Republic of Montenegro: Public Expenditure and ... - Vlada Crne Gore

Table 6.2. Montenegro: Characteristics of Major State-Owned Enterprises 1/
Public Enterprise
Production
Sector
Pricing Policy
Prices
reflect
costs
Receives
subsidies
2/
Managerial Independence Government Relations Financial Conditions Governance Structure
Empoyment Policy
Standard tax
Autonomous:
Only
Engaged in and
Creditworthiness
Minority
Receives loan
Stock Outside Annual
Overstaffed
Objectives
activities rules as
Debt Level 4/
Protected
Commercial
quasi-fiscal regulatory Profitability 3/
Rights
Of civil Wagesetting
guarantees
Debt listed 6/ Audits Reports
service laws
privates
Cost 5/
Contingent
Liabilities 7/
ElektroPrivreda CrnElectricity No No Yes Yes Yes No Yes Yes Yes 0.0% 17.9% 22.90% Yes Yes Yes NA Yes 9/
Montenegro AirlineAir traffic Yes No Yes Yes No Yes No No Yes 0.05% 25.7% 11.36% No Yes 8/ Yes NA No
Posta Crne Gore Post No No Yes Yes Yes No No Yes Yes 0.0% 15.0% 2.20% No Yes 8/ Yes NA Yes 9/
1/ "Yes" means enterprise meets specific test.
2/ If the answer is "Yes", indicate whether the subsidy is compensated with transfers from the budget.
3/ Profitability is defined as the ratio of net profits to net worth in most recent year, in percent.
4/ Debt level is defined as the ratio of total liabilities to total assets in most recent year, in percent.
5/ Debt cost is defined as the ratio fo accrued 4-year financial costs to average total debt, including short and long-term debt, in percent.
6/ Indicate whether in a major Exchange, in the domestic exchange, or neither.
7/ Indicate whether the enterprise faces important contignent liablities, and their nature.
8/ State-owned audit company.
9/ Both enterprises face significant contingent liabilities generated from the regulated pricing of their services.