Delivering Sustainable Project Solutions

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• Financial Assessment of Vietnam Electricity, World Bank

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In support of the World Bank’s lending portfolio in Vietnam’s energy sector, undertaking annual financial assessments of the country’s national power utility; This includes: (i) review and analysis of EVN’s financial performance; (ii) assessment of tariff requirements; (iii) determination of EVN’s compliance with loan and project agreement covenants relating to financial performance; (iv) analysis of projected financial performance; (v) assessment of financial aspects of planned corporate restructuring and reforms; and, (vi) dialogue with EVN management regarding financial improvement strategies and actions.

 

• Financial Assessment of Vietnam Expressway Corporation, World Bank

 

Financial assessment of the Vietnam Expressway Corporation (VEC), which is responsible for the construction and operation of portions of Vietnam’s national expressway network.  This assessment included a review of current and past financial performance as well as the preparation of financial projections for VEC.  This assessment was prepared as part of the World Bank’s appraisal of the proposed $1.2 billion Da Nang – Quang Ngai Expressway Project (2018).

 

• Financial Assessment of National Power Transmission Corporation of Vietnam, World Bank

 

Financial assessment of the National Power Transmission Corporation (NPT), which owns and operates Vietnam’s power transmission network. This assessment included: (i) review of financial performance since NPT establishment in 2008; (ii) adequacy of existing transmission charges; (iii) financial capacity to implement investment plan over 2010 – 2015 period; (iv) determination of weaknesses in capital structure and recommendations for financial restructuring; and (v) assistance to NPT management in developing a financial restructuring plan for approval by sole shareholder.

 

• Technical Assistance to Electric Power Corporation of Samoa, Asian Development Bank

 

Assistance to Samoa’s Electric Power Corporation (EPC) to improve longer-term cost planning and the transparency of costs and tariff setting and to ensure that its investments are affordable and can improve financial sustainability. This included assistance in: (i) developing a longer-term planning capacity using the EPC financial model; (ii) assessing the existing tariff structure and determining future tariff requirements; (iii) developing an improved budgeting process; and (iv) integrating the longer-term financial planning function with the annual budgeting process.

 

• Financial Assessment of Solomon Islands Water Authority (SIWA), SIWA & Pacific Advisory Infrastructure Center

 

Financial assessment of the Solomon Island’s national water and wastewater utility. This included: (i) review of SIWA’s current and past financial performance; (ii) assistance to SIWA and the Ministry of Finance in concluding an agreement for the settlement of electricity arrears owed to the electricity utility; (iii) recommendations for revisions to the tariff structure and introduction of automatic tariff adjustment mechanism; (iv) preparation of 5-year financial projections; (iv) estimation of tariff requirements to ensure financial sustainability.

 

• Manila Waterworks and Sewerage System (MWSS) Financial Rehabilitation for Philippines, World Bank

 

Preparation of financial aspects of proposed project for the financial rehabilitation of the Manila Waterworks and Sewerage System (MWSS) and its concessionaire, Maynilad Water Services, Inc. (MWSI).  Undertaking review of terms of sale of MWSI shares by MWSS to private investors, and based on these terms of the sale, assessing future financial viability and sustainability of MWSS and MWSI. 

 

• ·Financial Assessment of Electric Power Corporation for Samoa, Asian Development Bank

 

Financial assessment of the Electric Power Corporation (EPC), Samoa’s national electricity utility. This included: (i) review of EPC’s current and past financial performance; (ii) assessment of tariff structure to determine cost recovery and cross-subsidies; (iii) status of compliance with financial covenants incorporated into existing ADB legal agreements; (iv) recommendations for revised covenants; (v) assessment of EPC’s financial management capabilities; (vi) review of opportunities for private sector participation in EPC’s operations; (vii) recommendations for improving EPC financial performance; (viii) development of 10 year financial projections for EPC;  and, (ix) preparation of financial assessment documentation for appraisal of proposed supplementary loan for an ongoing ADB funded project.

 

• Financial Assessment of Maynilad Water Services & Manila Water Company for Philippines, World Bank

 

Assessment of revised business plans and proposed tariff increases for the two water supply concessionaires serving Metro Manila, Maynilad Water Services, Inc. and Manila Water Company, Inc. The assessment includes a detailed evaluation of the financial projections prepared by both companies to support their proposed tariff increases.

 

• Evaluation of Financial Restructuring Plan for Maynilad Water, Philippines, World Bank

 

Evaluation of proposed financial restructuring plan for Maynilad Water Services, Inc. (MWSI). The restructuring was to enable MWSI’s exit from bankruptcy. The complex restructuring involved the writing-off of all equity held by the majority shareholder, a partial debt to equity swap by lenders, the rescheduling of debt not converted to equity, and the conversion of unpaid concession fees to a combination of equity and debt.