Public Disclosure Authorized
RepOblica de Mogambique
Fundo de Estradas (FE) Public Disclosure Authorized
Financial Statements
For the year ended 31 December 2018 Public Disclosure Authorized
FUNDO DE ESTRADAS Public Disclosure Authorized FUNDO DE ESTRADAS AGGREGATED FINANCIAL STATEMENTS 31 December 2018
INDEX PAGES
Statement of management responsibilities 1 Independent Auditor's Report 2 Aggregated Road Sector Accounts - Balance Sheet 5 Aggregated Road Sector Accounts - Income Statement 6 Road Fund Accounts - Balance Sheet 7 Road Fund Accounts - Income Statement 8 ANE Accounts - Balance Sheet 9 ANE Accounts - Income Statement 10
Provinces Accounts (ANE and Road Fund Delegations) - Balance Sheet 11 Provinces Accounts (ANE and Road Fund Delegations) - Income Statement 12 Municipalities Accounts - Balance Sheet 13 Municipalities Accounts - Income Statement 14 Districts Accounts - Balance Sheet 15 Districts Accounts - Income Statement 16 Office of Zambeze Bridge Project Accounts - Balance Sheet 17 GNPT - Office of New Bridge of Tete Accounts - Balance Sheet 18 GNPT - Office of New Bridge of Tete Accounts - Income Statement 19 Road Fund Operating - Balance Sheet 20 Notes to the Financial Statements 21 STATEMENT OF MANAGEMENT RESPONSIBILITIES The directors are responsible for the preparation of the financial statements that present fairly the aggregated financial statements of Fundo de Estradas, comprising the balance sheet as at 31 December 2018 and the statement of income and expenditure for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with the modified cash receipts and disbursements basis of accounting disclosed in Note 2.
The financial statements have been audited by the independent accounting firm, Deloitte & Touche (Moyambique), Lda, which were given unrestricted access to to all financial records and related data. The directors believe that all representations made to the independent auditors during their audit were valid and appropriate. The report of the independent auditors is presented on pages 2 and 4.
The financial statements for the year ended 31 December 2018 presented on pages 5 to 73 have been prepared in accordance with the basis of accounting described in the Notes to the financial statements. They are based on appropriate accounting policies which have been consistently applied, and which are supported by reasonable and prudent judgements and estimates. The going concern basis has been adopted in preparing the financial statements. The management have no reason to believe that Fundo de Estradas will not be a going concern in the foreseeable future based on forecasts and available cash resources.
The Directors' are also responsible for Fundo de Estrada's system of internal controls. These are designed to provide reasonable but not absolute assurance as to the reliability of the financial statements and to adequately safeguard, verify and maintain accountability of assets. These controls are monitored throughout the Entity by the Directors and employees with the necessary segregation of authority and duties. Processes are in place to monitor internal controls, to identify material breakdowns and implement timely corrective action.
The aggregated financial statements of Fundo de Estradas, as identified in the first paragraph, were approved by the Board of Di(ectors on 30,April2019,and are signed on its behalf by:
Prof. An ilo Mac acua Jo Mutombene Chief Executive icer rHead of Finance Directorate Cain Postal 4318 Delottte & Touch e Maputo (Mogamnbique) Lda Moqambique Chartered Accountants and Management consultants Registration No: 5917 Rue dos Desportlstas, 833 Predio JAT V-1 3 Andar
Tel +258 21320955 Tel: +258 21430594 Tel: +258 20600100 [email protected] www.deloitte.com
(FREE TRANSLATION FROM THE PORTUGUESE VERSION) INDEPENDENT AUDITOR'S REPORT
To the Shareholders of
FUNDO DE ESTRADAS
Report on the Audit of the Financial Statements Opinion
We have audited the aggregated financial statements of Fundo de Estradas, which comprise the balance sheet as at 31 December 2018, and the statement of income and expenditure for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes, as set out on pages 5 to 74. The financial statements have been prepared by the management of Fundo de Estradas for the purpose of providing financial information to the financiers.
In our opinion, the aggregated financial statements, present fairly, in all material respects and in terms of the agreement with the financiers, the financial position of the Fundo de Estradas as at 31 December 2018, and the statement of income and expenditures for the year then ended in accordance with the basis of accounting set in note 2 to the financial statements.
Basis for Opinion
We conducted our audit in accordance with International Audit Standards (ISAs), issued by IAASB. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fundo de Estradas in accordance with the ethical requirements that are relevant to our audit of the financial statements in terms of the code of ethics issued by the Order of Accountants and Auditors of Mogambique ("OCAM"), which comply with the Code of Ethics issued by the Ethics Standards Board for Accountants (IESBA), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matters
We confirm, within the scope of our audit, that the transactions were made in accordance with the contracts, agreements and relevant legislation. Responsibilities of the Board of Directors for the Financial Statements
The Board of Directors is responsible for the preparation of financfal statements that give a true and fair view in accordance with basis of accounting set out in note 2, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Fundo de Estradas's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fundo de Estradas or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is, also, responsible for overseeing the Fundo de Estrada's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or taken together, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit We also:
* Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. o Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Fundo de Estradas to cease to continue as a going concern.
* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
32 We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
The engagement partner on the audit resulting in this independent auditor's report is Aneliya Nikolova.
Deloitte & Touche (Mogambique), Lda Certified Auditors n. ' 56/CA/OCAM/2014 Represented by Aneliya Nikolova Partner Certified Auditor n. V 56/CA/OCAM/2014 30 June 2019
4 FUNDO DE ESTRADAS AGGREGATED ROAD SECTOR ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Assets 17 376 639 072 11 952 509 079 Cash 3.1 5851 500 10029672 Bank 3.2 2 182 815 934 4025418605 Receivables 4 15 187 971 638 7917060802
Total Assets 16 972 625 772 11 952 509 079
Liabilities 14 255 676 835 6 639 961 834 Bank Borrowings 5 4 377 357 456 4 467 383 991 Short Term Payables 6 9 878 319 379 2 172 577 843
Equity 2120962239 5312547245 Opening Balance 26 5 312 547 245 (965 305 954) Previous Year Adjustments 7 (71 238 490) (68 187 897) Deficit)/ Surplus Pag.6 (2 120 346 517) 6 346 041 096
Total Equity and Liabilities 17 376 639 072 11 952 509 079
5 FUNDO DE ESTRADAS AGGREGATED ROAD SECTOR ACCOUNTS STATEMENTS OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Revenue 18 097 602 115 22 207 620 573 Government Investment Funds 9 975083939 714588225 Border Taxes 10 570435251 601 231 090 Fuel Levy 11 3663192499 3841 967028 Grants 12 11 537 344 402 12 512 885 275 Tender Income - 302233171 8446907 Bank Interest Income 13 3748942 8702885 Bridge Tolls 14 82718030 69259120 Exchange Rate Gain 26 161 935 721 2 445 799 Other Income 16 800910161 4448094244 Expenditures 20 217 948 632 15 861 780 753
Administrative Expenses 1555114516 2206426508 Road Fund Headquarter 17 619 756 536 1 529 039 645 Road Fund Operation Pag 21 175 471 442 - ANE(Administrative Directorate) 18 280 121 677 261 590 455 ANE Delegations 19 345 630 836 293 189 674 Road fund Delegations 19 60630 027 83288289 GNPT 21 59703199 20755604 Municipalities - South Region 22 42 287 192 041 Municipalities - Central Region 23 101 140 77820 Municipalities - North Region 24 742613 182661 Districts 27 12914758 18 110319
Capital Expenditures 18 245 401 344 13 038 245 648 Road Fund Headquarter - 15 079 248 777 10 243 139 840 Road Fund Operation Pag 21 5339682 - ANE (Administrative Directorate) 18 11 250 874 41 534 902 ANE (Delegation) 19 11 730 833 619 123 Road Fund Delegations 19 2414967725 2162103253 GNPT 21 212 100 - Municipalities - South Region 22 160 696 234 169 970 619 Municipalities - Central Region 23 117 801 258 94 949 104 Municipalities - North Region 24 138 002 095 95 316 744 Districts 27 306 151 767 230 612 063 Funds Allocations - Empresa de a) 193642788 5000000 Desenvolvimento Maputo Sul, EP Rounding Differences - 701
Exchange Rate Loss 16 65443589 562107858
Other Expenses 29 158346395 38
(Deficit)/Surplus (2 120 346 517) 6345839820
6 FUNDO DE ESTRADAS ROAD FUND ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Assets 15 722 847 070 11 136 326 499 Cash 31 4913868 8 4b4 776 Bank 32 1890659561 3764911466 Receivables 4 13 827 273 642 7363010257
Total Assets 15 722 847 070 11 136 326 499
Liabilities 13 035 115 070 6414729006 Bank Borrowings 5 4377357493 4 467 383 991 Short Term Payables 6 8657 758 416 1 947345015
Equity 2687731199 4721597493 Opening Balance 4 721 597 493 (1 478 916 094) Previous Year Adjustment 7 (13351 212) (52102741) Deficit/Surplus (2 020 515 082) 6252616328
Total Equity and Liabilities 15 722 847 071 11 136 326 499
7 FUNDO DE ESTRADAS ROAD FUND ACCOUNTS STATEMENTS OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Revenue 17 323 057 562 22 193 081 215 Government Investment Funds 9 975 083 939 714 588 225 Border Taxes 10 570 435 251 601 231 090 Fuel Levy 11 3663192499 3841 967028 Bridge Tolls 14 82718030 69259120 Grants 11 11 537 344 402 12 512 885 275 Exchange Rate Gains 24 161 704 763 2 445 799 Bank Interest Income 13 3702072 8468166 Other Income 16 328876606 4 442 236 512
Expenditure 19 343 572 644 15 940 464 887
Administrative expenses 444 285 094 261 779 798 Administrative Expenses 17 444285094 261 779798
Capital expenditure 14 494 049 649 11 510399689 Housing - 887 750 Bridge Construction 386 179 912 550 371 881 Roads Construction 608 867 797 483 685 913 Roads Maintenance 2 077 510 103 312 195 270 Roads Rehabilitation 5 419 457 950 8 100 093 543 Emergency 5 858 363 949 771 744 985 Road Safety 65976517 2911253 Machinery and Equipment 6 273 620 21 249 246 Finance cost 71 419 801 1 267 259 848
Funds Allocations 4182643562 3617289035 ANE Delegations 19 356774602 295496484 ANE Administrative Directorate 18 295 640 831 297 159 000 Road Fund Delegations 19 2 869 916 041 2 577 598 715 Municipalities - South Region 22 158 145 500 157 755 700 Municipalities - Central Region 23 121 177600 96729400 Municipalities - North Region 24 124 690 200 116 401 780 Maputo Sul a) 193642788 55000000 GNPT 20 62656000 21 147255 Rounding Difference - 701
Other Expenses 29 157 323 749 - Exchange Rate Loss 15 65 270 590 550 996 365 (Deficit)/Surplus (2 020 515 082) 6252616328
a) Amount allocated to the Maputo Development Company for resettlement under the Maputo-Katembe FUNDO DE ESTRADAS ANE ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Note 2018 2017
Assets 151 610785 143832830 Bank 18 145632992 140 028 886 Receivables 18 5 977 793 3 803 944
Liabilities 2 797 339 434 306 Short Term Payables 18 2 797 339 434306
Equity 148 813 446 143 398 524 Opening Balance 18 143398524 157897535 Surplus/(Deficit) 18 5414922 (14 499011)
Total Equity and liabilities 151 610 785 143 832 829 FUNDO DE ESTRADAS ANE ACCOUNTS STATEMENTS OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Revenue 297 983 095 300 315 544 Transfers from Road Fund - State Budget 18 295640831 297159000 Income from Public Tenders 18 575 530 1 646 790 Other Income 18 1 535777 1509754 Exchange Rate Gains 18 230 958 -
Expenditure 292568173 314236849 Administrative Expenses 18 280 121 677 261 590 455 Capital Expenditure 18 11 250874 41 534902 Other Expenditures 18 1 022623 - Exchange Rate Loss 15 172999 11 111 492
(Deficit) (5414922) (13921 305)
10 UNDO DE ESTRADAS PROVINCES ACCOUNTS (ANE & ROAD FUND DELEGATIONS) BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017 ANE & FE ANE & FE Provinces Provinces
Aggregated Aggregated
Assets 861 418 786 502 087 361 Cash 19 937 633 1 624 896 Bank 19 73569 717 59443791 Receivables 19 786911435 441 018674
Total assets 861 418 786 502 087 361
Liabilities 636 131 567 160 762 280 Short Term Payables 19 636 131 567 160762280
Equity 225 287 219 341 325 081 Opening Balance 19 341 325082 235018771 Previous Year Adjustments 7 (76325923) (4553358) (Deficit)/surplus 19 (39 711 941) 110859668
Total Equity and Liabilities 861 418786 502087361
11 FUNDO DE ESTRADAS PROVINCES ACCOUNTS (ANE & ROAD FUND DELEGATIONS) STATEMENTS OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes Provinces Provinces Consolidated Aggregated 2018 2017
Revenue 3151 956054 2884452630 Transfers from Road Fund 19 3 144 334 905 2 873 096 374 Tender income 19 3905 504 6800 117 Other Income 19 3 668 775 4 345 572 Bank interest 19 46869 210566
Expenditure 3191667994 2773592 962 Administrative expenses 19 406 260 863 376 477 963 Capital expenditure 19 2 426 698 535 2 162 722 375 Funds Allocation 358 708 573 234 392 585 Other expenses - 24 38
(Deficit)tSurplus (39 711 941) 110 859 668 FUNDO DE ESTRADAS MUNICIPALITIES ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Assets
Banks 56600484 56105774 Southern Region 22 7390076 6563709 Central Region 23 34684777 26610116 Northern Region 24 14425631 22931949
Receivables 482 871 173 67 900 237 Receivables - Southern Region 22 192 268 271 22 776 140 Receivables - Central Region 23 150 827 217 28 687 648 Receivables - Northern Region 24 139 775 684 16436 449
Total Current Assets 539 371 657 124 006 010
Liabilities 488 634 177 56035864 Payables 22/23/24 488634177 56035864
Equity 50737481 67970146 Opening Balance 67970146 58293046 Previous Year Adjustments 7 5 090 250 (547 448) (Deficit)/ Surplus 22/23/24 (22322915) 10224548
Total Equity and Liabilities 539371 657 124006010 FUNDO DE ESTRADAS MUNICIPALITIES ACCOUNTS STATEMENTS OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 -* (Amounts expressed in Meticais)
Notes 2018 2017
Revenue 404 023 916 370 913 538
Road Fund Transfers 404 018 300 370 886 980 South Region 22 158145500 157755700 Central Region 23 121 182600 96729500 North Region 24 124690000 116401780
5616 26558 Other Income 5616 26558
Expenditure 426 346 831 360 688 990
Administrative Expenses 886041 452522
South Region 22 42287 192041 Central Region 23 101 140 77820 North Region 24 742613 182661
Capital Expenditure 416 499 586 360 236 467 South Region 22 160696234 169970619 Central Region 23 117801 258 94949104 North Region 24 138002095 95316744
Other Expenses 8 961 204 -
(Deficit)ISurplus (22322915) 10224548
14 FUNDO DE ESTRADAS DISTRICTS ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017 DISTRICTS DISTRICTS Aggregated Aggregated
Assets 81 663 617 41 327 691 Receivables 27 81 663 617 41 327 691
Total assets 81 663 617 41 327 691
Liabilities 8 682 460 8 000 377 Short Term Payables 27 8682 460 8000 377
Equity 72981157 33327315 Opening Balance 27 33327314 57863755 Previous Year Adjustments 27 (7818) (10406644) Surplus/(Deficit) 27 39661 661 (14 129 796)
Total Equity and Liabilities 81 663 617 41 327 692
15 FUNDO DE ESTRADAS DISTRICTS ACCOUNTS STATEMENTS OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes Provinces Provinces Consolidated Consolidated 2018 2017
Revenue 358 729 573 234 592 585 Transfers from Delegations 27 358729573 234 592 585
Expenditure 319067912 248722383 Administrative Expenses 27 12914758 18110319 Capital Expenditure 27 306 151 767 230 612 063 Other Expenses 27 1 387 1
Surplus/(Deficit) 39 661 661 (14 129 797) FUNDO DE ESTRADAS OFFICES OF ZAMBEZE BRIDGE PROJECT ACCOUNT BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
2018 2017
Assets 1905 1905 Cash and Bank 1 905 Z h05 Total Assets 1905 1905
Equity 1905 1905 Opening Balance 1905 1 905 Surplus/(Deficit) -
Total Equity and Liabilities 1905 1905
17 FUNDO DE ESTRADAS GNPT - OFFICE OF NEW BRIDGE OF TETE ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Assets 7 667 483 4 926 782 Cash and Bank 21 7 667 483 4 926 782
Total Assets 7667483 4926782
Liabilities - - Short Term Payables -
Equity 7667483 4929782 Opening Balance 21 4926782 4535130 Previous Year Adjustment - (Deficit)/Surplus 21 2 740 701 391 652
Total Equity and Liabilities 7 667 483 4 926 782
18 FUNDO DE ESTRADAS GNPT - OFFICE OF NEW BRIDGE OF TETE ACCOUNTS STATEMENTS OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Note 201B 2017
Revenue - 21147255 Transfers from Road Fund 21 62 656 000 21 147255
Expenditure 47915299 20755604 Administrative Expenses 21 59 703 199 20 755 604 Capital Expenditure 21 212 100
(Deficit)lSurplus (2 740 701) 391 652
19 FUNDO DE ESTRADAS ROAD FUND - FUNDO DE FUNCIONAMENTO BALANCE SHEET AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017
Assets 12057769 - Cash and Bank 3.2 8783792 Receivables 4 3273977
Total Assets 12057769
Liabilities 84315420 Short Term Payables 6 84315420
Equity (72 257 651) Opening Balance - Previous Year Adjustments 7 13356212 (Deficit/surplus) (85 613 863)
Total Equity and Liabilities 12057769
20 FUNDO DE ESTRADAS ROAD FUND - FUNDO DE FUNCIONAMENTO GNPT - OFFICE OF NEW BRIDGE OF TETE ACCOUNTS STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Notes 2018 2017 Revenue 95197564 - Transfers from Road Fund 94 990 991 Other Income 206 573
Expenditure 180 811 426 Administrative Expenses Pag.6 175 471 442 Capital Expenditure Pag.6 5339681 Other Expenses 303
(Deficit)/Surplus (85 613 863) -
21 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts expressed in Melicais)
1. INTRODUCTION
The Road Fund functioning aims to finance the system of roads in Mozambique, namely: construction, rehabilitation and maintenance. The Road Fund received funds from various sources, namely:
Investments Fund. - Own revenue as Border Tax fees, bridge tolls and fuel levy. - Foreign financing (grants and loans). During 2018, the follow grants were occurred:
ADS (African Development Bank) - Montepuez - Lichinga Road Upgrading Project, supplementary Loan to finance the Montepuez-Lichinga, Multinational Nacala Road Corridor Project- Phase 111, Mueda - Negomane Road Project, Muita - Massangulo Road Project. DANIDA - (Danish International Development Agency) -- Road Sector Budget support for District roads. * INDIA Eximbank (The Export-Import Bank of India) - Rehabilitation of Road N280/281 between Tica, Buzi and Nova Sofala in Sofala Province. * IFAD (International Fund for Agricultural Development) - Food Production Action Plan (Pro-Papa) and Rural Markets Promotion Programme in Maputo, Niassa and Cabo Delgado Provinces - PROMER. * JICA (Japan International Cooperation Agency)-Montepuez - Lichinga Road Upgrading Project and Multinational Nacala Road Corridor Project - Phase III and Construction Works of 13 Bridges, between Ile and Cuamba, Mandimba - Lichinga Road Upgranding Project, * Portuguese Government - Construction and Road Rehabilitation : Macomia - Oasse, Canigado - Chicualacuala, Chimoio -Espungabera and Mocimboa da Praia - Namoto; Construction of the new Tete Bridge, Rehabilitation of N103 e R657 between Magige, Etatara and Cuamba, Rehabilitation of R602 between Magoe - Mucumburra and R601 Estima Maroeira. * UE (European Union) - Milange-Mocuba Road in Zamb6zia Province- Phase I: Upgrading of Milange-Mocuba Road - Phase II; Road Sector Budget Support. * World Bank - BMMP - APLII (Adaptative Program Lending II). * China EximBank - Beira - Machipanda Rehabilitation Road * OPEC - Road Rehabilitation to Rural Market Access - PROPESCA. * NDF - Nordic Development Fund.
The Road Fund provided funds to the following entities:
- FE Delegations - ANE Headquarters - National Administration of Roads. - ANE Delegations. - Municipalities - Districts - GNPT - Cabinet of Nova Ponte de Tete - Empresa de Desenvolvimento de Maputo Sul, EP
22 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
2. MAIN ACCOUNTING POLICIES
2.1. Basis of Preparation
The financial statements are prepared on the modified cash receipts and disbursements basis of accounting. Under the cash receipts and disbursements basis of accounting, revenue is recorded when received in cash and expenditures are assigned to the period in which cash payment is made. This basis of accounting was modified to include accounts receivables (Advance payments made to our Suppliers) and payables (Suppliers Retentions made by us) as at 31 December 2018 and is consistent with the prior year. These financial statements reflect the aggregated transactions within the Road Sector.
2.2. Functional Currency
The functional currency of Fundo de Estradas is the Metical, which is also the presentation currency.
2.3 Foreign Currencies
Transactions in foreign currencies are translated at the rate of exchange ruling at the transaction date. Monetary assets and liabilities in foreign currencies at the balance sheet date are translated at the rates of exchange ruling at the balance sheet date. Any foreign exchange differences arising on such translation are recognised in the income statement in the period in which they arise.
2.4. Capital Expenditure
Capital assets are expensed on acquisition. However they are controlled through a fixed assets register. Expenditure on road maintenance and rehabilitation is not capitalized, since the roads and the land on which they are built are property of the Government of Mozambique. 2.5. Revenue
Revenue represents the resources originated by normal activity of the Road Fund, such as transit fees and bridge tolls; the support from State Budget and also foreign Grants and Loans supported by the Mozambican Treasury. Revenue is recognised in the income statement on receipt of the funds into the entity's bank accounts.
2.6. Expenditure
Expenditure represents operating costs covered by internally generated resources from the Road Sector as well as Government support, grants and loans.
2.7. Advances to Implementing Agencies
Receivable balances include advances and expenses not yet justified by year-end as well as the retentions made on the contracts awarded and other transactions within the Road Sector accounts.
23 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts pressed in Meticais)
3. CASH AND BANK BALANCES:
3.1 Cash
Cash balances are as follows:
Cash on handlRoad Fund 2018 2017 3.1.1 Bridge Toll Head Quarters -1 019 Rio Zambeze-Cata 76880 416 940 Batelao Chire - Caixa 74 700 - Rio Limpopo-Guij6 549520 514160 IIha de Mogambique 70 580 75 690 Ponte de Lugela 84 010 151 670 Rio Save 409 460 530 700 Rio Zambeze-Tete - Rio Limpopo-Xai-Xai 2 731 980 2 684 330 3.1.2 Border Tax 3997130 4374509 Moamba 231 050 309 270 Beira - 236 115 Machipanda 332 178 429 963 Mandimba - 23 320 Milange - 23 320 Maputo 310 845 - Tete 42 665 3 008 280 916738 4030268 4913868 8404776
3.1.2 Road Fund and ANE Total RF 182857 870120 Total ANEs 754 776 754 776 937 633 1 624 896
Total 5 851 500 10 029 672
3.2 Bank Balances
Banks balances are as follows:
Notes 2018 2017
Bank Road Fund Headquarter 3.2.1 1 890659562 3764911467 Bank Road Fund Funcionamento Pag.20 8 783 792 - Bank - Executing Agencies 3.22 283 372 580 260 507 138 2182815934 4025418605
24 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts expressed in Meticas)
3.2.1 Banks - Road Fund Headquarter:
Bank Account No. Currency Amount 2018 2017 MZN MZN BIM 88295318 MZN 89 89 89 BIM 995803 MZN - - (219067) BIM 91028681 MZN 83 83 83 BIM 13225951 MZN 5802160 5802166 9381268 BIM 177581975 MZN 907 213 907213 907213 BIM 20099080 USD 7 128 427 693 8 534 860 BIM 20441102 USD - - 6683341 BIM 21627606 USD 68 4 101 3 922 BIM 72136767 USD 28 1 696 1 622 BM 4158513001 MZN 199937194 199937194 307877369 BM 4201513013 MZN 110018458 10018458 198879547 BM 42986010062 USDD 784629 47077711 56577905 BM USD 4261601007 2193 8 12 131 628693 106909920 B M 4 86 56 0 10 08 U S D 1 5 6 5 517 93 9 3 1 0 4 0 1 42 9 7 9 8 8 0 BM 48956010002 USD 2695581 161 734 887 - BM 48966010082 USD 5 895 786 365 254 788 1 931 285 730 BM 48976010062 USD 2164579 129874718 452459117 BM 4260601009 EUR 89499 6264928 6264028 BCI 1069619110002 MZN 374838 374838 374838 BCI 1198532110001 MZN 29 987 29987 29987 BCI 3434110510001 MZN 925001 925001 4218761 BCI 1977568210001 MZN 26121698 26121698 32437037 BCI 1977568210002 USD 132893 7973584 42016534 BCI 528727710002 EUR 31 759 2 223 122 2 222 803 BCI 1618222010002 ZAR 412 118 2060592 2503690 SB 1131091691052 MZN - - SB 1131091691068 MZN 15174499 15174499 1 932577 SB 1010146071065 MZN 208480579 208480579 193533333 SB 1131091691079 MZN - - 8559840 SB 1131091691001 USD 480439 288272355 124854195 SB 1131978241008 EUR 8254 577747 577690 SB 1131091697007 EUR - - SB 1131573201001 GBP 60370 4829616 919783 Barclays 47191000017 MZN 26321 26 321 28372 Mozabanco 237584210001 MZN 1 893 373 1 893 373 7 272 700 BCI Term Deposit USD - - 375 000 SB Term Deposit MZN 40 000 000 40 000 000 40 000 000 SB Term Deposit GBP 483 250 38 660 000 74 527 500 TOTAL 1 890 659 562 3764911 467
25 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
3.2.2 Bank Balances - Executing Agencies
Description 2018 2017
ANE - Delegations Provinces 46 840 085 41 307 620 Maputo 3 702 588 269 758 Gaza 2296384 2889498 Inhambane 2 701 745 1 738 835 Sofala 1 891 791 1 017228 Manica 570788 130268 Zamb6zia 5 220 628 7 451 701 Tete 671 790 86 867 Nampula 20679616 2237143 Cabo Delgado 3616456 3185253 Niassa 5 488 298 22 301 068
FE - Delegations Provinces 26 729 633 18 136 172 Maputo 2 916 932 893689 Gaza 4166064 4333493 Inhambane 3244942 416936 Sofala 4440050 79341 Manica 1 886 845 441 655 Zamb6zia 1 703 550 1 251 569 Tete 1 359 539 1 024 605 Nampula 2001 916 1 080377 Cabo Delgado 3 533 117 231 930 Niassa 1 476 678 8 382 577
Municipalities 56 500 484 56105774 SOUTH REGION 7 390 076 6 563 709 CENTRAL REGION 34684777 26610116 NORTH REGION 14425631 22931 949
ANE SEDE 145 632 992 140 028 886 GPPZ jCash and Bank) 1905 1 905 GNPT (Cash and Bank) 7 667 483 4 926 782 Total 283 372 580 260 507 139 Grand Total 2174032144 4025418605
26 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
4. RECEIVABLES
Receivable balances include advances mainly to the supplier Estradas do Zambeze, and other transactions within the Road Sector accounts and are detailed as follows:
Description 2018 2017
Road Fund - Headquarter 13 827 273 642 7363010257 ANE - Headquarter 5 977 793 3 803 944 ANE & RF Delegations 786911435 441 018674 Municipalities 482871 173 67900237 FE - Funcionamento 3 273 979 - Districts 81 663616 41327691 Consolidated Receivables Balance 15 187 971 638 7 917 060 802
5. BANK BORROWINGS
2018 2017
BCI - Sindicato and Millennium BIM (1) 257 496 493 347 523 028 BCI MZN C/3434110510002 - Pagamento Empreiteiros (3) 57 093 445 57 093 445 CGD-Linha Cr6dito de 400 Milh6es E (2) 4062767518 4062767518 4377 357456 4467 383991
Fundo de Estradas received loans from the following financial entities: 1. Financier from BCI - Sindicato and Millennium 8IM are to finance the following activities: (i) Rehabilitation of the Vanduzi - Changara road in Tete Province; (ii) Namacura - Ligonha River road in Zambezia Province; and (iii) Construction of 3 bridges in Manica Province.
These loans are payable within twelve years and have as guarantee a comfort letter issued by the Government of Mozambique - Ministry of Economy and Finance.
2. CGD - Caixa Geral de Dep6sitos to finance the following activities: New Tete Bridge: The loan is payable within thirty years and has a sovereign repayment guarantee issued by the Government of Mozambique - Ministry of Economy and Finance. 3. The BCI - Loan in the amount of 1 100 000 000 Meticais was contracted at 21 December 2014 with the purpose of paying several contractors, payable in 10 years and bears an interest rate of 9.25%. This loan has a guatantee a confort letter issued by the Government of Mozambique - Ministry of Economy and Finance-
5. SHORT TERM PAYABLES 27 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
The balance of Short Term payables is related mainly to the value of guarantee retentions in the construction works made in the road fund sector and is detailed as follows:
Description 2018 2017
Road Fund - Headquarter 8657 758 416 1 947 345 015 ANE - Headquarter 2 797 339 434 306 ANE & RF Delegations 636 131 567 160 762 280 GNPT 50 656 000 - Municipalities 488 634 177 56 035 864 FE - Funcionamento 84 315 420 - Districts 8 682 460 8 000 377 9928975379 2172577842
6. PREVIOUS YEAR ADJUSTMENTS Description
ROAD FUND 2018 5 002 Correction of Advances Balances for projects previous to 2018 11 499 914 Financial Adjustments (13351 212) Correction of invoice duplication in the previous year 1 856 300
OTHER (71 243 492)
ANE & RF DELEGATIONS (76 325 923) Municipalities 5 090 250 Districts (7 818)
(71 238490)
7. DEFICIT
In light with the cash basis principle, the consolidated deficit in the amount of 2 670 656 648 Meticais refers to the fact that the expenditures executed during the year did surpass the collected revenues during the year. The amount of the expenditures, when compared to the revenues, was made with the beginning balance at the Banks accounts, which had an amount of 4 025 418 605 Meticais, In addition, during the year, there were no internal bank borrowings.
8. GOVERNMENT INVESTMENT FUNDS
This amount relates to the total transfers received during the current year from the Government financers for investment Project.
2018 2017 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
Government Investment Funds - State Budget 975 083 939 714 588 225 975 083 939 714 58B 225
9. BORDER TAXES
2018 2017
Beira 275203435 214021 365 Manica (Machipanda) 127564151 154776308 Niassa (Madimba) 96 300 141 020 Zamb6zia (Milange) 13277936 16108858 Maputo 22151 333 18349627 Tete 132 142 096 197 833 913 570 435 251 601 231 090
10. FUEL LEVY
2018 2017
Received During the Year 3 663 192 499 3841 967 028 3663192499 3841 967028
29 UNDO DE ESTRADAS OTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 imounts expressed in Meticais)
1. GRANTS AND LOANS
YONORJ LOANER ORIGINAL CURRANCY 31.12.2018
USD EUR MZN ZAR SEK YENE MZN
3AD 28671 846 408 1403 120 861 335 - - 2094225239 3ANCO MUNDIAL 53720045 - - 3311 920647 JE - 16386578 - - - 1158811473 'HINA 10269582 - - 637 432954 NDIA 16314727 985 009 265 (OREA 904 8 770 - 541 503037 'ORTUGAL 8752362 - 362 854 326 ICA 11 023385 - 154162553 - 1 414323000 1 588762200 ANIDA - 627587165 - - 627 587 165 XDF 773650 3782920 - - 60894537 IROMER/FC - 44699183 - - 37426484 "IDA/OPEC - - 130724361 - - - 130724361 229 800 229 800 -otal 128988932 27 315 998 1082010231 - - 1414323000 11 537344402
30 JNDO DE ESTRADAS )TES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 mounts expressed in Meticais)
!. GRANTS AND LOANS (CONT) ie amounts presented for BAD, JICA, KfW, KOREA, Portugal, CHINA, INDIA and IDA-World Bank are loans granted to the Mozambican Government th interest are supported by the Treasury (31.12.2017).
)ONORI ORIGINAL CURRENCY 31-Dec-2017 -OANER USD EUR GaP MZN ZAR SEK YENE IVIZN 1AD 14284059 4446802 1098171 - - 1 017590037 )ANIDA - 238 786 222 - - 238 786 222 :HINA 83300795 - - 5207182927 IE 17138581 - - - 1248579119 ICA 4274384 - 103325391 - - 790041 000 836616002 ,OREIA 10713375 - - - 570184111 'ORTUGAL - 8254442 - - - 368816147 )PEC - 89968485 - - 89968485 IDA-Promer - - 21390886 - - 21 390 886 'ROPESCA - 13492501 - - 13492501 DA-WB 14049689 - - - 2 900 278 839 rotal 126622302 29839825 - 468061 655 - 790041 000 12 512 885 275
31 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
13. BANK INTEREST INCOME
2018 2017
Road Fund Headquarters 3702072 8468166 ANE Headquarters - - ANE+RF Delegations 46869 210566 Municipalities - 24153 3 748 942 8 702 885
14. BRIDGE TOLLS
Road Fund 2018 2017
Limpopo River - Xai - Xai 23517490 20371 500 Save River 4919560 4045790 Moamba 3308129 2080350 Zambeze River - Armando Guebuza 44739970 37933380 Ilha de Mogambique 835 400 605 070 Limpopo River - Guija 4 685 800 3 499 780 Lugela 711682 723 250 Zambeze River - Tete Total 82718030 69259120 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
15. EXCHANGE RATE LOSS
Accounted in Accounting Exchange Accounting Exchange Rate MZN Balance Balance Bank Account on the date of USD Rate MZN Loss Transaction 31/12/2018 31112/2018 31/12/2018
BCI USD 375 00000 - - 375 00000 BM4895601000 165 630 434.19 2653 556.64 6095 161 734 886.71 3 895 547.48 DIM USD 21441075 335 587.67 2667.58 60.95 162589.00 172998.67 Sub-Total 4443 546.15
Accounted in Accounting Exchange Accounting Exchange Rate MZN Balance Balance Bank Account on the date of ZAR Rate MZN Loss Transaction 31/1212018 31112/2018 31112/2018 BCI ZAR 161822210001 2 237731.32 487137.50 4.23 2 060 591.63 177139.70 Sub-Total 177 139.70
Accounted in Accounting Accounting MZN Balance Exchange Balance Exchange Rate Bank Account on the date of 4 Rate MZN Loss Transaction 31/12/2018 31/12/2018 31/1212018 SB EUR Conta Trans[to 5749910-86 5749910.86 SB EUR 1131573201001 9366841.49 62462.70 77.32 4829615.96 4537225.53 Sub-Total 10 287 136.39
Accounted in Accounting Exchange Accounting Exchange Rate MZN Balance Balance Bank Account on the date of USD Rate MZN Loss Transaction 31/12/2018 31112/2018 31/1 212018 ANFRENA 55 589 494.67 891 950.00 60.95 54 364 352.50 1 225 142.17 T Rodviaria 1 792636,02 70095 42 665.00 1 749 971.02 TaxaRodoviaria 654237.08 5100.00 60.95 310845.00 343392.08
Sub-Total 3 318 505.27
Accounted in Accounting Exchange Accounting Exchange Rate MZN Balance Balance Bank Account on the date of 4 Rate MZN Gain Transaction 31/12/2018 31/12/2018 31/12/2018 Exchange Rate 47 217 261.49 1 47 217 261.49 Gain (Invoi e) Sub-Total 47 217 261.49 Road Fund Total 65 443 689.00 Consolidated RF+ ANE 65 443 589.00 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 (Amounts expressed in Meticals)
16. OTHER INCOME
2018 2017
FE Headquarters (i) 328 876 606 4 442 236 512 ANE Headquarters 1 535 777 1 509 754 GNPT 62 656 000 -
South Region Municipalities 158 146 593 1 705
Central Municipalities 121 182 600 -
North Region Municipalities 124690200 700 ANE Delegations 3 553 246 4 345 503 FE Delegations 115529 69 FE Operation 206 572 - 800 910 161 4448 094 244
(i) - This refers to tender income, rounding differences and financial adjustments
17. ROAD FUND HEADQUARTERS
2018 2017
Staff Expenses 134 750 267 105 197 238 Goods & Services 309 534 827 156 582 560 Finance Costs 175 471 442 1 267 259 848 Administrative Expenses 619 756 536 1 529 039 646 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
18. ANE (ADMINISTRATIVE DIRECTORATE)
2018 2017
Assets 151 610 785 143 832 830 Bank 145 632 992 140 028 886 Receivables 5 977 793 3 803 944
161 610 785 143 832 830
Liabilities 2 797 339 434 306 Payables 2 797 339 434 306
Equity (148 813 446) 143 398 524 Opening Balance 143398524 157897535 Previous Year Adjustments - (577 706) (Deficit) (5414 922) (14 499 011)
Equity and liabilities 151 610 785 143 832 830
Revenue 295 983 095 300 360 451 Road Fund allocations 295640831 297 159000
Other 2342264 3156544 Other Income 1 535 777 1 509 754 Tender Income 575 530 1 646 790 Exchange Rate Gain 230 958 -
Expenditure 292 568 173 314 859 462 Administrative expenses 280 121 677 261 590 455 Personnel Expenses 218812 135 201497189 Third party Suppliers 15 180610 14959024 Third party Services 46128932 45134241
Capital expenditure 11 250874 41 534902 Housing 9 524 433 35 940 541 Machinery and Equipment 1 726 441 5 594 361
Other Expenses 1 022 623 - Exchange Rate Loss 172999 11 111492 Surplus(Deficit) 5414922 (13921 306) JNDO DE ESTRADAS )TES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 mounts expressed in Meticais)
. PROVINCES ACCOUNTS ( ANEIFE DELEGATIONS) -1
Maputo Gaza Inhambane Sofala Manica ANE FE ANE FE ANE FE ANE FE ANE FE
'ssets 3 703 828 31 210784 2772400 74283692 4142185 70355704 1891411 36300212 696971 57450442 tash on Hands - 19060 - 118667 749215 15130 - - - ash at Banks 3702588 2916932 2296384 4166064 2701745 3244942 1 891 791 4440050 570788 1 886845 teceivables 1 240 28274792 476016 69998961 691 225 67095632 (380) 31 860162 126183 55563597
quity and Liabilities 3703828 31 210784 2772400 74283692 4142185 70355704 1 891411 36300212 696971 57450442
)pening Balance (877462) 17707924 2197820 25664278 1 986947 10626684 688022 16777061 (4928114) 22167904 revious Year (1 504) 398 004 3 354 - - - (60 000) - - 15130 Ldjustmentls hort Term Payables 891 536 18977428 2018333 60104511 892800 53536104 669108 13442520 5170325 44038466 )ther Payables ------. urplus(Deficit) 3691 258 (5872572) (1 447107) (11485097) 1 262438 6192915 594281 6080632 454759 (8771 057)
3689755 tevenue 36 081 000 144 754 526 29 778 733 253 473 992 28 721 660 286 572 082 40 659 038 220 844 746 30 190 051 251 446 372 oad Fund Transfers 35990000 144754497 29331 000 253473992 27542000 286572082 40650838 220823746 30016000 251 338770 ender Income 91 000 - 278689 - 443000 - 8200 16000 139000 ank Interest Income ------7602 ther Income - 29 169044 - 736660 - - 5000 35051 100000
.xpenditure 32389742 150627098 31 225840 264959089 27459222 280379167 40064757 214764115 29735292 260217429 dministrative 31 044 195 7849462 29239959 5352558 27459222 5879693 39389757 14928561 29735292 4306889 xpenses apital Expenditure 1345547 127202187 1985881 217561 996 - 243279934 675000 181 643464 - 217925368 unds Allocations - 15575449 42044534 - 31219540 - 18192070 - 37985172 )ther Expenses - - - - - 20 - -
;urplusl(Deficit) 3 691 258 (5872 572) (1 447 107) (11 485 097) 1 262 438 6 192'915 594 281 6 080 632 454 759 (8 771 057)
36 JNDO DE ESTRADAS DTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 imounts expressed in Meticais)
L PROVINCES ACCOUNTS ( ANE/FE DELEGATIONS) -2 Tete Zamb&zia Nampula Niassa Cabo Delgado ANE FE ANE FE ANE FE ANE FE ANE FE ssets 838090 76432595 7525431 128329218 20679616 30588843 20485297 158 286 499 3622017 133823550 ash on Hands - 6400 - 23600 - - 5 51 - ash at Banks 671 790 1369539 5220 628 1703551 20679 616 2 001916 5488298 1476678 3616456 3533117 ,eceivables 166300 75073056 2304803 126619267 - 28563327 14996999 154809822 - 130290433 quity and Liabilities 838090 76432595 7525432 128329218 20679616 30588843 20485297 156286499 3622017 133823550 )pening.Baiance (10341921) 27526303 6312997 115136499 76342 (3231045) 35136717 59150095 1840598 17707434 revious Year Adjustments - 0 40621 (74 530 766) 39607 229 841 1 (714 750) 75252 (1 820 713) hort term Payables 10400630 57123-637 2663842 96669730 1304762 5377366 2343909 126 616 407 980 775 132909378 ther Payables ------urp[usf(Deficit) 779 381 (8217 345) (1 492 028) (8946245) 19 258 905 28212681 (16995 330) (28 765 252) 725 392 (14 972 550)
evenue 34277 667 241452950 30856548 365632472 51413435 306731976 42703354 411424439 39512134 305428878 oad Fund Transfers 34050000 241412450 29194000 365606472 49494000 306731976 42 214 000 411424439 38292764 305421878 ender Income 179000 40000 750100 16000 503965 - 304000 - 1129 550 7000 ank Interest Jncome - 0 39267 - - - 0 - - ther Income 48667 500 873181 10000 1415470 - 185354 - 89 820 - xpenditure 33498286 249670295 32 348 576 374 578 717 32154530 278519295 59698684 440189692 38786742 320401428 dministraive Expenses 32841832 3222438 32348 578 6576960 32154528 3571501 59698684 5312619 31718793 3629346 apital Expenditure 656454 219039959 - 311944788 0 223680632 - 394700520 7067949 277988858 unds Al[ocation - 27407898 - 56058969 51267163 40176553 38783224 'ther Expenses - 1 - - 2 - - urplusl(Deficit) 779 381 (8 217 345) (1 492 028) (8946 245) 19 258 905 28 212681 (16.995 330) (28 765 252) 725 392 (14-972 550)
37 JNDO DE ESTRADAS DTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 mounts expressed in Meticais)
9. PROVINCES ACCOUNTS (ANE I FE DELEGATIONS) - 3
Total 2018 Total Aggregated Inter-Delegations Total Transactions ANE FE ANE+ FE2018 ANE +FE2017 ANE+ FE ANE +FE2018 ANE+ FE2017
ssets 66357246 795 061 539 861 418 786 502 087 361 861 418 786 502 087 361 ash on Hands 754776 182857 937633 1624896 937 633 1624 896 ash at Banks 46840085 26729633 73569717 57704957 73569717 57704957 eceivables 18 762'386 768149050 786911435 442757508 786911435 442757508 quity and liabilities 66357246 795 061 539 861 418 786 502 087 361 861 418 786 502 087 361 lpening Balance 32091945 309233137 341325082 236134797 341 325082 236134797 revTous Year Adjustments 97331 (76 423 254) 76325923 5669383 76325923 5669383 hort term Payables 27336 019 608795548 636131 567 160762280 636131567 160762280 'ther Payables - - urplusl(Deficit) 6831,951 (46 543 891) (39711941) 110859668 39711941 110859668
evenue 364193620 2 870 118 172 3234311791 2884452629 - 3234311791 2884452629 oad Fund Transfers 356774602 2869916041 3226690643 2873096374 - 3226690643 2873096374 ender Income 3826504 79000 3905504 6783717 3905504 6783717 an% Interest Income 39267 7602 46869 210566 46869 210.566 terincome 3553246 115529 3668775 4361 972 3668775 4361972 xpenditure 357 36 669 2834306325 3191667994 2773592 961 - 3191667994 2 773 592 961 dministrative Expenses 345630836 60630027 406260863 376477963 - 406260863 376477963 apital Expenditure 11730831 2414967704 2 426 698 535 2162722375 - 2426698535 2162722375 unds Allocation 0 358708573 358708573 358 708 573 ther Expenses 2 22 24 234392623 24 234392623 urplusl(Deficit) 6831 951 (46 543 891) (39 711 941) 110859668 - (39711 941) 110859668
38 A FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
20. OFFICE OF ZAMBEZE BRIDGE (GPPZ)
Notes 2018 2017
Assets 1905 1905 Cash and Bank 19 1 905
Total Assets 1 905 1 905
Equity 1905 1905 Opening Balance 19 1905 1I905
Surplus 1 905 1 905 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 (Amounts expressed in Meticais)
21. GNPT - OFFICE OF NEW BRIDGE OF TETE
Notes 2018 2017
Assets 7667488 4926782 Cash and Bank 19 7667488 4926782
Total Assets 7667488 4926782
Liabilities 5 - Short Term Payables 19 5 -
Equity 7667483 4926782 Opening Balance 19 4 926 782 4 535 130 (Deficit)/ Surplus 2 740 701 391 652
Total Equity and Liabilities 7667488 4926782
Notes 2018 2017
Revenue - 21147 255 Transfers from Road Fund 19 62 656 000 21 147 255
Expenditure 59915 299 20755604 Administrative Expenses 19 59703199 20755604 Capital Expenditure 19 212 100 -
Surplus 2 740 701 391 652 UNDO DE ESTRADAS OTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 kmounts expressed in Meticais)
L MUNICIPALITIES ACCOUNTS (SOUTH REGION-6)
Maputo Gaza Maputo Matala Manhlia Boane Namaacha Xai-Xai Chokwe Chibuto Mandlakazi Bilene Macia kssets 18542602 21 837881 7130648 7052041 6276176 16043414 11402101 12778927 9139195 3 874 332 6218258 'ash on hands ------ash at banks 125413 142506 256718 569141 59 554 103914 213549 3395613 21 793 34650 52865 !eceivables 18 417 190 21 695375 8873930 6482900 6216622 15939500 11 188552 9383314 9117401 3839681 6212973 qulty and liabilities 18542602 21 837 881 7 130 648 7052041 6276 176 16 043 414 11 402 101 12778927 9139 195 3874332 6218 258 Ipening Balance (1 192 251) 1 858 644 325 640 3803 808 565 942 152 866 2592361 820 704 1 193 556 (617 224) 827 852 'revious Year Adjustments ------hort term Payables 19727 872 19163438 9982652 2545 272 5708 400 19131 469 8367535 9055848 7954000 3846532 5 390 000 ther payables - - - - - urplusl(Deficit) 6981 815 799 (3 177 643) 702 961 1 835 (3240922) 445 205 2902 376 (8 362) 644 924 406 evenue 15 213 000 11 500 300 6518400 1603 400 5708400 15939500 8368593 8511 000 7954000 2844800 5390000 oad Fund transfers 15213 000 11 500300 6518400 1 683400 5 708 400 15939500 8357500 8611 000 7954000 2 844 800 5390000 ender Income - - - arnk Interest Income - - - 'her income
Xpenditure 15206019 10684501 9696043 980439 5706565 19180422 7923388 5608624 7962362 2199876 5389594 dministrative expenses 0 2335 2335 9943 2335 2 512 48 132 100 31 200 135 086 200 apital expenditure 15206019 10682166 9693708 970495 5704230 19 177909 7875256 5.608 524 7931 162 2334965 5389394 ther expenses ------urplusi(Deficit) 6981 815799 (31774 702 964 1835 (3240922) 445 205 2 902 376 (8362) 644 924 406
41 JNDO DE ESTRADAS OTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 imounts expressed in Meticais)
. MUNICIPALITIES ACCOUNTS (SOUTH REGION- 2)
Inhambane Total Inhambane Maxixe Massinga Quissico Vilanculos 2018 2017 Ssets 12029306 21724295 15358304 16881036 13369834 ash on hands 199658347 29339849 - - - ash at banks - - 767 176045 41857 580536 eceivables 1285923 7390076 5563709 12028539 21548250 14939637 16300500 12083908 192268271 22776140 quity and Liabilities 306 12 029 21724295 15358304 16881 036 13 369-831 pening Balance 199658347 29339849 962280 1769605 886207 10399 revious Year 1 080075 15040466 27446525 Adjustments - - - (943817) 946817 804 ho term Payables 11 96861 14614300 14585176 24392071 11 ther payables 994100 188156625 14299383 - - - urplus/(Deficit) - - (629835) 5340390 (114079) (7521 435) 1239472 (2591 927) 12405256 evenue 11 592700 14614300 14024500 16290600 11 993200 oad Fund transfers 158 146 593 157 757 405 11 592700 14614300 14024500 16290500 -nder Income 11 993 200 158145500 157755700 - - - ank Interest Income - - her income - - - 1093 1705 cpenditure 12222535 9273910 14138579 23811935 Iministrative expenses 10 753 728 160738621 170162661 4230 2335 35459 5500 apital expenditure 30760 42257 192041 12218305 9271 575 14103121 23806435 her expenses 10722989 160696234 169970619 - - - - irplusl(Deficit) (629 835) 5340390 (114 079) (7521 435) 1239472 (2 891 927} (12 405 256)
42 ' l ] 1 ³ З f i Е