Million) FY2015 FY2016 FY2017 Hydrocarbons 1,747,269 1,982,022 1,926,024 Power – GENCOs 608,518 765,997 933,110 Power – DISCOs 1,385,635 1,495,529 1,601,203 Energy – Others 2,006,213 2,486,837 3,075,316 Total – Energy 5,747,635 6,730,386 7,535,653 Table 26: Total profitability of the energy sector Energy Sector - Profit/Loss (Rs. Million) FY2015 FY2016 FY2017 Hydrocarbons 145,704 115,435 159,631 Power – GENCOs 2,564 (7,558) 2,153 Power – DISCOs (65,367) (130,207) (147,625) Energy – Others 42,146 28,324 27,647 Total – Energy 125,047 5,993 41,806 FINANCIAL SECTOR The financial sector, comprising of banks, insurance companies and Non-Banking Finance Company (NBFCs) and DFIs provide a stable return to the GOP assets and despite low interest environment, have continued to increase profitability and asset base year on year. National Bank of Pakistan, ZTBL, SLICO and Pakistan-Reinsurance remain some of the most important SOEs in the economic activity of Pakistan. 40 SECTORAL SNAPSHOT Table 27: Financial sector profile Financial Sector Total number of SOEs 33 Total number of Public Sector Companies – Commercial 25 76% Total number of Public Sector Companies - Non-Commercial - 0.0% Total number of DFIs 8 24% Total number of Board of Directors 184 Total number of Executive Directors 37 20% Total number of Non-Executive Directors 96 52% Total number of Independent Directors 51 28% FY2014-15 FY2015-16 FY2016-17 Total Employees 34,108 33,753 33,916 Total Employees below 40 years 15,957 13,085 13,629 Total Employees above 40 years 18,151 20,668 20,287 Total Lending Rs. Million 65,445 195,674 111,439 Total Investments Rs. Million 1,437,357 1,581,420 2,065,846 Total Advances Rs. Million 776,498 881,843 969,001 Total Assets Rs. Million 2,715,597 3,102,934 3,648,799 Total Liabilities Rs. Million 2,398,280 2,741,112 3,287,598 Total Equity Rs. Million 317,317 361,822 361,201 Total Equity and Liabilities Rs. Million 2,715,597 3,102,934 3,648,799 Net Mark Up Income Rs. Million 138,567 112,785 125,055 Operating Profit Rs. Million 57,403 53,688 53,162 Net Profit Rs. Million 36,327 34,488 35,327 Net Profit/Loss Margin % 26.2% 45.4% 44.8% Return on Assets % 1.3% 1.1% 1.0% Total Dividend to GOP Rs. Million 2,870 1,943 3,422 TRANSPORTATION SECTOR The transport sector remains critical to the overall economic activity in the country with provision of key services such as air travel, railways and seaways and ports. Pakistan International Airlines (PIA), Pakistan 41 SECTORAL SNAPSHOT Railways, National Highway Authority, Pakistan National Shipping Corporation (PNSC) and Karachi Port Trust (KPT) remains some of the major companies in this sector. Table 28: Transportation sector profile Transportation Sector Total number of SOEs 35 Total number of Public Sector Companies - Commercial 30 85.7% Total number of Public Sector Companies - Non-Commercial 0 0.0% Total number of Federal Authorities 5 14.3% Total number of Board of Directors 184 Total number of Executive Directors 111 64% Total number of Non-Executive Directors 46 21% Total number of Independent Directors 27 15% FY2014-15 FY2015-16 FY2016-17 Total Employees 103,560 101,848 104,766 Total Employees below 40 years 46,205 45,722 48,105 Total Employees above 40 years 57,355 56,126 56,661 Current Assets Rs. Million 226,819 251,058 371,987 Non-Current Assets Rs. Million 529,646 498,742 4,502,477 Total Assets Rs. Million 756,465 749,800 4,874,464 Current Liabilities Rs. Million 271,489 293,724 1,076,289 Non-Current Liabilities Rs. Million 251,521 254,652 1,052,608 Total Liabilities Rs. Million 523,010 548,376 2,128,897 Total Equity Rs. Million 233,456 201,425 2,746,014 Net Revenue Rs. Million 178,422 169,975 199,685 Gross Profit/(Loss) Rs. Million 61,855 54,449 76,869 Operating Profit/(Loss) Rs. Million (39,583) (51,672) (156,665) Net Profit/(Loss) Rs. Million (52,379) (62,835) (216,336) Net Profit/Loss Margin % -29.3% -37.0% -108.3% Return on Assets % -6.9% -8.4% -4.4% Total Dividend Paid to GOP Rs. Million 167 169 227 42 SECTORAL SNAPSHOT INDUSTRIAL AND ENGINEERING SECTOR The industrial & engineering sector comprise of the development, improvement, and implementation of integrated systems of people, information and equipment to manufacture, predict, and evaluate systems and processes involved in cutting edge hardware and engineering complexes. Examples of such companies include Pakistan Steel Mills, State Engineering Corporation, Heavy Electrical Complex and Pakistan Machine Tool Factory. The overall deficit in the sector occurs largely due to the Pakistan Steel Mill’s. The Government today is working actively with the PSM management to ensure that ongoing financial losses remain contained, including by continuing to reduce contractual employees and continuing to minimize other expenses. Table 29: Industrial & engineering sector profile Industrial & Engineering Sector Total number of SOEs 20 Total number of Public Sector Companies - Commercial 17 85.0% Total number of Public Sector Companies - Non-Commercial 3 15.0% Total number of Federal Authorities 0 0.0% Total number of Board of Directors 131 Total number of Executive Directors 26 20% Total number of Non-Executive Directors 69 53% Total number of Independent Directors 36 28% FY2014-15 FY2015-16 FY2016-17 Total Employees 22,827 21,742 19,582 Total Employees below 40 years 8,853 6,943 6,619 Total Employees above 40 years 13,974 14,799 12,963 Current Assets Rs. Million 57,480 53,374 52,261 Non-Current Assets Rs. Million 169,492 178,758 173,358 Total Assets Rs. Million 226,971 232,131 225,619 Current Liabilities Rs. Million 89,885 200,193 204,343 Non-Current Liabilities Rs. Million 115,889 32,223 33,279 Total Liabilities Rs. Million 205,773 232,417 237,622 Total Equity Rs. Million 18,959 (286) (12,003) Net Revenue Rs. Million 45,383 21,973 19,751 Gross Profit/(Loss) Rs. Million (14,266) (6,433) (3,078) Operating Profit/(Loss) Rs. Million (21,219) (13,251) (8,916) 43 SECTORAL SNAPSHOT Net Profit/(Loss) Rs. Million (25,670) (17,824) (12,917) Net Profit/Loss Margin % -53.2% -81.1% -65.4% Return on Assets % -6.3% -7.7% -5.7% Total Dividend Paid to GOP Rs. Million 2,000 5,000 83 PROMOTIONAL & ADVOCACY SECTOR The promotional and advocacy sector of the country comprise of various funds, foundations and advocacy organizations that aim to work for humanitarian and non-commercial purposes. 40 out of 45 SOEs in this sector comprise of non-commercial SOEs – formed under section 42 of the Companies Act 2017. Some of the major organizations that falls under Promotional & Advocacy sector are Pakistan Poverty Alleviation Fund, Aik Hunar Aik Nagar, National ICT R&D Fund etc. The promotional and advocacy sector plays pivotal role in stimulating investments in areas where private sector interests are not fully aligned (such as funding of incubators and accelerators through Ignite or areas where public money playa a critical role in poverty alleviation (Pakistan Poverty Alleviation Fund). Table 30: Promotional & advocacy sector profile Promotional & Advocacy Sector Total number of SOEs 46 Total number of Public Sector Companies - Commercial 5 10.9% Total number of Public Sector Companies - Non-Commercial 40 87.0% Total number of Federal Authorities 1 2.2% Total number of Board of Directors 378 Total number of Executive Directors 69 18% Total number of Non-Executive Directors 214 57% Total number of Independent Directors 95 25% FY2014-15 FY2015-16 FY2016-17 Total Employees 4,979 10,171 9,200 Total Employees below 40 years 3,833 7,185 6,989 Total Employees above 40 years 1,146 2,986 2,211 Current Assets Rs. Million 51,668 76,644 82,740 Non-Current Assets Rs. Million 31,045 36,388 49,051 Total Assets Rs. Million 82,713 113,032 131,791 Current Liabilities Rs. Million 25,919 39,570 54,411 44 SECTORAL SNAPSHOT Non-Current Liabilities Rs. Million 17,101 23,045 22,567 Total Liabilities Rs. Million 43,020 62,619 76,977 Total Equity Rs. Million 39,693 50,413 54,814 Net Revenue Rs. Million 13,574 20,136 16,534 Gross Profit/(Loss) Rs. Million 10,777 13,452 8,444 Operating Profit/(Loss) Rs. Million 1,377 2,420 (25,980) Net Profit/(Loss) Rs. Million 3,144 1,826 (29,393) Net Profit/Loss Margin % 23.2% 9.1% -177.8% Return on Assets % 1.7% 1.6% -22.3% Total Dividend Paid to GOP Rs. Million 44 44 100 SERVICES SECTOR The GOP is also involved in provision of high-tech services, mainly in the fields of construction, telecommunications, housing, training and development centers and postal services. Major companies in this sector include NESPAK, Pakistan Post Office and National Telecommunication. The overall deficit in the sector is largely due to loss in Pakistan Post with the Government’s effort to revive the organization and to play a critical role in provision of communication links for individuals and businesses, especially connecting far flung remote areas on socio-economic objectives. Table 31: Services sector profile Services Sector Total number of SOEs 26 Total number of Public Sector Companies - Commercial 20 76.9% Total number of Public Sector Companies - Non-Commercial 3 11.5% Total number of Federal Authorities 3 11.5% Total number of Board of Directors 183 Total number of Executive Directors 186 36.1% Total number of Non-Executive Directors 92 50.3% Total number of Independent Directors 25 13.7% FY2014-15 FY2015-16 FY2016-17 Total Employees 48,298 47,080 47,294 Total Employees below 40 years 18,301 19,314 20,351 Total Employees above 40 years 29,997 27,766 26,943 45 SECTORAL SNAPSHOT Current Assets Rs. Million 280,120 310,836 329,245 Non-Current Assets Rs. Million 29,439 30,696 88,553 Total Assets Rs. Million 309,559 341,532 417,797 Current Liabilities Rs. Million 249,339 284,834 304,699 Non-Current Liabilities Rs. Million 22,938 29,146 31,638 Total Liabilities Rs. Million 272,277 313,980 336,335 Total Equity Rs. Million 37,282 27,553 81,462 Net Revenue Rs. Million 46,009 52,901 57,521 Gross Profit/(Loss) Rs. Million 10,587 41,779 45,524 Operating Profit/(Loss) Rs. Million (10,365) (6,592) (6,937) Net Profit/(Loss) Rs. Million (9,981) (6,599) (6,980) Net Profit/Loss Margin % -21.7% -12.5% -12.1% Return on Assets % -3.3% -1.9% -1.7% Total Dividend Paid to GOP Rs. Million 603 604 776 TRADING SECTOR The GOP has limited presence in trading sector in terms of the number of SOEs (only 3) but the impact and service to the national economy is high. The trading sector comprise of Trading Corporation of Pakistan (TCP) – which manages the availability of critical supplies of food and stocks, Utility Store Corporation and Pakistan Agriculture Storage and Services Corporation (PASSCO) Limited. Though all three SOEs operate on commercial lines, at the heart of their business lies socio-economic considerations, for instance, to keep food prices low in the month of Ramadan (Utility Stores Corporation), provision of essential agricultural import commodities (TCP) and maintaining food security and strategic reserves of critical food commodities (PASSCO). The overall snapshot of SOE portfolio is as outlined under: Table 32: Trading sector profile Trading Sector Total number of SOEs 3 Total number of Public Sector Companies – Commercial 3 100% Total number of Public Sector Companies - Non-Commercial 0 0.0% Total number of Federal Authorities 0 0.0% Total number of Board of Directors 30 Total number of Executive Directors 3 10.0% Total number of Non-Executive Directors 14 46.7% Total number of Independent Directors 13 43.3% 46 SECTORAL SNAPSHOT FY2014-15 FY2015-16 FY2016-17 Total Employees 14,510 14,903 15,000 Total Employees below 40 years 10,532 9,555 9,508 Total Employees above 40 years 3,978 5,348 5,492 Current Assets Rs. Million 263,785 276,730 273,663 Non-Current Assets Rs. Million 9,144 6,238 6,255 Total Assets Rs. Million 272,929 282,968 279,918 Current Liabilities Rs. Million 240,540 256,227 255,831 Non-Current Liabilities Rs. Million 1,940 2,593 2,930 Total Liabilities Rs. Million 242,479 258,819 258,761 Total Equity Rs. Million 30,450 24,149 21,157 Net Revenue Rs. Million 75,895 66,332 69,657 Gross Profit/(Loss) Rs. Million 699 (1,160) 4,965 Operating Profit/(Loss) Rs. Million (8,517) (11,338) (6,875) Net Profit/(Loss) Rs. Million 1,265 178 (2,652) Net Profit/Loss Margin % 1.7% -0.9% -3.8% Return on Assets % -3.1% -0.4% -0.9% Total Dividend Paid to GOP Rs. Million 100 2,600 100 47 LOOKING AHEAD Looking Ahead The primary purpose of this section is to assess the outlook of SOEs in Pakistan. The SOEs should: i. Keep providing high quality competitively priced infrastructure and services to Pakistan’s economy ii. Keep optimizing their contribution to supporting economic recovery and opportunities for enterprise and innovation Past reform for SOEs have had impact less than expected, and generally were not sustained. Notably, SOE reform was a key component of the Government and key reforms are underway. While several SOEs have reduced their reliance on subsidies, problems of inefficiency, a risk of service delivery disruption, and crowding out of the private sector remain. On the whole, SOE financial returns and other performance measures requires strengthening. In most cases, SOEs have been given the public funds needed to operate, at considerable impact on the budget, and it is now required to restructure the SOEs and develop a clear and sustainable reform plan as per the socio-economic needs of the population. In the short to medium term, the Government will remain keen to apply the following ideas to SOEs: Evaluate why and which SOEs are needed? Pakistan’s national economy has changed significantly since the establishment of many of our SOEs. It would be useful to re-evaluate the rationale for State involvement in few of the SOEs established in order to determine what the goals of SOEs should be – collectively as part of the national economy and individually as an enterprise. Pakistan’s demography and geography (high population, increased resource requirement) means that there is always more demand of essential services amidst constrained public finances. However, going forth, technological developments are weakening traditional monopolies such as energy business, making small production units more efficient than large power plants (e.g. distributed generation is more efficient and commercially viable than in the past) and thus, a reassessment is required more frequently, more holistically and more comprehensively on the entire portfolio. Implementation of centralized ownership structures: There is a tendency that accountability and performance may be hindered by ambiguity surrounding the interaction between SOEs and the owners of the SOEs (government). There is a need to implement clear ownership structures such as a centralized Holdco model that overlooks the day to day management of companies while Government remains a key enabler in public policy. One such model is a centralized Holdco model, where there is a holding company, or a ministry which is responsible for the government’s stake in all SOEs. In Belgium, there is a specific ministry, the Ministry of State-Owned Enterprises and Participations whereas in Malaysia, there is Khazanah – an investment arm of the Government. The main advantage of the centralized model lies in the clear line of accountability from the SOE to the government, the ability of the government to divest the two functions – policy making and 48 LOOKING AHEAD business decision making and where business decisions are taken purely on commercial merit instead of Government playing the dual roles of policy makers as well as investment managers. The OECD favors a centralized approach to the State’s ownership function and suggests that there is a clear international trend in favor of the centralized model, possibly because centralization permits greater consistency and transparency in SOE governance. The present Government has also initiated wok on the similar lines and is in the process of setting up a Holdco which will oversee the management of SOEs on professional, commercial basis and will create an arm’s length relationship between policy makers and investment managers. Implement stronger corporate governance framework: Corporate governance remains on the priority of the Government for SOEs. There is a major challenge to address the practices which lead to corporate governance improvements in public sector SOEs. The SOEs should be held to higher standards of accountability than private companies as they are owned by the taxpayer. Unlike private firms, where the main goal is wealth maximization, the goals of SOEs are typically more of a mixture of social, political, and commercial objectives. Undertake annual performance evaluation: The Public Sector Corporate Governance Rules emphasize on setting up KPIs and performance evaluation which assess developments during the year and evaluate how well the company and the board have performed against the specific corporate objectives. The central piece of the annual performance review is the assessment of financial and non-financial performance against annual targets. However, once in place, the review should include other useful information such as an assessment of operating results, corporate value and risks, board performance and corporate governance practices. A more centralized approach to the State’s function as a shareholder would facilitate aggregate reporting on the performance of SOEs. It is hoped that the publication of this report will bring forth greater transparency around SOEs and will provide stakeholders an opportunity to evaluate SOE individually and collectively as a portfolio. Conclusion: There have, however, been positive, recent developments. The new Government has decided to adopt a series of reform measures and began a comprehensive recovery plan, foremost of which includes formulation of a holding company to manage SOEs on professional basis. The reform and improvement of SOEs financial position along with strengthened management and enhanced efficiency are at the core of this initiative. Early efforts are now underway to explore options to improve the operations of critical SOEs such as PIA, Railways and power DISCOs, with a renewed emphasis to invest in the Board and management. An institutional reforms task force has been created to assess the broader issues of SOEs performance, and to recommend options to reform (including potential divestment) while considering socio-economic considerations within the country. The SOE framework going forth will largely reflect the following: (i) the establishment of a holding company that set out a strategic direction of SOEs and performance targets and run with professional management; 49 LOOKING AHEAD (ii) identification of essential activities and the winding down of nonessential activities; (iii) ensuring SOE boards have independence in operation and are staffed by suitably qualified and experienced members; (iv) ensuring senior management of SOEs have suitable qualifications and experience; (v) alignment of prices and charges with the total cost of service delivery especially in areas such as utilities, Railways etc., except where funded by community service obligations; and (vi) sound financial management of SOEs including the timely production of audited accounts. 50 ANNEXURES Annexures ANNEXURE 1: METHODOLOGY, ASSUMPTIONS AND LIMITATIONS Public sector in Pakistan is being regulated under several legislations that includes in addition to others: 1. Rules of Business 1973 2. The Public Investment (Financial Safeguard) Ordinance, 1960 3. Fiscal Responsibility and Debt Limitation (FRDL) Act, 2005 4. Public Sector - Corporate Governance Rules 2017 The idea of compiling the entire SOEs portfolio into a single consolidated report was to track GOP’s investments and its associated returns, lending to SOEs and its utilization, overall fiscal risk exposure and its monitoring and ensuring compliance with relevant laws and regulations. The report provides an update on performance of these entities, divided into following sub-categories and sectors for easy reporting: Table 33: SOEs Classification No. of entities PSC Commercial PSC Non-Commercial Authority DFI Total Energy 38 2 1 0 41 Financial 25 0 0 8 33 Industry and Engineering 17 3 0 0 20 Promotional and Advocacy 5 40 1 0 46 Services 20 3 3 0 26 Trading 3 0 0 0 3 Transportation 30 0 5 0 35 Total 138 48 10 8 204 For granular reporting, the SOEs are also classified into administrative and sectoral heads, so it is easy to see the relevant ministry responsible for operations and monitoring of the respective SOE. Such data – at a whole is represented in the dashboard analysis of this report – which tries to capture the overall portfolio value of SOEs in terms of its total assets, total revenues and total profits. The second section consists of one-page entity snapshots that provide vital financial information on SOE’s annual performance and its contribution to the economy. The process of information collection starts with Ministry of Finance issuing a directive to all SOEs to furnish operational, financial and governance data for the preceding financial year on the format designed by IERU. SOEs provide information approved by their Board of Directors (BOD) as well as data regarding their operational performance along with their audited accounts. The information is then processed into a centralized maintained repository where key outputs such as ratio analysis, one pager company snapshots and dashboard are derived. A report is then compiled and is internally disseminated in the Finance Division 51 ANNEXURES for review and comments. A final report is compiled incorporating all earlier feedbacks and suggestions for onwards public dissemination. Table 34: Finance Division Information Template for SOEs GOP Shareholding Human Resource Strength Board of Directors Dividend Received by GOP Government Support provided to SOEs Audit information (newly added for FY2016/17 reporting) Board meetings (newly added for FY2016/17 reporting) FINANCIALS Balance Sheet Income Statement Key Ratios Total Assets Net Sales/Revenue/Income Net profit margin Current Assets: Cost of Sales Return on Assets - Cash & Bank Balances Gross Profit Return on Equity - Trade Debts Other Expenses Debt to Equity - Stock in Trade Operating Profit Current Ratio Non-Current Assets: Net Profit/(Loss) Asset Turnover - Fixed Assets Fixed Asset Turnover Total Liabilities Interest Cover Current Liabilities - Short Term Borrowings - Trade and other Payables Non-Current Liabilities - Long term Loans Total Equity - Share Capital - Accumulated Profit/(Loss) - Revaluation Surplus/deficit This report has been prepared based on information available at the end of FY 2016-17. Efforts were made to collect data through line ministries and directly from SOEs to ensure data integrity. The table below highlights the assumptions and information status underlying the preparation of the report: Table 35: Key Assumptions and Limitations Data ▪ Provides a catalog of 204 SOEs under the purview of Federal Government barring entities Coverage related to defense or otherwise deemed to be strategic in nature. Among various federal authorities, only ten key federal authorities are covered in this report with an aim to incorporate other authorities in the future as well. ▪ Covers diverse aspects of SOEs information including financials, ownership structure, Board of Directors’, human resource strength and GOP support provided to SOEs annually. 52 ANNEXURES ▪ Covers SOEs with financial year closing in Calendar Year 2017, either on June 30th or December 31st. Only exception to this is Pakistan Agricultural Storage and Services Corporation Limited (PASSCO) with financial year end at March 31st. Data Source ▪ Information from annual financial statements (audited/un-audited) has been made part of the report received directly from SOEs and line ministries. The numbers are re-stated in individual SOEs reporting where audited numbers are available in subsequent years. Dashboard numbers, however, do not represent re-stated financial position. Data ▪ Information has been incorporated on individual entity basis. Best efforts have been made Availability & to report data on unconsolidated basis only such as PNSC, PIA and NBP and provide Inclusion separate information for their subsidiaries. This ensures that all SOEs are strictly accounted for by their own performance and not consolidated in their holding company’s structures. ▪ Out of the major SOEs, PSM’s profit and loss results are provisional in nature and may subject to change depending on actual audited results. Further, SSGCL’s and SSGCL’s Provident Fund Trust Company results are pending due to audit and regulatory issues. ▪ Financial information of the following companies has been received for FY2015/16 but have not been received for FY2016-17: 1. State Engineering Corporation 2. Heavy Mechanical Complex 3. Pakistan Steel Fabricating Company 4. Pakistan Environment Planning and Architectural Company 5. Pakistan Tours 6. PTDC Motels North 7. National Industrial Parks Development and Management 8. NBP Leasing Limited ▪ Financial information of 13 companies have not been received. Most of these companies have been either non-operational or inactive and have no material impact on the size of the overall SOE portfolio. They include: 1. State Petroleum Refining and Petrochemical Corporation; 2. People Steel Mills 3. Pakistan Automobile Corporation Limited 4. Pakistan Chemical and Energy Sector Skills Development Company 5. Republic Motors (Private) Limited 6. PIMA Foods Limited 7. Devolution Trust for Community Empowerment 8. Ghazi Brotha Taraqiati Idara 9. Pakistan Textile Testing Foundation 10. Federal Liver Transplant Endowment Fund 11. Pakistan Auto Sector Skills Development Company 12. Pakistan Industrial Development Financial Services (Private) Limited 13. Cast-N-Link Products Limited 53 ANNEXURES ANNEXURE 2: LIST OF FEDERAL AUTHORITIES & REGULATORY BODIES NOT COVERED IN THE REPORT 1. Civil Aviation Authority (CAA) 2. Competition Commission of Pakistan (CCP) 3. Securities & Exchange Commission of Pakistan (SECP) 4. State Bank of Pakistan (SBP) 5. Public Procurement Regulatory Authority (PPRA) 6. Pakistan Telecommunication Authority (PTA) 7. Abandoned Property Organization (APO) 8. Evacuee Trust Property Board (ETPB) 9. Trade Development Authority of Pakistan (TDAP) 10. National Electric Power Regulatory Authority (NEPRA) 11. Oil & Gas Regulatory Authority (OGRA) 12. Pakistan Electronic Media Regulatory Authority (PEMRA) 13. Pakistan Standards and Quality Control Authority (PSQCA) 14. Drug Regulatory Authority of Pakistan (DRAP) 15. National Tariff Commission (NTC) 16. Central Board Film Censors (CBFC) 17. Pakistan Environmental Protection Agency (PEPA) 18. National Aliens Registration Authority (NARA) 19. Pakistan Medical & Dental Council (PM & DC) 20. Higher Education Commission (HEC) 21. National Database and Registration Authority (NADRA) 22. Capital Development Authority (CDA) Attached Departments 23. Pakistan Engineering Council (PEC) 24. Private Power & Infrastructure Board (PPIB) 25. Engineering Development Board (EDB) 26. Intellectual Property Organization (IPO) 27. Board of Investment (BOI) 28. Earthquake Rehabilitation Authority (ERRA) 29. Agriculture Price Commission (APC) 30. Frequency Allocation Board (FAB) 31. Indus River System Authority (IRSA) 32. Alternate Energy Development Board (AEDB) 33. Pakistan National Council of Arts (PNCA) 34. Pakistan Sports Board (PSB) 35. Pakistan Cricket Board (PCB) 36. National Disaster Management Authority (NDMA) 37. National Information Telecommunication Board (NITB) 38. Pakistan Institute of Fashion Designing 39. Pakistan Industrial Technical Assistance Centre Lahore 40. Federal Medical & Dental College, Islamabad 41. NFC-Institute of Engineering & Technological Training Limited (NFC-IETTL) 54 ANNEXURES ANNEXURE 3: SOE UNDER ADMNISTRATIVE MINISTRIES Aviation Division 1 Abacus Distribution Systems Pakistan (Private) Limited 2 Pakistan International Airlines Corporation 3 PIAC Investments Limited 4 Skyrooms (Private) Limited Cabinet Division 5 Federal Liver Transplant Endowment Fund 6 Pakistan Tourism Development Corporation 7 Pakistan Tours (Private) Limited 8 Printing Corporation of Pakistan (Private) Limited 9 PTDC Motels North (Private) Limited 10 PTDC-Associated Hotels of Pakistan Limited M/o Climate Change 11 Fund for Protected Areas 12 Ghazi Brotha Taraqiati Idara 13 Mountain Areas Conservancy Fund 14 Pakistan Environmental Planning & Architectural Consultants (Private) Limited M/o Commerce 15 Pakistan Expo Centers (Pvt) Ltd 16 Pakistan Tobbaco Board 17 Trading Corporation of Pakistan (Private) Limited 18 Alpha Insurance Company Limited 19 Civic Centre Company (Private) Limited 20 National Insurance Company Limited 21 Pakistan Horticulture Development and Export Company 22 Pakistan Reinsurance Company Limited 23 State Life (Abdullah Haroon Road) Properties (Private) Limited 24 State Life (Lakie Road) Properties (Private) Limited 25 State Life Insurance Corporation M/o Communication 26 Karachi Infrastructure Development Company Limited 27 National Highway Authority 28 Pakistan Post Office M/o Defence Production 29 Karachi Shipyard and Engineering Works Limited M/o Energy 55 ANNEXURES 30 Central Power Purchase Agency (Guarantee) Limited 31 Energy Conservation Fund 32 Faisalabad Electric Supply Company Limited 33 GENCO-I: Jamshoro Power Company Limited 34 GENCO-II: Central Power Generation Company Limited, Thermal Power Station, Guddo 35 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 36 GENCO-IV: Lakhra Power Generation Company Limited 37 Government Holdings (Private) Limited 38 Gujranwala Electric Power Company Limited 39 Hyderabad Electric Supply Company Limited 40 Hydrocarbon Development Institute of Pakistan 41 Inter State Gas Systems (Private) Limited 42 Islamabad Electric Supply Company Limited 43 Lahore Electric Supply Company Limited 44 Lakhra Coal Development Company Limited 45 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 46 Multan Electric Power Company Limited 47 National Engineering Services Pakistan (Private) Limited 48 National Power Parks Management 49 National Transmission and Despatch Company 50 Neelum Jhelum Hydro Power Company 51 NESPAK and Partners LLC, Muscat, Oman 52 NESPAK Limited - Doha, Qatar 53 Oil and Gas Development Company Limited 54 Pak Arab Refinery Company 55 Pakistan Electric Power Company (Private) Limited 56 Pakistan LNG Limited 57 Pakistan LNG Terminals Limited 58 Pakistan Mineral Development Corporation (Private) Limited 59 Pakistan Petroleum Limited 60 Pakistan State Oil Company Limited 61 Peshawar Electric Supply Company Limited 62 Power Holding (Private) Limited 63 Power Information Technology Company 64 PPL Asia E&P B.V. 65 PPL Europe E&P Limited 66 Quetta Electric Supply Company Limited 67 Saindak Metals Limited 56 ANNEXURES 68 SSGC LPG (Private) Limited 69 State Petroleum Refining & Petrochemical Corporation 70 Sui Northern Gas Pipelines Limited 71 Sui Southern Gas Company Limited 72 Sui Southern Gas Provident Fund Trust Company (Private) Limited 73 Sukkur Electric Power Company Limited 74 The Pakistan Petroleum Provident Fund Trust Company (Private) Limited 75 Tribal Electric Supply Company Limited 76 WAPDA Employees Housing Foundation 77 WAPDA Endowment Fund for Sports 78 Water and Power Development Authority M/o Finance 79 Cast-N-Link Products Limited 80 CJSC Subsidiary Bank of NBP in Kazakistan 81 CJSC Subsidiary Bank of NBP in Tajikistan 82 Exim Bank of Pakistan Limited 83 First National Bank Modaraba, Pakistan 84 First Women Bank Limited 85 House Building Finance Company Limited 86 Industrial Development Bank Limited 87 Infrastructure Project Development Facility 88 Kissan Support Services (Private) Limited 89 National Bank of Pakistan 90 National Rural Support Programme 91 NBP Exchange Company Limited 92 NBP Fullerton Asset Management Limited 93 NBP Leasing Limited 94 NBP Modarabah Management Company Limited 95 Pak Brunei Investment Company 96 Pak China Investment Company Limited 97 Pak Iran Investment Company 98 Pak Kuwait Investment Company (Private) Limited 99 Pak Libya Holding Company (Private) Limited 100 Pak Oman Investment Company 101 Pakistan Industrial Development Financial Services (Private) Limited 102 Pakistan Poverty Alleviation Fund 103 Pakistan Revenue Automation (Private) Limited 104 Pakistan Security Printing Corporation (Private) Limited 57 ANNEXURES 105 Saudi Pak Industrial and Agricultural Investment Company Limited 106 Security Papers Limited 107 SME Bank 108 SME Leasing Limited 109 Taurus Securities Limited 110 Zarai Taraqiati Bank Limited M/o Housing & Works 111 Federal Government Employees Housing Foundation 112 National Construction Limited 113 PHA Foundation M/o Industries and Production 114 Agro Food Processing (AFP) Facilities, Multan 115 Aik Hunar Aik Nagar 116 Ceramics Development & Training Complex 117 ENAR Petrotech Services (Private) Limited 118 Export Processing Zones Authority 119 Furniture Pakistan 120 Gujranwala Tools, Dies & Moulds Center 121 Heavy Electrical Complex (Private) Limited 122 Heavy Mechanical Complex (Private) Limited 123 Karachi Tools, Dies and Moulds Centre 124 Morafco Industries Limited 125 National Fertilizer Corporation of Pakistan (Private) Limited 126 National Fertilizer Marketing Limited 127 National Industrial Parks Development and Management Company 128 National Productivity Organization 129 NFC Institute of Engineering and Fertilizer Research (Private) Limited 130 Pakistan Auto Sector Skills Development Company 131 Pakistan Automobile Corporation Limited 132 Pakistan Chemical and Energy Sector Skills Development Company 133 Pakistan Engineering Company Limited 134 Pakistan Gems and Jewellery Development Company 135 Pakistan Hunting and Sporting Arms Development Company 136 Pakistan Industrial Development Corporation (Private) Limited 137 Pakistan Institute of Management 138 Pakistan Machine Tool Factory (Private) Limited 139 Pakistan Steel Fabricating Company (Private) Limited 140 Pakistan Steel Mills Corporation (Private) Limited 58 ANNEXURES 141 Pakistan Stone Development Company 142 Peoples Steel Mills Limited 143 PIMA Foods Limited 144 Republic Motors (Private) Limited 145 Sind Engineering (Private) Limited 146 Small and Medium Enterprise Development Authority 147 State Engineering Corporation (Private) Limited 148 Technology Up-gradation and Skill Development Company 149 Utility Stores Corporation (Private) Limited M/o Information Technology & Telecommunication 150 Ignite 151 National Telecommunication Corporation 152 Pak Datacom Limited 153 Pakistan Software Export Board 154 Telephone Industries of Pakistan 155 Universal Services Fund 156 Virtual University of Pakistan M/o Information, Broadcasting & National Heritage 157 Pakistan Broadcasting Corporation 158 Pakistan Television Corporation Limited 159 Shalimar Recording & Broadcasting Corporation M/o Inter Provincial Coordination 160 National Academy of Performing Arts M/o National Food Security & Research 161 Fisheries Development Board 162 Livestock & Dairy Development Board 163 Pakistan Agricultural Storage & Services Corporation Limited M/o Overseas Pakistanis and Human Resource Development 164 Overseas Employment Corporation (Private) Limited 165 Overseas Pakistanis Foundation M/o Ports & Shipping 166 Bolan Shipping (Private) Limited 167 Chitral Shipping (Private) Limited 168 Gawadar Port Authority 169 Hyderabad Shipping (Private) Limited 170 Islamabad Shipping (Private) Limited 171 Johar Shipping (Private) Limited 172 Kaghan Shipping (Private) Limited 59 ANNEXURES 173 Karachi Port Trust 174 Karachi Shipping (Private) Limited 175 Khairpur Shipping (Private) Limited 176 Lahore Shipping (Private) Limited 177 Lalazar Shipping (Private) Limited 178 Makran Shipping (Private) Limited 179 Malakand Shipping (Private) Limited 180 Multan Shipping (Private) Limited 181 Pakistan Cooperative Ship Stores (Private) Limited 182 Pakistan National Shipping Corporation 183 Port Qasim Authority 184 Quetta Shipping (Private) Limited 185 Sargodha Shipping (Private) Limited 186 Shalamar Shipping (Private) Limited 187 Sibi Shipping (Private) Limited 188 Swat Shipping (Private) Limited M/o Railways 189 Karachi Urban Transport Corporation 190 Kashmir Railways (Pvt) Ltd 191 Pakistan Railway Advisory and Consultancy Services Limited 192 Pakistan Railway Freight Transportation Company (Pvt) Ltd 193 Pakistan Railways 194 Railway Constructions Pakistan Limited 195 Railway Estate Development and Marketing Company M/o Science & Technology 196 STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited M/o Textile Industry 197 Faisalabad Garment City Company 198 Karachi Garment City Company 199 Lahore Garment City Company 200 National Textile University 201 Pakistan Textile Testing Foundation 202 Plastics Technology Centre 203 Synthetic Fibre Development and Application Centre Other Ministry 204 Devolution Trust for Community Empowerment 60 ANNEXURES ANNEXURE 4: SOE INCORPORATION STRUCTURE Development Finance Institutions 1 Exim Bank of Pakistan Limited 2 Pak Brunei Investment Company 3 Pak China Investment Company Limited 4 Pak Iran Investment Company 5 Pak Kuwait Investment Company (Private) Limited 6 Pak Libya Holding Company (Private) Limited 7 Pak Oman Investment Company 8 Saudi Pak Industrial and Agricultural Investment Company Limited Federal Authority 9 Export Processing Zones Authority 10 Gawadar Port Authority 11 Karachi Port Trust 12 National Highway Authority 13 Pakistan Post Office 14 Pakistan Railways 15 Pakistan Tobbaco Board 16 Port Qasim Authority 17 Small and Medium Enterprise Development Authority 18 Water and Power Development Authority PSC - Commercial 19 Abacus Distribution Systems Pakistan (Private) Limited 20 Alpha Insurance Company Limited 21 Bolan Shipping (Private) Limited 22 Cast-N-Link Products Limited 23 Central Power Purchase Agency (Guarantee) Limited 24 Chitral Shipping (Private) Limited 25 Civic Centre Company (Private) Limited 26 CJSC Subsidiary Bank of NBP in Kazakistan 27 CJSC Subsidiary Bank of NBP in Tajikistan 28 ENAR Petrotech Services (Private) Limited 29 Faisalabad Electric Supply Company Limited 30 First National Bank Modaraba, Pakistan 31 First Women Bank Limited 32 GENCO-I: Jamshoro Power Company Limited 61 ANNEXURES 33 GENCO-II: Central Power Generation Company Limited , Thermal Power Station, Guddo 34 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 35 GENCO-IV: Lakhra Power Generation Company Limited 36 Government Holdings (Private) Limited 37 Gujranwala Electric Power Company Limited 38 Heavy Electrical Complex (Private) Limited 39 Heavy Mechanical Complex (Private) Limited 40 House Building Finance Company Limited 41 Hyderabad Electric Supply Company Limited 42 Hyderabad Shipping (Private) Limited 43 Industrial Development Bank Limited 44 Inter State Gas Systems (Private) Limited 45 Islamabad Electric Supply Company Limited 46 Islamabad Shipping (Private) Limited 47 Johar Shipping (Private) Limited 48 Kaghan Shipping (Private) Limited 49 Karachi Shipping (Private) Limited 50 Karachi Shipyard and Engineering Works Limited 51 Karachi Urban Transport Corporation 52 Kashmir Railways (Pvt) Ltd 53 Khairpur Shipping (Private) Limited 54 Kissan Support Services (Private) Limited 55 Lahore Electric Supply Company Limited 56 Lahore Shipping (Private) Limited 57 Lakhra Coal Development Company Limited 58 Lalazar Shipping (Private) Limited 59 Makran Shipping (Private) Limited 60 Malakand Shipping (Private) Limited 61 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 62 Multan Electric Power Company Limited 63 Multan Shipping (Private) Limited 64 National Bank of Pakistan 65 National Construction Limited 66 National Engineering Services Pakistan (Private) Limited 67 National Fertilizer Corporation of Pakistan (Private) Limited 68 National Fertilizer Marketing Limited 62 ANNEXURES 69 National Insurance Company Limited 70 National Power Parks Management 71 National Telecommunication Corporation 72 National Transmission and Despatch Company 73 NBP Exchange Company Limited 74 NBP Fullerton Asset Management Limited 75 NBP Leasing Limited 76 NBP Modarabah Management Company Limited 77 Neelum Jhelum Hydro Power Company 78 NESPAK and Partners LLC, Muscat, Oman 79 NESPAK Limited - Doha, Qatar 80 NFC Institute of Engineering and Fertilizer Research (Private) Limited 81 Oil and Gas Development Company Limited 82 Overseas Employment Corporation (Private) Limited 83 Pak Arab Refinery Company 84 Pak Datacom Limited 85 Pakistan Agricultural Storage & Services Corporation Limited 86 Pakistan Automobile Corporation Limited 87 Pakistan Broadcasting Corporation 88 Pakistan Cooperative Ship Stores (Private) Limited 89 Pakistan Electric Power Company (Private) Limited 90 Pakistan Engineering Company Limited 91 Pakistan Environmental Planning & Architectural Consultants (Private) Limited 92 Pakistan Expo Centers (Pvt) Ltd 93 Pakistan Industrial Development Corporation (Private) Limited 94 Pakistan Industrial Development Financial Services (Private) Limited 95 Pakistan Institute of Management 96 Pakistan International Airlines Corporation 97 Pakistan LNG Limited 98 Pakistan LNG Terminals Limited 99 Pakistan Machine Tool Factory (Private) Limited 100 Pakistan Mineral Development Corporation (Private) Limited 101 Pakistan National Shipping Corporation 102 Pakistan Petroleum Limited 103 Pakistan Railway Advisory and Consultancy Services Limited 104 Pakistan Railway Freight Transportation Company (Pvt) Ltd 63 ANNEXURES 105 Pakistan Reinsurance Company Limited 106 Pakistan Revenue Automation (Private) Limited 107 Pakistan Security Printing Corporation (Private) Limited 108 Pakistan State Oil Company Limited 109 Pakistan Steel Fabricating Company (Private) Limited 110 Pakistan Steel Mills Corporation (Private) Limited 111 Pakistan Television Corporation Limited 112 Pakistan Tourism Development Corporation 113 Pakistan Tours (Private) Limited 114 Peoples Steel Mills Limited 115 Peshawar Electric Supply Company Limited 116 PIAC Investments Limited 117 Power Holding (Private) Limited 118 Power Information Technology Company 119 PPL Asia E&P B.V. 120 PPL Europe E&P Limited 121 Printing Corporation of Pakistan (Private) Limited 122 PTDC Motels North (Private) Limited 123 PTDC-Associated Hotels of Pakistan Limited 124 Quetta Electric Supply Company Limited 125 Quetta Shipping (Private) Limited 126 Railway Constructions Pakistan Limited 127 Railway Estate Development and Marketing Company 128 Saindak Metals Limited 129 Sargodha Shipping (Private) Limited 130 Security Papers Limited 131 Shalamar Shipping (Private) Limited 132 Shalimar Recording & Broadcasting Corporation 133 Sibi Shipping (Private) Limited 134 Sind Engineering (Private) Limited 135 Skyrooms (Private) Limited 136 SME Bank 137 SME Leasing Limited 138 SSGC LPG (Private) Limited 139 State Engineering Corporation (Private) Limited 140 State Life (Abdullah Haroon Road) Properties (Private) Limited 64 ANNEXURES 141 State Life (Lakie Road) Properties (Private) Limited 142 State Life Insurance Corporation 143 State Petroleum Refining & Petrochemical Corporation 144 STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited 145 Sui Northern Gas Pipelines Limited 146 Sui Southern Gas Company Limited 147 Sui Southern Gas Provident Fund Trust Company (Private) Limited 148 Sukkur Electric Power Company Limited 149 Swat Shipping (Private) Limited 150 Taurus Securities Limited 151 Telephone Industries of Pakistan 152 The Pakistan Petroleum Provident Fund Trust Company (Private) Limited 153 Trading Corporation of Pakistan (Private) Limited 154 Tribal Electric Supply Company Limited 155 Utility Stores Corporation (Private) Limited 156 Zarai Taraqiati Bank Limited PSC - Non-Commercial 157 Agro Food Processing (AFP) Facilities, Multan 158 Aik Hunar Aik Nagar 159 Ceramics Development & Training Complex 160 Devolution Trust for Community Empowerment 161 Energy Conservation Fund 162 Faisalabad Garment City Company 163 Federal Government Employees Housing Foundation 164 Federal Liver Transplant Endowment Fund 165 Fisheries Development Board 166 Fund for Protected Areas 167 Furniture Pakistan 168 Ghazi Brotha Taraqiati Idara 169 Gujranwala Tools, Dies & Moulds Center 170 Hydrocarbon Development Institute of Pakistan 171 Ignite 172 Infrastructure Project Development Facility 173 Karachi Garment City Company 174 Karachi Infrastructure Development Company Limited 175 Karachi Tools, Dies And Moulds Centre 65 ANNEXURES 176 Lahore Garment City Company 177 Livestock & Dairy Development Board 178 Morafco Industries Limited 179 Mountain Areas Conservancy Fund 180 National Academy of Performing Arts 181 National Industrial Parks Development and Management Company 182 National Productivity Organization 183 National Rural Support Programme 184 National Textile University 185 Overseas Pakistanis Foundation 186 Pakistan Auto Sector Skills Development Company 187 Pakistan Chemical and Energy Sector Skills Development Company 188 Pakistan Gems and Jewelry Development Company 189 Pakistan Horticulture Development and Export Company 190 Pakistan Hunting and Sporting Arms Development Company 191 Pakistan Poverty Alleviation Fund 192 Pakistan Software Export Board 193 Pakistan Stone Development Company 194 Pakistan Textile Testing Foundation 195 PHA Foundation 196 PIMA Foods Limited 197 Plastics Technology Centre 198 Republic Motors (Private) Limited 199 Synthetic Fibre Development and Application Centre 200 Technology Up-gradation and Skill Development Company 201 Universal Services Fund 202 Virtual University of Pakistan 203 WAPDA Employees Housing Foundation 204 WAPDA Endowment Fund for Sports 66 ANNEXURES ANNEXURE 5: LIST OF FOREIGN INCORPORTAED AND SPECIAL ENACTMENT SOES Foreign Incorporated Company 1 CJSC Subsidiary Bank of NBP in Kazakhstan 2 CJSC Subsidiary Bank of NBP in Tajikistan 3 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 4 NESPAK and Partners LLC, Muscat, Oman 5 NESPAK Limited - Doha, Qatar 6 PPL Asia E&P B.V. 7 PPL Europe E&P Limited Special Enactment 8 Export Processing Zones Authority 9 Gwadar Port Authority 10 Hydrocarbon Development Institute of Pakistan 11 Karachi Port Trust 12 National Bank of Pakistan 13 National Highway Authority 14 National Telecommunication Corporation 15 National Textile University 16 Pakistan Broadcasting Corporation 17 Pakistan Institute of Management 18 Pakistan National Shipping Corporation 19 Pakistan Post Office 20 Pakistan Railways 21 Pakistan Tobacco Board 22 Port Qasim Authority 23 Small and Medium Enterprise Development Company 24 State Life Insurance Corporation 25 Virtual University of Pakistan 26 Water and Power Development Authority 27 Zarai Taraqiati Bank Limited 67 ANNEXURES ANNEXURE 6: LIST OF SOES WITH SUBSIDIARIES Subsidiary of GHPL 1 Inter State Gas Systems (Private) Limited 2 Pakistan LNG Limited 3 Pakistan LNG Terminals Limited Subsidiary of IDBL 1 Pakistan Industrial Development Financial Services (Private) Limited Subsidiary of NBP 1 Cast-N-Link Products Limited 2 CJSC Subsidiary Bank of NBP in Kazakhstan 3 CJSC Subsidiary Bank of NBP in Tajikistan 4 First National Bank Modaraba, Pakistan 5 NBP Exchange Company Limited 6 NBP Fullerton Asset Management Limited 7 NBP Leasing Limited 8 NBP Modarabah Management Company Limited 9 Taurus Securities Limited Subsidiary of NESPAK 1 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 2 NESPAK and Partners LLC, Muscat, Oman 3 NESPAK Limited - Doha, Qatar Subsidiary of NFC 1 National Fertilizer Marketing Limited 2 NFC Institute of Engineering and Fertilizer Research (Private) Limited Subsidiary of NICL 1 Civic Centre Company (Private) Limited Subsidiary of PACO 1 Sind Engineering (Private) Limited Subsidiary of PIA 1 Abacus Distribution Systems Pakistan (Private) Limited 2 PIAC Investments Limited 3 Skyrooms (Private) Limited Subsidiary of PIDC 1 Aik Hunar Aik Nagar 2 Furniture Pakistan 3 Karachi Tools, Dies and Molds Centre 68 ANNEXURES 4 Morafco Industries Limited 5 National Industrial Parks Development and Management Company 6 Pakistan Chemical and Energy Sector Skills Development Company 7 Pakistan Gems and Jewelry Development Company 8 Pakistan Hunting and Sporting Arms Development Company 9 Pakistan Stone Development Company 10 PIMA Foods Limited 11 Republic Motors (Private) Limited 12 Technology Up-gradation and Skill Development Company 13 Pakistan Automobile Corporation Limited Subsidiary of PNSC 1 Bolan Shipping (Private) Limited 2 Chitral Shipping (Private) Limited 3 Hyderabad Shipping (Private) Limited 4 Islamabad Shipping (Private) Limited 5 Johar Shipping (Private) Limited 6 Kaghan Shipping (Private) Limited 7 Karachi Shipping (Private) Limited 8 Khairpur Shipping (Private) Limited 9 Lahore Shipping (Private) Limited 10 Lalazar Shipping (Private) Limited 11 Makran Shipping (Private) Limited 12 Malakand Shipping (Private) Limited 13 Multan Shipping (Private) Limited 14 Pakistan Cooperative Ship Stores (Private) Limited 15 Quetta Shipping (Private) Limited 16 Sargodha Shipping (Private) Limited 17 Shalamar Shipping (Private) Limited 18 Sibi Shipping (Private) Limited 19 Swat Shipping (Private) Limited Subsidiary of PPL 1 PPL Asia E&P B.V. 2 PPL Europe E&P Limited 3 The Pakistan Petroleum Provident Fund Trust Company (Private) Limited Subsidiary of PSM 1 Pakistan Steel Fabricating Company (Private) Limited Subsidiary of PTDC 69 ANNEXURES 1 Pakistan Tours (Private) Limited 2 PTDC Motels North (Private) Limited 3 PTDC-Associated Hotels of Pakistan Limited Subsidiary of PTVC 1 Shalimar Recording & Broadcasting Corporation Subsidiary of SEC 1 ENAR Petrotech Services (Private) Limited 2 Heavy Electrical Complex (Private) Limited 3 Pakistan Engineering Company Limited 4 Pakistan Machine Tool Factory (Private) Limited Subsidiary of SLIC 1 Alpha Insurance Company Limited 2 State Life (Abdullah Haroon Road) Properties (Private) Limited 3 State Life (Lakie Road) Properties (Private) Limited Subsidiary of SME 1 SME Leasing Limited Subsidiary of SSGC 1 SSGC LPG (Private) Limited 2 Sui Southern Gas Provident Fund Trust Company (Private) Limited Subsidiary of Telecom Foundation (TF) 1 Pak Datacom Limited Subsidiary of WAPDA 1 Neelum Jhelum Hydro Power Company 2 Power Information Technology Company Subsidiary of ZTBL 1 Kissan Support Services (Private) Limited 70 ANNEXURES ANNEXURE 7: DIVIDNEDS RECEIVED BY GOVERNMENT OF PAKISTAN – FY2016/17 (Rs. Million) FY2015-16 FY2016-17 Government Holdings (Pvt) Ltd 20,000 15,000 Oil and Gas Development Corporation 21,420 18,702 Pakistan Petroleum Limited 8,652 8,319 Pakistan State Oil 1,068 550 National Bank of Pakistan 206 78 Pak-Iran Investment Company 150 150 Pak-Oman Investment Company 246 185 Pak-Brunei Investment Company 150 100 State Life Insurance Corporation 1,038 897 National Insurance Corporation 1,000 - Pakistan Reinsurance Corp 404 337 National Fertilizer Corporation 83 5,000 Trading Corporation of Pakistan 100 2,600 NESPAK 176 4 Pakistan Security Corporation 600 600 PMDC 100 44 Pakistan National Shipping Corporation 227 169 Pak-Arab Refinery 7,500 16,800 Non-SOEs inlc. privatization 6,583 22,014 Total 69,703 91,549 71 ANNEXURES ANNEXURE 8: LOANS DISBURSED DURING THE YEAR – FY2016/17 (Rs. Million) Foreign Loans During the Year Local Loans During the Year Federal Authority 124,404 138,847 Karachi Port Trust 132 - National Highway Authority 78,783 124,847 Water and Power Development Authority 45,489 14,000 PSC – Commercial 62,763 64,605 Faisalabad Electric Supply Company Limited 2,085 - Hyderabad Electric Supply Company Limited 1,440 - Islamabad Electric Supply Company Limited 759 - Lahore Electric Supply Company Limited 598 - Multan Electric Power Company Limited 95 - National Transmission and Despatch Company 18,274 - Neelum Jhelum Hydro Power Company 37,219 - Peshawar Electric Supply Company Limited 411 - Quetta Electric Supply Company Limited 1,882 346 Heavy Mechanical Complex - 247 National Power Parks Management - 60,000 Pakistan Broadcasting Corporation - 34 Pakistan Steel Mills Corporation - 3,932 State Engineering Corporation - 46 Total 187,166 203,452 72 ANNEXURES ANNEXURE 9: COMPARATIVE MINISTRY WISE PERFORMANCE – NET PROFIT AND LOSS FY2013-14 FY2014-15 FY2015-16 FY2016-17 Aviation Division (30,703) (32,055) (45,197) (39,502) Cabinet Division (229) 128 (234) (354) M/o Climate Change 41 75 68 21 M/o Commerce 6,341 7,425 5,688 (4,997) M/o Communication (28,097) (29,139) (164,863) (142,751) M/o Defence Production 429 402 408 492 M/o Energy 273,178 136,312 8,264 43,426 M/o Finance 2,819 5,127 5,087 5,843 M/o Housing & Works (966) 7 (2) 145 M/o Industries and Production (26,170) (29,231) (48,991) (37,597) M/o Information Technology & Telecommunication (1) (236) (78) 482 M/o Information, Broadcasting & National Heritage (423) (6,784) (2,368) (1,252) M/o Inter Provincial Coordination 41 53 33 66 M/o National Food Security & Research 6,324 1,596 2,460 367 M/o Overseas Pakistanis and Human Resource Development 1,044 (465) (542) (1,129) M/o Ports & Shipping 7,532 6,706 349 (3,223) M/o Railways (32,394) (27,030) (26,543) (40,122) M/o Science & Technology (2) 1 5 6 M/o Textile Industry 16 (15) 12 (82) M/o Finance 26,414 30,247 30,791 28,637 Net Profit 205,195 63,125 (235,651) (191,527) *Numbers have been re-stated where available for prior years. 73 ANNEXURES ANNEXURE 10: KEY SECTORAL FINANCIAL DATA – FY2016/17 All figures in Rs. Million Total Assets Revenue/ Net Sales Gross Profit/(Loss) Net Profit/ (Loss) Energy 7,535,653 2,993,543 411,394 41,806 Energy – Others 3,075,316 130,536 100,969 27,647 Hydrocarbons 1,926,024 1,789,100 274,329 159,631 Power – DISCOs 1,601,203 887,908 23,535 (147,625) Power - GENCOs 933,110 185,999 12,561 2,153 Industrial & Engineering 225,619 19,751 (3,078) (12,917) Chemicals 16,748 3,230 732 (240) Engineering & Industrial Metals and Mining 208,871 16,521 (3,810) (12,677) Promotional & Advocacy 131,791 16,534 8,444 (29,393) Agriculture 208 49 49 40 Arts 388 18 18 66 Auto 111 20 20 12 Foods - - - - Funds & Foundation 83,975 4,470 4,429 (11,416) Industries & Production 19,488 2,151 332 (19,463) Information Technology 1,279 271 271 24 Mineral and Mining 2,692 2,451 810 297 Rural Development 21,921 7,004 2,415 1,030 Textiles 1,728 100 100 18 Services 417,797 57,521 45,524 (6,980) Services 417,797 57,521 45,524 (6,980) Trading 279,918 69,657 4,965 (2,652) Trading 279,918 69,657 4,965 (2,652) Transportation 4,874,464 199,685 76,869 (216,336) Aviation 107,406 96,408 (14,564) (39,502) Ports & Shipping 366,733 31,174 21,496 (3,223) Railways 328,824 42,807 40,641 (40,131) Roads & Highways 4,071,502 29,296 29,296 (133,479) Financials 3,648,799 125,055 53,162 34,946 Banks 2,638,595 98,699 35,178 22,436 Insurance 777,454 11,411 9,397 6,309 NBFCs and DFIs 232,749 14,945 8,586 6,201 Grand Total 17,114,042 3,481,746 597,280 (191,527) 74 ANNEXURES ANNEXURE 11: FINANCIAL SUMMARY PROFIT AND LOSS POSITION - FY2016/17 All figures in Rs. Million Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Energy 2,993,543 411,394 259,823 117,045 41,806 Energy – Others 130,536 100,969 19,074 81,882 27,647 Central Power Purchase Agency (Guarantee) Limited 822 822 546 276 136 Hydrocarbon Development Institute of Pakistan 88 88 88 (0) (0) Lakhra Coal Development Company Limited 500 108 140 (32) (138) National Transmission and Despatch Company 31,326 31,326 16,166 15,160 10,585 Pakistan Electric Power Company (Private) Limited 39 1 1 (0) 0 Power Information Technology Company 441 289 236 51 50 Water and Power Development Authority 65,235 36,250 1,888 34,362 17,014 WAPDA Employees Housing Foundation - - - Power Holding (Private) Limited 32,085 32,085 9 32,065 0 Hydrocarbons 1,789,100 274,329 55,422 192,824 159,631 Government Holdings (Private) Limited 48,016 30,263 1,633 28,630 20,308 Inter State Gas Systems (Private) Limited - (161) - (648) (631) Oil and Gas Development Company Limited 171,829 95,004 17,509 72,804 63,802 Pak Arab Refinery Company 225,792 27,194 2,679 22,783 19,062 Pakistan LNG Limited - - 83 (83) (80) Pakistan LNG Terminals Limited - - (108) 108 111 75 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Pakistan Petroleum Limited 116,986 64,482 7,137 43,786 35,679 Pakistan State Oil Company Limited 878,147 37,199 13,282 23,917 18,226 PPL Asia E&P B.V. - - 9 (4,837) (4,783) PPL Europe E&P Limited 460 246 1,005 (813) (830) SSGC LPG (Private) Limited 1,562 403 121 281 154 State Petroleum Refining & Petrochemical Corporation - - - - - Sui Northern Gas Pipelines Limited 346,308 19,699 12,072 6,897 8,614 Sui Southern Gas Company Limited - - - Sui Southern Gas Provident Fund Trust Company (Private) Limited - - - The Pakistan Petroleum Provident Fund Trust Company (Private) Limited - - - - - Power - DISCOs 887,908 23,535 180,675 (165,567) (147,625) Faisalabad Electric Supply Company Limited 110,204 163 17,090 (16,927) (14,219) Gujranwala Electric Power Company Limited 108,966 22,354 15,060 7,294 7,492 Hyderabad Electric Supply Company Limited 40,492 (11,737) 8,559 (28,722) (27,310) Islamabad Electric Supply Company Limited 86,664 2,356 14,490 (12,134) (11,860) Lahore Electric Supply Company Limited 171,821 (7,457) 34,811 (42,268) (37,370) Multan Electric Power Company Limited 138,685 (1,334) 21,001 (22,335) (17,935) Peshawar Electric Supply Company Limited 110,136 2,083 23,742 (21,659) (19,372) Quetta Electric Supply Company Limited 66,480 13,769 33,807 (20,037) (18,703) Sukkur Electric Power Company Limited 35,613 (1,670) 7,645 (9,315) (9,552) Tribal Electric Supply Company Limited 18,847 5,007 4,471 536 1,203 76 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Power - GENCOs 185,999 12,561 4,651 7,906 2,153 GENCO-I: Jamshoro Power Company Limited 39,229 1,186 852 334 699 GENCO-II: Central Power Generation Company Limited, Thermal Power Station, Guddo 60,072 8,950 707 8,243 3,662 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 85,670 3,138 907 2,228 669 GENCO-IV: Lakhra Power Generation Company Limited 1,028 (714) 219 (933) (906) National Power Parks Management - - 162 (162) (167) Neelum Jhelum Hydro Power Company - - 1,804 (1,804) (1,804) Industrial & Engineering 19,751 (3,078) 5,376 (8,916) (12,917) Chemicals 3,230 732 1,038 (310) (240) National Fertilizer Corporation of Pakistan (Private) Limited 331 331 173 157 108 National Fertilizer Marketing Limited 2,519 47 514 (471) (340) NFC Institute of Engineering and Fertilizer Research (Private) Limited 329 329 302 27 15 Plastics Technology Centre 32 12 25 (13) (13) Synthetic Fibre Development and Application Centre 19 13 23 (10) (10) Engineering & Industrial Metals and Mining 16,521 (3,810) 4,339 (8,606) (12,677) ENAR Petrotech Services (Private) Limited 142 35 25 10 9 Heavy Electrical Complex (Private) Limited 910 110 61 49 18 Heavy Mechanical Complex (Private) Limited - - - Karachi Infrastructure Development Company Limited 4,464 35 58 (23) 43 Karachi Shipyard and Engineering Works Limited 3,331 903 560 304 492 Pak Datacom Limited 655 160 135 25 37 77 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Pakistan Engineering Company Limited 1,353 166 105 54 54 Pakistan Machine Tool Factory (Private) Limited 1,201 417 212 205 43 Pakistan Steel Fabricating Company (Private) Limited - - - Pakistan Steel Mills Corporation (Private) Limited 425 (7,199) 2,551 (10,057) (14,852) Peoples Steel Mills Limited - - - Saindak Metals Limited 1,196 556 - 556 561 Security Papers Limited 2,842 1,089 197 789 940 State Engineering Corporation (Private) Limited - - - Telephone Industries of Pakistan 2 (83) 435 (518) (22) Promotional & Advocacy 16,534 8,444 34,096 (25,980) (29,393) Agriculture 49 49 9 40 40 Livestock & Dairy Development Board 49 49 9 40 40 Arts 18 18 97 (78) 66 National Academy of Performing Arts 18 18 97 (78) 66 Auto 20 20 - 14 12 Pakistan Auto Sector Skills Development Company - - - Pakistan Automobile Corporation Limited - - - Republic Motors (Private) Limited 20 20 - 14 12 Foods - - - PIMA Foods Limited - - - Funds & Foundation 4,470 4,429 4,091 311 (11,416) 78 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Aik Hunar Aik Nagar 21 21 40 (46) (40) Devolution Trust for Community Empowerment - - - Energy Conservation Fund 19 19 34 (15) (15) Federal Government Employees Housing Foundation 491 491 467 24 76 Federal Liver Transplant Endowment Fund - - - Fisheries Development Board 59 18 36 (19) (17) Fund for Protected Areas 15 15 25 (10) (10) Ghazi Brotha Taraqiati Idara - - - Mountain Areas Conservancy Fund - - 2 (2) 31 Overseas Pakistanis Foundation 1,160 1,160 2,292 (1,132) (1,132) Pakistan Poverty Alleviation Fund 2,329 2,329 934 1,395 1,150 Pakistan Tobbaco Board 361 361 261 100 (11,474) Universal Services Fund 15 15 15 15 WAPDA Endowment Fund for Sports - - - - - Ignite - - - - - Industries & Production 2,151 332 28,687 (28,490) (19,463) Agro Food Processing (AFP) Facilities, Multan 75 75 34 23 28 Furniture Pakistan - - 50 (50) (48) Gujranwala Tools, Dies & Moulds Center 20 (66) 39 (104) (97) Infrastructure Project Development Facility 44 44 112 (68) (68) Karachi Tools, Dies And Moulds Centre 139 39 23 16 23 79 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Morafco Industries Limited - - 0 (3) (3) National Industrial Parks Development and Management Company - - - National Productivity Organization 65 56 56 0 0 Pakistan Chemical and Energy Sector Skills Development Company - - - Pakistan Gems and Jewellery Development Company 59 59 202 (143) (143) Pakistan Horticulture Development and Export Company 36 36 20 16 16 Pakistan Hunting and Sporting Arms Development Company - - 22 (22) (20) Pakistan Industrial Development Corporation (Private) Limited 618 618 308 197 155 Pakistan Stone Development Company 126 35 84 (50) 27 Sind Engineering (Private) Limited 517 (852) 27,415 (28,267) (19,305) STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited 205 43 39 4 6 Technology Up-gradation and Skill Development Company 246 246 284 (38) (34) Information Technology 271 271 252 19 24 Pakistan Software Export Board 271 271 252 19 24 Mineral and Mining 2,451 810 545 264 297 Pakistan Mineral Development Corporation (Private) Limited 2,451 810 545 264 297 Rural Development 7,004 2,415 358 1,919 1,030 National Rural Support Programme 7,004 2,415 358 1,919 1,030 Textiles 100 100 56 21 18 Faisalabad Garment City Company 46 46 15 8 2 Karachi Garment City Company - - - - 3 80 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Lahore Garment City Company 55 55 41 14 14 Pakistan Textile Testing Foundation - - - Services 57,521 45,524 50,980 (6,937) (6,980) Services 57,521 45,524 50,980 (6,937) (6,980) Export Processing Zones Authority 1,635 1,635 1,379 255 195 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 564 564 548 16 14 National Construction Limited 924 74 5 13 8 National Engineering Services Pakistan (Private) Limited 8,563 8,563 7,455 1,108 951 National Telecommunication Corporation 3,252 3,252 3,266 (13) 210 NESPAK and Partners LLC, Muscat, Oman 298 298 406 (143) (139) NESPAK Limited - Doha, Qatar 183 34 83 (49) (49) Overseas Employment Corporation (Private) Limited 96 96 109 (12) 3 Pakistan Broadcasting Corporation 4,382 4,382 3,874 (643) (607) Pakistan Environmental Planning & Architectural Consultants (Private) Limited - - - Pakistan Institute of Management 170 (0) - (0) (0) Pakistan Post Office 11,226 11,226 20,533 (9,307) (9,307) Pakistan Revenue Automation (Private) Limited 951 332 129 202 49 Pakistan Security Printing Corporation (Private) Limited 11,533 3,486 658 2,668 2,743 Pakistan Television Corporation Limited 10,161 10,161 10,807 (646) (649) Pakistan Tourism Development Corporation 148 3 31 (28) 9 Pakistan Tours (Private) Limited - - - 81 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) PHA Foundation 188 (50) 230 (280) 61 Printing Corporation of Pakistan (Private) Limited 309 (20) 218 (243) (392) PTDC Motels North (Private) Limited - - - PTDC-Associated Hotels of Pakistan Limited 327 50 - 50 29 Shalimar Recording & Broadcasting Corporation 444 173 145 27 3 Small and Medium Enterprise Development Authority 232 232 254 (22) (11) Pakistan Expo Centers (Pvt) Ltd 174 (32) 118 (150) (243) National Textile University 445 445 403 42 (77) Virtual University of Pakistan 1,315 621 329 218 218 Trading 69,657 4,965 10,168 (6,875) (2,652) Trading 69,657 4,965 10,168 (6,875) (2,652) Pakistan Agricultural Storage & Services Corporation Limited 11,753 293 1,352 (2,732) 344 Trading Corporation of Pakistan (Private) Limited 34 34 1,081 (1,047) 394 Utility Stores Corporation (Private) Limited 57,870 4,638 7,735 (3,097) (3,390) Transportation 199,685 76,869 100,211 (156,665) (216,336) Aviation 96,408 (14,564) 9,255 (23,823) (39,502) Abacus Distribution Systems Pakistan (Private) Limited 263 176 98 73 48 Pakistan International Airlines Corporation 95,992 (14,771) 9,139 (23,910) (39,559) PIAC Investments Limited 6 3 2 0 (0) Skyrooms (Private) Limited 147 29 15 14 9 Ports & Shipping 31,174 21,496 26,253 (6,136) (3,223) 82 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Bolan Shipping (Private) Limited - - 0 (0) (0) Chitral Shipping (Private) Limited 357 (130) 5 (136) (130) Gawadar Port Authority 26 26 9,347 (9,321) (9,321) Hyderabad Shipping (Private) Limited 112 (85) 5 (92) (87) Islamabad Shipping (Private) Limited - - 0 (0) (0) Johar Shipping (Private) Limited - - 0 (0) (0) Kaghan Shipping (Private) Limited - - 0 (1) 0 Karachi Port Trust 16,876 16,876 16,315 561 2,147 Karachi Shipping (Private) Limited 1,029 158 13 107 196 Khairpur Shipping (Private) Limited - - 0 (0) (0) Lahore Shipping (Private) Limited 939 67 11 14 95 Lalazar Shipping (Private) Limited - - 0 (0) (0) Makran Shipping (Private) Limited - - 0 (1) (1) Malakand Shipping (Private) Limited 261 (68) 3 (72) (64) Multan Shipping (Private) Limited 215 (164) 3 (168) (156) Pakistan Cooperative Ship Stores (Private) Limited 1,592 1,592 93 1,473 1,476 Pakistan National Shipping Corporation 7,571 2,935 432 1,329 2,276 Port Qasim Authority - - - Quetta Shipping (Private) Limited 1,122 216 13 182 262 Sargodha Shipping (Private) Limited - - 0 (1) (1) Shalamar Shipping (Private) Limited 866 117 11 82 164 83 ANNEXURES Revenue/ Net Sales Gross Profit/(Loss) Operating Expenses Operating Profit Net Profit/ (Loss) Sibi Shipping (Private) Limited 210 (44) 3 (90) (80) Swat Shipping (Private) Limited - - 0 (0) 3 Railways 42,807 40,641 50,332 (39,881) (40,131) Pakistan Railway Advisory and Consultancy Services Limited 291 (29) 43 (72) (50) Pakistan Railways 40,065 40,065 50,192 (40,317) (40,702) Railway Constructions Pakistan Limited 2,451 617 38 579 451 Railway Estate Development and Marketing Company - - - - Pakistan Railway Freight Transportation Company (Pvt) Ltd - (13) - (13) 171 Kashmir Railways (Pvt) Ltd - - 58 (58) 0 Roads & Highways 29,296 29,296 14,372 (86,825) (133,479) Karachi Urban Transport Corporation - - 11 (11) 9 National Highway Authority 29,296 29,296 14,361 (86,814) (133,488) Net Markup / Interest Income Non-Markup Interest Net Income Operating Profit Net Profit/Loss Banks 262,917 141,387 404,305 146,676 91,502 Cast-N-Link Products Limited - - - - - CJSC Subsidiary Bank of NBP in Kazakistan 398 4 402 (140) (135) CJSC Subsidiary Bank of NBP in Tajikistan 192 183 375 23 19 First National Bank Modaraba, Pakistan 1,326 173 1,500 (281) (281) First Women Bank Limited 2,000 662 2,661 (753) (518) Industrial Development Bank Limited 540 1,095 1,635 1,276 1,271 Kissan Support Services (Private) Limited 3,721 91 3,812 483 322 National Bank of Pakistan 209,278 126,393 335,671 127,957 80,027 NBP Exchange Company Limited 243 463 706 249 174 84 ANNEXURES Net Markup / Interest Income Non-Markup Interest Net Income Operating Profit Net Profit/Loss NBP Fullerton Asset Management Limited 2,234 1,547 3,781 997 707 NBP Leasing Limited 334 28 363 178 114 NBP Modarabah Management Company Limited 12 21 33 (95) (95) Pakistan Industrial Development Financial Services (Private) Limited - - - - - SME Bank 907 163 1,070 (1,174) (885) SME Leasing Limited 127 6 133 (75) (72) Taurus Securities Limited 298 163 461 95 71 Zarai Taraqiati Bank Limited 41,306 10,396 51,702 17,938 10,782 Insurance 25,119 21,829 46,948 30,056 22,803 Alpha Insurance Company Limited 314 307 621 (23) (24) Civic Centre Company (Private) Limited 59 43 102 (8) (2) National Insurance Company Limited 12,170 9,778 21,948 15,399 12,413 Pakistan Reinsurance Company Limited 11,450 6,149 17,598 8,032 5,976 State Life (Abdullah Haroon Road) Properties (Private) Limited 14 - 14 11 7 State Life (Lakie Road) Properties (Private) Limited 1 - 1 (1) (1) State Life Insurance Corporation 1,112 5,552 6,664 6,646 4,435 NBFCs & DFIs 35,548 20,711 56,259 33,200 24,587 Exim Bank of Pakistan Limited 482 - 482 419 292 House Building Finance Company Limited 7,446 632 8,077 1,139 556 Pak Brunei Investment Company 2,990 3,953 6,943 4,410 3,274 Pak China Investment Company Limited 3,618 1,418 5,036 3,408 2,383 Pak Iran Investment Company 2,976 839 3,815 1,999 1,782 Pak Kuwait Investment Company (Private) Limited 7,068 7,844 14,912 12,421 9,808 Pak Libya Holding Company (Private) Limited 4,027 972 4,999 1,906 1,377 Pak Oman Investment Company 3,350 2,362 5,712 3,291 2,129 Saudi Pak Industrial and Agricultural Investment Company Limited 3,591 2,692 6,283 4,208 2,986 85 ANNEXURES ANNEXURE 12: FINANCIAL SUMMARY LIABILITIES AND EQUITY POSITION – FY2016/17 All figures in Rs. Million Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Energy 2,755,098 2,334,637 5,089,734 50,393 2,445,921 7,535,655 Energy - Others 818,910 750,479 1,569,389 49,722 1,505,927 3,075,316 Central Power Purchase Agency (Guarantee) Limited 563,956 7,965 571,921 35 35 571,956 Hydrocarbon Development Institute of Pakistan - - - - - - Lakhra Coal Development Company Limited 303 - 303 58 108 411 National Transmission and Despatch Company 57,393 150,478 207,871 49,673 102,373 310,244 Pakistan Electric Power Company (Private) Limited 14 - 14 - 7 21 Power Information Technology Company 105 831 936 (77) (127) 809 Water and Power Development Authority 48,513 262,100 310,614 - 1,403,482 1,714,096 WAPDA Employees Housing Foundation - - - - - Power Holding (Private) Limited 148,625 329,105 477,730 34 49 477,779 Hydrocarbons 618,407 298,587 916,994 653,474 1,009,029 1,926,023 Government Holdings (Private) Limited 22,013 16,235 38,248 60,147 80,397 118,645 Inter State Gas Systems (Private) Limited 349 692 1,041 (634) 2,122 3,163 Oil and Gas Development Company Limited 53,610 60,693 114,303 457,882 512,984 627,287 Pak Arab Refinery Company 38,415 6,538 44,953 47,034 78,421 123,374 86 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Pakistan LNG Limited 163 3 166 (90) (75) 91 Pakistan LNG Terminals Limited 186 - 186 (167) (152) 34 Pakistan Petroleum Limited 53,782 54,433 108,215 - 216,069 324,284 Pakistan State Oil Company Limited 281,504 8,089 289,593 100,133 102,850 392,443 PPL Asia E&P B.V. 1,176 - 1,176 (4,801) 3,429 4,605 PPL Europe E&P Limited 1,203 1,609 2,811 (5,500) 1,918 4,730 SSGC LPG (Private) Limited 2,694 16 2,710 (530) 470 3,179 State Petroleum Refining & Petrochemical Corporation - - - - - - Sui Northern Gas Pipelines Limited 163,311 150,280 313,591 - 10,596 324,187 Sui Southern Gas Company Limited - - - - - Sui Southern Gas Provident Fund Trust Company (Private) Limited - - - - - The Pakistan Petroleum Provident Fund Trust Company (Private) Limited - - - - 0 0 Power - DISCOs 1,056,319 926,048 1,982,367 (586,814) (381,163) 1,601,205 Faisalabad Electric Supply Company Limited 22,193 92,969 115,162 (15,969) 29,712 144,874 Gujranwala Electric Power Company Limited 13,752 82,706 96,458 (2,626) 16,317 112,775 Hyderabad Electric Supply Company Limited 154,889 50,785 205,674 (159,273) (87,752) 117,922 Islamabad Electric Supply Company Limited 79,761 74,749 154,510 (11,879) 39,129 193,639 Lahore Electric Supply Company Limited 105,069 193,409 298,478 (96,423) (89,685) 208,793 Multan Electric Power Company Limited 54,324 137,896 192,220 (55,970) (12,638) 179,582 87 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Peshawar Electric Supply Company Limited 256,560 160,331 416,891 18,082 (159,020) 257,871 Quetta Electric Supply Company Limited 160,710 74,279 234,989 (139,293) (40,510) 194,479 Sukkur Electric Power Company Limited 128,783 36,428 165,211 (91,418) (44,926) 120,285 Tribal Electric Supply Company Limited 80,279 22,497 102,775 (32,046) (31,791) 70,985 Power - GENCOs 261,461 359,522 620,983 (65,989) 312,128 933,112 GENCO-I: Jamshoro Power Company Limited 25,974 12,073 38,047 (13,717) (5,588) 32,459 GENCO-II: Central Power Generation Company Limited , Thermal Power Station, Guddo 35,713 65,427 101,140 (7,243) (3,899) 97,241 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 101,844 63,264 165,108 (32,126) 115,949 281,057 GENCO-IV: Lakhra Power Generation Company Limited 13,630 3,023 16,653 (10,796) (6,761) 9,893 National Power Parks Management 14,614 5,043 19,657 (15) 116,343 136,000 Neelum Jhelum Hydro Power Company 69,687 210,692 280,378 (2,092) 96,085 376,463 Industrial & Engineering 204,343 33,279 237,623 (182,619) (12,003) 225,620 Chemicals 7,757 472 8,229 5,857 8,519 16,748 National Fertilizer Corporation of Pakistan (Private) Limited 220 - 220 4,313 5,826 6,046 National Fertilizer Marketing Limited 7,383 428 7,811 1,456 1,463 9,274 NFC Institute of Engineering and Fertilizer Research (Private) Limited 105 11 116 88 1,108 1,223 Plastics Technology Centre 42 17 59 - 119 178 Synthetic Fibre Development and Application Centre 7 16 23 - 3 26 88 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Engineering & Industrial Metals and Mining 196,586 32,808 229,394 (188,476) (20,522) 208,871 ENAR Petrotech Services (Private) Limited 45 8 53 52 82 135 Heavy Electrical Complex (Private) Limited 567 10 577 (519) 941 1,518 Heavy Mechanical Complex (Private) Limited - - - - - Karachi Infrastructure Development Company Limited 2,228 2 2,231 40 240 2,470 Karachi Shipyard and Engineering Works Limited 1,589 7,679 9,268 348 4,313 13,581 Pak Datacom Limited 250 42 292 131 810 1,102 Pakistan Engineering Company Limited 783 145 928 - 15,523 16,451 Pakistan Machine Tool Factory (Private) Limited 4,375 861 5,236 (3,214) 2,050 7,286 Pakistan Steel Fabricating Company (Private) Limited - - - - - Pakistan Steel Mills Corporation (Private) Limited 166,568 19,155 185,724 (172,214) (35,934) 149,790 Peoples Steel Mills Limited - - - - - Saindak Metals Limited 17,009 5 17,014 (8,055) (8,055) 8,960 Security Papers Limited 850 228 1,078 944 4,600 5,678 State Engineering Corporation (Private) Limited - - - - - Telephone Industries of Pakistan 2,321 4,672 6,993 (5,989) (5,093) 1,900 Promotional & Advocacy 54,411 22,567 76,977 31,012 54,950 131,927 Agriculture 1 - 1 212 212 212 Livestock & Dairy Development Board 1 - 1 212 212 212 89 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Arts 13 2 15 64 373 388 National Academy of Performing Arts 13 2 15 64 373 388 Auto 22 - 22 66 89 111 Pakistan Auto Sector Skills Development Company - - - - - Pakistan Automobile Corporation Limited - - - - - Republic Motors (Private) Limited 22 - 22 66 89 111 Foods - - - - - PIMA Foods Limited - - - - - Funds & Foundation 40,371 14,939 55,310 20,495 28,728 84,038 Aik Hunar Aik Nagar 48 2 50 173 23 73 Devolution Trust for Community Empowerment - - - - - Energy Conservation Fund 31 5 36 133 346 383 Federal Government Employees Housing Foundation 33,538 - 33,538 1,017 1,121 34,659 Federal Liver Transplant Endowment Fund - - - - - Fisheries Development Board 5 139 144 - 37 181 Fund for Protected Areas 50 - 50 227 227 277 Ghazi Brotha Taraqiati Idara - - - - - Mountain Areas Conservancy Fund 0 - 0 577 577 577 Overseas Pakistanis Foundation 3,779 844 4,623 - 7,940 12,563 90 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Pakistan Poverty Alleviation Fund 2,245 12,348 14,593 16,667 16,667 31,260 Pakistan Tobbaco Board 27 2 30 1,687 1,687 1,717 Universal Services Fund 331 1,286 1,617 - - 1,617 WAPDA Endowment Fund for Sports 2 - 2 15 97 99 Ignite 314 312 626 - 7 633 Industries & Production 2,461 1,381 3,841 3,186 15,643 19,485 Agro Food Processing (AFP) Facilities, Multan 14 133 147 112 231 378 Furniture Pakistan 4 - 4 (374) 405 409 Gujranwala Tools, Dies & Moulds Center 28 1 29 (675) 332 361 Infrastructure Project Development Facility 1 - 1 (68) 805 806 Karachi Tools, Dies And Moulds Centre 11 - 11 (16) 478 489 Morafco Industries Limited 852 - 852 (862) (851) 1 National Industrial Parks Development and Management Company - - - - - National Productivity Organization 7 - 7 0 (4) 3 Pakistan Chemical and Energy Sector Skills Development Company - - - - - Pakistan Gems and Jewellery Development Company 89 236 325 (1,431) (16) 309 Pakistan Horticulture Development and Export Company 5 - 5 31 531 537 Pakistan Hunting and Sporting Arms Development Company 2 4 5 (133) 57 62 Pakistan Industrial Development Corporation (Private) Limited 314 9 322 9,099 13,492 13,814 91 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Pakistan Stone Development Company 911 9 921 (1,584) 603 1,524 Sind Engineering (Private) Limited 177 444 621 (804) (568) 53 STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited 34 1 35 25 98 132 Technology Up-gradation and Skill Development Company 12 544 557 (135) 49 606 Information Technology 22 1,134 1,156 122 122 1,278 Pakistan Software Export Board 22 1,134 1,156 122 122 1,278 Mineral and Mining 710 433 1,143 382 1,550 2,692 Pakistan Mineral Development Corporation (Private) Limited 710 433 1,143 382 1,550 2,692 Rural Development 10,766 4,088 14,854 6,562 7,067 21,921 National Rural Support Programme 10,766 4,088 14,854 6,562 7,067 21,921 Textiles 46 590 636 (76) 1,166 1,802 Faisalabad Garment City Company 16 16 32 (20) 671 703 Karachi Garment City Company 1 1 2 (16) 412 414 Lahore Garment City Company 29 573 602 (40) 83 685 Pakistan Textile Testing Foundation - - - - - Services 304,699 31,638 336,338 13,826 81,462 417,800 Services 304,699 31,638 336,338 13,826 81,462 417,800 Export Processing Zones Authority 504 1,317 1,821 2,868 2,868 4,689 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 62 167 229 280 286 515 92 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity National Construction Limited 688 25 713 74 273 985 National Engineering Services Pakistan (Private) Limited 3,847 593 4,440 11,102 11,107 15,547 National Telecommunication Corporation 1,951 1,054 3,005 7,560 9,443 12,448 NESPAK and Partners LLC, Muscat, Oman 1,316 27 1,343 (221) (213) 1,130 NESPAK Limited - Doha, Qatar 21 28 50 52 60 110 Overseas Employment Corporation (Private) Limited 53 96 149 (37) (32) 116 Pakistan Broadcasting Corporation 7,508 5,003 12,511 (8,709) (8,709) 3,802 Pakistan Environmental Planning & Architectural Consultants (Private) Limited - - - - - Pakistan Institute of Management 55 80 135 (68) (57) 78 Pakistan Post Office 264,407 864 265,270 - - 265,270 Pakistan Revenue Automation (Private) Limited 123 399 521 241 507 1,028 Pakistan Security Printing Corporation (Private) Limited 7,988 3,158 11,146 6,365 58,871 70,017 Pakistan Television Corporation Limited 4,558 13,754 18,312 (2,527) 2,501 20,812 Pakistan Tourism Development Corporation 193 163 356 - 185 541 Pakistan Tours (Private) Limited - - - - - PHA Foundation 9,004 1,083 10,088 696 696 10,784 Printing Corporation of Pakistan (Private) Limited 1,875 1,482 3,357 (2,804) (2,695) 662 PTDC Motels North (Private) Limited - - - - - PTDC-Associated Hotels of Pakistan Limited 2 - 2 15 362 364 93 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Shalimar Recording & Broadcasting Corporation 54 315 369 199 254 623 Small and Medium Enterprise Development Authority 34 173 207 (45) (45) 162 Pakistan Expo Centers (Pvt) Ltd 183 61 244 (994) 4,448 4,692 National Textile University 29 1,129 1,158 (219) 312 1,471 Virtual University of Pakistan 243 668 911 - 1,042 1,953 Trading 255,831 2,930 258,761 14,489 21,157 279,918 Trading 255,831 2,930 258,761 14,489 21,157 279,918 Pakistan Agricultural Storage & Services Corporation Limited 91,385 534 91,919 6,288 6,851 98,770 Trading Corporation of Pakistan (Private) Limited 114,993 104 115,097 10,879 11,879 126,976 Utility Stores Corporation (Private) Limited 49,453 2,292 51,745 (2,678) 2,427 54,172 Transportation 1,076,289 1,052,608 2,128,897 (188,128) 2,746,014 4,874,911 Aviation 241,759 143,895 385,655 (339,500) (277,800) 107,854 Abacus Distribution Systems Pakistan (Private) Limited 47 506 553 461 506 1,059 Pakistan International Airlines Corporation 241,376 143,302 384,678 (339,842) (278,275) 106,403 PIAC Investments Limited 2 50 53 7 55 107 Skyrooms (Private) Limited 333 37 371 (126) (86) 285 Ports & Shipping 60,700 28,750 89,449 185,199 277,282 366,731 Bolan Shipping (Private) Limited 3 - 3 758 858 861 Chitral Shipping (Private) Limited 149 - 149 541 3,295 3,443 94 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Gawadar Port Authority 17 - 17 (8,566) 17,427 17,444 Hyderabad Shipping (Private) Limited 25 - 25 642 2,910 2,935 Islamabad Shipping (Private) Limited 4 - 4 493 650 655 Johar Shipping (Private) Limited 1 - 1 1,228 1,228 1,230 Kaghan Shipping (Private) Limited 12 - 12 1,243 1,316 1,328 Karachi Port Trust 13,901 10,265 24,166 127,584 158,371 182,537 Karachi Shipping (Private) Limited 37 - 37 2,693 5,993 6,030 Khairpur Shipping (Private) Limited 1 - 1 280 448 449 Lahore Shipping (Private) Limited 65 - 65 2,759 6,159 6,223 Lalazar Shipping (Private) Limited 0 - 0 600 747 748 Makran Shipping (Private) Limited 0 - 0 222 317 317 Malakand Shipping (Private) Limited 45 - 45 31 3,391 3,436 Multan Shipping (Private) Limited 36 - 36 532 1,937 1,974 Pakistan Cooperative Ship Stores (Private) Limited 1,300 - 1,300 13,248 13,468 14,768 Pakistan National Shipping Corporation 28,689 3,537 32,225 8,711 11,172 43,397 Port Qasim Authority 16,204 14,948 31,152 25,344 29,527 60,679 Quetta Shipping (Private) Limited 81 - 81 3,145 8,145 8,226 Sargodha Shipping (Private) Limited 3 - 3 128 197 200 Shalamar Shipping (Private) Limited 88 - 88 2,472 5,943 6,030 95 ANNEXURES Current Non-Current Total Accumulated Total Liabilities Liabilities Liabilities Profit/(Loss) Equity Liab+Equity Sibi Shipping (Private) Limited 34 - 34 75 2,615 2,649 Swat Shipping (Private) Limited 3 - 3 1,036 1,169 1,171 Railways 13,442 77,834 91,276 (33,794) 237,547 328,824 Pakistan Railway Advisory and Consultancy Services Limited 120 70 190 610 682 872 Pakistan Railways 12,415 70,484 82,899 (36,924) 234,135 317,034 Railway Constructions Pakistan Limited 709 42 751 2,328 2,528 3,279 Railway Estate Development and Marketing Company 145 15 160 8 8 167 Pakistan Railway Freight Transportation Company (Pvt) Ltd 1 4,943 4,944 185 195 5,139 Kashmir Railways (Pvt) Ltd 52 2,280 2,333 - 0 2,333 Roads & Highways 760,388 802,129 1,562,517 (33) 2,508,985 4,071,502 Karachi Urban Transport Corporation 1 - 1 (33) 452 453 National Highway Authority 760,387 802,129 1,562,516 - 2,508,533 4,071,049 Accumulated Total Equity and Total Liabilities Share Capital Profit/Loss Equity Liability Banks 2,396,537 84,120 52,410 240,352 2,636,889 Cast-N-Link Products Limited - - - CJSC Subsidiary Bank of NBP in Kazakistan 174 1,437 9 1,501 1,675 CJSC Subsidiary Bank of NBP in Tajikistan 692 626 9 641 1,333 First National Bank Modaraba, Pakistan 492 250 (234) 16 508 96 ANNEXURES Accumulated Total Equity and Total Liabilities Share Capital Profit/Loss Equity Liability First Women Bank Limited 18,111 3,994 (561) 3,861 21,972 Industrial Development Bank Limited 29,154 - (26,031) (25,936) 3,218 Kissan Support Services (Private) Limited 324 100 486 586 911 National Bank of Pakistan 2,194,503 21,275 54,061 175,382 2,369,885 NBP Exchange Company Limited 12 557 308 865 877 NBP Fullerton Asset Management Limited 834 250 624 874 1,708 NBP Leasing Limited - - - NBP Modarabah Management Company Limited 95 105 (73) 32 127 Pakistan Industrial Development Financial Services (Private) Limited - - - SME Bank 9,987 2,393 (2,617) 5 9,991 SME Leasing Limited 319 320 (227) 141 460 Taurus Securities Limited 902 135 182 349 1,251 Zarai Taraqiati Bank Limited 140,938 52,678 26,475 82,034 222,972 Insurance 764,027 6,960 6,453 13,413 777,441 Alpha Insurance Company Limited 666 500 156 656 1,322 Civic Centre Company (Private) Limited 50 448 (72) 376 427 National Insurance Company Limited - - - - - Pakistan Reinsurance Company Limited 10,710 3,000 5,997 8,997 19,707 State Life (Abdullah Haroon Road) Properties (Private) Limited 1 8 0 8 9 97 ANNEXURES Accumulated Total Equity and Total Liabilities Share Capital Profit/Loss Equity Liability State Life (Lakie Road) Properties (Private) Limited 5 4 (6) (1) 3 State Life Insurance Corporation 752,595 3,000 377 3,377 755,972 NBFCs & DFIs 127,034 72,373 15,510 105,848 232,882 Exim Bank of Pakistan Limited 61 7,000 292 7,292 7,353 House Building Finance Company Limited 5,301 19,365 (5,376) 15,029 20,330 Pak Brunei Investment Company 19,412 6,000 3,306 10,455 29,867 Pak China Investment Company Limited 8,392 9,116 3,907 14,125 22,517 Pak Iran Investment Company 8,431 6,000 840 9,256 17,686 Pak Kuwait Investment Company (Private) Limited 4,322 6,000 10,697 24,807 29,129 Pak Libya Holding Company (Private) Limited 14,608 6,142 (1,740) 4,555 19,163 Pak Oman Investment Company 56,546 6,150 838 8,124 64,670 Saudi Pak Industrial and Agricultural Investment Company Limited 9,962 6,600 2,746 12,205 22,167 *figures may slightly vary due to rounding off 98 ANNEXURES ANNEXURE 13: FINANCIAL SUMMARY ASSETS AND SHAREHOLDING POSITION – FY2016/17 Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets Energy 3,286,903 2,638,821 1,609,929 4,248,750 7,535,653 Energy - Others 912,169 1,184,329 978,818 2,163,147 3,075,316 Central Power Purchase Agency (Guarantee) Limited 528,703 25 43,228 43,253 571,956 Hydrocarbon Development Institute of Pakistan - - - - - Lakhra Coal Development Company Limited 380 30 - 30 411 National Transmission and Despatch Company 93,609 215,810 826 216,636 310,244 Pakistan Electric Power Company (Private) Limited 18 3 - 3 21 Power Holding (Private) Limited 148,672 1 329,105 329,106 477,779 Power Information Technology Company 720 88 2 90 809 WAPDA Employees Housing Foundation - - - Water and Power Development Authority 140,068 968,372 605,657 1,574,029 1,714,097 Hydrocarbons 1,191,406 597,020 137,597 734,617 1,926,024 Government Holdings (Private) Limited 67,771 28,194 22,680 50,874 118,645 Inter State Gas Systems (Private) Limited 198 16 2,949 2,965 3,163 Oil and Gas Development Company Limited 342,460 234,492 50,336 284,828 627,288 Pak Arab Refinery Company 89,952 21,070 12,352 33,422 123,374 99 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets Pakistan LNG Limited 75 16 - 16 91 Pakistan LNG Terminals Limited 15 19 - 19 34 Pakistan Petroleum Limited 155,451 139,700 29,133 168,833 324,284 Pakistan State Oil Company Limited 368,560 6,973 16,910 23,883 392,443 PPL Asia E&P B.V. 4,605 - - - 4,605 PPL Europe E&P Limited 4,481 249 - 249 4,730 SSGC LPG (Private) Limited 732 2,189 258 2,447 3,179 State Petroleum Refining & Petrochemical Corporation - - - - - Sui Northern Gas Pipelines Limited 157,106 164,102 2,979 167,081 324,187 Sui Southern Gas Company Limited - - - Sui Southern Gas Provident Fund Trust Company (Private) Limited - - - The Pakistan Petroleum Provident Fund Trust Company (Private) Limited 0 - - - 0 Power - DISCOs 1,009,979 551,621 39,602 591,223 1,601,203 Faisalabad Electric Supply Company Limited 54,327 90,340 207 90,547 144,874 Gujranwala Electric Power Company Limited 67,711 44,516 548 45,064 112,775 Hyderabad Electric Supply Company Limited 80,727 36,628 566 37,194 117,921 Islamabad Electric Supply Company Limited 103,796 89,672 171 89,843 193,639 Lahore Electric Supply Company Limited 139,206 69,006 580 69,587 208,793 Multan Electric Power Company Limited 89,540 81,186 8,856 90,042 179,582 100 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets Peshawar Electric Supply Company Limited 198,605 59,241 26 59,267 257,872 Quetta Electric Supply Company Limited 114,728 57,847 21,904 79,751 194,479 Sukkur Electric Power Company Limited 97,926 19,412 2,946 22,358 120,284 Tribal Electric Supply Company Limited 63,414 3,772 3,798 7,570 70,984 Power - GENCOs 173,348 305,851 453,912 759,763 933,110 GENCO-I: Jamshoro Power Company Limited 29,303 3,107 48 3,155 32,458 GENCO-II: Central Power Generation Company Limited , Thermal Power Station, Guddo 12,073 82,395 2,774 85,168 97,241 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 63,471 217,537 49 217,586 281,057 GENCO-IV: Lakhra Power Generation Company Limited 9,316 561 15 575 9,892 National Power Parks Management 24,359 764 110,877 111,641 136,000 Neelum Jhelum Hydro Power Company 34,826 1,488 340,149 341,637 376,463 Industrial & Engineering 52,261 159,036 14,321 173,358 225,619 Chemicals 14,765 1,162 822 1,983 16,748 National Fertilizer Corporation of Pakistan (Private) Limited 5,183 51 812 864 6,046 National Fertilizer Marketing Limited 9,256 9 9 18 9,274 NFC Institute of Engineering and Fertilizer Research (Private) Limited 319 904 - 904 1,223 Plastics Technology Centre 2 176 - 176 178 Synthetic Fibre Development and Application Centre 5 21 - 21 26 Engineering & Industrial Metals and Mining 37,496 157,875 13,500 171,374 208,871 101 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets ENAR Petrotech Services (Private) Limited 135 - 135 Heavy Electrical Complex (Private) Limited 839 672 7 678 1,518 Heavy Mechanical Complex (Private) Limited - - - Karachi Infrastructure Development Company Limited 2,447 23 - 23 2,470 Karachi Shipyard and Engineering Works Limited 8,595 4,974 13 4,987 13,582 Pak Datacom Limited 854 234 14 248 1,102 Pakistan Engineering Company Limited 1,578 14,555 318 14,873 16,451 Pakistan Machine Tool Factory (Private) Limited 2,032 5,151 103 5,254 7,286 Pakistan Steel Fabricating Company (Private) Limited - - - Pakistan Steel Mills Corporation (Private) Limited 12,006 127,086 10,698 137,784 149,791 Peoples Steel Mills Limited - - - Saindak Metals Limited 5,342 3,566 51 3,617 8,959 Security Papers Limited 3,292 1,591 795 2,386 5,678 State Engineering Corporation (Private) Limited - - - Telephone Industries of Pakistan 376 23 1,501 1,524 1,900 Promotional & Advocacy 82,740 6,444 42,607 49,051 131,791 Agriculture 207 - 1 1 208 Livestock & Dairy Development Board 207 - 1 1 208 Arts 341 47 0 47 388 102 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets National Academy of Performing Arts 341 47 0 47 388 Auto 104 7 0 7 111 Pakistan Auto Sector Skills Development Company - - - Pakistan Automobile Corporation Limited - - - Republic Motors (Private) Limited 104 7 0 7 111 Foods - - - PIMA Foods Limited - - - Funds & Foundation 51,750 1,822 30,404 32,225 83,975 Aik Hunar Aik Nagar 61 13 0 13 73 Devolution Trust for Community Empowerment - - - - - Energy Conservation Fund 381 1 0 1 383 Federal Government Employees Housing Foundation 12,267 82 22,311 22,393 34,660 Federal Liver Transplant Endowment Fund - - - Fisheries Development Board 128 51 2 53 181 Fund for Protected Areas 278 - - - 278 Ghazi Brotha Taraqiati Idara - - - Ignite 622 11 - 11 633 Mountain Areas Conservancy Fund 250 - 328 328 577 Overseas Pakistanis Foundation 10,905 1,440 218 1,658 12,563 103 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets Pakistan Poverty Alleviation Fund 23,907 52 7,300 7,352 31,259 Pakistan Tobbaco Board 1,341 151 160 312 1,653 Universal Services Fund 1,597 20 - 20 1,617 WAPDA Endowment Fund for Sports 13 - 85 85 98 Industries & Production 7,770 1,842 9,877 11,719 19,488 Agro Food Processing (AFP) Facilities, Multan 107 264 8 272 378 Furniture Pakistan 21 386 1 388 409 Gujranwala Tools, Dies & Moulds Center 38 320 3 323 361 Infrastructure Project Development Facility 804 - 2 2 806 Karachi Tools, Dies And Moulds Centre 234 253 1 254 488 Morafco Industries Limited 1 - - - 1 National Industrial Parks Development and Management Company - - - National Productivity Organization 4 5 - 5 9 Pakistan Chemical and Energy Sector Skills Development Company - - - Pakistan Gems and Jewellery Development Company 143 161 5 166 309 Pakistan Horticulture Development and Export Company 525 2 10 12 537 Pakistan Hunting and Sporting Arms Development Company 28 31 3 34 62 Pakistan Industrial Development Corporation (Private) Limited 4,100 105 9,610 9,714 13,814 Pakistan Stone Development Company 1,022 282 220 502 1,524 104 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets Sind Engineering (Private) Limited 39 9 5 14 53 STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited 123 3 7 10 132 Technology Up-gradation and Skill Development Company 581 22 2 24 606 Information Technology 216 386 677 1,063 1,279 Pakistan Software Export Board 216 386 677 1,063 1,279 Mineral and Mining 2,003 358 331 689 2,692 Pakistan Mineral Development Corporation (Private) Limited 2,003 358 331 689 2,692 Rural Development 20,043 886 992 1,878 21,921 National Rural Support Programme 20,043 886 992 1,878 21,921 Textiles 306 1,097 325 1,422 1,728 Faisalabad Garment City Company 99 587 17 604 703 Karachi Garment City Company 106 - 308 308 414 Lahore Garment City Company 101 510 - 510 611 Pakistan Textile Testing Foundation - - - Services 329,245 79,730 8,822 88,553 417,797 Services 329,245 79,730 8,822 88,553 417,797 Export Processing Zones Authority 3,314 343 1,033 1,376 4,689 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 494 15 5 21 515 National Construction Limited 959 22 4 26 985 105 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets National Engineering Services Pakistan (Private) Limited 13,750 1,150 646 1,796 15,546 National Telecommunication Corporation 7,076 4,718 654 5,372 12,448 National Textile University 345 1,088 39 1,127 1,472 NESPAK and Partners LLC, Muscat, Oman 1,023 0 106 107 1,130 NESPAK Limited - Doha, Qatar 103 7 - 7 110 Overseas Employment Corporation (Private) Limited 95 5 17 22 116 Pakistan Broadcasting Corporation 559 3,220 22 3,242 3,800 Pakistan Environmental Planning & Architectural Consultants (Private) Limited - - - Pakistan Expo Centers (Pvt) Ltd 299 4,375 18 4,394 4,693 Pakistan Institute of Management 59 18 0 19 78 Pakistan Post Office 262,395 1,021 1,854 2,875 265,270 Pakistan Revenue Automation (Private) Limited 1,003 25 - 25 1,028 Pakistan Security Printing Corporation (Private) Limited 15,370 52,184 2,464 54,648 70,017 Pakistan Television Corporation Limited 9,041 10,217 1,553 11,770 20,810 Pakistan Tourism Development Corporation 141 90 311 401 541 Pakistan Tours (Private) Limited - - - PHA Foundation 10,774 10 - 10 10,784 Printing Corporation of Pakistan (Private) Limited 562 100 0 100 662 PTDC Motels North (Private) Limited - - - 106 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets PTDC-Associated Hotels of Pakistan Limited 21 343 - 343 364 Shalimar Recording & Broadcasting Corporation 553 55 16 71 623 Small and Medium Enterprise Development Authority 128 32 2 34 162 Virtual University of Pakistan 1,183 692 78 770 1,953 Trading 273,663 5,314 941 6,255 279,918 Trading 273,663 5,314 941 6,255 279,918 Pakistan Agricultural Storage & Services Corporation Limited 97,671 457 642 1,099 98,770 Trading Corporation of Pakistan (Private) Limited 126,150 532 294 826 126,975 Utility Stores Corporation (Private) Limited 49,843 4,325 5 4,330 54,172 Transportation 371,987 3,871,939 630,539 4,502,477 4,874,464 Aviation 27,992 67,542 11,872 79,414 107,406 Abacus Distribution Systems Pakistan (Private) Limited 504 49 - 49 553 Pakistan International Airlines Corporation 27,214 67,327 11,862 79,189 106,403 PIAC Investments Limited 8 94 6 100 107 Skyrooms (Private) Limited 266 73 4 76 342 Ports & Shipping 132,303 104,568 129,862 234,430 366,733 Bolan Shipping (Private) Limited 861 - - - 861 Chitral Shipping (Private) Limited 1,423 2,021 - 2,021 3,444 Gawadar Port Authority 86 17,358 - 17,358 17,444 107 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets Hyderabad Shipping (Private) Limited 1,147 1,789 - 1,789 2,935 Islamabad Shipping (Private) Limited 655 - - - 655 Johar Shipping (Private) Limited 1,230 - - - 1,230 Kaghan Shipping (Private) Limited 1,328 - - - 1,328 Karachi Port Trust 33,507 50,662 98,368 149,030 182,537 Karachi Shipping (Private) Limited 3,546 2,483 0 2,483 6,030 Khairpur Shipping (Private) Limited 449 - - - 449 Lahore Shipping (Private) Limited 3,609 2,615 - 2,615 6,224 Lalazar Shipping (Private) Limited 748 - - - 748 Makran Shipping (Private) Limited 318 - - - 318 Malakand Shipping (Private) Limited 906 2,531 - 2,531 3,436 Multan Shipping (Private) Limited 710 1,263 - 1,263 1,974 Pakistan Cooperative Ship Stores (Private) Limited 14,168 0 600 600 14,768 Pakistan National Shipping Corporation 10,060 4,649 28,688 33,337 43,397 Port Qasim Authority 47,799 10,674 2,206 12,880 60,679 Quetta Shipping (Private) Limited 4,786 3,440 - 3,440 8,226 Sargodha Shipping (Private) Limited 200 - - - 200 Shalamar Shipping (Private) Limited 2,899 3,132 - 3,132 6,030 Sibi Shipping (Private) Limited 698 1,951 - 1,951 2,649 108 ANNEXURES Current Non-Current Assets Fixed Asset Non-Current Assets Assets Total Assets Swat Shipping (Private) Limited 1,172 - - - 1,172 Railways 65,150 141,778 121,897 263,674 328,824 Kashmir Railways (Pvt) Ltd 2,333 0 - 0 2,333 Pakistan Railway Advisory and Consultancy Services Limited 845 27 - 27 872 Pakistan Railway Freight Transportation Company (Pvt) Ltd 2,919 - 2,220 2,220 5,139 Pakistan Railways 55,702 141,662 119,670 261,332 317,034 Railway Constructions Pakistan Limited 3,197 77 5 82 3,279 Railway Estate Development and Marketing Company 153 12 2 14 167 Roads & Highways 146,543 3,558,050 366,909 3,924,959 4,071,502 Karachi Urban Transport Corporation 376 4 73 77 453 National Highway Authority 146,167 3,558,046 366,836 3,924,882 4,071,049 Investments Advances Lending Cash & Bank Balance Total Assets Banks 1,353,563 892,576 29,343 213,512 2,638,595 Cast-N-Link Products Limited - CJSC Subsidiary Bank of NBP in Kazakistan 882 466 - 168 1,675 CJSC Subsidiary Bank of NBP in Tajikistan 231 343 - 745 1,333 First National Bank Modaraba, Pakistan - 455 - 50 508 First Women Bank Limited 9,361 9,617 448 1,557 21,972 109 ANNEXURES Industrial Development Bank Limited 475 8 1,194 29 3,218 Kissan Support Services (Private) Limited 664 1 - 13 910 National Bank of Pakistan 1,295,720 739,772 26,916 186,169 2,369,885 NBP Exchange Company Limited 148 - - 458 877 NBP Fullerton Asset Management Limited 504 222 - 12 3,416 NBP Leasing Limited - NBP Modarabah Management Company Limited 16 0 - 97 127 Pakistan Industrial Development Financial Services (Private) Limited - SME Bank 5,651 2,408 585 321 9,991 SME Leasing Limited 394 - - 5 460 Taurus Securities Limited 104 2 - 218 1,251 Zarai Taraqiati Bank Limited 39,414 139,283 200 23,671 222,972 Insurance 596,936 1,511 63,606 41,255 777,454 Alpha Insurance Company Limited 658 - - 133 1,322 Civic Centre Company (Private) Limited - 1 - 111 440 National Insurance Company Limited - - - - - Pakistan Reinsurance Company Limited 7,187 1,510 - 2,559 19,708 State Life (Abdullah Haroon Road) Properties (Private) Limited - - - - 9 State Life (Lakie Road) Properties (Private) Limited - - - - 3 State Life Insurance Corporation 589,091 - 63,606 38,452 755,972 110 ANNEXURES NBFCs & DFIs 115,347 74,914 18,491 13,065 232,749 Exim Bank of Pakistan Limited 68 - 7,281 7,354 House Building Finance Company Limited 6,490 11,449 852 825 20,330 Pak Brunei Investment Company 7,679 18,767 2,420 212 29,868 Pak China Investment Company Limited 7,734 6,039 5,734 2,081 22,385 Pak Iran Investment Company 11,044 4,653 970 130 17,686 Pak Kuwait Investment Company (Private) Limited 22,923 3,167 2,477 80 29,130 Pak Libya Holding Company (Private) Limited 9,700 3,593 4,000 112 19,162 Pak Oman Investment Company 40,241 18,788 2,038 2,182 64,669 Saudi Pak Industrial and Agricultural Investment Company Limited 9,468 8,458 - 163 22,166 111 ANNEXURES ANNEXURE 14: HISTORICAL PROFIT AND LOSS PROFILE – SECTORAL (FY2014 – FY2017) Rs. Million Numbers have been restated where available for prior years. FY2013-14 FY2014-15 FY2015-16 FY2016-17 Energy 270,187 134,359 6,488 41,806 Energy - Others 30,633 42,146 16,954 27,647 Central Power Purchase Agency (Guarantee) Limited - - (90) 136 Hydrocarbon Development Institute of Pakistan - - - (0) Lakhra Coal Development Company Limited 87 107 106 (138) National Transmission and Despatch Company 7,342 8,897 9,227 10,585 Pakistan Electric Power Company (Private) Limited 0 0 (0) 0 Power Holding (Private) Limited 2 0 Power Information Technology Company (37) (95) 66 50 WAPDA Employees Housing Foundation - - - - Water and Power Development Authority 23,241 33,237 7,644 17,014 Hydrocarbons 214,315 161,747 115,518 159,631 Government Holdings (Private) Limited 25,754 24,259 18,067 20,308 Inter State Gas Systems (Private) Limited 3 3 (5) (631) Oil and Gas Development Company Limited 123,915 87,248 59,971 63,802 Pak Arab Refinery Company - 13,647 18,830 19,062 Pakistan LNG Limited - - (10) (80) Pakistan LNG Terminals Limited - - (62) 111 112 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Pakistan Petroleum Limited 50,858 38,400 17,242 35,679 Pakistan State Oil Company Limited 21,818 6,936 10,273 18,226 PPL Asia E&P B.V. (5) (16) 5 (4,783) PPL Europe E&P Limited 132 (707) (3,014) (830) SSGC LPG (Private) Limited (448) (138) 211 154 State Petroleum Refining & Petrochemical Corporation - - - - Sui Northern Gas Pipelines Limited (3,965) (2,494) 125 8,614 Sui Southern Gas Company Limited (3,753) (5,391) (6,115) - Sui Southern Gas Provident Fund Trust Company (Private) Limited 6 (0) 0 - The Pakistan Petroleum Provident Fund Trust Company (Private) Limited - - - - Power - DISCOs 30,690 (72,098) (130,152) (147,625) Faisalabad Electric Supply Company Limited 29,487 5,230 (13,311) (14,219) Gujranwala Electric Power Company Limited (1,572) 5,800 10,198 7,492 Hyderabad Electric Supply Company Limited (12,636) (19,756) (26,682) (27,310) Islamabad Electric Supply Company Limited 22,658 2,744 (7,747) (11,860) Lahore Electric Supply Company Limited 10,446 (8,888) (19,796) (37,370) Multan Electric Power Company Limited 9,937 9,797 (5,053) (17,935) Peshawar Electric Supply Company Limited (34,403) (15,106) (11,646) (19,372) Quetta Electric Supply Company Limited 9,080 (35,148) (34,608) (18,703) Sukkur Electric Power Company Limited - (17,681) (21,739) (9,552) Tribal Electric Supply Company Limited (2,305) 911 232 1,203 Power - GENCOs (5,451) 2,564 4,167 2,153 113 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 GENCO-I: Jamshoro Power Company Limited 1,470 751 (2,966) 699 GENCO-II: Central Power Generation Company Limited, Thermal Power Station, Guddo (2,359) 3,806 11,481 3,662 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh (5,110) (1,495) (3,968) 669 GENCO-IV: Lakhra Power Generation Company Limited (1,068) (458) (347) (906) National Power Parks Management - 2 10 (167) Neelum Jhelum Hydro Power Company 1,617 (43) (43) (1,804) Industrial & Engineering (23,792) (25,319) (17,849) (12,917) Chemicals 972 749 499 (240) National Fertilizer Corporation of Pakistan (Private) Limited 503 508 1,164 108 National Fertilizer Marketing Limited 444 265 (661) (340) NFC Institute of Engineering and Fertilizer Research (Private) Limited 7 12 13 15 Plastics Technology Centre (11) (17) (11) (13) Synthetic Fibre Development and Application Centre 29 (18) (5) (10) Engineering & Industrial Metals and Mining (24,764) (26,069) (18,348) (12,677) ENAR Petrotech Services (Private) Limited 25 4 8 9 Heavy Electrical Complex (Private) Limited (125) (155) 24 18 Heavy Mechanical Complex (Private) Limited 7 (1,117) (794) - Karachi Infrastructure Development Company Limited - - (4) 43 Karachi Shipyard and Engineering Works Limited 429 402 408 492 Pak Datacom Limited 100 100 33 37 Pakistan Engineering Company Limited (67) 82 443 54 114 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Pakistan Machine Tool Factory (Private) Limited (542) (574) (438) 43 Pakistan Steel Fabricating Company (Private) Limited (46) (14) - - Pakistan Steel Mills Corporation (Private) Limited (26,049) (25,736) (18,758) (14,852) Peoples Steel Mills Limited - - - - Saindak Metals Limited 1,694 640 232 561 Security Papers Limited - 506 631 940 State Engineering Corporation (Private) Limited 7 7 7 - Telephone Industries of Pakistan (197) (213) (140) (22) Promotional & Advocacy 2,341 2,375 (24,667) (29,393) Agriculture 20 13 24 40 Livestock & Dairy Development Board 20 13 24 40 Arts 41 53 33 66 National Academy of Performing Arts 41 53 33 66 Auto 8 9 - 12 Pakistan Auto Sector Skills Development Company - - - - Pakistan Automobile Corporation Limited (1) (1) - - Republic Motors (Private) Limited 9 10 - 12 Foods - - - - PIMA Foods Limited - - - - Funds & Foundation 2,166 1,711 975 (11,416) Aik Hunar Aik Nagar (47) 4 (61) (40) Devolution Trust for Community Empowerment - - - - Energy Conservation Fund 8 8 1 (15) 115 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Federal Government Employees Housing Foundation (15) (101) (120) 76 Federal Liver Transplant Endowment Fund - - - - Fisheries Development Board - 12 (10) (17) Fund for Protected Areas (6) 27 16 (10) Ghazi Brotha Taraqiati Idara - - - - Ignite - - - - Mountain Areas Conservancy Fund 37 41 51 31 Overseas Pakistanis Foundation 1,028 (462) (538) (1,132) Pakistan Poverty Alleviation Fund 1,152 2,004 1,511 1,150 Pakistan Tobbaco Board - 171 126 (11,474) Universal Services Fund 0 - - 15 WAPDA Endowment Fund for Sports 8 8 - - Industries & Production (95) (405) (27,047) (19,463) Agro Food Processing (AFP) Facilities, Multan 8 8 22 28 Furniture Pakistan (45) (41) (73) (48) Gujranwala Tools, Dies & Moulds Center (109) (91) (16) (97) Infrastructure Project Development Facility 0 - - (68) Karachi Tools, Dies And Moulds Centre 2 5 7 23 Morafco Industries Limited (2) (2) (3) (3) National Industrial Parks Development and Management Company 77 37 (48) - National Productivity Organization (5) (3) (5) 0 116 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Pakistan Chemical and Energy Sector Skills Development Company - - - - Pakistan Gems and Jewellery Development Company (191) (150) (145) (143) Pakistan Horticulture Development and Export Company - 19 (23) 16 Pakistan Hunting and Sporting Arms Development Company (10) (8) (13) (20) Pakistan Industrial Development Corporation (Private) Limited 390 266 165 155 Pakistan Stone Development Company (215) (382) (335) 27 Sind Engineering (Private) Limited (29) (31) (26,548) (19,305) STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited (2) 1 5 6 Technology Up-gradation and Skill Development Company 37 (31) (36) (34) Information Technology 8 6 28 24 Pakistan Software Export Board 8 6 28 24 Mineral and Mining 195 229 432 297 Pakistan Mineral Development Corporation (Private) Limited 195 229 432 297 Rural Development - 739 868 1,030 National Rural Support Programme - 739 868 1,030 Textiles (2) 20 21 18 Faisalabad Garment City Company 7 11 10 2 Karachi Garment City Company (1) (1) - 3 Lahore Garment City Company (8) 10 11 14 Pakistan Textile Testing Foundation - - - - Services (5,324) (9,952) (6,828) (6,980) Services (5,324) (9,952) (6,828) (6,980) 117 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Export Processing Zones Authority - 105 174 195 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 88 69 27 14 National Construction Limited 11 4 5 8 National Engineering Services Pakistan (Private) Limited 1,147 1,167 1,374 951 National Telecommunication Corporation 89 (128) 28 210 National Textile University 7 (77) NESPAK and Partners LLC, Muscat, Oman (67) (172) (118) (139) NESPAK Limited - Doha, Qatar (82) 6 (171) (49) Overseas Employment Corporation (Private) Limited 15 (3) (4) 3 Pakistan Broadcasting Corporation 261 (6,382) (557) (607) Pakistan Environmental Planning & Architectural Consultants (Private) Limited 10 7 1 - Pakistan Expo Centers (Pvt) Ltd - - (209) (243) Pakistan Institute of Management - (1) (17) (0) Pakistan Post Office (6,589) (6,331) (7,488) (9,307) Pakistan Revenue Automation (Private) Limited 23 202 135 49 Pakistan Security Printing Corporation (Private) Limited 1,645 1,676 1,942 2,743 Pakistan Television Corporation Limited (772) (437) (1,737) (649) Pakistan Tourism Development Corporation (56) (31) (10) 9 Pakistan Tours (Private) Limited (8) 50 39 - PHA Foundation (963) 104 114 61 Printing Corporation of Pakistan (Private) Limited (133) 396 93 (392) 118 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 PTDC Motels North (Private) Limited (32) (255) (333) - PTDC-Associated Hotels of Pakistan Limited (0) (32) (22) 29 Shalimar Recording & Broadcasting Corporation 88 35 (74) 3 Small and Medium Enterprise Development Authority - (1) 1 (11) Virtual University of Pakistan (27) 218 Trading 7,050 499 178 (2,652) Trading 7,050 499 178 (2,652) Pakistan Agricultural Storage & Services Corporation Limited 6,304 1,571 2,447 344 Trading Corporation of Pakistan (Private) Limited 949 1,131 797 394 Utility Stores Corporation (Private) Limited (203) (2,203) (3,066) (3,390) Transportation (77,073) (75,187) (228,762) (216,336) Aviation (30,703) (32,055) (45,197) (39,502) Abacus Distribution Systems Pakistan (Private) Limited - 47 72 48 Pakistan International Airlines Corporation (30,703) (32,132) (45,276) (39,559) PIAC Investments Limited - 3 0 (0) Skyrooms (Private) Limited - 26 8 9 Ports & Shipping 7,532 6,706 349 (3,223) Bolan Shipping (Private) Limited - (1) (0) (0) Chitral Shipping (Private) Limited - 163 (99) (130) Gawadar Port Authority (143) (1,384) (8,558) (9,321) Hyderabad Shipping (Private) Limited - 25 (91) (87) 119 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Islamabad Shipping (Private) Limited - 12 (0) (0) Johar Shipping (Private) Limited - (0) 0 (0) Kaghan Shipping (Private) Limited - 31 1 0 Karachi Port Trust 4,651 3,344 2,675 2,147 Karachi Shipping (Private) Limited - 520 720 196 Khairpur Shipping (Private) Limited - (0) (0) (0) Lahore Shipping (Private) Limited - 481 770 95 Lalazar Shipping (Private) Limited - (0) (0) (0) Makran Shipping (Private) Limited - (0) (0) (1) Malakand Shipping (Private) Limited - (215) (117) (64) Multan Shipping (Private) Limited - (6) (57) (156) Pakistan Cooperative Ship Stores (Private) Limited - 1,651 1,313 1,476 Pakistan National Shipping Corporation 2,149 893 (117) 2,276 Port Qasim Authority 875 546 2,596 - Quetta Shipping (Private) Limited - 391 662 262 Sargodha Shipping (Private) Limited - 0 (0) (1) Shalamar Shipping (Private) Limited - 268 637 164 Sibi Shipping (Private) Limited - (11) 12 (80) Swat Shipping (Private) Limited - (0) 2 3 Railways (32,397) (27,039) (26,559) (40,131) Kashmir Railways (Pvt) Ltd - 0 120 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Pakistan Railway Advisory and Consultancy Services Limited 75 75 147 (50) Pakistan Railway Freight Transportation Company (Pvt) Ltd - - 21 171 Pakistan Railways (32,527) (27,247) (26,994) (40,702) Railway Constructions Pakistan Limited 55 132 269 451 Railway Estate Development and Marketing Company - 1 (2) - Roads & Highways (21,505) (22,799) (157,356) (133,479) Karachi Urban Transport Corporation 3 9 15 9 National Highway Authority (21,508) (22,808) (157,371) (133,488) FY2013-14 FY2014-15 FY2015-16 FY2016-17 Banks 20,083 25,161 23,822 22,436 Cast-N-Link Products Limited - - - - CJSC Subsidiary Bank of NBP in Kazakistan - 20 8 (163) CJSC Subsidiary Bank of NBP in Tajikistan - 2 (8) 25 First National Bank Modaraba, Pakistan (34) (122) (53) (71) First Women Bank Limited (500) 53 28 (99) Industrial Development Bank Limited 367 753 79 72 Kissan Support Services (Private) Limited 41 70 105 106 National Bank of Pakistan 15,028 19,219 22,752 23,028 NBP Exchange Company Limited 28 51 44 52 NBP Fullerton Asset Management Limited 114 128 94 371 NBP Leasing Limited 26 51 37 - NBP Modarabah Management Company Limited (23) (56) (10) (7) Pakistan Industrial Development Financial Services (Private) Limited - - - - SME Bank (387) (282) (188) (27) 121 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 SME Leasing Limited (11) (17) (17) (27) Taurus Securities Limited 16 19 (1) 37 Zarai Taraqiati Bank Limited 5,417 5,273 952 (860) Insurance 5,393 6,104 4,997 6,309 Alpha Insurance Company Limited 20 32 (16) (60) Civic Centre Company (Private) Limited 0 2 2 (6) National Insurance Company Limited 3,221 3,642 2,937 2,613 Pakistan Reinsurance Company Limited 1,244 1,377 861 2,494 State Life (Abdullah Haroon Road) Properties (Private) Limited 3 4 1 (1) State Life (Lakie Road) Properties (Private) Limited (0) (0) (0) (1) State Life Insurance Corporation 905 1,048 1,212 1,270 NBFCs & DFIs 6,331 5,085 6,970 6,201 Exim Bank of Pakistan Limited (0) 43 249 House Building Finance Company Limited 152 (529) (686) 1,619 Pak Brunei Investment Company 905 937 962 471 Pak China Investment Company Limited 469 621 622 671 Pak Iran Investment Company 352 597 603 229 Pak Kuwait Investment Company (Private) Limited 2,678 1,829 3,452 1,850 Pak Libya Holding Company (Private) Limited 233 305 791 48 Pak Oman Investment Company 384 602 706 437 Saudi Pak Industrial and Agricultural Investment Company Limited 1,159 724 476 627 122 ANNEXURES ANNEXURE 15: HISTORICAL PROFIT AND LOSS PROFIT OF SOES – MINISTRY WISE Rs. Million (Numbers have been restated for prior years where available) FY2013-14 FY2014-15 FY2015-16 FY2016-17 Aviation Division (30,703) (32,055) (45,197) (39,502) Abacus Distribution Systems Pakistan (Private) Limited - 47 72 48 Pakistan International Airlines Corporation (30,703) (32,132) (45,276) (39,559) PIAC Investments Limited - 3 0 (0) Skyrooms (Private) Limited - 26 8 9 Cabinet Division (229) 128 (234) (354) Federal Liver Transplant Endowment Fund - - - - Pakistan Tourism Development Corporation (56) (31) (10) 9 Pakistan Tours (Private) Limited (8) 50 39 - Printing Corporation of Pakistan (Private) Limited (133) 396 93 (392) PTDC Motels North (Private) Limited (32) (255) (333) - PTDC-Associated Hotels of Pakistan Limited (0) (32) (22) 29 M/o Climate Change 41 75 68 21 Fund for Protected Areas (6) 27 16 (10) Ghazi Brotha Taraqiati Idara - - - - Mountain Areas Conservancy Fund 37 41 51 31 Pakistan Environmental Planning & Architectural Consultants (Private) Limited 10 7 1 - M/o Commerce 949 1,302 714 (11,322) Pakistan Expo Centers (Pvt) Ltd - - (209) (243) Pakistan Tobbaco Board - 171 126 (11,474) Trading Corporation of Pakistan (Private) Limited 949 1,131 797 394 123 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Pakistan Horticulture Development and Export Company - 19 (23) 16 Alpha Insurance Company Limited 20 32 (16) (60) Civic Centre Company (Private) Limited 0 2 2 (6) National Insurance Company Limited 3,221 3,642 2,937 2,613 Pakistan Reinsurance Company Limited 1,244 1,377 861 2,494 State Life (Abdullah Haroon Road) Properties (Private) Limited 3 4 1 (1) State Life (Lakie Road) Properties (Private) Limited (0) (0) (0) (1) State Life Insurance Corporation 905 1,048 1,212 1,270 M/o Communication (28,097) (29,139) (164,863) (142,751) Karachi Infrastructure Development Company Limited - - (4) 43 National Highway Authority (21,508) (22,808) (157,371) (133,488) Pakistan Post Office (6,589) (6,331) (7,488) (9,307) M/o Defence Production 429 402 408 492 Karachi Shipyard and Engineering Works Limited 429 402 408 492 M/o Energy 273,178 136,312 8,264 43,426 Central Power Purchase Agency (Guarantee) Limited - - (90) 136 Energy Conservation Fund 8 8 1 (15) Faisalabad Electric Supply Company Limited 29,487 5,230 (13,311) (14,219) GENCO-I: Jamshoro Power Company Limited 1,470 751 (2,966) 699 GENCO-II: Central Power Generation Company Limited, Thermal Power Station, Guddo (2,359) 3,806 11,481 3,662 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh (5,110) (1,495) (3,968) 669 GENCO-IV: Lakhra Power Generation Company Limited (1,068) (458) (347) (906) Government Holdings (Private) Limited 25,754 24,259 18,067 20,308 Gujranwala Electric Power Company Limited (1,572) 5,800 10,198 7,492 Hyderabad Electric Supply Company Limited (12,636) (19,756) (26,682) (27,310) Hydrocarbon Development Institute of Pakistan - - - (0) 124 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Inter State Gas Systems (Private) Limited 3 3 (5) (631) Islamabad Electric Supply Company Limited 22,658 2,744 (7,747) (11,860) Lahore Electric Supply Company Limited 10,446 (8,888) (19,796) (37,370) Lakhra Coal Development Company Limited 87 107 106 (138) Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 88 69 27 14 Multan Electric Power Company Limited 9,937 9,797 (5,053) (17,935) National Engineering Services Pakistan (Private) Limited 1,147 1,167 1,374 951 National Power Parks Management - 2 10 (167) National Transmission and Despatch Company 7,342 8,897 9,227 10,585 Neelum Jhelum Hydro Power Company 1,617 (43) (43) (1,804) NESPAK and Partners LLC, Muscat, Oman (67) (172) (118) (139) NESPAK Limited - Doha, Qatar (82) 6 (171) (49) Oil and Gas Development Company Limited 123,915 87,248 59,971 63,802 Pak Arab Refinery Company - 13,647 18,830 19,062 Pakistan Electric Power Company (Private) Limited 0 0 (0) 0 Pakistan LNG Limited - - (10) (80) Pakistan LNG Terminals Limited - - (62) 111 Pakistan Mineral Development Corporation (Private) Limited 195 229 432 297 Pakistan Petroleum Limited 50,858 38,400 17,242 35,679 Pakistan State Oil Company Limited 21,818 6,936 10,273 18,226 Peshawar Electric Supply Company Limited (34,403) (15,106) (11,646) (19,372) Power Holding (Private) Limited 2 0 Power Information Technology Company (37) (95) 66 50 PPL Asia E&P B.V. (5) (16) 5 (4,783) PPL Europe E&P Limited 132 (707) (3,014) (830) Quetta Electric Supply Company Limited 9,080 (35,148) (34,608) (18,703) Saindak Metals Limited 1,694 640 232 561 125 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 SSGC LPG (Private) Limited (448) (138) 211 154 State Petroleum Refining & Petrochemical Corporation - - - - Sui Northern Gas Pipelines Limited (3,965) (2,494) 125 8,614 Sui Southern Gas Company Limited (3,753) (5,391) (6,115) - Sui Southern Gas Provident Fund Trust Company (Private) Limited 6 (0) 0 - Sukkur Electric Power Company Limited - (17,681) (21,739) (9,552) The Pakistan Petroleum Provident Fund Trust Company (Private) Limited - - - - Tribal Electric Supply Company Limited (2,305) 911 232 1,203 WAPDA Employees Housing Foundation - - - - WAPDA Endowment Fund for Sports 8 8 - - Water and Power Development Authority 23,241 33,237 7,644 17,014 M/o Finance 2,819 5,127 5,087 5,843 Infrastructure Project Development Facility 0 - - (68) National Rural Support Programme - 739 868 1,030 Pakistan Poverty Alleviation Fund 1,152 2,004 1,511 1,150 Pakistan Revenue Automation (Private) Limited 23 202 135 49 Pakistan Security Printing Corporation (Private) Limited 1,645 1,676 1,942 2,743 Security Papers Limited - 506 631 940 Cast-N-Link Products Limited - - - - CJSC Subsidiary Bank of NBP in Kazakistan - 20 8 (163) CJSC Subsidiary Bank of NBP in Tajikistan - 2 (8) 25 Exim Bank of Pakistan Limited (0) 43 249 First National Bank Modaraba, Pakistan (34) (122) (53) (71) First Women Bank Limited (500) 53 28 (99) House Building Finance Company Limited 152 (529) (686) 1,619 Industrial Development Bank Limited 367 753 79 72 Kissan Support Services (Private) Limited 41 70 105 106 126 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 National Bank of Pakistan 15,028 19,219 22,752 23,028 NBP Exchange Company Limited 28 51 44 52 NBP Fullerton Asset Management Limited 114 128 94 371 NBP Leasing Limited 26 51 37 - NBP Modarabah Management Company Limited (23) (56) (10) (7) Pak Brunei Investment Company 905 937 962 471 Pak China Investment Company Limited 469 621 622 671 Pak Iran Investment Company 352 597 603 229 Pak Kuwait Investment Company (Private) Limited 2,678 1,829 3,452 1,850 Pak Libya Holding Company (Private) Limited 233 305 791 48 Pak Oman Investment Company 384 602 706 437 Pakistan Industrial Development Financial Services (Private) Limited - - - - Saudi Pak Industrial and Agricultural Investment Company Limited 1,159 724 476 627 SME Bank (387) (282) (188) (27) SME Leasing Limited (11) (17) (17) (27) Taurus Securities Limited 16 19 (1) 37 Zarai Taraqiati Bank Limited 5,417 5,273 952 (860) M/o Housing & Works (966) 7 (2) 145 Federal Government Employees Housing Foundation (15) (101) (120) 76 National Construction Limited 11 4 5 8 PHA Foundation (963) 104 114 61 M/o Industries and Production (26,170) (29,231) (48,991) (37,597) Agro Food Processing (AFP) Facilities, Multan 8 8 22 28 Aik Hunar Aik Nagar (47) 4 (61) (40) ENAR Petrotech Services (Private) Limited 25 4 8 9 Export Processing Zones Authority - 105 174 195 127 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Furniture Pakistan (45) (41) (73) (48) Gujranwala Tools, Dies & Moulds Center (109) (91) (16) (97) Heavy Electrical Complex (Private) Limited (125) (155) 24 18 Heavy Mechanical Complex (Private) Limited 7 (1,117) (794) - Karachi Tools, Dies And Moulds Centre 2 5 7 23 Morafco Industries Limited (2) (2) (3) (3) National Fertilizer Corporation of Pakistan (Private) Limited 503 508 1,164 108 National Fertilizer Marketing Limited 444 265 (661) (340) National Industrial Parks Development and Management Company 77 37 (48) - National Productivity Organization (5) (3) (5) 0 NFC Institute of Engineering and Fertilizer Research (Private) Limited 7 12 13 15 Pakistan Auto Sector Skills Development Company - - - - Pakistan Automobile Corporation Limited (1) (1) - - Pakistan Chemical and Energy Sector Skills Development Company - - - - Pakistan Engineering Company Limited (67) 82 443 54 Pakistan Gems and Jewellery Development Company (191) (150) (145) (143) Pakistan Hunting and Sporting Arms Development Company (10) (8) (13) (20) Pakistan Industrial Development Corporation (Private) Limited 390 266 165 155 Pakistan Institute of Management - (1) (17) (0) Pakistan Machine Tool Factory (Private) Limited (542) (574) (438) 43 Pakistan Steel Fabricating Company (Private) Limited (46) (14) - - Pakistan Steel Mills Corporation (Private) Limited (26,049) (25,736) (18,758) (14,852) Pakistan Stone Development Company (215) (382) (335) 27 Peoples Steel Mills Limited - - - - PIMA Foods Limited - - - - 128 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Republic Motors (Private) Limited 9 10 - 12 Sind Engineering (Private) Limited (29) (31) (26,548) (19,305) Small and Medium Enterprise Development Authority - (1) 1 (11) State Engineering Corporation (Private) Limited 7 7 7 - Technology Up-gradation and Skill Development Company 37 (31) (36) (34) Utility Stores Corporation (Private) Limited (203) (2,203) (3,066) (3,390) M/o Information Technology & Telecommunication (1) (236) (78) 482 Ignite - - - - National Telecommunication Corporation 89 (128) 28 210 Pak Datacom Limited 100 100 33 37 Pakistan Software Export Board 8 6 28 24 Telephone Industries of Pakistan (197) (213) (140) (22) Universal Services Fund 0 - - 15 Virtual University of Pakistan (27) 218 M/o Information, Broadcasting & National Heritage (423) (6,784) (2,368) (1,252) Pakistan Broadcasting Corporation 261 (6,382) (557) (607) Pakistan Television Corporation Limited (772) (437) (1,737) (649) Shalimar Recording & Broadcasting Corporation 88 35 (74) 3 M/o Inter Provincial Coordination 41 53 33 66 National Academy of Performing Arts 41 53 33 66 M/o National Food Security & Research 6,324 1,596 2,460 367 Fisheries Development Board - 12 (10) (17) Livestock & Dairy Development Board 20 13 24 40 Pakistan Agricultural Storage & Services Corporation Limited 6,304 1,571 2,447 344 M/o Overseas Pakistanis and Human Resource Development 1,044 (465) (542) (1,129) Overseas Employment Corporation (Private) Limited 15 (3) (4) 3 129 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Overseas Pakistanis Foundation 1,028 (462) (538) (1,132) M/o Ports & Shipping 7,532 6,706 349 (3,223) Bolan Shipping (Private) Limited - (1) (0) (0) Chitral Shipping (Private) Limited - 163 (99) (130) Gawadar Port Authority (143) (1,384) (8,558) (9,321) Hyderabad Shipping (Private) Limited - 25 (91) (87) Islamabad Shipping (Private) Limited - 12 (0) (0) Johar Shipping (Private) Limited - (0) 0 (0) Kaghan Shipping (Private) Limited - 31 1 0 Karachi Port Trust 4,651 3,344 2,675 2,147 Karachi Shipping (Private) Limited - 520 720 196 Khairpur Shipping (Private) Limited - (0) (0) (0) Lahore Shipping (Private) Limited - 481 770 95 Lalazar Shipping (Private) Limited - (0) (0) (0) Makran Shipping (Private) Limited - (0) (0) (1) Malakand Shipping (Private) Limited - (215) (117) (64) Multan Shipping (Private) Limited - (6) (57) (156) Pakistan Cooperative Ship Stores (Private) Limited - 1,651 1,313 1,476 Pakistan National Shipping Corporation 2,149 893 (117) 2,276 Port Qasim Authority 875 546 2,596 - Quetta Shipping (Private) Limited - 391 662 262 Sargodha Shipping (Private) Limited - 0 (0) (1) Shalamar Shipping (Private) Limited - 268 637 164 Sibi Shipping (Private) Limited - (11) 12 (80) Swat Shipping (Private) Limited - (0) 2 3 M/o Railways (32,394) (27,030) (26,543) (40,122) Karachi Urban Transport Corporation 3 9 15 9 130 ANNEXURES FY2013-14 FY2014-15 FY2015-16 FY2016-17 Kashmir Railways (Pvt) Ltd - 0 Pakistan Railway Advisory and Consultancy Services Limited 75 75 147 (50) Pakistan Railway Freight Transportation Company (Pvt) Ltd - - 21 171 Pakistan Railways (32,527) (27,247) (26,994) (40,702) Railway Constructions Pakistan Limited 55 132 269 451 Railway Estate Development and Marketing Company - 1 (2) - M/o Science & Technology (2) 1 5 6 STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited (2) 1 5 6 M/o Textile Industry 16 (15) 12 (82) Faisalabad Garment City Company 7 11 10 2 Karachi Garment City Company (1) (1) - 3 Lahore Garment City Company (8) 10 11 14 National Textile University 7 (77) Pakistan Textile Testing Foundation - - - - Plastics Technology Centre (11) (17) (11) (13) Synthetic Fibre Development and Application Centre 29 (18) (5) (10) 131 ANNEXURES ANNEXURE 16: OUTSTANDING GOP SUPPORT – FY2017 Rs. in million Foreign Loans - Outstanding Domestic Loans Outstanding Total Guarantees Amount Amount Outstanding Federal Authority 315,463 327,469 107,000 Karachi Port Trust 10,767 - - National Highway Authority 202,843 323,163 - Pakistan Railways 12,351 - - Water and Power Development Authority 89,502 4,306 107,000 PSC - Commercial 227,312 37,252 785,900 Faisalabad Electric Supply Company Limited 4,913 - - GENCO-II: Central Power Generation Company Limited, Thermal Power Station, Guddo 2,292 40,900 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 696 28,700 GENCO-IV: Lakhra Power Generation Company Limited 0 - Gujranwala Electric Power Company Limited 3,046 - - Heavy Mechanical Complex (Private) Limited 33 - House Building Finance Company Limited - 11,200 Hyderabad Electric Supply Company Limited 4,876 - - Industrial Development Bank Limited 6,644 - - Islamabad Electric Supply Company Limited 6,504 - - 132 ANNEXURES Lahore Electric Supply Company Limited 6,705 - - Multan Electric Power Company Limited 9,166 610 - National Power Parks Management 1,229 14,800 National Transmission and Despatch Company 54,467 117 8,600 Neelum Jhelum Hydro Power Company 116,068 522 - Pak Arab Refinery Company 6,300 Pakistan Broadcasting Corporation 5,708 - Pakistan International Airlines Corporation 12,381 147,500 Pakistan Machine Tool Factory (Private) Limited 101 1,000 Pakistan Steel Mills Corporation (Private) Limited 12,198 40,800 Pakistan Television Corporation Limited 59 - Peshawar Electric Supply Company Limited 5,248 - - Power Holding (Private) Limited 398,000 Quetta Electric Supply Company Limited 9,675 896 - State Engineering Corporation (Private) Limited 13 - Sui Northern Gas Pipelines Limited - 32,500 Telephone Industries of Pakistan - 1,100 Tribal Electric Supply Company Limited 1 399 - Zarai Taraqiati Bank Limited - 54,500 PSC - Non-Commercial 10,322 591 - 133 ANNEXURES Lahore Garment City Company - 591 - Pakistan Poverty Alleviation Fund 10,322 - - 134 ANNEXURES S.No Shareholding Pattern - Entity name GOP % 1 Government Holdings (Private) Limited 100.00% 2 Inter State Gas Systems (Private) Limited 99.57% 3 Oil and Gas Development Company Limited 67.48% 4 Pakistan Petroleum Limited 67.51% 5 PPL Europe E&P Limited 100.00% 6 PPL Asia E&P B.V. 100.00% 7 The Pakistan Petroleum Provident Fund Trust Company (Private) Limited 100.00% 8 Sui Southern Gas Company Limited 53.18% 9 SSGC LPG (Private) Limited 100.00% 10 Sui Southern Gas Provident Fund Trust Company (Private) Limited 100.00% 11 Pakistan State Oil Company Limited 22.47% 12 Sui Northern Gas Pipelines Limited 31.68% 13 Faisalabad Electric Supply Company Limited 100.00% 14 Hyderabad Electric Supply Company Limited 100.00% 15 Quetta Electric Supply Company Limited 100.00% 16 Tribal Electric Supply Company Limited 100.00% 17 Peshawar Electric Supply Company Limited 100.00% 18 Lahore Electric Supply Company Limited 100.00% 19 Islamabad Electric Supply Company Limited 100.00% 20 Gujranwala Electric Power Company Limited 100.00% 21 Multan Electric Power Company Limited 100.00% 22 Sukkur Electric Power Company Limited 100.00% 23 GENCO-I: Jamshoro Power Company Limited 100.00% 24 GENCO-II: Central Power Generation Company Limited , Thermal Power Station, Guddo 100.00% 25 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 100.00% 26 GENCO-IV: Lakhra Power Generation Company Limited 100.00% 27 Lakhra Coal Development Company Limited 100.00% 28 National Transmission and Despatch Company 88.00% 29 Pakistan Electric Power Company (Private) Limited 100.00% 30 Water and Power Development Authority 100.00% 31 Power Information Technology Company 100.00% 32 Zarai Taraqiati Bank Limited 99.92% 33 Kissan Support Services (Private) Limited 100.00% 34 SME Bank 93.89% 35 SME Leasing Limited 73.14% 36 Industrial Development Bank Limited 100.00% 38 National Bank of Pakistan 75.60% 135 ANNEXURES 39 First Women Bank Limited 76.05% 40 House Building Finance Company Limited 62.50% 41 Pak China Investment Company Limited 50.00% 42 Pak Iran Investment Company 50.00% 43 Pak Libya Holding Company (Private) Limited 50.00% 44 Pak Oman Investment Company 50.00% 45 Pak Kuwait Investment Company (Private) Limited 50.00% 46 Pak Brunei Investment Company 50.00% 47 Saudi Pak Industrial and Agricultural Investment Company Limited 50.00% 48 State Life Insurance Corporation 95.60% 49 National Insurance Company Limited 88.00% 50 Pakistan Reinsurance Company Limited 44.88% 51 State Engineering Corporation (Private) Limited 100.00% 52 Heavy Mechanical Complex (Private) Limited 88.00% 53 Karachi Shipyard and Engineering Works Limited 81.91% 54 Telephone Industries of Pakistan 100.00% 55 Pakistan Steel Mills Corporation (Private) Limited 100.00% 56 Peoples Steel Mills Limited 100.00% 57 Saindak Metals Limited 100.00% 58 National Fertilizer Corporation of Pakistan (Private) Limited 100.00% 59 Plastics Technology Centre 100.00% 60 Synthetic Fibre Development and Application Centre 100.00% 61 Trading Corporation of Pakistan (Private) Limited 100.00% 62 Utility Stores Corporation (Private) Limited 100.00% 63 Pakistan Agricultural Storage & Services Corporation Limited 25.00% 64 Pakistan Broadcasting Corporation 100.00% 65 Overseas Employment Corporation (Private) Limited 100.00% 66 Pakistan Environmental Planning & Architectural Consultants (Private) Limited 100.00% 67 National Telecommunication Corporation 100.00% 68 National Engineering Services Pakistan (Private) Limited 100.00% 69 Pakistan Security Printing Corporation (Private) Limited 100.00% 70 Printing Corporation of Pakistan (Private) Limited 100.00% 71 Pakistan Television Corporation Limited 100.00% 72 National Construction Limited 87.40% 73 Pakistan Revenue Automation (Private) Limited 100.00% 74 Pakistan Post Office 100.00% 75 Pakistan Tourism Development Corporation 87.75% 76 PHA Foundation 100.00% 136 ANNEXURES 77 National Productivity Organization 100.00% 78 Pakistan Mineral Development Corporation (Private) Limited 88.00% 79 Pakistan Industrial Development Corporation (Private) Limited 100.00% 80 Pakistan Stone Development Company 100.00% 81 National Industrial Parks Development and Management Company 68.00% 82 Pakistan Gems and Jewellery Development Company 68.00% 83 Karachi Garment City Company 100.00% 84 Faisalabad Garment City Company 100.00% 85 Lahore Garment City Company 100.00% 86 STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited 100.00% 87 Gujranwala Tools, Dies & Moulds Center 99.90% 88 Pakistan Poverty Alleviation Fund 100.00% 89 Overseas Pakistanis Foundation 100.00% 90 Pakistan Software Export Board 100.00% 91 Livestock & Dairy Development Board 100.00% 92 Universal Services Fund 100.00% 93 Infrastructure Project Development Facility 100.00% 94 Pakistan Horticulture Development and Export Company 100.00% 95 National ICT R&D Fund 100.00% 96 Fisheries Development Board 100.00% 97 Ceramics Development & Training Complex 100.00% 98 National Academy of Performing Arts 100.00% 99 WAPDA Endowment Fund for Sports 100.00% 100 Agro Food Processing (AFP) Facilities, Multan 100.00% 101 Karachi Port Trust 100.00% 102 Pakistan Railways 100.00% 103 Railway Constructions Pakistan Limited 100.00% 104 Pakistan Railway Advisory and Consultancy Services Limited 100.00% 105 Karachi Urban Transport Corporation 60.00% 106 Pakistan International Airlines Corporation 84.64% 107 Pakistan National Shipping Corporation 84.18% 108 National Highway Authority 100.00% 109 Port Qasim Authority 100.00% 110 Gawadar Port Authority 100.00% 111 Pak Arab Refinery Company 60.00% 112 Small and Medium Enterprise Development Company 100.00% 113 Exim Bank of Pakistan Limited 100.00% 114 Karachi Infrastructure Development Company Limited 100.00% 137 ANNEXURES 115 Pakistan Tobbaco Board 100.00% 116 National Power Parks Management 100.00% 117 Neelum Jhelum Hydro Power Company 100.00% 118 Pakistan LNG Limited 100.00% 119 Pakistan LNG Terminals Limited 100.00% 120 Central Power Purchase Agency (Guarantee) Limited 100.00% 121 Pakistan Institute of Management 100.00% 122 Hydrocarbon Development Institute of Pakistan 100.00% 138 ANNEXURES ANNEXURE 17: SOES ONE PAGER SNAPSHOT This section includes one-pager financial and operational performance of all 197 SOEs in this report, categorized as per sectoral classification and as per the following numbering: Energy 1 Central Power Purchase Agency (Guarantee) Limited 109 2 Faisalabad Electric Supply Company Limited 110 3 GENCO-I: Jamshoro Power Company Limited 111 4 GENCO-II: Central Power Generation Company Limited, Thermal Power Station, Guddo 112 5 GENCO-III: Northern Power Generation Company Limited, Thermal Power Station, Muzaffargarh 113 6 GENCO-IV: Lakhra Power Generation Company Limited 114 7 Government Holdings (Private) Limited 115 8 Gujranwala Electric Power Company Limited 116 9 Hyderabad Electric Supply Company Limited 117 10 Hydrocarbon Development Institute of Pakistan 118 11 Inter State Gas Systems (Private) Limited 119 12 Islamabad Electric Supply Company Limited 120 13 Lahore Electric Supply Company Limited 121 14 Lakhra Coal Development Company Limited 122 15 Multan Electric Power Company Limited 123 16 National Power Parks Management 124 17 National Transmission and Despatch Company 125 18 Neelum Jhelum Hydro Power Company 126 19 Oil and Gas Development Company Limited 127 20 Pak Arab Refinery Company 128 21 Pakistan Electric Power Company (Private) Limited 129 22 Pakistan LNG Limited 130 23 Pakistan LNG Terminals Limited 131 24 Pakistan Petroleum Limited 132 25 Pakistan State Oil Company Limited 133 26 Peshawar Electric Supply Company Limited 134 27 Power Information Technology Company 135 28 PPL Asia E&P B.V. 136 29 PPL Europe E&P Limited 137 30 Quetta Electric Supply Company Limited 138 31 SSGC LPG (Private) Limited 139 32 State Petroleum Refining & Petrochemical Corporation 140 33 Sui Northern Gas Pipelines Limited 141 139 ANNEXURES 34 Sui Southern Gas Company Limited 142 35 Sui Southern Gas Provident Fund Trust Company (Private) Limited 143 36 Sukkur Electric Power Company Limited 144 37 The Pakistan Petroleum Provident Fund Trust Company (Private) Limited 145 38 Tribal Electric Supply Company Limited 146 39 Water and Power Development Authority 147 Financial 40 Alpha Insurance Company Limited 148 41 Cast-N-Link Products Limited 149 42 Civic Centre Company (Private) Limited 150 43 CJSC Subsidiary Bank of NBP in Kazakhstan 151 44 CJSC Subsidiary Bank of NBP in Tajikistan 152 45 Exim Bank of Pakistan Limited 153 46 First National Bank Modaraba, Pakistan 154 47 First Women Bank Limited 155 48 House Building Finance Company Limited 156 49 Industrial Development Bank Limited 157 50 Kissan Support Services (Private) Limited 158 51 National Bank of Pakistan 159 52 National Insurance Company Limited 160 53 NBP Exchange Company Limited 161 54 NBP Fullerton Asset Management Limited 162 55 NBP Leasing Limited 163 56 NBP Modarabah Management Company Limited 164 57 Pak Iran Investment Company 165 58 Pak Brunei Investment Company Limited 166 59 Pak China Investment Company 167 60 Pakistan Industrial Development Financial Services (Private) Limited 168 61 Pak Kuwait Investment Company (Private) Limited 169 62 Pak Libya Investment Company 170 63 Pak Oman Investment Company 171 64 Pakistan Reinsurance Company Limited 172 65 Saudi Pak Industrial and Agricultural Investment Company Limited 173 66 SME Bank 174 67 SME Leasing Limited 175 68 State Life (Abdullah Haroon Road) Properties (Private) Limited 176 69 State Life (Lakie Road) Properties (Private) Limited 177 70 State Life Insurance Corporation 178 140 ANNEXURES 71 Taurus Securities Limited 179 72 Zarai Taraqiati Bank Limited 180 Industrial & Engineering 73 ENAR Petrotech Services (Private) Limited 181 74 Heavy Electrical Complex (Private) Limited 182 75 Heavy Mechanical Complex (Private) Limited 183 76 Karachi Infrastructure Development Company Limited 184 77 Karachi Shipyard and Engineering Works Limited 185 78 National Fertilizer Corporation of Pakistan (Private) Limited 186 79 National Fertilizer Marketing Limited 187 80 NFC Institute of Engineering and Fertilizer Research (Private) Limited 188 81 Pak Datacom Limited 189 82 Pakistan Engineering Company Limited 190 83 Pakistan Machine Tool Factory (Private) Limited 191 84 Pakistan Steel Fabricating Company (Private) Limited 192 85 Pakistan Steel Mills Corporation (Private) Limited 193 86 Peoples Steel Mills Limited 194 87 Plastics Technology Centre 195 88 Saindak Metals Limited 196 89 Security Papers Limited 197 90 State Engineering Corporation (Private) Limited 198 91 Synthetic Fiber Development and Application Centre 199 92 Telephone Industries of Pakistan 200 Promotional & Advocacy 93 Agro Food Processing (AFP) Facilities, Multan 201 94 Aik Hunar Aik Nagar 202 95 Ceramics Development & Training Complex 203 96 Devolution Trust for Community Empowerment 204 97 Energy Conservation Fund 205 98 Fisheries Development Board 206 99 Faisalabad Garment City 207 100 Federal Government Employee Housing Foundation 208 101 Federal Liver Transplant 209 102 Furniture Pakistan 210 103 Fund for Protected Areas 211 104 Ghazi Brotha Taraqiati Idara 212 105 Gujranwala Tools, Dies & Molds Center 213 106 National ICT R&D Fund 214 141 ANNEXURES 107 Infrastructure Project Development Facility 215 108 Karachi Garment City Company 216 109 Karachi Tools, Dies and Molds Centre 217 110 Livestock & Dairy Development Board 218 111 Lahore Garment City Company 219 112 Mountain Areas Conservancy Fund 220 113 Morafco Industries Limited 221 114 National Academy of Performing Arts 222 115 National Industrial Parks Development and Management Company 223 116 National Rural Support Program 224 117 Overseas Pakistanis Foundation 225 118 Pakistan Automobile Corporation Limited 226 119 Pakistan Stone Development Company 227 120 Pakistan Auto Sector Skills Development Company 228 121 Pakistan Chemical and Energy Sector Skills Development Company 229 122 Pakistan Gems and Jewelry Development Company 230 123 Pakistan Horticulture Development and Export Company 231 124 Pakistan Hunting and Sporting Arms Development Company 232 125 Pakistan Industrial Development Corporation (Private) Limited 233 126 PIMA Foods Limited 234 127 Pakistan Mineral Development Corporation (Private) Limited 235 128 Pakistan Poverty Alleviation Fund 236 129 Pakistan Software Export Board 237 130 Pakistan Tobacco Board 238 131 Pakistan Textile Testing Foundation 239 132 Republic Motors (Private) Limited 240 133 Sind Engineering (Private) Limited 241 134 STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited 242 135 Technology Up-gradation and Skill Development Company 243 136 Universal Services Fund 244 137 WAPDA Endowment Fund for Sports 245 138 National Productivity Organization 246 Services 139 Export Processing Zones Authority 247 140 National Construction Limited 248 141 National Engineering Services Pakistan (Private) Limited 249 142 NESPAK and Partners LLC, Muscat, Oman 250 143 NESPAK Limited - Doha, Qatar 251 142 ANNEXURES 144 Mohammad Hisham Aitah-NESPAK, Riyadh, Saudi Arabia 252 145 National Telecommunication Corporation 253 146 Overseas Employment Corporation (Private) Limited 254 147 Pakistan Broadcasting Corporation 255 148 Printing Corporation of Pakistan (Private) Limited 256 149 Pakistan Environmental Planning & Architectural Consultants (Private) Limited 257 150 PHA Foundation 258 151 Pakistan Institute of Management 259 152 Pakistan Post Office 260 153 Pakistan Revenue Automation (Private) Limited 261 154 Pakistan Security Printing Corporation (Private) Limited 262 155 Pakistan Tourism Development Corporation 263 156 PTDC-Associated Hotels of Pakistan Limited 264 157 PTDC Motels North (Private) Limited 265 158 Pakistan Tours (Private) Limited 266 159 Pakistan Television Corporation Limited 267 160 Small and Medium Enterprise Development Authority 268 161 Shalimar Recording & Broadcasting Corporation 269 Trading 162 Pakistan Agricultural Storage & Services Corporation Limited 270 163 Trading Corporation of Pakistan (Private) Limited 271 164 Utility Stores Corporation (Private) Limited 272 Transportation 165 Abacus Distribution Systems Pakistan (Private) Limited 273 166 Bolan Shipping (Private) Limited 274 167 Chitral Shipping (Private) Limited 275 168 Gwadar Port Authority 276 169 Hyderabad Shipping (Private) Limited 277 170 Islamabad Shipping (Private) Limited 278 171 Johar Shipping (Private) Limited 279 172 Kaghan Shipping (Private) Limited 280 173 Khairpur Shipping (Private) Limited 281 174 Karachi Port Trust 282 175 Karachi Shipping (Private) Limited 283 176 Karachi Urban Transport Corporation 284 177 Lahore Shipping (Private) Limited 285 178 Lalazar Shipping (Private) Limited 286 179 Makran Shipping (Private) Limited 287 143 ANNEXURES 180 Malakand Shipping (Private) Limited 288 181 Multan Shipping (Private) Limited 289 182 National Highway Authority 290 183 Pakistan Cooperative Ship Stores (Private) Limited 291 184 Pakistan International Airlines Corporation 292 185 PIAC Investments Limited 293 186 Pakistan National Shipping Corporation 294 187 Port Qasim Authority 295 188 Pakistan Railways 296 189 Pakistan Railway Advisory and Consultancy Services Limited 297 190 Quetta Shipping (Private) Limited 298 191 Railway Constructions Pakistan Limited 299 192 Railway Estate Development and Marketing Company 300 193 Sibi Shipping (Private) Limited 301 194 Shalamar Shipping (Private) Limited 302 195 Sky rooms (Private) Limited 303 196 Sargodha Shipping (Private) Limited 304 197 Swat Shipping (Private) Limited 305 144 CONTACT INFORMATION Contact Information For feedbacks and suggestions, please contact the designated officer below: Ms. Fozia Abid Deputy Secretary, IERU Finance Division Tel 051-9217882 Fax 051-9202565 eru@finance.gov.pk 145 ORGANIZATION INFORMATION Organization Information Implementation and Economic Reforms Unit, Ministry of Finance Q Block, Pak Secretariat Tel 051-9223619 Fax 051-9202565 www.finance.gov.pk 146