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W � � _ . _ .:_ }^'�� _ . � °;� гг _ _ "s _ -' - FJPAG - Water Supply Assets and Investment Fund Greater Water SupplN Project IW\ Credit Agyreement Number 52900 - NIZ cndcd 31 Dcccinhcr 2020 Financial Statements Jbr lhc.lvear ended 31 Deccinher 2020 JmLy Page Managenient"s responsibility statement I Independent auditor's report 2- 3 Statement of'recelpts and payu-icnis 4 Statement of desi-ned account Statement of direct payment,,; 6 Notes to the financial statements 7 - 13 Manai!ement's responsibiliq, statement The Water Supply Asset and Investment Fund (FIPAG) through a dedicated Project Management Team (Management) is responsible for preparation and presentation of the financial statements of Greater Water Supply Project for the year ended 31 December 2020, which comprise the statement of receipts and payments, the statement of designated accounts, the statement of direct payments and the accompanying Dotes, in accordance with the cash basis of accounting described in note 3. The Management is also responsible for deten-nining that the basis of accounting is an acceptable basis for preparing and presenting the financial statements in the circumstances; for such internal control as the Management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and for maintaining adequate accounting and an effective systein of risk management. The Management is also responsible for the other project internal controls and f'Or compliance with the relevant agreement terms, local laws and regulations applicable to the project. The responsibility for the prevention and detection of non-compliance rests with Management. Approval of the financial statements The financial statements of Greater Water Supply Project and related notes, as identified in the first paragraph, were approved by the Project Man earn on 21 September 2021 and are signed on its behalf by- % 1 ' E Adinini, C li( i Einai Director~ Generol D irector a, KPMG Auditores e Consultores, SA Telefone +258 (21) 355 200 Edificio KPMG Telefax 258 21 312 355 RUa 1 233 No 72 C Maputo. Moyarnbque Ca xa Fosta 2451 Erail mz-fmnformation@,,kpmg.com web www. pmg co.mhz Independent auditors' report To the Water Supply Assets and Investment Fund (FlPAG) Opinion We have audited the financial statements of Greater Water Supply Project - Credit Agreement Number 52900 MZ (,-project") for the year ended 31 December 2020, set out on pages 4 to 13, which comprises the statement of receipts and payments, the statements of designated accounts, the statement of direct payments and notes to the financial statements. including a suMinary of significant basis of accounting and other explanatory notes. In our opinion, the statement of receipts and payments of Greater Water Supply Project - Credit Agreement Number 52900 MZ for the year ended 31 December 2020 has been prepared, in all material respects, in accordance with the basis of accounting described in note 3. In our opinion the statement of designated account of Greater Water Supply Project - Credit Agreement Number 52900-MZ for the year ended 31 December 2020 was prepared. in all material respects, in accordance with IDA's guidelines. With respect to statement of expenditure (SOE), we confitmi that adequate supporting documentation has been maintained to support claims to International Development Association (IDA) for reimbursement of expenditure incurred and these are eligible for financing under the IDA Grant Agreement. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). 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 Project in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Profssional Accountants (including hiernational independence Standards) (IESBA Code) together with the ethical requirements relevant to our audit of the financial statements in Mozambique, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Restriction on use and limitation of liability We draw attention to Note 3 to the financial statements, which describes the basis of accounting. The financial statements are prepared to assist the Project to comply with the financial reporting provisions of the agreement with International Development Associations (IDA). As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for FIPAG and IDA and should not be used by or distributed to parties other than FIPAG and IDA. Our opinion is not modified in respect of this matter. Other Information The Management is responsible for the other infornation. The other information comprises the Management' responsibility statement. The other inforination does not include the financial statements and our auditor's report thereon. IePMG Auditeres e conn,leores, SA, umn sociedade nmena de Registada eni MNambqe ob , de-gna"a, n-1 KPMG respnsabidede nitd, e ,mebr da KPMG Inern cl m Auditorece C-nsuItres SA cooperahv Su.- KPMC Auditer-s e C-nue.II A, A M mbique Imited ilA T Rei,tered -n Mozamiqe, KPMG Adirtore. comrp y. ia mmbero KPM ntSerr.AcAaaSwisecoperatve eConsullores SA Ou pnion mi 1fi finani statements does 1101 cover the other information and we do not express an audit stitents or respoibil i inCe con11 isin thereon. In1 connection with our audit of the financial inoatint, o spomaiiliy i to read the other innion andi in doing so, consider whIiether the other unr-a,111 ious material ly inconsistent w~ifi the funancialI statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated, If, based oml the work we have p erformed on the other infiornation, we conclude that there is a material misstatenent of this other information we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Management for the Financial Statements The Managenient is responsible for the preparation and presentation of tile financial statements in accordance with the basis of accounting described in note 3 and for such internal control as the Management determie is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 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 f-raud 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. Misstatiements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements As part of ar audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticismn 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 performi 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 Project's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management. * 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 presentationn We communicate with the Management 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. G, Registered Audit Firm, 04/SCA/OCAM/2014 epresented by: \Hen C han a Joshi 57/CA/OCAM/2014 ParwmE-Z1X- 24 September 2021 3 FIPAG - Water Supply Assets and Investmient Fund Greater Water Supply Project II)A Credit Agreement Number 52900 - 11 Statement of receipts and payments jor thc Year endcd 31 Dcccmbicr 2020 Notes USD Receipts/sources Opening balance 131 613 Replenishments 3 286959 Direct payments 6 23 917355 Total receipts 27 335 927 Payments/uses (by category) Direct Payment Civil works, Goods, Consultants services and training (1) 23 917 355 Eligible expenditure paid Civil works, Goods, Consultants services and training (1) 7 2 554 378 Total payments 26 471 733 Closing balance 8 864194 4 EIPAC - Water Supply Assets a 11(1Investmhent Fund Greater Water Supply Project IDA Credit Agreement Number 52900 - N1Z Statement of designated account for theYear cnded 31 December 2020 Notes USD Receipts/sources Opening balance 131 613 Replenishments 5 3 286 959 Total receipts 3 418 572 Payments/uses (by category) Eligible expenditure paid Works, goods and consultants services (1) 7 2554378 Total payments 2 554 378 Closing balance 8 864 194 5 FlPAG - Water Supply Assets and Investment Fund Greater Water Supply Project IDA Credit Agrecent Number 52900 - NiZ Statement of direct payments for the year ended 31 Decemlber 2020 Receipts/sources Direct payments 6 23917 355 'Total direct payments 23 917 355 Payments/uses (by category) Works, goods and consultants services (1) 23 917 355 'otal Payment 23917355 6 lAPAG - Water Suipply Assets and iyinvstment Fund Greater Water SupplN Project IDA Credit Agreement Number 52900 - MZ Notes to the financial statements fir hc ear ended 31 December 2020 1. Nature of the project On 31 January 2014 a development Loan agreemen] was signed between the Republic of Mozarmbique and International Development Association (IDA). wherein IDA agreed to provide a Loan of an amount equivalen to SDR 118 800 000 to implenictl the Great Maputo Project. Loan Aurcement Number 52900- MZ. The objective of the Project is to increase access to clean water for residents in the Greater Maputo Area. The project consists of the following parts: Part A: Investment in Water Supply Network System (1) Expansion and extension of water supply system capacity in the Greater Maputo Area through the construction of an abstraction point and transmission pipeline from the Corumana Dam, a water treatment plant, and a transmission pipeline to the Machava distribution center. Part B: Investment in Water Supply Network Distribution System The Part 13 of the Project consists of the following: (i) Expansion and extension of water distribution system in Greater Maputo Area trough installation of approximately 300 kilometers of water supply distribution network and 100.000 new connections, including associated water meters. (ii) Supervision of Works as well as implementation of Resettlement Action Plan and other Safeguard Documents under the Project (iii) Preparation of the second phase of the program to increase the amount of water available to Greater Maputo Area to meet residential household demand by 2025, including technical assistance for engineering, dam safety, safeguards and economic analyses; (iv) Preparation of a follow-on project to cover other select cities of the Recipient; (v) Project implementation including support to the transition of the operator of Greater Maputo Area in 2014; (vi) Carrying out of financial and technical audits and; (vii) Carrying out of training and capacity building for FIPAG and the operator of Maputo Area staff. Part D: Capacity Building and Operational Support to CRA Support to CRA to enhance its capacity to discharge its regulatory role in the territory of the Recipient including: (i) Expanding the scope of CRA's regulatory framework and oversight capabilities, particularly in relation to peri-urban areas and; (ii) Reviewing the financial means-and sanitations services to the urban poor, all of the above through provision of goods, technical assistance, Training and Operating Costs required for the purpose. 7 FI PAG - Water Supply Assets anid I nvestment Fund Greater Water Supply Project IDA Credit Agreement Number 52900 - N1Z Notes to the financial statements o(r the Ycar endcd 3 / Decenber 2020 2. Procedures of designated account for the IDA credit The Development Credit ALreemnent requires the opening of a Designated Account in USD. The purpose of the Designated Account is for payment of eligible expenditures. These payments will be subsequently justified to IDA with respective documentation or issuance of SOEs (Statement of Expenditure) for replenishment of the Designated Account or refunding of the initial deposit. 3. Accounting policies The following paragraphs describe the main accounting policies applied consistently by the project. 3.1 Basis of Preparation The financial statement, compiled from FPAG accounting records, are prepared on a cash basis from the information reflected in the financial and accounting reports of the Project. Under this basis. receipts are not recorded until received in cash and disbursements are assigned to the year in which the respective cash payment is made. 3.2 Receipts recognition Receipts are recorded in the books on deposit of the funds by the donor into the Program's bank account. 3.3 Payments Payments are recorded in the books on disbursement of the funds. 3.4 Foreign Currency Transactions The books of account of the Project are maintained in United States Dollars (USD). The financial statements are also expressed in United States Dollars (USD) unless otherwise stated. The transactions in other currencies are translated to USD at the official exchange rate ruling at the date of the transactions. The closing balance in other currencies are translated at the exchange rate ruling at the period end date. 3.5 Fixed assets Fixed assets acquired by the project are expensed in the year of purchase. 3.6 Procedures The disbursements of the funds, made available by the International Development Association (IDA). are can'ied out by: * Direct payments - direct transfers from IDA to the suppliers; or by * Replenishments - disbursements into the bank accounts (designated account - Bank ABC) opened for funds made available by IDA. 8 FIPAG - Nater Suppl Assel s and Investtmet lund Greater Water SupplA Project IA Credit Xgreeiiient Number 52900 - NIZ Notes to the financial statenents Y(- tC .Vm- ended ut 31 December 2020 4. Advance from IDA In line v-ith the Project Gmänt Agei-eniit, an amount of USD 709 306 was advNced and witldrawi fr-om lie credit balance and maintained in the designated nccount DA-A fo e nfi eed ani uses. 5. .Replenishnieint to Designated Account Application number Replenished Equivalent USD SDR 113 868 194 629263 120 421 889 309 133 123 305 029 223 427 129 3446 2 496 139 437479 314 641 143 198944 140695 149 254 106 180025 154 179775 126683 157 400212 280 747 160 217885 151 098 3 286 959 2 358 208 9 VIPAG - Water Supply Assets ant INestmilient Fund Greater Water Supply Projeet IDA Credit Agrceert Number 5290 I - MZ Notes to the financial statements fif the Iear enidel t, 31 Dtcembe,r 2020 6. Direct payments Application number Supplier nm Category USD Eq1ivalent SDR 109 Dom h2 171 663 24 279 112 Aane 153331 1 10 992 114 Cl ico I 427 52o 1 0133 970 i ( hico 2 136 347 1 548 415 I16 30 197 217 436 117Chico I 173 984 852 536 i i 125 508 91 142 119 280 484 205 547 121 Giec 242 O80 177 662 122 Condurl 423 628 311) 298 124 fio 349 153 253 832 125 CV(;1 I 168 024 855 551 126 Condurl 508 552 372 503 127 Condurl 590 129 427 509 128 Silohydro 154 746 112 103 130 Chico 245 393 178 092 131 CDeon 826 171 598 505 132 Deny s 989 720 716 404 133 Denys 333383 241 318 134 Den s I 1674762 1 215445 135 ChiCo 1 2 215 766 1 608 658 136 Cileco 657946 476251 137 GilehI 415 191 300534 138 Sioiydro 128 208 93 046 140 CondurlI 217906 154358 141 Aanree associates 204695 145000 143 Condurl I 2 003 809 I 419 219 144 Sioiydrt) 126 266 89 130 145 Condurl 270 224 190 750 146 Chico 701 638 499 700 147 Chico 201 894 143 434 150 Gineh 476 747 337 790 151 Sinolydro 475 180 336 680 152 Sinoydro 217 155 153 225 153 Condurl 485 244 342 288 155 Chico 276561 194029 156 Crvo I980 110 690 661 158 Aurvee associates 153 941 106 883 159 Condurl 1 434099 302622 23 917 355 17227797 10 FIPAC - Water SupplY Assets and Investuient Fund Greater Water Sjupply Project IDA Credit Agreemein Number 52900 - Nj/ Notes to the financial statements ./o the ear ended at 31 Decenber 2020 7. Designated account payment during the year Supplier name USD Aarvee Associetes Abeyla Trading 100 485 Cartorio Notarial Privativo 606 521 CETA 353 150 Chico 108 802 China Ceo 139564 Coba 112 972 Dohwa 21 969 Enoque Mendes 51 646 Ernst & Young 24 365 Integrated Science 48 045 Jiangsu Geology 23030 Maximaize 38 649 Maximize 13090 Perdiem 30 170 Politejo 2856 Procomputers 226970 Shah Technical 3367 Shah Technical Consultant 87 253 Sinohydro 9 588 Sodel 107 118 WSP Group Africa 61 282 Bank Charges 24 147 CETA 2740 COBA 29616 DOHWA 75529 Enoque Mendes 15 380 Integrated Science 10 830 MAXIMIZE 83905 Taxa liberat6ria 54520 Bank charges 86127 694 2 554 378 11 FIPAc - Water- Supply Assets and Investment und Greater Water Suppi Project IDA Credit Agreement Number 52900 - AM Notes to the financial statements /fr the Ivar ended 31 Dccemerh 2020 8. Closing Balance The closing balance at 31 December is represe ned by: 2020 USD Banco ABC - designated account DA-A 864 194 864 194 9. Designated account advance reconciliation USD Advance to designated account DA-A 1 000 000 Represented by: a) Bank balance 864 194 b) Expenses submitted on 15 January 2021 under WA 164 (already reimbursed in February 2021) 135 613 c) Others 193 1 000 000 12 aer StuIlN AssetS and nveslnientt Fund Greater Water SuppI Projecl IDA Crecit Agreeent NumIber- 52900 - m/ Disbursement sunmarv at 31 Dccmher 2020 IDA Credit agreenent No. 52900 - mZ Category Budget per Disbursed Totaj Aailable credit in prior Disbursed Disbursed up to b ajace as at agreenient years during the 31 December aDecember SDR SDR r2020 2020 2020 Civil Works- Goods, consultants SDR SDR sen,JCsg Taccnin (1) 115 500 000 66 396 872 19 586 006 85 982 872 D----o-709 306 709306 (709 306) 115500000 67106178 I9Q58600 86692 184 28807816 13