In assessing AIH’s PCs, this report takes into account and analyses data from various sources. This includes data received from the Azerbaijani government through a questionnaire, as well as other governmental and non-governmental statistical sources. The questionnaire responses shared by AIH contained aggregated figures on the SOE sector, which was compiled by the Ministry of Finance for 2023. Further aggregated figures on the SOE sector may also be found through the Ministry of Economy.
In order to best assess the financial performance of PCs, indicators such as the PC’s total revenue, assets, liabilities, profit, equity, ROA, ROE, and financial relationships with the state budget were included. For the data in the company profiles in particular, this report has relied on figures shared by AIH, based on the externally audited financial statements of PCs. However, it has also referred to data produced by the Chamber of Accounts which collects aggregated and disaggregated information on the SOE sector, including cross-sectoral indicators and financial data. Where information deviated between two different sources, these are indicated in relevant notes.
Information on the amount of subsidies allocated to PCs from the state budget was taken from the ‘opinions on implementing the state budget’ prepared by the Chamber of Accounts. According to the Law “on the Budget System”, a subsidy is the financial resource gratuitously allocated from the government budget. The government allocates subsidies to the different types of PCs every year.
For data on PC contribution to the state budget, two types of data were analysed (Table A.A.1) and discrepancies between the data sources are indicated. The first data includes taxes (income tax, profit tax, VAT, etc.) and fees paid to the state budget. The second relates to the funds paid in the form of dividends from the state-owned company to the state budget. According to the Tax Code of Azerbaijan, a dividend is a payment, made by a legal person to its founders (or shareholders) as a distribution of net income, profit upon the payment of all costs and taxes by payers of simplified tax.