República de Mogambique Fundo de Estradas (FE) Financial Statements For the year ended 31 December 2019 FUNDO DE ESTRADAS FUNDO DE ESTRADAS AGGREGATED FINANCIAL STATEMENTS 31 December 2019 INDEX PAGES Director's responsibilities statement I Independent Auditors Report 2 Aggregated Road Sector Accounts - Balance Sheet 5 Aggregated Road Sector Accounts - Statement of Income and Expenditure 6 Road Fund Accounts - Balance Sheet 7 Road Fund Accounts - Statement of Income and Expenditure 8 ANE Accounts - Balance Sheet 9 ANE Accounts - Statement of Income and Expenditure 10 Provinces Accounts (ANE and Road Fund Delegations) - Balance Sheet 11 Provinces Accounts (ANE and Road Fund Delegations) - Statement of Income and Expenditure 12 Municipalities Accounts - Balance Sheet 13 Municipalities Accounts - Statement of Income and Expenditure 14 Districts Accounts - Balance Sheet 15 Districts Accounts - Statement of Income and Expenditure 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 - Statement of Income and Expenditure 19 Road Fund Operating - Balance Sheet 20 Road Fund Operating - Statement of Income and Expenditure 21 Notes to the Financial Statements 22 DIRECTOR'S RESPONSIBILITIES STATEMENT 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 2019 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 (Mo,ambique), 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 2019 presented on pages 5 to 62 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 appr ed by te Board of Directors on 22 June 2020, and are signed on its behalf by, rof, An o Macu cua \ o bene 9hief Executive 0 cer d of ce Directorate Caixa Postal 4318 Detoite & ToUChe Maputo (MorInbiq ie) Lda Moambique Chartered Accountants a nd Management Conultants Reglstratlor No: 5917 Rt0 dos Despordtias, 833 Predio JAT V-1 3 Andar Tel: +258 21320955 Tel: +258 21430594 Tel: +258 20600100 contactdeloitte@deloitte,conzri wwW,deloitre.comn (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 2019, 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 62. 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 2019, 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 responibilities 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 Mo9ambique ("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 financial 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 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. * 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 obtaihed 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. 3 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. Delolitte & Touche (Mogambique), Lda Certified Auditors n. I 56/CA/OCAM/2014 Represented by Aneliya Nikolova Partner Certified Auditor n. I 56/CAOCAM/2014 30 June 2020 4 FUNDO DE ESTRADAS AGGREGATED ROAD SECTOR ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Assets 18 809 171 798 17 376 639 072 Cash 3 1 12341 127 5851500 Bank 3.2 2256989529 2 182815934 Receivables 4 16 533 841 142 15 187 971638 Investments 6000000 - Total Assets 18 809 171 798 17 376 639 072 Liabilities 15 466 912 077 14 25S 676 835 Bank Borrowings 5 4 244 677 825 4 377 357 456 Short Term Payables 6 11 222 234 252 9 878 319 379 Equity 3342258720 3120962238 Opening Balance 26 3 120 962 238 5 312 647 245 Previous Year Adjustments 7 210936031 (71238 490) Surplus/(Deficit) Page 6 10 360 451 (2 120 346 517) Total Equity and Liabilities 18 809 171 798 17 376 639 072 5 FUNDO DE ESTRADAS AGGREGATED ROAD SECTOR ACCOUNTS STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Revenue 19 961 401 516 18 097 602115 Government Investment Funds 8 2 070 875 088 975 083 939 Border Taxes 9 628127082 570435251 Fuel Levy 10 4579626604 3663192499 Grants 11 12 508 253 402 11 531344 402 Tender Income - 10996392 302233 171 Bank Interest income 13 2 789 273 3 748 942 Bridge Tolls 14 99845260 82718030 Exchange Rate Gains 15 46 672 542 161 935 721 Other Income 16 14334262 800 910 161 Expenditure 19 951 041 065 20 217 948 632 Administrative Expenses 1 624949785 1555114516 Road Fund Headquarter 17 404319593 619756536 Road Fund Operation Page 21 205 826 181 175 471 442 ANE(Administrative Directorate) 18 293 633 710 280 121 677 ANE Delegations 19 568 818 255 345 630 836 Road fund Delegations 19 81 024 500 60 630 027 GNPT 21 56439863 59703199 Municipalities - South Region 22 263 592 42 287 Municipalities - Central Region 23 104 590 101 140 Municipalities - North Region 24 293408 742613 Districts 27 14226093 12914758 Capital Expenditures 18 162 293 398 18 245 401 344 Road Fund Headquarter - 15 406 119 160 15 079 248 777 Road Fund Operation Page 21 30 088 865 5 339 682 ANE (Administrative Directorate) 18 6 494 742 11 250 874 ANE (Delegation) 19 5532 912 11 730 833 Road Fund Delegations 19 2 119 169 407 2 414 967 725 GNPT 21 102375 212100 Municipalities - South Region 22 105 707 912 160 696 234 Municipalities - Central Region 23 115263041 117801 258 Municipalities - North Region 24 108 259 961 138 002 095 Districts 27 265 555 023 306 151 767 Funds Allocations a) 53500000 193642788 Empresa de Desenvolvimento 53500000 19364278 Maputo Sul, EP Exchange rate loss 25 109263097 65443589 Other expenses 29 1 044786 158346395 Surplus(Deficit) 10 360 451 (2 120 346 517) 6 FUNDO DE ESTRADAS ROAD FUND ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed ih Meticais) Notes 2019 2018 Assets 17 830 770 245 15 722 847 070 Cash 3.1 10291 899 4913868 Bank 32 2084619200 1890659561 Receivables 4 15 729 859 146 13 827 273 642 6000000 - Total Assets 17 830 770 245 15 722 847 071 Liabilities 15 027 174 928 13 035 115 070 Bank Borrowings 5 4 244 677 825 4377357493 Short Term Payables 6 10 762 497 102 8 657 758 416 Equity 2803595317 2687731199 Opening Balance 26 2 687 731 198 4 721 597 493 Previous Year Adjustment 7 147626245 (13351 212) Deficit (31 762 127) (2 020 515 082) Total Equity and Liabilities 17 830 770 245 15722 847 071 7 FUNDO DE ESTRADAS ROAD FUND ACCOUNTS STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Revenue 19823838750 17323057562 Government investment Funds 8 2 070 875 088 975 083 939 Border Taxes 9 628127082 570435251 Fuel Levy 10 4463994785 3 663 192 499 Bridge Tolls 14 99845260 82718030 Grants 11 12 508 253 402 11 537 344 402 Exchange Rate Gains 15 45 872 833 161 704 763 Bank Interest Income 13 2 622 801 3 702 072 Other Income 16 4247499 328876606 Expenditure 19 855 600 877 19 343 572 644 Administrative expenses 404 319 593 619 756 536 Administrative Expenses 17 404 319 593 619 756 536 Capital expenditure 15 406 119 160 14 318 578 207 Housing 27 127 765 - Bridge Construction 439 264 949 386 179 912 Roads Construction 1 175 776 249 608 867 797 Roads Maintenance 1 903976554 1 902011661 Roads Rehabilitation 9788106581 5419457950 Emergency 1 900781 717 5858363949 Road Safety 24 568 356 65 976 517 Machinery and Equipment 108592470 6273620 Finance cost 37924519 71419801 Funds Allocations 3939364737 4 182 643 562 ANE Delegations 19 553 525 563 356 774 602 ANE Administrative Directorate 18 285 545 693 295 640 831 Road Fund Delegations 19 2490 772 265 2 786 510 341 Municipalities - South Region 22 101 343 900 158 145 500 Municipalities - Central Region 23 118 189 979 121 177 600 Municipalities - North Region 24 121 179946 124690200 Maputo Sul a) 53500000 193642788 Operating Fund Page 21 158218265 83405700 GNPT 20 57089126 62656000 Other Expenses - 157323749 Exchange Rate Loss 25 105797387 65270590 (Deficit) (31 762 127) (2 020 515 082) a) Amount allocated to the Maputo Development Company for resettlement under the Maputo - Katembe. 8 FUNDO DE ESTRADAS ANE ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) Note 2019 2018 Assets 141 275 380 151 610 785 Bank 18 10161128 145 632 992 Receivables 18 131 114252 5977793 Liabilities 3404746 2797339 Short Term Payables 18 3 404 746 2797339 Equity 137870 634 148813446 Opening Balance 18 148 813 446 143 398 524 (Deficit)l Surplus 18 (11 022 734) 5414 922 Total Equity and Liabilities 141 276 380 161 610 785 9 FUNDO DE ESTRADAS ANE ACCOUNTS STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Revenue 292 561 427 297 983 095 Transfers from Road Fund - State Budget 18 285545693 295640831 Income from Public Tenders 18 5 127 100 575 530 Other Income 18 1207314 1 535777 Exchange Rate Gains 18 681 320 230 958 Expenditure 303 584 162 292 568 173 Administrative Expenses 18 293 633 710 280 121 677 Capital Expenditure 18 6494742 11250874 Other Expenditures 18 - 1 022 623 Exchange Rate Loss 15 3455710 172 999 (Deficit)/Surplus (11 022 734) 5414 922 10 FUNDO DE ESTRADAS PROVINCES ACCOUNTS (ANE & ROAD FUND DELEGATIONS) BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 ANE & FE ANE & FE Provinces Provinces Aggregated Aggregated Assets 553 045 876 861 418 786 Cash 19 2049228 937633 Bank 19 124053836 73569717 Receivables 19 426 942 813 786 911 435 Total assets 553 045 876 861 418 786 Liabilities 319 491 221 636 131 567 Short Term Payables 19 319491 221 L 131567 Equity 233 554 655 225 287 219 Opening Balance 19 225 287 220 341 325 082 Previous Year Adjustments 7 5 195757 (76325923) Surpus/(Deficit) 19 3071679 (39 711941) Total Equity and Liabilities 553 045 876 861 418 786 FUNDO DE ESTRADAS PROVINCES ACCOUNTS (ANE & ROAD FUND DELEGATIONS) STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Meticais) 2019 2018 Note Provinces Provinces Consolidated Aggregated Revenue 3060347151 3151 956 054 Transfers from Road Fund 19 3 045 552 028 3 144 334 905 Tender Income 19 5869 292 3905504 Other income 19 166472 3668775 Bank interest 19 8 759 360 46 869 Expenditure 3 056 494 589 3 191 667 994 Administrative expenses 19 649 842 755 406 260 863 Capital expenditure 19 2 124 702 320 2 426 698 535 Funds Allocation 281 949514 358 708 573 Other expenses - - 24 Surplus/(Deficit) 3852563 (39711941) 12 FUNDO DE ESTRADAS MUNICIPALITIES ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Assets Banks 16145167 56500484 Southern Region 22 8910960 7390076 Central Region 23 4369929 34684777 Northern Region 24 2864278 14425631 Receivables 103308342 482871 173 Receivables - Southern Region 22 27036428 192268271 Receivables - Central Region 23 34239286 150827217 Receivables - Northern Region 24 42032628 139775684 Total Current Assets 119 453 509 539 371 657 Liabilities 82 303 340 488 634 177 Payables 22/23/24 52303340 48634177 Equity 37150169 50737481 Opening Balance 50737480 67970146 Previous Year Adjustments 7 (24 410 313) 5090250 Surplusf(Deficit) 22/23/24 10 823 002 (22 322 915) Total Equity and Liabilities 119 453 509 539 371 657 13 FUNDO DE ESTRADAS MUNICIPALITIES ACCOUNTS STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Revenue 340 715 526 404 023 916 Road Fund Transfers 340713 825 404 018 300 South Region 22 101 343 900 158 145 500 Central Region 23 118189979 121182600 North Region 24 121 179946 124690000 1 700 5616 Other Income 1 700 5616 Expenditure 329 892 523 426 346 831 Administrative Expenses 661 589 886 041 South Region 22 263592 42287 Central Region 23 104590 101 140 North Region 24 293408 742613 Capital Expenditure 329 230 914 416 499 586 South Region 22 105707912 160696234 Central Region 23 115263041 117801 258 North Region 24 108259961 138002095 Other Expenses 20 8961204 Surplusl(Deficit) 10 823 002 (22 322 915) 14 FUNDO DE ESTRADAS DISTRICTS ACCOUNTS BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed in Meticals) Notes 2019 2018 DISTRICTS DISTRICTS Aggregated Aggregated Assets 105 942 809 81 663 617 Receivables 27 105942809 81663617 Total assets 105 942 809 81 663 617 Liabilities 31 072 008 8682460 Short Term Payables 27 31 072008 8682460 Equity 74869799 72981157 Opening Balance 27 72981 157 33327314 Previous Year Adjustments 27 (15971) (7818) Surplus 27 1 904613 39661661 Total Equity and Liabilities 105 942 809 81 663 617 15 FUNDO DE ESTRADAS DISTRICTS ACCOUNTS STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2018 (Amounts expressed in Meticats) Notes 2019 2018 Provinces Provinces Consolidated Consolidated Revenue 281 685731 358 729 673 Transfers from Delegations 27 281 685 731 358 729 573 Expenditure 279781 118 319 067 912 Administrative Expenses 27 14 226 093 12 914 758 Capital Expenditure 27 265 555 023 306 151 767 Other Expenses 27 2 1 387 Surplus 281 685 731 39 661 661 16 FUNDO DE ESTRADAS OFFICES OF ZAMBEZE BRIDGE PROJECT ACCOUNT BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 2019 2018 Assets 1905 1905 Cash and Bank 1 905 Total Assets 1905 1905 Equity 1 905 1905 Opening Balance 1 905 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 2019 (Amounts expressed in Meticais) Notes 2019 2018 Assets 8214375 7667483 Cash and Bank 21 8 214 375 7 667 483 Total Assets 8214375 7 66 483 Liabilities - Short Term Payables Equity 8214370 7667483 Opening Balance 21 7667483 4 926 782 Previous Year Adjustment - Surplus 21 546888 2740701 Total Equity and Liabilities 8 214370 7667483 18 FUNDO DE ESTRADAS GNPT - OFFICE OF NEW BRIDGE OF TETE ACCOUNTS STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Meticais) Note 2019 2018 Revenue 57089126 62656000 Transfers from Road Fund 21 57689126 62 656 000 Expenditure 56542238 47915299 Administrative Expenses 21 56439863 59 703 199 Capital Expenditure 21 102 375 212 100 Surplust(Deficit) 546 888 (2740701) 19 FUNDO DE ESTRADAS ROAD FUND - FUND OPERATING BALANCE SHEET AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Assets 50467705 12057769 Cash and Bank 3.2 13793922 8783792 Receivables 4 36673782 3 273 977 Total Assets 50 467 705 12057769 Liabilities 3465834 84315420 Short Term Payables 6 7j3465834 4315420] Equity 47 001 870 (72 257 651) Opening Balance (72 257 651) - Previous Year Adjustments 7 82 460 390 13 356 212 Surplus/(Deficit) 36799131 (85 613 863) Total Equity and Liabilities 50467704 12057769 20 FUNDO DE ESTRADAS ROAD FUND - FUNDO DE FUNCIONAMENTO STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Meticais) Notes 2019 2018 Revenue 273 968 473 95 197 564 Transfers from Road Fund Page 8 158218265 83405700 Fuel levy 115631 819 11 585291 Exchange Rate Gain 118389 206573 Expenditure 237 169 342 180 811 426 Administrative Expenses Page 6 205826 181 175471 442 Capital Expenditure Page 6 30088865 5339681 Fund Allocation 1 254 296 303 Surplusl(Deficit) 36799131 (85613863) 21 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 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 2019, the following grants occurred: * ADS (African Development Bank) - Montepuez - Lichinga Road Upgrading Project, supplementary Loan to finance the Montepuez-Lichings, Multinational Nacala Road Corridor Project - Phase Ill, 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, Buz! 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 liI and Construction Works of 13 Bridges, between lie and Cuamba, Mandimba - Lichinga Road Upgranding Project, * Portuguese Government - Construction and Road Rehabilitation: Macomia - Oasse, Cani9ado - 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 1; Upgrading of Milange-Mocuba Road - Phase II; Road Sector Budget Support. * World Bank - BMMP - APLII (Adaptative Program Lending 11). * 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 2019 (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 2019 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 2019 (Amounts expressed in Meticais) 3. CASH AND BANK BALANCES: 3.1 Cash Cash balances are as follows: Cash on handlRoad Fund 2019 2018 3.1.1 Bridge Toll Head Quarters Rio Zambeze-Caia 183500 76880 Batelao Chire - Caixa 580 74 700 Rio Limpopo-Guij6 725 125 549 520 liha de Mogambique 142 400 70580 Ponte de Lugela 56350 84010 Rio Save 701 950 409460 Rio Zambeze-Tete - Rio Limpopo-Xai-Xai 3442225 2731 980 3.1.2 Border Tax 5252130 3 997 130 Moamba 209 800 231 050 Beira - Machipanda 1 057 269 332 178 Mandimba - - Milange 60850 - Maputo 60850 310845 Tete 3651 000 42665 5 039 769 916 738 10291 899 4913868 3.1.3 Road Fund and ANE Total RF 1 294 452 182 857 Total ANEs 754 776 754 776 2 049 228 937 633 Total 12341127 5851500 3.2 Bank Balances Banks balances are as follows: Notes 2019 2018 Bank - Road Fund Headquarter 3.2.1 2084619200 1 890659562 Bank - Operating Fund Pag.20 13793922 8783792 Bank - Executing Agencies 3-22 158576406 283372580 2256989529 2 182 815 934 24 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 3.2.1 Banks - Road Fund Headquarter: 2019 2018 Bank Account No. Currency Amount M0N MZ1 - MZN MZN BIM 88295318 MZN 42855572 42855572 89 8IM 91028681 MZN 83 83 83 RIM 13225951 MZN 31532497 31532497 5 80210 bIM 177581975 MZN 0 0 907213 BIM 20099080 USD 103673 6308526 427693 BIM 21627606 USD 0 0 4101 BIM 72136767 USD 151314 9207484 1696 BM 4158513001 MZN 1 142514 1 142614 199937194 BM 4201513013 MZN 16097243 16097243 110018 458 BM 42986010062 USD 0 0 4707 711 SM 4261601007 USD 0 0 131628693 BM 4865601008 USO 1 721 748 104 768 379 93 931 040 BM 48956010002 USD 77694 4727692 161734887 BM 48966010082 USD 0 0 365254788 BM 48976010062 USD 0 O 0 129 874 718 BM 4260601009 EUR 89949 6135301 6264928 BM 5278601007 USD 22254499 1354186249 0 BCI 1069619110002 MZN 0 0 374838 BCI 1198532110001 MZN 0 0 29987 BC 3434110510001 MZN 1347783 1347783 925001 BCi 1977568210001 MZN 201855 201855 26292498 B1 1977568210002 USD 33413 2033211 7 973 584 BCI 1977568213001 USD 629478 38303764 0 BCm 528727710002 EUR 0 0 2223122 BCI 1618222010002 ZAR 594839 2563 757 2060592 SB 1131091691068 MZN 51 478920 51 478920 15174499 SB 1010146071065 MZN 145151577 14521510577 208480579 SB 1131091691001 USD 3634344 221 149846 288272355 SB 1131978241008 EUR 0 0 577747 SB 1131573201001 GBP 563970 45010410 4829616 Bardays 47191000017 MZN 24270 24270 26321 Mozabanco 237584210001 MZN 0 0 1 893373 M o z a b a n c o 2 1 6 9 2 7 5 9 1 0 0 0 1 M Z N 3 9 1 270 3 9 1 2 7 0 0 BCI Terrn Deposit USD 0 0 0 SB Term Deposit MZN 0 0 40 000 000 SB Term Deposit GBP 0 0 38660 000 Total 2084 619 200 1 890 659-563 25 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 3.2.2 Bank Balances - Implementing Agencies Description 2019 2018 ANE - Delegations Provinces 30 949 778 46 840 085 Maputo 399 975 3702588 Gaza 1 058 598 2 296 384 Inhambane 2167018 2701745 Sofala 2 582 749 1 891 791 Manica 1 972 268 570 788 Zamb&zia 4 807 967 5 220 628 Tete 1 470 733 671 790 Nampula 2456992 20679616 Cabo Delgado 7199220 3616456 Niassa 6834256 5488298 FE-Delegations Provinces 93104058 26729633 Maputo 4348687 2916932 Gaza 9051 903 4 166 064 Inhambane 2311516 3244942 Sofala 1 109 161 4440050 Manica 9 385 605 1 886 845 Zambbzia 7 324 248 1 703 550 Tete 3022029 1359539 Nampula 27 067 588 2 001 916 Cabo Delgado 25146610 3533117 Niassa 4336710 1476678 Municipalities 16145167 56500484 SOUTH REGION 8910960 7390076 CENTRAL REGION 4369929 34684777 NORTH REGION 2864278 14425631 ANE SEDE 10161128 145 632 992 GPPZ (Cash and Bank) 1905 1 905 GNPT (Cash and Bank) 8214370 7667483 Total 18377403 153 302 380 Grand Total 158 576 406 283 372 581 26 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 (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 2019 2018 Road Fund - Headquarters 15 729 859 146 13 827 273 642 ANE - Headquarters 131 114252 5977793 ANE & RF Delegations 426942813 786911435 Municipalities 103308342 482871 173 FE - Operating Fund 36 673 782 3 273 979 Districts 105 942 809 81 663 616 Consolidated Receivables Balance 16 633 841 143 15 187 971 638 5. BANK BORROWINGS 2019 2018 BC1 - Sindicato and Millennium BIM (1) 181 910307 257496493 BCI MZN C/3434110510002 - Pagamento Empreiteiros (3) - 57093445 CGD-Linha Cr6dito de 400 Milh6es E (2) 4 062 767 518 4 062 767 518 4 244 677 825 4 377 357 456 Fundo de Estradas received loans from the following financial entities: 1. Financier from BCI - Sindicato and Millennium IM 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 Depositos 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 BCl - Loan in the amount of 1 100 000 000 Meticais was contracted on 21 December 2014 with the purpose of paying several contractors. It is payable in 10 years and bears an interest rate of 9.25%. This loan has a guarantee a comfort letter issued by the Government of Mozambique - Ministry of Economy and Finance. 27 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 6. SHORT TERM PAYABLES 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 2019 2018 Road Fund - Headquarters 10 782 497 102 8657758416 ANE - Headquarters 3404746 2797339 ANE & RF Delegations 319 491 221 636 131 567 GNPT - 50656000 Municipalities 82 303 340 488 634 177 FE - Operating 3465834 84315420 Districts 31072008 8682460 11222 234 252 9 928 975 379 7. PREVIOUS YEAR ADJUSTMENTS Description ROAD FUND 2019 2018 147626245 5002 Correction of Advances Balances for projects previous to 2018 - 11 499914 Financial Adjustments 147626245 (13351 212) Correction of invoice duplication in the previous year - 1 856 300 OTHER (19222374) (71 243492) ANE & RF DELEGATIONS 5195757 (76 325 923) Municipalities (24410313) 5090250 Districts (7818) (7818) 210 936 031 (71 38490) 8. GOVERNMENT INVESTMENT FUNDS This amount relates to the total transfers received during the current year from the Government financers for investment Project. 2019 2018 Government Investment Funds - State Budget 2 070 875 088 975 083 939 2070875088 975 083 939 28 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 9. BORDER TAXES 2019 2018 Beira 207 127 133 275203435 Manica (Machipanda) 219 730 913 127 564 1.51 Niassa (Madimba) 717588 96300 Zambtzia (Milange) 9072628 13277936 Maputo 20516436 22151333 Tete 170962385 132142096 628 127 082 570 435 251 10. FUEL LEVY 2019 2018 Received During the Year 4579626604 3663 192 499 4579626604 3663192499 29 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Metica!s) 11. GRANTSANDLOANS DONOMILOANER -ORIGINAL CURRENCY 2019 DONQ_u LOANER USD EUR GBP MZN ZAR SEK Yene MZN INDIA 6725932 -- - - - - 404982135 BAD 42016547 722773 - 330132541.99 - - 2911 895985 DANIDA - -- 191 421239 - - - 191421239 CHINA 31380815 -- - - - 1950 945 296 UE 8904249 - - - - 557284018 JICA 10776712 - 249217122 - - - 923125,978 NDF 909468 273719 142999 - - 74723460 KOREIA 16479 794 - - - - 1027116829 PORTUGAL - 24 979 122 - - - - 1 002 120 547 FIDA1OPEC - 101617635 - - 101 617 635 FIDA-Promer 91523543 - - 91523 543 IDA - WB 54572484 - - - 3271496737 Total 161 952285 35.515 612 273719 964055079 - - 12 508 253 402 30 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 12. GRANTS AND LOANS (CONT) The amounts presented for BAD, JICA, KfW, KOREA, Portugal, CHINA, INDIA and IDA - World Bank are loans granted to the Mozambican Government with interest supported by the Treasury (31.12.2018). DONORI1LOANER ORIGINAL CURRANCY 31.122018 USD EUR MZN ZAR SEK YENE MZN BAD 28 671 846 1403408 120 861 335 - 2 094 225 239 BANCO MUNDIAL 53720 045 - - _ - 331 920647 UE - 16386578 - 1 158811478 CHINA 10269 682 - - - - 637 432 954 INDIA 16314727 - - - 985 009 265 KOREA 8904 770 - - 541 503037. PORTUGAL 8752362 *- - 362854 326. JICA 11023385 - 154162553 - - 1 414323000 1588762200 DANIDA - - 627587165 - -627587165 NDF - 773650 3782920 - - 60894537 PROMER/FC - - 44699183 - - 37426484 FIDA/OPEC 130 724 361 - - 130 724 361 - 229800 - - 229800 Total 128988932 27316998 1082010231 - - 1414323000 11537 344 402 31 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 13. BANK INTEREST INCOME 2019 2018 Road Fund Headquarters 2622801 3702072 ANE Headquarters - ANE+RF Delegations 166472 46869 Municipalities - - 2 789 273 3 748 942 14. BRIDGE TOLLS Road Fund 2019 2018 Limpopo River - Xai - Xai 30717 250 23517490 Save River 8108560 4919560 Moamba 3691 000 3308129 Zambeze River -Armando Guebuza 48219 150 44 739 970 1iha de Mogambique 1 351 075 835400 Limpopo River- Guija 6216700 4685800 Lugela 1541 525 711 682 Zambeze River - Tete 99845260 82718030 32 lAkNkO sr,tADn FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 jAmounts expressed in Meticais) IS. EXCHANGE RATE Conta banc6ria Accounted in Accounting Exchange Accounting Exchange MZN Balance Balance on the date of USD Rate MZN Rate Transaction 31112/2019 31/12/2019 31/12/2019 Loss BIM 21627606 (83) - 60.85 - 83 BM 4865601008 92826964 1 721 748 60.85 104768379 11941415 BM 4896601008 - - 60.85 1 1 BCJ 1977568210002 (822 786) 33413 60.85 2033211 2855997 BCl 1977568213001 37572345 629478 60.85 38303764 731420 SB1131091691001 216_865382 3 634 344 60.85 221 149846 4284464 Sub-Total 19 813 380 Conta banc&ria Accounted in Accounting Exchange Accounting Exchange MZN Balance Balance on the date of Libra Rate MZN Rate Transaction 31/1212019 31112/2019 31/12/2019 1 Loss SB GBP 1131573201001 42829097 563 970 79.81 45010410 2 181 313 Sub-Total 2181 313 Accounted in Accounting Accounting MZN Balance Exchange Balance Exchange Conta banc6ria on the date of USD Rate MZN Rate Transaction 31/1212019 31/12/2019 31/12/2019 Loss Taxa Rodoviaria Machipanda 1 031 359 17 375 60.85 1 057 269 25 910 Taxa Rodoviria Beira (19698) - 60.85 - 19698 Taxa Rodovi6ria Tete 3 629 924 60 000 60.85 3 651 000 21 076 Sub-Total 66 683 Accounted in Accounting Accounting MZN Balance Exchange Balance Exchange Conta banchria on the date of Euros (C) Rate MZN Rate Exchange Rate Transaction 31/1212019 31/1212019 31/12/2019 Loss Gain (Invoice) 5192478 - - - 8 261 150 S15550 307 Sub-Total 23811457 Road Fund Total 45 872 832 33 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 fAmounts expressed in Meticais) 15. EXCHANGE RATE GAIN (CONT) Accounted in Accounting Accounting Conta banctria FE MZN Balance Exchange Balance Exchange FUNCIONAMENTO on the date of Libras Rate MZN Rate Transaction 3111212019 31/1212019 31112/2019 Loss BIM 20441102 959284 17710 60.85 1 077683 118399 Sub-Total 118 399 Accounted in Accounting Accounting Conta bancAria - MZN Balance Exchange Balance Exchange ANE on the date of Libras Rate MZN Rate Transaction 31112/2019 31/12/2019 31/1212019 Loss BIM 246985572 (681 224) 1 68.22 96 681 320 Sub-Total 681 320 Consolidated RF+ ANE 46672542 16. OTHER INCOME 2019 2018 FE Headquarters (i) 4247499 328876606 ANE Headquarters 1 207 314 1 535 777 GNPT - 62656000 South Region Municipalities - 158146593 Central Municipalities 1 600 121 182600 North Region Municipalities - 124690200 ANE Delegations 8386322 3553246 FE Delegations 373038 115529 FE Operation 118389 206 572 14 334 162 800 910 161 (i)- This refers to tender income, rounding differences and financial adjustments 17. ROAD FUND HEADQUARTERS 2019 2018 Staff Expenses 140 626 990 134 750 267 Goods & Services 263 692 603 485 006 269 404319 593 619 756 536 34 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 18. ANE (ADMINISTRATIVE DIRECTORATE) 2019 2018 Assets 141 273 423 151 610 785 Bank 10 161 128 145 632 992 Receivables 131 112 295 5977793 141 273 423 151 610 785 Liabilities 3408612 2797339 Payables 3408 612 2797339 Equity 137 788 754 (148 813 446) Opening Balance 148811 489 143398524 Previous Year Adjustments - - (Deficit) (11 022735) (5414922) Equity and liabilities 141 273 423 151 610 785 Revenue 300 315 544 297 983 105 292 561 105 295 983 095 Road Fund allocations 292 561 105 295 640 831 Other 7015734 2342264 Other Income 1 207314 1535 777 Tender Income 5127100 575530 Exchange Rate Gain 681 320 230 958 Expenditure 303 584 162 292 568 173 Administrative expenses 293 633 710 280 121 677 Personnel Expenses 213797273 218 812135 Third party Suppliers 21 566875 15180610 Third party Services 58269562 46128932 Capital expenditure 6 494 742 11 250 874 Housing 6494 742 9524433 Machinery and Equipment - 1726 441 Other Expenses - 1 022623 Exchange Rate Loss 3455710 172999 (Deficit)! Surplus (11 022 735) 5 414 922 35 FUNDO.DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 19. PROVINCES ACCOUNTS (ANE/FE DELEGATIONS) -1 Maputo Gaza Inhambane Sofala Ianica ANE FE ANE FE ANE FE ANE FE ANE FE Assets 409543 16033341 4856915 27297204 3613269 33951880 2584363 56700336 2102486 63104871 Cash on Hands - 81 070 - 236527 749215 822745 - - - Cash at Banks 399-975 4348-687 1058598 9051 903 2167018 2311516 2582749 1109161 1 972268 9385605 Receivables 9567 11603583 3798317 18008774 697036 30817618 1613 55591175 130218 53719266 Equity and Liabilities 409543 16033340 4856 915 27297205 3613269 33951 879 2584363 6700335 2402486 63104871 Opening Balance 2812293 12 233 355 754067 14179181 3249385 16819599 1 222304 22857692 (4473355) 13411976 Previous Year (19995) 5100 - 349610 (3536) 346551 60947 34373 7637 (1726) Adjustments Short Term Payables 828128 3452419 1 161217 8861 647 987215 21445532 778093 43688927 4890620 50273754 Other Payables - - - - - - - - - (Deficit)/Surplus (3210 882) 342 466 2 941 630 3 906 767 (619 795) (4 659 803) 523 020 (9880 656) 1 677 583 (579134) Revenue 35 936 844 123953600 35713370 202 294 584 32541341 219209046 98629672 178032406 141077635 263875457 Road Fund Transfers 35642344 123922 100 31672000 199009000 31 532000 218933300 98113250 177905100 140747000 263831 985 Tender Income 294500 31 500 124500 3284124 10500 32608 192000 - 93.800 33000 Bank Interest Income - - - 1460 - - - - - 10471 other Income - - 3916870 - 998841 243138 224422 127306 236835 - Expenditure 39147726 123611 134 32771 740 198387818 33161 136 223868849 98006652 187913062 139400052 264454591 Administrative 36262591 7735711 31 126021 4 65 910 33161 136 5962649 97956652 12327566 139 400-026 10479458 expenses Capital Expenditure 2885135 96773045 1 645 720 175006768 - 187713208 50000 160765096 25 220234792 Funds Allocations - 19102377 18715139 - 30193091 - 14820400 - 33740340 Other Expenses - - - - - - - - - (Defic[t)ISurplus (3 210 882) 342 466 2941 630 3 906 767 (619 795) 14 659 803) 523 020 (9 880,656) 1 677 583 (579 134) 36 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 19. PROVINCES ACCOUNTS (ANE/FE DELEGATIONS) - 2 Tete Zambezia Nampula Nlassa Cabo Delgado ANE FE ANE FE ANE FE ANE FE ANE FE Assets 1564767 46460906 7314930 101509332 2426210 43044026 7081266 94326237 7204781 31489226 Cash on Hands - - - 4840 - 149270 - - 5561 - Cash.atBanks 1470733 3022029 4807967 7324248 2456992 27067588 6834256 4336710 7199220 25146610 Receivables 94034 43438877 2506963 94180244 (30783) 15827168 217000 89989527 - 6342616 EquityandLiabilities 1564767 46460906 7314930 101 509332 2426210 43044026 706256 94326237 7204781 31489225 Opening Balance (9 562 540) 19308458 4861 589 31659488 19374854 25211 477 17401 004 29670092 2601 242 914 172 PAduseYear (99347) 12682631 23 314 26527 14946 (13702905) 5903778 (431751) (396) Shart Term Payables 10292992 16573279 1625880 70.695702 1 555 999 3389700 1962648 66914126 854704 9258640 Other Payables - - - - - - - - Surplusl(DeflcIt) 933662 (2103462) 804148 (872385) (18504643) 14427903 1 390609 (8161 769) 4180586 21 316810 Revenue 37424489 191 371872 38562633 316987173 46051304 283869500 58825601 296169100 39.804095 420117429 Road Fund Transfers 37048000 191 362372 36952490 316978079 44336019 283817000 58194860 296169100 39287600 420098429 Tender Income 347889 9000 858000 7000 110500 - 344000 - 77370 19000 Bank Interest Income - 102041 - - 52500 - - - - otherIncome 28600 500 650102 2094 1604784 - 286742 - 439125 - Expenditure 36490828 193476334 37758486 317859558 64555947 269441597 57435092 304330859 35623509 398800620 Administrativeexpenses 35745936 9087909 37758486 6061473 64555947 3898819 57435092 17517008 35416369 3288-095 Capital Expenditure 744892 149935229 - 273402014 - 225053097 - 262159345 207140 368126812 FundsAllocations - 34452195 - 38396071 - 40489681 - 24654506 27385713 Other Epenses - - - - - - Surplusl(Deficit) 933662 (2 103 462) 804148 (872 385) (18504643) 14427903 1 390509 (8161 759) 4180586 21316810 37 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 19. PROVINCES ACCOUNTS (ANE I FE DELEGATIONS) -3 Total 2019 Total Aggregated Tnt aDelegations Total ANE FE ANE+FE2019 ANE +FE218 ANE + FE ANE FE2019 ANE+ FE2018 Assets 39128519 513,917358 563045876 860557058 - 553 045'876 860557058 Cash on Hands 754 776 1294 452 2 049 228 937 633 2049228 937633 Cash at Banks 30949778 93104058 124053836 73569718 - 124053836 73569718 Receivables 7423966 419 518 848 426'942 813 786049708 - 426942813 788049708 Equity and Liabilities 39128519 513917357 553045876 860557058 - 553046876 860557058 Opening Balance 38240843 186 285 491 224 506 335 341 285 082 - 225 287 219 341 2as 082 Previous Year (14165637) 19381 394 5195757 76 325 923 - 5195757 76325923 Adjustments Short Term Payables 24937495 294553725 319491221 635269840 - 319491221 635269840 Other Payables - - 40000 - - 40.000 (Deficit)l Surplus (9884183) 13736746 3852563 (39711 940) 3071 679 39711 940 Revenue 564466985 2495880167 3060347151 3151 956054 - 3060347151 3151 95054 Road Fund Transfers 553525563 2492 026465 3045552028 3144334905 - 3045552028 3144334905 Tender Income 2453059 3418232 5869292 3893504 - 5869292 3893-504 Bank Interest Income 102041 64431 166472 46869 - 165472 46869 other Income 8386322 373038 8759360 3680775 - 8769360 3 68 75 Expenditure 574351168 2482143421 3056494589 3191 667994 - 3056494589 3191667994 Administrative expenses 568 818 255 81 024 500 649 842755 406 280 865 - 649 842755 406 260 865 Capital Expenditure 5532 912 2119169408 2124702320 2426698535 - 2124702320 2 426 69B 535 Funds Allocations - 281-949514 281 949 514 358708 595 281 949 514 358 708 595 Other Expenses 1 - - - - - (Deficit)lSurplus 19.884 183) 13738746 3852563 39711 940 3852563 (39 711 940) 38 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 20. OFFICE OF ZAMBEZE BRIDGE (GPPZ) Notes 2019 2018 Assets 1905 1905 Cash and Bank 19 1905 1 905 Total Assets 1905 1905 Equity 1 905 1905 Opening Balance 19 1 905 1905 Surplus 1 906 1905 21. GNPT - OFFICE OF NEW BRIDGE OF TETE Notes 2019 2018 Assets 8214375 7667488 Cash and Bank 19 8214375 7667488 Total Assets 8214375 7667488 Liabilities - 5 Short Term Payables - 5 Equity 8214370 7667483 Opening Balance 19 7667483 4926782 (Deficit)/ Surplus 546888 2740701 Total Equity and Liabilities 8214375 7667488 Notes 2019 2018 Revenue 57 089 126 62 656 000 Transfers from Road Fund 19 57 089 126 62656000 Expenditure 56542238 59915299 Administrative Expenses 19 56439863 59 703 199 Capital Expenditure 19 102 375 212 100 Surplus 546 888 2 740 701 39 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Melicais) 22. MUNICIPALITIES ACCOUNTS (SOUTH REGION-1) Maputo Gaza Maputo Matola ManhIa Boane Namaacha Xai-Xai Chokwe Chibuto Mandlakazi Bliene Macla Assets 3352499 6941 884 1 995998 4356205 817047 130464 3052399 2 074 884 1269331 1 053225 849977 Cash at-banks 148 310 435 843 1 190 155 591 085 308 825 103 914 213 549 3 395 613 21 793 34 650 5285 Receivables 3204 190 6506040 805.844 3765 120 508 222 26 540 2 838 850 (1 320 729) 1 247 538 1 018 575 844 692 Equity and Liabilities 3352499 6941884 1995998 4 356 205 817047 130464 3052399 2 074:884 1269331 1053 225 849977 Opening Balance (1185269) 2674443 (2 852 004) 4506769 567776 (3088055) 3034566 3723079 1185195 27700 828258 Previous Year Adjustments - 4 175-085 (1) 413 309 - - - - - - Short term Payables 4514872 1499581 3391 374 967941 - 3191 969 35 1 089-828 59037 1 001832 - Surplusl(Deficit) 22897 (1407226) 1456628 (1531815) 249271 26540 17798 (2738024) 25100 23693 21719 Revenue 12628000 4645200 2825000 4940400 4254000 10757000 4731000 13663000 25100 6956000 5309000 RoadFund transfers 12628000 4645200 2825000 4940400 4254000 10757000 4731000 13663000 25000 6956000 5309-000 de Estradas Road Fund transfers - - - ~ - - - - 100 - - Other income - - - - - - - - Expenditure 12605103 6052426 1368372 6472215 4 004 729 10730460 4713202 16401024 - 6932307 5287281 Administrative 2335 2335 4835 6545 - - 25942 2500 - 139660 3350 expenses Capital expenditure 12602768 6050091 1 363537 6465670 4004729 10730460 4687260 16 398 524 - 6792647 5283931 Surplusl(Deficit) 22 897 (1 407 226) 1 456 628 (1 531 815) 249 271 26 540 17 798 (2738 024) 25100 23693 21 719 40 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticals 22. MUNICIPALITIES ACCOUNTS (SOUTH REGION- 2) Inhambane Total Inhambane Maxixe Massinga Qusslco Vilanculos 2019 2018 Assets 440601 7751 785 1719515 34671 106913 35947388 199 658 346 Cash at banks 767 176045 418667 580536 1 285923 8910-960 7390074 Receivables 439-834 7575740 1 300848 (545 865) (1 179010) 27036428 192268272 Equity and-Liabilities 440 801 7 751 785 1 719 515 34 671 106 913 35 947 388 199 658 346 Opening Balance 332445 7109995 772128 (7511 035) 1376731 11501722 15040464 Previous Year Adjustments - - - - 4588393 946817 Short term Payables 104161 - 561676 8101571 900 24484776 188156626 Surplust(Deficit) 3 996 641 790 385 711 (555 865) (1 269 718) (4 627 504) (2 591 927) Revenue 9203000 3 195200 3134600 4640600 10436900 101344000 158146593 Road Fund transfers de Estradas 9203000 3 195 200 3134600 4640600 10436900 101343900 158145500 Road Fund transfers - - - - 100 - Other income - - - - - 1 093 Expenditure 9 199 005 2553410 2748889 5196465 11 706618 105971 504 161 008698 Administrative expenses 21 548 - 20555 8.690 25 296 263 592 312 464 Capital expenditure 9177458 2553410 2728333 5187775 11681 322 105707912 160696234 Surplusl(Deficlt) 3 995 641 790 386 711 (555 865) (1 269 718) (4627 504) (2 862 105) 41 нлса•о� ежrялvлх Fииоо �� �sтRAOas NOT�S 70 TFlЕ F1NA1ЧCIA'� STA'i�MEN7 А5 АТ 3'f D�CEMB�R �р19 {Агпоипts expressecl iп Meticaгs} 22. MUNIC1PALii'!�S ACCOUNTS {CENTFZAL REG1�N - 3) - __ _ - 5ofala _ _ _ _ _ Мапiсд _ _ Тееа иегг•а Oonaow Мапотеи Аlhатагапда Gamngoza С17Gпоlс МапЕсд Са[дпд'гса 5uasundenga GvndcW 7ete Mvatlze НhатаудЬид � s7lvngue Assc[s 99 543 4S д57 1 789 7А4 35 733 1 Б БВ 3 613 279 974 283 78 828 i 454 984 2З2 245 9 913 926 3 58д 622 24 А78 295 593 Cashoпharxts - • • - - _ • • • • - • ' - Ca5 h at ba[ks 99 543 41857 24S 809 35 733 188П Т 97 662 7 379 2 7Э 7 2& 798 27 Е307 t 823 49B Э 4 557 дТ8 105 593 RесепиЬЮs - - Tds6i35 - • ЗдТ5558 87282А 78589 7а251В5 20484д 829рд28 3588085 2дрр8 1960tl6 Equity алд 1Ialгilitiвs 99 5д3 47 057 7 709 74А 35 733 1 668 3 6i3 х19 874RП3 78 820 Т 451 984 232 2А5 9 973 92В Э 58Л Б22 2д 478 ?85 593 ррепгg6аЕаг>се i5818325 - 2215079 4284238 5258534 3877922 3293Б93 92231 • Т3Э8157 1179887 - 78269а 9337338 2582рЕЮ - 88759 - 7357 Ргrио�ьУсагАС,'ustrneпs - 1В520дОд - '19578дБ - 27S835B - 53i34 799 - 3628323 - - . . . _ _ _ . 5hcritermPayaLЭes 778В13 д778368 1!50П 57347 18687Б 7't7529p5 695302 7Q�S2792 93895� 8417р 672776 ЭЭ97383 99819 27465q Csкierpayaыes • • - - - • - - - • - - • • sигдгиslfocrocк] �__ sso8s 3ss5л �-i72-3s5 2dsso (i5ав75}_ {7азз79j --тт�" �i7э33oj зsа7в4 �"-[sBaвsHy зso9ss 'W�'[29s1z1Z _ {1ss7s7J ��1sa1a 2г3оо Reve nue 5 гS 8 рр0 4 92Z 888 T 884 Da0 710 508 2 896 3аЛ Э 715 508 Т 7 383 690 3 568 279 З 212 Б90 2 607 дQ8 6 д55 800 4 д17 3р8 222 80П 25 8р(7 Road Fund transkrs 5 218 OOQ 4 9Т2 йЮ 7 8841Юе 718 500 2 69Б 3(1р З 715 5f7a 17 387ll[7<2 3 588 279 3272 БОО 2 t3o1 д00 В д55 atTp д д1Т 380 227 fюl} 25 ррП TvпdefLramv - - - ' ' - ' ' ' ' ' ' - ' 6ark hxгоst kcame - • - • - • . - • - - • - - ctl7eriпcame . _ . _ _ _ . _ . _ • • 1608 - Expenditure 579У994 4866А46 7691835 685858 х857175 4458879 77418338 3233й95 З877д58 227ti435 6751121 4$18061 207181 2788 Admгnsuativeгчрепsеs - 2335 7889� 35Н 2335 2335 2977q 4д35 7[7735 ЭО95г] Эрр 2335 А420 2ТiЮ Сарi [вЕ ехрепд'гпrв 5 792 Р99 4 884 Т 7 7 7 Б74 845 885 5W 2 648 78Cf д 456 5Д 4 Э 1 389 56б 3 228 НБ0 3 8{1Б 723 2 259 д8$ 8 751 021 k 607 726 2i72 76i - Qtl7ere�erces - • - • - - - • - - - - - - 5игр]us!{дп[}cRy �� 250об ss5sa 172з6s aassa t3s487sa �74э379} ^_ 7Тзэ3а з5а7'8а _�„�5oaxs>� - a3д9ss __ �т9sгz17 __ 1s27s3 7sa�s � xssaд Д� FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 LAmoynts e eressed in Meticats) 23. MUNICIPALITIES ACCOUNTS (CENTRAL REGION - 4) zamb6zia Total Quelimane Mocuba milange Mag. Costa GUTU6 Alto Molocu6 2019 2018 Assets 12568366 25 H2 3962029 40049 31 990 28392 38609215 186511 996 Cash on hands - - - - Cash at banks 3486023 25612 32196 39481 31990 28392 6085092 34684779 Receivables 9082343 (50) 3929834 568 - 32544123 150827217 EquIty and liabilities 12569366 25562 3962029 40049 31990 28392 38 6(19 215 18561-1996 Opening Balance 5.666411 (626230) (688291) (415 Z26-) (11 127536) (869341) 34583387 91 522 89B Previous Year Adjustments - - - - - (21 203640) (2306768) Shoq term Payables 7264997 629127 385498 480252 1136282 872476 22! 405 421 141 972326 Other payables - - - - - Surplusi(Deficit) f363 042) 22665 4264822 (247771 23243 - 25257 2823948 (5-676 462L Revenue 31936400 25000 9950300 6131800 3095000 10101600 118191680 121 187123 Road Fund transfers 31 936400 -S-000 9950300 6131800 3095000 10101600 118189979 121 182600 Tender Income - - - - - - Bank Interest Income - Other Income - - - - - I 6GO 4523 Expenditure 32299442 2335 6685478 6156677 3071 758 10076343 115367632 126863682 Administrative expenses 7335 2335 2335 3060 2335 - 104590 101141 Capital expenditure 32292107 - 5683143 6153517 3069423 10076343 116263041 117801257 Other expenses - - - - 8961 184 Surplust(Deficit) J363 042) 22666 4264822 (24777) 23243 25257 2823948 (5676449) 43 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 22. MUNiCIPALITIES ACCOUNTS (NORTH REGION -5 Nampula Niassa Nampula Nacala Monapo Malema Angoctie Ribaue liha de Moç Lichinga Cuamba Metangula Mandimba Marrupa Assets 1041331 9 172 536 32221 189068 4218476 1121 297 (543455) 16 646 247 41559 775-649 326436 16.063 Cashonhands - - - - - Cash at banks 34780 33917 14051 89066 210 41 772 2547 1 349 047 41 559 775649 399288 10837 Receables 1006550 9138619 18 171 100000 4218286 1079525 (546001) 15297200 - - (72851) 5226 Equity and liabIitles 1041331 9172536 32221 189068 4218476 1 121,297 543455 16646247 41 559 775649 326438 16063 Operng Balance 7834652 (3717 980) 502851 (794) (4389489) (513215) (668355) 342393 <1 626 986) 3067845 (2779083) (1 850928) Pevious YearAdjustments (7 528 520) - - - (266 646) - - - - - - - Short termPayables 707205 12 867 851 608 743 120252 8 098 411 558186 18 517 2189086 2 185 773 431826 2863328 2508 912 Olher payables - - - - - - - - - - - Surplus/(Deficit) 27994 22665 (1079372) 69610 776200 1078326 106383 14114765 517228 2724022 242192 641921 Revenue 5025000 25000 4683800 2841 000 776300 2205400 8752100 29439000 10543646 6723000 4360000 4029000 Road Fund tansfers 5025000 25000 4663800 2841 000 776300 2205400 8752100 29439000 10543646 6723000 4360000 4029000 Terder Income - - -- - - - Bank Iterest hmme - - - - - - - other income - - - - - - - Expenditure 4997006 2335 5743172 2 771-390 100 1129074 8645717 15324235 11060874 9447022 4117808 4670921 Administrative e>penses 2820 2335 31401 4575 100 75 30720 30677 25885 2335 71 825 18357 Capital expenditure 4 994 186 - 5711 771 2766815 - 1 128999 8614997 15 293 557 11034 969 9444687 4 045 983 4652564 Otherexpenses - - - - - - - - 20 - - - Surplus«(Deficit) 27994 22 665 (1 079372 69610 776 200 1 076 326 106383 14114765 517228 2724022 242192 641 921 44 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 24. MUNICIPALITIES ACCOUNTS (NORTH REGION - 6) Cabo Delgado Total Consolidated Pemba Montepuez Mueda Chi6re Macimb.Praia 2019 2018 2019 2018 Assets 51037 SB8 963 13952 16242 2233018 44896906 154201 317 119453509 539371661 Cash on hands - - - - - Cash at banks 51037 2499 13952 - 4066 2864278 14425632 17840330 56500485 Receivables - 586 464 - 16242 2228 953 42 032 628 139 775 685 101 613 178 482 871 174 Equity and liabilities 51 037 588963 13952 16242 2233018 44896906 154201 317 119453 508 539371 661 Opening Balance (686278) (954740) 5541 6405 1 124268 4652372 10362966 50737480 67970146 Previous Year Adjustments - - - - - (7795 166) (612 350) (24 410 313) 5090 249 Short term Payables 713167 1541 009 35 90 750 36413142 158505229 82303340 488 634 181 Other payables - - - - - - - - Surplusl(Deficit) 24 148 2694 8 376 9747 1 108 000 12 626 558 (14 054 528) 10823002 (22 322 915) Revenue 25000 29394100 4626 000 4609500 3142 100 121179946 124690200 340715526 404 023 916 Road Fund transfers 25000 29394100 4626000 4609-500 3142100 121 179-946 124690200 340713825 404018300 Tender income - - - - - - - - - Bank Interest Income - - - - 100 other Income - - - - - - 1600 5616 Expenditure 852 29391406 4617624 4599753 2034100 108553389 138744728 329892524 426617008 Administrative expenses 852 34475 21160 15816 - 293408 742613 661589 1156218 Capital expenditure - 29 356 931 4596464 4583937 2034100 108259 961 138 002 095 329230914 416499586 Other expenses - - - - 20 20 21 8961204 Surplusl(Deficit) 24148 2694 8 376 9'747 1108 000 12626558 (14 054 528) 10823002 (22 322 915) 45 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 25. EXCHANGE RATE GAINS This amount arises from the translation of bank account balances in foreign currencies to MZN at the exchange rate of Banco de Mogambique/BCI ruling at 31 December 2019. Details per Bank Account and Currency are the following: Bank Account Accounted in Accounting Exchange Accounting Exchange MZN Balance Balance on the date of Euros Rate MZN Rate Transaction 31/12/2019 31112/2019 31/1212019 .Lost BM4260601009 6264928 89949 68.22 6 136 301 128 627 Sub-Total I 128627 Bank Account Accounted in Accounting Exchange Accounting Exchange MZN Balance Balance on the date of USD Rate MZN Rate Transaction 31112/2019 31/1212019 31/1212019 Gain BIM 20099080 6 357050 103 673 60.85 6 308 526 48 524 BM 72136767 13688284 151 314 60,85 9207484 4480800 BM 4895601000 473356 74 65 4727692 7769 BM 5278601007 1 450 892 206 22 254 499 6085 1 354 186 249 96 705 957 Sub-Total 101 243 051 Bank Account Accounted in Accounting Exchange Accounting Exchange MZN Balance Balance on the date of Libras Rate MZN Rate TransactIon 31/12/2019 31/12/2019 31/12/2019 Gain SB Libras 780 000 - 79.81 - ? 780 000 Sub-Total 780 000 Bank Account Accounted in Accounting Exchange Accounting Exchange MZN Balance Balance on the date of USD Rate MZN Rate Transaction 31/12/2019 31/12/2019 31/1212019 Gain ANFRENA 54364353 891 950 60.85 54275158 89195 Taxa, Rodoviaria 139977 1 000 60.85 60850 79127 Maputo Sub-Total 168 322 Bank Account Accounted in Accounting Taxa de Accounting Exchange MZN Balance Balance on the date of USD Crnblo MZN Rate Transaction 31/12/2019 3111212019 31/12/2019 Gain Perdas em taxas de cimbio 3470031 - - - 3470031 (Facturas) Sub-Total 3 470 031 46 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticeis) 25. EXCHANGE RATE GAINS (CONT) Accounted in Accounting MZN Balance Exchange Accounting Balance Exchange Bank Account on the date of ZAR Rate MZN Rate Transaction 31/12/2019 31/12/2019 31/12/2019 -Gain BCILZAR I1____ 161 00 2577208 596253 4.31 2569852 7356 181822210001J.'-d Sub-Total 7356 Total Fundo de Estradas 105 797 388 Accounted in Accounting Bank Account - MZN Balance Exchange Accounting Balance Exchange ANE on the date of Libras Rate MZN Rate Transaction 31/12/2019 3111212019 31/12/2019 - Gain - BIM 246985572 127 987 457 1 827870 68.22 124697291 3290166 Sub-Total 3290166 Accounted in Accounting Bank Account - MZN Balance Exchange Accounting Balance Exchange ANE on the date of Libras Rate MZN Rate - Transaction 31112/2019 31112/2019 31/12/2019 Gain BlM 21441075 [ 283 210 1934 60.85 117 666 165 544 Sub-Total 165 544 Consolidado (Fundo de Estradas + ANE) 109 253 098 47 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 26. OPENING BALANCE 2019 2018 Opening Balance Road Fund Headquarters 2687731 198 4721597493 ANE Headquarters 148813446 157897535 ANE Delegations Provinces 38 240 843 32 091 945 Road Fund Delegations Provinces 186265491 205763518 Municipalities 50737480 58293046 GPPZ 1 905 1905 GNPT 7667483 4926782 Districts 72981 157 33327314 Road Fund (71 476 765) - 3120962238 5312547246 48 пс}ЧС]4 УаЕ SЕпгlАвl}А5 �uNao а� �sт�гдедs �or�s то тн� �ir�ANCiA�. srдт�м�n�т дs Ат' s� о�с�мв�R гп�s Amouпts ех ressecl iп Meticais ZT. D1STR1C75 ACCOUNiS N[а uto Gaza lпhатЬапе МаП1са 5afalа Tete ZатЬ�дlд Лlатриlа Лllassa Catro Oe�adn Tata1 ...Р........�.. � пssers г та7 г71 3 2гг 8ss 1 x8s 8пб 8 7s1 Ззs г гаz dsa тz sxa д1а zv а11 за8 а sao sзs гг зх1 s7a s газ sss а5 аз5 oai CashonharкSS . _ _ _ , _ _ Casharцaпks _ • - - . � - • - Rece�vaЫes 2 э 37 271 3 272 85Б д 28Б ft0i7 Б 791 336 7 202 а34 'Э2 528 д10 2� 5t 7 ЗОг] д 5Аб 53б 22 32 F 27д 5 2А3 Б23 85 835 ОА1 0 Eqцity апд 8аЬl1пlеs s Ээ7 sгЭ s s7s вьs т sas аоо е 7sг ззs 7 аох аза э а sxa а1а хо 5тт зио а 5а¢ s3s хг заЭ z7a 5 газ аsз а5 взs ааЭ ilpeпrg Balaпce 1 778 32$ 91В 929 � Э84 3а2 3 71А 7$� 4 038 Б4б 3 4i8 77d 8 981 787 1 832 Э29 а ае3 Т77 1 86S 248 33 327 314 i'7eчiaus Уеаг A�justrrleпt5 - - • - • • (7 818у • - - {7 818j SFюRieпnPay2Ъies 961474 798757 639й0 13Вд562 91384 1Р5В094 864478 105t184 34904б2 TOD4225a Dther payaЬtes - - - - - • - • - - - SиrрШц(Пeficily 5s4 537 1 55г 1го 57 758 �� 1 Т1г 59s з 87z азо 7 и5з 5az в 57z а75 1 s9г•оаг га 3s7 аза з•277 зrs -� а2 а7з xs1 Rnroпuo т5 575 А49 д2 04д S3d 37 219 540 37 98Б i72 18 192 О7р 27 д07 848 55 877 978 59 267'Э83 4Q 17б 553 За 783 224 358 528 578 Road Fund цanslers 1& 575 4д9 42 044 53д 31 21S 54а 37 $85172 18 792 p7f� 27 487 896 55 877 97П 51 2871В3 аП i76 553 Эе 783 224 958 529 573 ТегдеГ Ьн'Атв _ . . • _ Вапk k�zrest lпсоте . . _ . _ _ - ather iпсотб - 4.61 _ _ _ • - - - - Ехрелдkиге 9S ie998U 40 А87364 з1 1б1 782 36 272 578 1Ь 179 64U 19 554 356 46 $U5 t795 49 67R т21 2Б 809 5'!9 36 Бе5 а49 376 056 282 AdmICr57atiиe expenses i П85 819 83а 512 1 127 U33 Э 85П 728 723 770 $29 ОбП 2 138 659 956 587 1 Б17 619 2 б3П 605 12 993 533 Capital ехреПдifц�е i 5 i18d 18Э 39 б52 852 3� �34Id9 34 д22 qd9 S4 398 471 i 8 925 35б а4 1В4 85i] де Т13 532 2а 191 9�б 33 а75 24а 3©3 ОБ7 Зб2 F�13dSД1pC211OF35 - _ _ _ _ �ther e�erues - - - • - • 1 385 2 - - 1 За7 SurpIus![QBticEt} �59а s31j ? 55г 17о 57 7ь8 1 712 595 3 о7г азо 7 а53 5аг s 57z 875 1 597 642 'i4 3&7 63а 3 z77 375 dZ а7� z91 49 A, FUNDO- DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Arnounts expressed in Meticeis) 28. DONORS DIRECT PAYMENTS During 2019 F undo de Estradas benefited from direct payments made by donors for rehabilitation of roads, bridge construction and other activities as detailed below: EUROPEAN UNION BAD INDIA JICA PORTUGAL NDF KOREA CHINA WORLD TOTAL BANK Description MzN MZN MZN MZN MZN MZN MZN MZN MZN. Revenue Dirw payments 557284018 2911895985 404982135 923125978 1 002120547 74723460 1027116829 1 SSG 945 296 589139319 9441333566 557284018 2911 895985 404982135 923125978 1 002120547 74723460 1027116829 1 950945296 589139319 9441333666 Expenses Consullancies 22169304 48079199 28697270 74723460 84656705 258325939 Road Rehabilitation 453257339 2775356308 404982135 954663942 1915 379 7-34 6503639458 Road Upgrading 848920223 942460124 1791380347 Road Construction 112 4a4 642 112484642 Road Maintenance 47736352 47736352 Projects Preparation 74205755 74205755 Supervision 81857376 88460478 18759335 35565561 224642749 Emergencies Works 428918325 428918325 557284018 2911895985 4049821-35 923125978 1002120647 74723460 1027116829 1950946296 589139319 9441 333566 50 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28. DONORS DIRECT PAYMENTS (CONT) The financing per the project, is analysed as follows (2018): Description EUROPEAN BAD INDIA JICA PORTUGAL NDF KOREA CHINA WORLD BANK TOTAL UNION MZN MZN MZN MZN MZN MZN MZN MZN MZN- MZN Revenue Direct Payments 1158811 478 2094225239 985 009 265 1 588 765 200 362 854 328 60 894 537 541 503 037 637 432 954 2 548 922 284 9978 415 322 1158811478 2094225239 985009265 1588762200 362854328 60894537 641503037 637432954 2548922284 9978415322 Expenses Consultancies 12251494 73106600 - - - 57111617 - - 14938360 157408071 Road Rehabilitation 906116270 1440029417 985009265 - 362854328 - 637432954 - 4331442234 Road Upgrading - - - 734247537 - - 541503037 - 1 275750574 Road Construction - - - Road Maintenance - - - Projects Preparation - - - 775992544 - - - - 157017654 933010198 Supervision 240443714 - 78522119 - - - - 20669785 339635618 Emergencies Works - 581 089 222 - - - - 2356296485 2937385707 Equipment - - 3782920 3782296920 1158811478 2094225239 985009265 1588762200 362854328 60894537 541503037 5207182927 2548922284 9978415321 51 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28.1 DONORS DIRECT PAYMENTS BAD Credit N° Description Beneficiary Oisbursements Amountin USD EUR MZN ZAR SEK YENE MZN Projecto de Estrada entre o troço Montepuez - Proí:.2100150013143 Uhinga ANE/FE 7171819 - 253809 ~ - - 536 602 762 Financiamento de estrada no corredor de Nacala ProF:n2100150020398 (Moaarnbdque) ANE/FE 8414983 722773 124483132 706437864 Financiamento suplementar para contrução de Proj:2100150023096 Estrada,no troço Montepuez - Líchinga ANE/FE 9518183 - 201391773 - - - 852528822 Prol 2100150028343 - Corredor de transporte de Nacala Fase - 111 - ANE/FE 16911 580 - 4003828 - - - 816326537 Total 42016565 7227731 330132542 | - | - - 2911895985 Projecto de Estrada entre o troço Montepuez - ProL: 2100150013143 Lichinga Supervisão da Reabilitação da Estrada Lichinga 54/DIPRO352/2015 Litunde CPG 1 194699 253809 75049570 Reabilitação da Estrada N14 ao longo do troço 14/DIPRO/313/2016 Montepuez & Ruaça na província de Cabo- Delgado China Jiangxi 5977 120 461553192 Total 7 171 819 - 253809 - • • 536 602 762 Financiamento suplementar para contrução de Proj: 2100160023096 Estrada no troço Montopuez - Lichinga 680/DIPRO/2008 Reabilitaço da estrada entre Lichinga Litunde CMC-MCM J.V AFECC-Anhui Foreign Eco 65/DIPRO-ANE/31312016 Reabílitação Estrada Montepuez Ruaça Lote A Const. 4884531 195 055 590 490 144 149 Sup do empréstimo LOT C - para a reabilitação de estrada Utunde Lichinga, Parte 11 nas Sete Pontos 381DIPRW1313/2016 entre Marrupa and Litunde Chico 4 135 181 324 859 851 Serviços-de Consultoria no desenho e supervisão dos trabalhos de reabilitação de estradas entre os traços de Muita - Massangulo no-Corredor de Lea Associates 34/DIPRO12013 Nacala South Asia 498 471 6 336 183 37524823 Total 9518183 - 201 391773 - - - 852528822 52 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressedin Meticais) 28.2 DONORS DIRECT PAYMENTS BAD Credít N° Description Beneficiary Disbursements Amount in Croit 0 Dscrpton eneiciryUSD EUR USD EUR USO EUR USO Financiamento de estrada no corredor de Proj: 2100150020398 Nacala (Moçambique) Desenho e supervisão entre os troços Nampula 768/DIPRO12009 Cuamba, Lote "A': Nampula - Ribaué CPG 704 856 3863555 48 079 199 Reabilitação da-estrada'N13 no troço entre 773/DIPRO/2009 Nampula e Cuamba Lote "C" GabrielCouto 722 773 45 673 865 Projecto de estrada no corredor de SARI Consulting, 33DIPRO/2013 desenvolvimento de Nacala Ltd 1 642 965 104 674 612 Tecnica Projecto de estrada no corredor de Engenheiros 34/DIPRO/ANE/352/2013 desenvolvimento de Nacala Consultores 211 642 13410908 Reabilitação da estrada N13, entre os troços de Crig - Covec Joint 7iDIPRO-ANE/313M2016 Cuamba - Muita na província de Niassa Venture 5855520 120 619 577 494 599 280 Total 8414983 722773 124483132 - . - - 706437864 Proi: 2100150028343 Corredor de transporte de Nacala Fase - [II Reabilitação da estrada N13, entre os troços de 12/DIPRO12014 Muita - Massangulo na provincia de Niassa CCCO 16.400 200 - - - - - 779.665 506 Reabilitação da estrada N13. entre os troços de Lea Associates 64/DIPRO/352/2016 Muita - Massangulo na província-de Niassa South Asia 511 380 - 4003828 - - - 36661 031 Total 16911580 - 4003828 - - - 816326537 Grande Total 42 016 565 722 773 330 132 54 _ - - 2 911 895 95 53 FUNDO -DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28.3 DONORS.DIRECT PAYMENTS WORLD BANK USD MZN MZN Disbursements ProI PPCR Desembolsos ANElFE 589 139-073 Proj: PAGAMENTOS DIRECTOS 08/DIMAN-ANE1323/2018- WIETC - Weihai Int. Econ & Technical MZN Rehabilitation.of R702 between N12 juction and Nacala a Velha Coop Co.. Ltd 729532 100379951 144538 535 22/GE-ANE/313/2015 - Rehabilitation/improvement, Routine Manintenance of Roads-R859 Maniquenique - PACOTE 4 Chilmbene and R452 SBI Intemational Holdings AG - 42869 349 42869 349 Zhongmei 22/GE-ANE313/2015 - Rehabilitation /Improvement, Routine Manintenance of Roads N220 Chissano - PACOTE I USD Chibuto and NIC road Crz N220 2527020 157104863 .... .SB Iinternational Holdings AG 22/GE-ANE/313/2015- Rehabilitation Improvement, Routine Manintenance of Roads R859 Maniquenique - PACOTE 4 - USD Chilmbene and R452 1153814 _____ 71 732 423 22[GE-ANEf313/2015.- Rehabilitation/improvement, Routine Manintenance of Roads N220 Chissano - Zhorgmei PACOTE 1 Chibuto and N/C road Crz N220 1 725 033 107 849 034 Mota--Engil,Engenharia e Construg&o, 23/GE-ANE1313/2015 - Rehabilitationlimprovement, Routine Manintenance of Roads R890 GuijA - ChokwL S.A PACOTE 3 and R488 Chokw6 Macarretane - 18428632 18428632 Constru0Bes JJR & Filhos 46/DIMAN/313/2016 LOTE1 Estrada R605,Crz.N304(Mphulo)-Tsangano-Crz.N304 (Utongwe), na Provincia de Monambique, Lda Tete Construgbes JJR & Filhos 461DIMAN/313/2016 LOTE 2 Estrada R604-Estrada R604, Cruz 304 (Ulongwe)-Domue-Furancungo,na Provincia Mogambique, Lda de Tete 46616237 46616237 Total 6135400 208294170 589139073 Grande Total 6135 400 208294170 589 139 013 54 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28.4 DONORS DIRECT PAYMENTS EUROPEAN UNION Credit NO Description Beneficiary Disbursements Amount in USD EUR MZN ZAR SEK YENE MZN Disbursements Fase I do projecto Estrada no troro Milange-Mocuba ANE/FE - 559 099 - - - 35642590 Fase if do rojecto Estrada no troeo Milange-Mocuba ANE/FE - 8 345 149 - - - - 521 641 428 Total - 8 904 249 - - - - 557 28401 O8 Projectos Expenses _____________________________ Proj: Phase I Mi!anqe:Mocuba Road --- - 729DIPRO108 Milange - Mocuba Phase I Mota-Engfil 55909 35642590 Total - 59099 35642590 Proj: Phase I1 Milange-Mocuba.Road 25/DIPRO/2013 Milange - Mocuba Phase I - Lot 2 Mota-Engil 6 667 001 417 614 749 Nicholas O'Dwyer 12/DIPRO/2012 Super. Of intergrated develop of'Milange - Mocuba & Company - 1 328 316 - - - - 81 857 375 Milangue - Mocuba: Technical Assistance for Civil-Design 67/DIPRO-ANEJ360/2017 Contract Management and Legal Advisory Solutions - 349 632 - - - - 22 169 304 Total - 8 345 149 - - - - 521641428 Grande Total - 8904249 - - - - 557284018 55 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28.5 DONORS DIRECT PAYMENTS CHINA CreditNo Description clary Disbursements Armountin Cibursmedits T DUSD EUR MZN ZAR SEK YENE MZN Disbursements Pro : 1420302052013112359 N: Machipanda to Beira ANE/FE 31380815 - - - - 1950 945 296 Total 31380815 - - - - - 1950945296 Projectos Expenses Prqf: 1420302052013112359 NS: Machipanda to Beira China Anhui Rehabilitation and Upgranding of N6 Forei Econ. 107/DIPRO]2012 Road from Machipanda to Beira Constr. 30808 745 - - - - - 1915379734 Shenyang Rehabilitation and Upgranding-of N6 Engineering 107DIPRO/2012 Road from Machipanda to Beira Supervirsin 572070 - - - - - 35565551 Total 1 31380815 - - - - 1950945296 56 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticals) 28.6 DONORS DIRECT PAYMENTS INDIA Credit No Description Beneficiary Disbursements Amount in U50 EUR MZN ZA SEK YENE MZN Disbursements Proj: NS: TicaMach?panda to Beira ANE/FE 6 725 932 - - - - 404 982 135 Total 6725932 - - - 404982135 Projectos Expenses Pro): N: ticaMachfpanda to Eeira 36/DIPRO/2013 Reabilitagio da Estrada Naclonal N6 Tica - Buzi - Nova Sofala China Anhui Forei Econ. Constr. 274'960 17 472 238 Rehabilition of rmad N280/201 between Tica, Buz] and Nova 14/dipro/313/2017 Safala Province Afcons Infrastrutucture Limited 6 450 972 387 509 896 Total 6725932 - - - 404582135 Grande Totol 67251932 - - - - 404982 135 57 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28.7 DONORS DIRECT PAYMENTS KOREA Credit NO Description Beneficiary Disbursements Amount in USD EUR MZN ZAR SEK YENE MZN Disbursements Pro: N104 Nampula - Nametil ANE/FE - - - . - Pro: Nacala Corridor Upgrading phase-1 ANEIFE 16479794 - - - 1027116829 Total Projectos Prof: -N104 Nampula - Nametil Total . . . . . . Prof: Nacala Cornidor Upgrading phase- I 771/DIPRO12009 Upgrading of the Ni3 Road between Nampula and Cuamba Lote A Chico 772/DIPRO/2009 Upgrading of the N13 Road between Nampula and Cuamba Lote B CCC 424 697 15289742 7731DIPRO/2009 U pgrading of the N13 Road between Nam pula and Cuamba Lote C Gabriel Couto 11IDIPRO/31312016 Upgrading of the N13 Road between Nampula and Cuamba Lote C Pasco 14719914 927 170 382 Consultoria. Services for Desing and Construction N104 bet 3611PRO12014 Nampula and Nametil KECC 1 335 283 84 656 705 Total 16479794 - - - 1027 116 829 58 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28.8 DONORS DIRECT PAYMENTS PORTUGUESE GOVERNMENT Credit NO Description Beneficlary Disbursements Amountín USD EUR MZN ZAR |SEK| YENE MZN Disbursements Proj; Linha dos 300 Milhões de Euros ANE/FE - 21 407 142 - - 853722497 Pro: Linha-dos 400 Milhões de Euros ANE/FE - 3671 980 - - - 148 398 052 Total 24979122 - - - . 1002 120549 Proíectos Despesas dp projectoExpenses Pmi: Linha dos 300 Milhões de Euros Obras de-construção e Reabilitação da Estrada N260 entre Chimolo, Sussundenga e Espungabera na Província de Manica- 8261DIPRO/2009L1 Lote 1- Chimoio/Lucite Mota Engil 18795638 750 321 877 Reabilltação da Estrada N380 entre Macomia e Oasse(103km) 755/DIMAN/2009 na Província de Cabo Delgado Conduril-ceta 234 542 8 225 390 8271dipro12009 Reabilitação das Estradas Oasse e Macimboa. Palmo e Namoto Zagope 2 074 943 82 831 730 Fiscati. Reabilitação da estrada N221 entre Caniçado e 831/dipro/2009 Chicualacuala Coba Tecnica 190-805 7798192 831/dipro/2009 Lote 1 Fiscalizaç9o da Reab da N221 entre Caniçado e-Chicualacuala Consulpal 111214 4545309 Total - - 21407142 - - - - 853 722 497 Pol: Linha dos 400 Milhões de-Euros Monte Adriano Eng & 491DIPRO/2010 Reabilitaçâo da N103 e R657 entre Magige, Etara e Cuamba Construção 2738336 113284947 Reabilitação da R602 entre Magoe e'Mucumburra e da R601 Monte Adriano Eng & .50/DIPRO/2010 Estima Maroeira Construcão Consultoria Reab da R602 entre Magoe e Mucumburra,e da 45/DIPRO/2010 R601 Estima Maroeira Proengel 681 322 28697270 Reabilitação da Estrada N103 e R657 entre Magige, Etara e 46/DIPRO/2010 Cuamba na Zambazia e -Niassa Consulmar 152323 . 6415834 Total _ . - 3571980 - - - - 148398 052 Grande Total 24979122 1- - 1002120547 59 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticas) 28.9 DONORS DIRECT PAYMENTS JICA Disbursements Amount in Credit N0 Description Beneficiary UuD EUR Mn USD EUR MZN .ZAR? 1_SEK YENE MZN Disbursements PrO: MZ-P1 Montepuez- Lichinga Road Project-Project Number ANEFE Proj: MZ- P2 Multi Nacala Road Corridor - Project Number ANEFFE Proj: MZ- P4 Mandimba - Lichinga Road Upgrading - Project Number ANEFE 9594923 848 920 223 Proj: MZ- Construction Bridoes on the Road Ile and Cuamba ANEIFE 1181789 249 217 122 74205755 Total 10776712 249 217 122 923125978 Pro: MZ- P4 Mandimba - Lichinga Road Upgrading - Project Number 38/DIPRO1313/2015 Construction work of the upgranding of the Mandimba - Lichinga Sinohydro 9594923 249217122 848 920 223 Total 9594923 249217122] 848920223 Proj: MZ - Construction Bridges on the Road Ie and Cuamba 679DIPROO8 ReabilIta2rio Est. Montepuez Lichinga CMCICMCAA JV 82/diprol2013 Mandimba 'Lichinga Road Upgranding Project Nippon Koei Co 1181 789 74 205 755 40/DIPRO/2013 Sup. Construgo de Pontes e Estradas Rurais na Zambezia Chodai 620DIPROQB Constru2ao de Pontes e Estradas Rurats na Zambezia Konoike Desenho e Supervisao da Reabilitag5o da Estrada Montepuez - 576DG07 Ruaga Lot A Aurecon -Stui Total 1181789 74205755 Grande Total 10776712 249 217 122 - 923125.978 60 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais) 28.10 DONORS DIRECT PAYMENTS NDF credit N0 Description Beneficiary Disbursements Amount in USD MZN G P MZN ZAR SEK YENE MZN Disbursements Prof: 059 Consul. Ser, prov tech Assist to dev cap for a climate resilient ANE/FE 909 468 273719 142 999 - - 74 723 460 Totat - 909468 273-719 142999 - - - 74723460 Projectos I_____________ ________ _____ Expenses Prof: 059 Consul Ser. prov tech Assist to devop cap for a climate resifient Consultancy Service to Provide Technical Assist, to Develop 08LDG36012016 Capacity for a Climate Resilient Finnsh Overseas Consultants 909 468 57 592 259 Consultancy Service to Provide Technical Assist, to Develop 08ADG/36012016 Capacity for a,Climate Resilient TRL Limited CSIR 273719 : 16988203 O8DIDGl360/2018 TraduLar oficial Mario Nhangumbe 142 999 142999 STotal - 909468 273 719{ 142 999 - - 74723460 Grande Total 1 909468 273-719 142-999 - - - 74723460 61 FUNDO DE ESTRADAS NOTES TO THE FINANCIAL STATEMENT AS AT 31 DECEMBER 2019 (Amounts expressed in Meticais] 29. OTHER EXPENSES Description 2019 2018 FE Headquarters 1 044786 157323749 ANE Headquarters - 1 022623 ANE Delegations 2 FE Delegations - 22 1 044 786 158 346 396 30. EVENTS AFTER THE BALANCE SHEET DATE COVID-19 After the year ended December 31, 2019, the outbreak of COVID-19 was declared a pandemic by the World Health Organization on March 11, 2020. The situation is dynamic, with several cities and countries around the world responding in different ways on how to deal with the outbreak. Fundo de Estradas recognizes the critical role it plays in combating and containing the spread of the Covid -19 virus. Depending on the depth and time span of the impact of COVID -19, the Program's activities may be affected to a lesser or greater degree. Based on all information available on the date, including the Program's liquidity situation and available funds, Fundo de Estradas is of the opinion that the assumption of going concern adopted in the preparation of the financial statements remains appropriate. Management is not aware of any other relevant events that occurred after the year end, In addition to the above, the Entity is not aware of the existence of facts or circumstances of a material nature that have occurred after year end, and that would have a significant effect on the programs and the results of the operations. 62