Êóðñîâàÿ ðàáîòà: Private sector and human-resource development in Georgia
Kazbegi JSC – Valuation (Refer to Annex 1)
|
Valuation Limits
|
True Value (GEL mln.)
|
True Value/Market Cap.
|
Low
|
15.0 |
2 |
High
|
22.5 |
3 |
BANK OF GEORGIA JSC
|
Sector:
|
Financial Services
|
GSE Ticker:
|
GEB
|
Summary Information:
· Bank of Georgia JSC is the country's
leading commercial bank;
· Last year the company reported about 6%
increase in annual sales to GEL 36.6 mln.;
· Net profit of the company has decreased
by about 7% in 2002 mainly due to higher administrative expenses;
· The Earning Per Share (EPS) in 2002 was
GEL 0.72;
· The company's assets grew by remarkable
30% over the year to reach GEL 176.7 mln.;
· The company's equity increased by 13%
over the last year and amounted to GEL 46.6 mln.;
· The company continues to pay dividends,
which amounted to GEL 2 mln.or GEL 0.20 per share.
|
Source: Galt
& Taggart
|
BANK OF GEORGIA JSC - Summary
|
Current Price (GEL)
|
1.55 |
Year High (GEL)
|
1.90 |
Year Low (GEL)
|
1.00 |
Market Capitalization (GEL mln.)
|
15.5 |
Shares Outstanding (mln.)
|
10.0 |
Free Float (%)
|
47.6 |
Free Float (GEL mln.)
|
7.4 |
Source: Galt
& Taggart
|
BANK OF GEORGIA JSC – Key Figures
(IAS)
|
Year Ending
December 31 |
2001
|
2002
|
Net Sales (GEL mln.)
|
34.4 |
36.6 |
Net Income (GEL mln.)
|
7.7 |
7.1 |
EPS (GEL)
|
0.78 |
0.72 |
Total Assets (GEL mln.)
|
135.6 |
176.7 |
Equity/Assets (%)
|
30.5 |
35.8 |
ROA (%)
|
5.7 |
4.0 |
ROE (%)
|
18.6 |
16.5 |
Book Value per Share (GEL)
|
4.13 |
5.14 |
P/E
|
2.02 |
2.15 |
P/BV
|
0.38 |
0.30 |
Sources: Bank
of Georgia, Galt & Taggart
|
BANK OF GEORGIA JSC – Valuation
(Refer to Annex 1)
|
Valuation Limits
|
True Value (GEL mln.)
|
True Value/Market Cap.
|
Low
|
50.8 |
3.3 |
High
|
68.6 |
4.4 |
4.3.1
Business Schools/Universities
European School of Management (ESM).
Data Sheet.
- European School
of Management ESM-Tbilisi
- 40, Vazha
Pshavela Ave. 1077, Tbilisi, Republic of Georgia
Tel.: (995-32) 39 68 64
Fax: (995-32) 37 55 16
e-mail: esmtbs@gol.ge
Internet: esm-tbilisi.ge
- Simon Kadagidze
- Mission of European School of Management in
Tbilisi (ESM-Tbilisi) is to create a new Georgian management elite -
professionally thinking and professionally acting under market economy
managers – providing high
quality management education using modern and innovative teaching
technologies and highly qualified faculty.
- LTD, Nonprofit
- Self financed
through students tuition fees
- 1992
- 20
- 87
- 4 -
Undergraduate Program, Graduate Program, Base Certificate Program,
Foundation Program
- 224+46+58+50
- Look the
attached sheets
- Undergraduate
4 years
Graduate – 2 years
Base Certificate Program – 7 months
Foundation Program – 1 year
- Undergraduate -
224
Graduate - 46
Base Certificate Program - 58
Foundation Program - 50
- School leavers
and young professionals
- Undergraduate
Program - secondary school leavers with certificate
Graduate Program - young people with min bachelor
diplomas and min 2
years experience
Base certificate program - any person with high education
Foundation Program - secondary school leavers or students
in their last school year
- Undergraduate -
$ 2200/ year
Graduate - $ 3500
Base Certificate Program - $ 1200
Foundation Program - $ 1000
- Entrance
examinations, visiting schools with presentation, visiting educational
fairs, marketing campaign through an advertising agency
- Georgian with
good command of either English or German languages.
- Undergraduate -
Bachelor of Business Administration
(General Management)
Graduate - Master of Business
Administration
(General Management,
Finance, Marketing)
Base Certificate Program - Certificate
- $ 2000/year
The ESM Evening & Weekend MBA Program,
A Curriculum
2003-2005
4.3.2
Government Sponsored Training Programs
GEPA's In-Company Export Marketing
Programme.
|
The objective of GEPA's new programme is to increase the export capabilities
of Georgian companies. An integrated programme has been designed to assist
Georgian companies to systematically plan and prepare for export marketing.
The programme includes in-company export market development, training, the
organisation of inward and outward missions and a cost sharing grant scheme.
The in-company programme involves GEPA's Export Advisers working closely with
individual companies to establish an export marketing function. Participating
companies will be assisted and guided through the process of defining their
objectives and capabilities, the first step in the process. They will be
shown how to identify suitable markets and have access to all the information
sources in the Export Information Centre. They will then be in a position to
draw up a realistic export marketing strategy. GEPA staff will help them to
prepare for exporting and to implement their defined strategy.
In working through the programme, training needs will be identified and
addressed and some financial assistance may be available to assist companies
in financing eligible actions they need to take to prepare for exporting.
Participating companies will have in place a system for reviewing and
redefining their export marketing strategies on an on-going basis. This will
enable Georgian companies to anticipate and to be prepared for the ever
changing marketing environment, rather than just reacting to it.
During recent weeks GEPA staff has been visiting companies to explain the
programme in detail. Four companies have already begun the first stage of the
programme and another four will be added over the next few weeks. Companies
committed to developing an achievable export marketing strategy and willing
to devote time and effort to the process are invited to contact GEPA.
|
5. Other Donors
Activities
Projects under implementation
|
Commitment
(US$ million)
|
Develp’t.
Objective
|
Impl.
Progress.
|
Approval
Date
|
Signing Date
|
Closing Date
|
Social Investment Fund |
25.0 |
S |
S |
12/11/97 |
06/05/98 |
12/31/03 |
Primary Health Care Dev. |
20.3 |
S |
S |
08/01/02 |
05/06/03 |
12/31/07 |
Education 1 (APL) |
25.9 |
S |
S |
03/20/01 |
12/03/01 |
06/30/05 |
Social Investment Fund 2 |
15.0 |
S |
S |
05/15/03 |
08/29/03 |
09/30/07 |
Roads Project |
40.0 |
S |
S |
05/25/00 |
01/31/01 |
12/31/04 |
Electricity Market Supp. |
27.4 |
S |
S |
05/03/01 |
09/26/02 |
12/31/05 |
Energy Transit Institution |
9.6 |
S |
S |
03/13/01 |
11/19/01 |
07/31/05 |
Municipal Development 2 |
19.4 |
S |
S |
08/01/02 |
02/19/03 |
06/30/06 |
SAC3 |
40.0 |
S |
S |
06/29/99 |
08/02/99 |
10/30/02 |
Structural Ref. Support |
16.5 |
S |
S |
06/29/99 |
09/22/99 |
03/31/04 |
Judicial Reform |
13.4 |
S |
S |
06/29/99 |
09/22/99 |
12/31/04 |
Enterprise
Rehabilitation |
15.0 |
S |
S |
12/17/98 |
09/08/99 |
12/31/04 |
Agriculture Development |
15.0 |
U |
U |
03/25/97 |
08/21/97 |
04/30/04 |
Forestry Development |
15.7 |
S |
S |
08/01/02 |
04/22/03 |
06/30/09 |
Protected Areas Dev
(GEF) |
8.7 |
|
S |
05/24/01 |
04/26/02 |
12/31/06 |
Integrated Coastal
Mngmt |
4.4 |
S |
S |
12/17/98 |
05/21/99 |
12/31/04 |
Irrig/Drainage Dev. |
27.0 |
S |
S |
06/28/01 |
02/20/02 |
04/30/07 |
Cultural Heritage |
4.5 |
S |
S |
02/13/98 |
05/18/98 |
12/31/03 |
Integrated Coastal
Mngmt (GEF) |
1.3 |
|
U |
12/17/98 |
05/21/99 |
12/31/04 |
Agriculture Research
Ext (GEF) |
2.5 |
S |
S |
05/11/00 |
02/05/01 |
12/31/05 |
Agriculture Research
Ext |
7.6 |
S |
S |
05/11/00 |
02/05/01 |
12/31/05 |
Total
|
354.2
|
|
|
|
|
|
PROJECT
|
AMOUNT
(millions)
|
|
Rehabilitation Credit |
US$
75.0 |
Closed June 1996. Fully disbursed. |
SAC |
US$
60.0 |
Closed December 1997. Fully disbursed. |
SATAC |
US$
4.8 |
Closed December 1998. Fully disbursed. |
Institution Building Credit |
US$
10.1 |
Closed June 1998. Fully disbursed |
SAC II |
US$
60.0 |
Closed December 1998. Fully disbursed
|
Transport |
US$
12.0 |
Closed June 30, 1999. Fully disbursed. |
SATAC II |
US$ 5.0 |
Closed December 31, 1999. Fully
disbursed. |
Municipal Infrastructure Rehabilitation |
US$ 18.0 |
Closed June 30, 2000. Fully disbursed. |
Power Rehabilitation |
US$ 52.3 |
Closed June 30, 2000. |
Oil Institution Building |
US$ 1.4 |
Closed December 31, 2000. Fully
disbursed. |
Energy Sector Adjustment Credit (ESAC) |
US$ 25.0 |
Closed March 1, 2002. Fully disbursed. |
Third Structural Adjustment Credit (SACIII) |
US$ 60.0
|
Closed October 30, 2002. Fully disbursed |
Total:
|
US$
383.6
|
|
REHABILITATION CREDIT
Implementing
Agency Temuri
Basilia, Chief Economic Advisor to the President of Georgia; State
Chancellery, 7 Ingorokva str.
(99532)989953,
(99532) 999757
Fax:
(99532)995797
Task
Manager Michaelle
Riboud, EC4C2
Phone: (202)
4738743
Fax:
(202)4773387
Project
Objective The
main objective is to support the government’s economic reform program aimed at
restoring macroeconomic stability and at promoting resumption of growth and
improvement in living standards. The other objectives are to:
1. Provide
budgetary support to maintain the level of basic public expenditures, in
particular for wages and the social safety net;
2. Provide
foreign exchange for the purchase of critical imports;
3. Improve
the functioning of the foreign exchange market;
4. Provide a
framework for assistance from other donor agencies.
Project
Description The
reform program to be supported by the credit comprises three sets of policies:
a) those
aimed at reducing and redefining the role of the public sector in the economy
b) those
theta foster the development and increase efficiency of markets;
c) those that
maintain a minimum social safety net through improved targeting of benefits.
Disbursement Fully
disbursed
INSTITUTION BUILDING
Project Objective Assist
the Georgian government in its efforts to move to a private market economy
through strengthening public institutions on three functional areas: (a)
financial sector, (b) economic management , (c) privatization and enterprise
reform
Project Description 1.
Financial Sector Reform (US$ 2.325 million)
(a)
Financial Sector Infrastructure:
Consulting
service and equipment:
-- to
introduce and implement Broadly Adapted Financial Statement (BASF), and
internationally acceptable accounting and auditing system;
-- to
conduct diagnostic studies in five state-owned banks and make recommendation
for steps to streamline the system;
-- review
existing payment system and make recommendations for steps to streamline the
system
2.
Economic management (US$ 5.660 million)
(b)
Economic Policy Formulation
Support will
be provided to the Office of the Deputy Prime Minister (now Chief Economic
Advisor to the President) to design a strategy for the restructuring and the
reform of the government’s economic management agencies, particularly the
Ministries of Finance and Economy, and to strengthen economic policy
formulation and analyses.
(c)
Statistical Services:
Consulting
services, training, and equipment to assist the Committee for Social and
Economic Information in
-- reviewing
the methodology used for generating and maintaining national accounts and
initiating steps to introduce the internationally acceptable System of National
Accounts (SNA);
-- designing
and conducting an improved household survey in the city Tbilisi
(d) Tax
Administration:
--
computerization of tax offices; IDA pilot project for the modernization and
computerization of the central State Tax Inspectorate (STI) and the Tbilisi
City Inspectorate;
-- training
of the STI staff.
(e) Treasure:
-- first
phase: a central treasury function will be established in the Ministry of
Finance and regional branch in Tbilisi;
-- second
phase: regional Treasuries will be established throughout of Georgia:
-- IDA will
finance computers for the establishment of the Treasury offices.
(g)
Strengthening of Customs Administration:
Support will
be provided to the Customs Committee in
(i) simplifying
and reforming the organization and procedures of customs operations: (ii)
modernizing customs management ;
(iii)
training the customs staff in the customs management and the computerization;
(iv)
computerizing customs clearance procedures, accounts, and statistics at Tbilisi
headquarters and at the Tbilisi airport as the first pilot site.
(h) Aid
Coordination:
-- Project
will finance long-term external advisor and equipment to assist and train the
staff of Aid Management Unit (AMU) in maintaining donor procedures,
coordinating country’s external aid priorities consistent with the national
development objectives, and communicating those with the external aid agencies.
-- Project
will finance experts to assist the government staff in analyzing Sectoral
information with the objective to design and develop project that will be
acceptable to the donor community.
(i)
Project Implementation: The project will finance:
-- an
external procurement consulting firm to assist the PIU with the preparation of
procurement an disbursement documents under this project, and to ensure that
all procurement under the project follow the World Bank’s procurement
guidelines
3. Privatization and Enterprise Reform (US$ 2.27 million)
(j)
Support for Privatization:
-- one
short-term senior level adviser to assist the Ministry of the state Property
Management and the Office of the Chief Economic adviser to the President in
reviewing the current privatization plan;
-- experts
and equipment to assist in:
a)
formulation the mass privatization program and the voucher scheme
b) the design
and implementation of a public information campaign to support the mass
privatization campaign;
c) provide
training aimed at strengthening the institutional capabilities of SPM;
d) review and
further development of a legislative framework for privatization.
Implementing Agency Alex Sikharulidze, Head of PIU, 42, Kazbegi ave.,
Phone:
(99532)950865
Fax:
(99532)950865
STRUCTURAL ADJUSTMENT
TECHNICAL ASSISTANCE CREDIT (SATAC)
Project Objective To
support the Government’s reform program to stabilize the economy and create the
conditions for a resumption of growth and an improvement in living standards.
Project
Description 1. Privatization and post-privatization (US$ 0.95 million)
(i) Continued support for the implementations of the privatization
program and on support for the establishment of the share registries.
(ii)
Introduction of cash auctions and an international tender program;
(iii)
Strengthening of institutional capacities, elaboration of standard procedures,
advise on structuring of transactions and bid evaluation, as well as legal
assistance and licensing of private share registries.
(iv)
Elaboration of operational guidelines, training of officials in securities
market and in the starting-up of pilot registries.
2.
Financial Sector ( US$ 0.78 million )
(i) Advisory
services on supervisory issues as well as the development of training programs.
(ii) Audits
if the three former state banks will be financed to dacilitate a realistic
assessment of the financial position of each bank.
3. Energy
sector reform ( US$ 0.86 million )
(i)
Assistance in creating the capacity to monitor and manage payment performance,
and in reviewing structural and tariff issues.
(ii)
Assistance in reviewing the scope of the regulatory authority and its tariff
policy functions.
4. Social
Protection ( US$ 0.56 million)
(i)
Assistance in the design of a program of social assistance which meets the
needs of poor families that do not qualify under any existing program;
(ii)
Facilitating the establishment of private pension schemes.
5.
Resource mobilization and public information
( US$ 1.43 million)
(i) A program
aimed at improving the revenue collection performance of the Customs
Department through training, revision of procedures and controls, and
anti-fraud measures;
(ii) A public
information/education program on economic reforms, including mass media
campaigns, round-tables/seminars on key issues, and the design of an education
program focusing on skills in high demand in market economics
Implementing Agency Zaal Japaridze, Head of PIU, 12 Kazbegi Ave.
Phone:
(99532) 950865
Ministry
of Trade and Foreign Economic Relations
42,
Kazbegi Ave.
Phone: (99532) 225186 / (99532) 389652
TRANSPORT
REHABILITATION
Project Objective 1.
To support policy reform in the transport sectoral and restructure its
institutions to operate in a market economy.
2. To repair
and maintain some of the most critical elements of the transport system.
Project Description (1)
Institution Building Component (US$ 4.9 million):
(i) advice
and support to teams preparing sector reforms;
(ii)
technical assistance for the formulation of technical and legal framework
necessary to the restructuring,
commercialization
and privatization of sector entities;
(iii)
managerial assistance for public and private transport enterprises;
(iv) a
training program to update transport technical staff of the private and public
sectors;
(v) project
management.
(2)
Investment Component ( US$ 13.2million )
(i) road
maintenance program, including selected equipment and spares for road
maintenance as well as emergency repairs and the necessary imported road
building materials;
(ii) a
railway sub-component, including bridge repairs and the required structural
steel, track materials (ties, rails and fastenings), spares for locomotives,
and communications and selected signaling equipment
Implementing Agency Gia Tsagareli, Head of PIU, 12 Kazbegi Ave.
Phone:
(99532) 986385
Fax:
(99532) 990461
STRUCTURAL ADJUSTMENT
CREDIT (SAC)
Project Objective: The main
objective is to consolidate stabilization, foster a strong and sustained growth
recovery and reduce poverty.
The reform program aims at:
(a)
maintaining a tight monetary
program supported by an improving fiscal position;
(b)
streamlining the
Government sector and improving efficiency of public spending;
(c)
inducing a rapid
adjustment of the productive sector to new market signals.
The other objectives
are;
(i)
provide budgetary
support to maintain the level of critical public expenditures;
(ii)
provide foreign
exchange for the purchase of critical imports;
(iii)
provide a framework for
financial assistance from other donor agencies.
Project
Description: 1. Maintaining a Tight Monetary
Policy:
- reduce inflation to 20-25 percent in 1996 and
strengthen the international position of NBG;
- increase the range of monetary instruments and enhance
the capacity of the NBG to achieve monetary objectives.
2. Improving
the Fiscal System:
- ensure sustainability of stabilization;
- increase tax revenue to 6.7 percent of GDP in 1996;
- reach a revenue to expenditure ration of 70 percent in
1996 and maintain budget deficit at 3-4 percent of GDP in 1996.
3.
Streamlining of the Government Sector and Improving the Efficiency of Public
Spending:
- to maintain critical public function within the
framework of a tight expenditure program (expenditure maintained at about 13
percent of GDP in 1996);
- reforming government pay and employment;
- reforming the provision and financing of social
services reforming social insurance and social protection;
- eliminating energy subsidies;
4. Fostering
Adjustment of the Productive Sector:
- accelerating privatization;
- restructuring the financial sector;
- fostering export growth.
Disbursement: US$ 29.88 million
The
disbursement of the loan is linked to agreed targets specified for each tranche
release – to be met by the Georgian Government in implementing its structural
reform program.
SECOND STRUCRUTAL ADJUSTMENT
TECHNICAL ASSISTANCE CREDIT (SATAC II)
Project Description: The Government’s structural reform program outline in the Letter of
development Policy was presented with the Second Adjustment Credit (SACII), $60
million (which closed in December 1998). To facilitate the timely
implementation of structural reforms, the Government requested a program of
technical assistance to support the design and implementation of reform
measures in the key areas. The institutional capacity of the Government to
implement structural reform measures has been successfully strengthened under
the Institutional Building Credit (IBC) and the Structural Adjustment Technical
Assistance Credit (SATAC). Lessons learned from these two technical assistance
projects were incorporated in the design of SATAC II.
The Core objective of SATAC II is to enhance the capacity of the
Georgian Government to implement the structural reform program supported by SAC
II.
The technical assistance is divided into seven broad categories:
·
judicial reform and anti-corruption initiative;
·
financial sector;
·
energy sector reforms;
·
social protection
·
health
·
resource mobilization
·
public information
The World Bank and IMF Partnership in Georgia’s Development Strategy
1.
The IMF has taken the lead in assisting Georgia
in enhancing macroeconomic stability. In this regard, the Fund has encouraged
the authorities to pursue a prudent fiscal policy, including by increasing tax
revenues and reducing domestic expenditure arrears. The IMF Board approved a
new three-year program under the Fund’s Poverty Reduction and Growth Facility (PRGF)
in January 2001. The first and the second reviews under the PRGF were
completed in October 2001 and July 2002, respectively. Implementation of the
2002 macroeconomic program was broadly on track. Quantitative criteria and
indicative targets were met, except for those on domestic arrears, fuel and
excise tax collection and reserve money. At 2
percent of GDP, the fiscal deficit was slightly higher than programmed because
of shortfalls in external financing, and revenue collection improved only slightly
from 14.3 percent of GDP to 14.4 percent over the period. An IMF mission which
visited Georgia in July 2003 to discuss completion of the postponed third
review found that the fiscal pressures that emerged in early 2003 had
continued, with tax revenue falling short of budget targets, and an
accumulation of substantial new budget arrears. The IMF thus saw the need inter
alia to introduce some tax reform measures, adjust electricity tariffs and
revise the 2003 budget to close the fiscal gap. The authorities achieved the
first two but were unable to secure parliamentary approval of a revised
budget. The current PRGF will expire in the next several months and the IMF
will soon be initiating discussions to assess prospects for a possible new
three-year program to support Georgia’s EDPRP.
2.
The World Bank has taken the lead in the policy
dialogue on structural issues, focusing on: (i) strengthening public
expenditure management; (ii) deepening and diversifying sources of growth,
(iii) protecting the environment; and (iv) reducing poverty. The table on page
53 summarizes the division of responsibility between the two institutions. In
a number of areas – for example the social sectors, rural development,
environment, and infrastructure – the Bank takes the lead in the dialogue and
there is no cross conditionality with the IMF-supported program. The Bank is
also leading the dialogue on private sector reform, and Bank analysis serves as
inputs into the Fund program. In other areas – energy, the financial sector,
public expenditure management, and revenue and customs – both institutions work
together. Finally, in areas like monetary policy the IMF takes the lead with
little Bank involvement.
Areas in which the World Bank leads and there is no direct IMF involvement
3.
Areas in which the Bank leads and there is no
direct IMF involvement include the social sectors, infrastructure and
environment.
·
In the social sectors the Bank conducts
annual updates of Georgia’s Poverty Assessment based on household data collected
on a quarterly basis. The Bank’s focus has been to improve the budget
execution of expenditures for health, education and poverty benefits and to
raise the efficiency in the use of scarce public resources. Through the Social
Investment Fund Credits IDA is focusing in particular on areas with high
poverty levels to provide basic infrastructure to the poorest communities. A
recently approved Self-reliance Fund Grant will help authorities address the
complex issues related to internally displaced people. IDA is also supporting
a dialogue with the Government on social protection reform that may lead to an
IDA-supported project.
Ñòðàíèöû: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12
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