In July 1995, the Government of Kazakhstan initiated a restructuring and privatisation programme in the power sector. This led to the sector being restructured into several generation and distribution companies with a single company, Kazakhstan Energy Generating Operating Company (KEGOC), responsible for transmission. Subsequently an application was made to the EBRD for a long term loan to invest in the modernisation of the country's transmission network.
Corporate Solutions was awarded a contract to develop a long term cash flow model for the whole of the Kazakhstan power sector and assess the appropriateness of tariff setting procedures within the sector. The objective of the assignment was to assist the EBRD with establishing the viability of extending a loan to KEGOC to invest in the modernisation of the country's power transmission infrastructure.
Our role was to develop a forecast of future cash flows and determine the ability of KEGOC to make repayments against the loan. More...

Bulgaria's endowment of commercial energy resources is limited. Reserves of oil and gas are estimated at about 3 million tonnes of oil equivalent, representing less than 3 months of the country's petroleum consumption.
Hydro power is also limited as most of Bulgaria's rivers are very small, except for the Danube.
National Electricity Company (NEK) is the state power company with sole responsibility for distributing electricity, producing about 89% of the electricity and 11% of the heat consumed in Bulgaria in 1998. The balance is provided by industrial producers and district heating plants. Significant investment in the power sector was needed if Bulgaria was to meet the demands of its industry and population for electricity and heating.
In 1999, Corporate Solutions was awarded a contract by the EBRD to develop a long term financial projection for NEK as a basis for evaluating the feasibility of investing in the power sector. The forecast covered a period of 15 years and included a detailed plan of sales, production, income and expenditure. The forecast was based on detailed calculations of financial and economic assumptions taking into account GDP growth and price elasticity.
The output of the model included an Income Statement, Balance Sheet, Cash Flow Statement and Investment plan. More...

In 1997 a two-year programme with a budget of US $2M, funded by UNDP and executed by UNIDO, was agreed to assist the Albanian government with its industrial reform programme.
The Albanian Government counterpart agency is the Ministry of Public Economy and Privatisation (MoPEP). The overall objective of the programme was to assist the Albanian industrial sector to adjust to the emerging market environment, by enhancing competitiveness and profitability.
The programme assisted with the interim restructuring of state enterprises as well as provide restructuring and competitiveness development support to recently privatised and established private enterprises.
In 1999, Corporate Solutions was awarded a contract by UNIDO to assign a senior restructuring specialist to act as the Chief Technical Adviser to the MoPEP. They were responsible for managing a centre in Tirana, resourced by a group of international and local consultants, to offer assistance to the local enterprises. The assistance focused on carrying out diagnostic analyses of enterprises, developing restructuring strategies and providing implementation assistance.
The project also addressed the need to improve the management capability at enterprise level, as well as develop the local management consulting capability. More...

The development of the private sector is a priority for Tajikistan. In 1997, the EBRD made its first direct investment in Tajikistan by extending a loan to facilitate the establishment of a joint venture in Khujand to produce vegetable and fruit juices. The company, having made a promising start, was experiencing serious financial problems. This was partly caused by the financial crisis in Russia, where the company planned to sell 80% of its total production.
Corporate Solutions was awarded a contract to conduct a financial and operational review of the company and develop an action plan to manage the financial crisis. More...

In 1998 Corporate Solutions was commissioned by EBRD to undertake a detailed assessment of Tajprombank as a potential candidate for equity investment. At that time the Bank had three branches with limited capitalisation.
Since 2000, Corporate Solutions was retained by Tajprombank to assist the Bank with improving its operational procedures and systems to support a significantly enlarged operation.
The Bank was then one of the largest private banks in Tajikistan, operated 12 branches, and was negotiating with the EBRD to participate in a Micro-Lending and Trade Facilitation programme.
Corporate Solutions continued to act as an advisor to the Bank and was also a minority shareholder. More...

Shirak Investment Bank (Bank) was being considered by the World Bank as a participant in a credit line programme in Armenia.
Corporate Solutions was awarded a contract to conduct a full assessment of Shirak Investment Bank with the following objectives. To review the financial strength of the Bank and evaluate the effect on it if it was selected to participate in the World Bank credit line. Evaluate a range of services currently offered by the Bank, availability of services from competing banks, and cost of services and the demand for credit from the local business community. We also made an assessment of the bank's institutional development needs and defined the nature of technical assistance it would require if it were awarded a credit line. More...

The power sector in BiH suffered extensive damage during the war with Serbia and Croatia and was subsequently divided into three territorial companies called EPBiH, ERS and EPM.
The power system in BiH is based largely on coal and hydro generation.
As the restructuring of the sector has proceeded, the development of effective financial management practices and systems has become a priority. This not only helped the new companies to commercialise their management practices, but also facilitated the privatisation of some or the entire sector.
In 1998, Corporate Solutions was awarded a contract by the EBRD to assist the three power companies with restructuring their finance and accounting practices and implementing procedures for the production of financial statements compliant with International Accounting Standards (IAS).
For over two years, three teams of consultants have been providing consultancy and training to the three companies in finance and accounting. These companies are now producing their annual audited financial statements to IAS and are in the process of procuring and implementing integrated computerised accounting systems.
Corporate Solutions was part of a consortium selected by OBNOVA to bid for a 2 million Euros project to restructure the whole of the power sector in BiH. More...

In 1998, Corporate Solutions was awarded a contract to assist the three Telecom companies with the restructuring of their finance and accounting functions. The main purpose of this project was to ensure that the operators could implement and operate consistent financial procedures for producing audited financial statements in accordance with International Accounting Standards (IAS).
Very early into the project it became apparent that the extent of assistance required by the companies was much greater than initially envisaged. The project therefore focused on areas that were of key importance to the companies and the project was extended for a further period of two years.
In January 2000, a new contract was signed with the EBRD to continue providing consultancy in finance and accounting to the three operators. In addition, two contracts were signed directly with the Telecom companies to assist in separation of postal and telecommunication services More...

In 1998, Corporate Solutions was awarded a contract to assist Turkmenistan Shipping Authority (TSA) with the commercialisation of it financial management practices.
For over eighteen months, we worked with the management of TSA to re-engineer its financial management and accounting practices and implement a computerised management information system. We also conducted a tariff study to help TSA introduce tariff charges that reflect market demand and the cost structure of the port. This was followed by the implementation of a computerised system to help TSA forecast traffic and calculate tariff charges, taking into account its operating and financing costs.
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Polygraphoformlenie is a leading producer of packaging material in Russia. The company was established in 1879 to produce packaging material for tobacco, food and perfumery products. It was privatised in 1994 and since then has made significant investment in new infrastructure and manufacturing facilities. This modernisation was partly funded by equity investment from the Russian American Investment Fund. As a result, the company has attracted a number of household names as customers including Coca-Cola, Nestle, Procter & Gamble and Mars.
Although the company had modernised its manufacturing facilities, its commercial and production management practices required significant improvements and strengthening.
In 1998, Corporate Solutions conducted a review of Polygraphoformlenie's commercial and production management practices and developed an action plan. Over a period of six months, our consultants worked with the company's management to design and implement an order based costing and a management reporting system.
One of our printing experts also introduced significant improvements in production processes and prepared the company for ISO 9001 certification. Productivity was significantly increased and a management information system was implemented, which provided reliable information about the cost of orders as a basis for pricing. A standard set of management reports were implemented, which provided managers with timely information on the overall performance of the company. More...

Investbank was a recipient of a credit line from the World Bank and technical assistance from the British Know How Fund.
Corporate Solutions was awarded a contract to assist Investbank with the development of its commercial practices.
The aim of the project was to provide the Bank with practical advice and structured training in the areas of business and financial planning, development of an internal audit practice, product costing and production of International Accounting Standard (IAS) financial statements and definition of requirements for a management information system.
We also assisted the Bank with the production of its 1996 IAS financial statements and the development of a financial plan. More...

In 1996, the EBRD approved a credit line to Orienbank, Tajik Joint Stock Industrial and Construction Bank. The credit line provided a much needed source of financing to SMEs through long term currency loans. In 1997, the EBRD awarded a contract to Corporate Solutions to establish a Business Advisory Services centre in Dushanbe with the intention of offering services designed to improve the performance, efficiency and profitability of local private SMEs including business planning, finance and accounting, market research, legal assistance, product design and export promotion.
Other responsibilities of the centre included helping private sector companies with everything from obtaining loans from domestic and international lending agencies through to assisting entrepreneurs in drafting business plans, as well as actively liaising on their behalf with the lending agencies.
The centre became operational in January 1998. During its operation the centre worked with more than 100 businesses in a variety of sectors. More...

Kyrgyz State Energy Holding Company (KSEHC) is the sole generator and distributor of electric power throughout the Republic of Kyrgyzstan and as such represents the backbone of the country's industry.
In 1995, the EBRD extended a US$38m sovereign loan to KSEHC for constructing transmission lines to deliver electric power to the Kutmor Gold Mine. The company was also provided with technical assistance to improve its financial management practices in line with International Accounting Standards (IAS).
A consortium, led by Corporate Solutions and Daiwa, was selected to help KSEHC with re-engineering its finance and accounting function and implementing a computerised accounting system. This was achieved through a combination of introducing modern finance and accounting procedures, staff training and the development and implementation of an integrated computerised accounting system.
Since 1997, the company's financial statements are audited to international standards and KSEHC has received a number of other loans from the World Bank and the Asian Development Bank. More...

The Ministry for Telecommunications and Postal services in Belarus separated telecommunication from postal services and in 1996, telecommunication services were moved under Beltelecom. The company consists of 141 entities, some of which are established as legal entities and others are business units.
In 1996, Beltelecom embarked on a major programme, partly financed by a loan from the EBRD to modernise its infrastructure and improve its business systems. As part of this programme, a project was defined in 1996 to undertake a detailed review of the company's existing budgeting, financial management, accounting practices and systems and generate recommendations for improvement.
Corporate Solutions was appointed by Beltelecom to assist it with defining and implementing procedures for the production of International Accounting Standards (IAS) financial statements and design a computerised financial management and accounting system. Our team, including a number of telecommunications experts, carried out a detailed review of the existing practices and systems and implemented improvements in the key areas.
Following the success of this work, Corporate Solutions was awarded a second contract to assist Beltelecom with the preparation of the tender documentation for the selection and procurement of a computerised accounting system. More...

Corporate Solutions managed a project for the EBRD to assist the Belarus Telecom and Energy Ministries with the introduction of modern financial management practices and accounting systems in preparation for their privatisation.
An important objective of the project was to assist the sector ministries with developing an effective framework for management and cost accounting as a basis for setting appropriate tariffs. A key requirement for achieving this objective was to define appropriate cost centres and drivers in order to establish the cost of providing services to different categories of consumers.
Other objectives included the introduction of changes in accounting and reporting procedures necessary to generate International Financial Reporting Standards (IFRS) compliant financial statements and planning the implementation of computerised accounting and billing systems. More...

In 1996, AZANS secured a loan from the EBRD to invest in the development of its infrastructure and modern navigation equipment.
An important condition of the EBRD loan was that AZANS must introduce effective management practices to run the company on a fully commercial basis and implement a modern computerised accounting system.
Corporate Solutions was selected, from a number of consulting companies, to assist AZANS with achieving that objective. The Corporate Solutions team, including an air navigation specialist from Hyder Consulting, helped AZANS in re-engineering its financial management and accounting practices. This included the implementation of the Sun Business System and the development of software for traffic forecasting. More...

Uralelectro is a manufacturer of electric motors and low voltage starters.
Since 1996, Corporate Solutions has worked with the management of Uralelectro to define and implement an extensive restructuring programme. This included discontinuing unprofitable products, reorganisation of profitable activities into three business units, and re-engineering its business processes and management practices. The restructuring measures resulted in a significant increase in productivity, reduction in production costs and achievement of ISO 9002 certification. In 1998, these improvements led to the establishment of a joint venture with a major Italian company.
Corporate Solutions conducted the due diligence and prepared the contract between the two companies. Up until 2000 we continued working with Uralelectro on the implementation of a financial management information system and define a strategy for the business unit responsible for the production of low voltage starters.
As part of this work, we developed a comprehensive investment plan that was presented to a number of potential investors. In 2001, a joint venture was agreed with a French company and Corporate Solutions was retained by Uralelectro to assist it with final negotiations and the provision of financial information to the joint venture partner. More...

Electrosovetmet started as a research institute, specialising in the processing of various metals including copper. In 1994 the company was declared bankrupt and was bought by a group of young Russian and foreign entrepreneurs with equity investment from a British investment fund.
The new owners refocused the company's activities, under the trading name Eurofoil, to produce a new range of products for export to Western Europe. In parallel, the management negotiated a grant from the British Know How Fund to procure British consulting resources to strengthen its commercial management practices and systems. In 1996 Corporate Solutions was selected, from amongst a number of consulting firms, to assist Eurofoil with strengthening its financial management and accounting practices.
Our team, including a specialist in material processing, conducted a thorough analysis of the production methods in the factory and the existing data recording systems. We then assisted the management with defining its management information needs, and designed a process costing system to generate information about the key aspects of the production. This was followed by the design of a new Chart of Accounts, to support financial and management reporting.
One of our Russian accountants also assisted the company with defining and implementing measures for reducing its tax burden. More...

Corporate Solutions was awarded two contracts by the British Know How Fund Technical Assistance Centre to assist two companies in Russia with restructuring and the implementation of effective financial management practices. These included Eurofoil in Ryazan and Polygraphoformlenie in St-Petersburg.
Corporate Solutions conducted a review of Polygraphoformlenie's commercial and production management practices and developed a cost reduction programme. Over a period of six months, our consultants worked with the company's management to design and implement an order based costing and a management reporting system.
Productivity was significantly increased and a transparent management information system was implemented providing reliable information about the cost of orders as a basis for pricing. A standard set of management reports was introduced that provided managers with timely information on the overall performance of the company.
In 1996, Corporate Solutions was selected to assist Eurofoil with strengthening its financial management and accounting practices. Our team, including a specialist in material processing, conducted a thorough analysis of the production methods in the factory and the existing data recording systems. We then assisted the management with defining its management information needs, and designed a process-costing system to generate information about the key aspects of the production. This was followed by the design of a new Chart of Accounts to support financial and management reporting.
One of our Russian accountants also assisted the company with defining and implementing measures for reducing its costs. More...

In association with Lubbock Fine, Corporate Solutions reviewed the Izhlada Bank's (Bank) development strategy and conducted an audit of the banks operation.
This led to comprehensive recommendations for institutional development and the requirements for a management information system to support the implementation of the Bank's strategy. More...