04 Editorial 08 Entrevista com a Primeira Ministra Lusa Diogo Interview with the Prime Minister Lusa Diogo 17 Pesquisa

da KPMG sobre as 100 Maiores Empresas de Moambique KPMG Survey of the Top 100 Companies in Mozambique
18 20 26 28 44
Glossrio / Glossary Introduo / Introduction Lista das Empresas participantes / List of Participating Companies Anlise Macroeconmica / Macroeconomic Analysis Anlise Agregada / Aggregate Analysis

Propriedade Ownership: Patrono Patron: Gestor do projecto Project Manager: Administradores do projecto project partners: - Equipa de Gesto management team: Coordenao Logstica, Imagem Logistics and Image Coordinator: - Anlise da Pesquisa Research analysis: - Colaboradores da Pesquisa Research Collaborators:

KPMG Moambique Sua Excelncia Joaquim Alberto Chissano Aissa Yussuf Filipe Mandlate, Quintino Coto, Jlio Garrido-Mirapeix. Quintino Coto, Jlio Garrido-Mirapeix Aissa Yussuf, Ana Catarina Russo

67 As 100 Maiores Empresas em Meticais The Top 100 Companies in Mozambique in Meticais 73 As 100 Maiores Empresas em Dlares US The Top 100 Companies in Mozambique in US Dollars 78 Anlise Sectorial Sector Analysis 119 FNB 124 IGEP

Ana Catarina Russo e Boom Paulo Mole, Aissa Yussuf, Celso Raposo, Iolanda Cal, Momed Jam, Baptista Lalane, Jos Malia, Anissa Mahomed, Joo Srgio Cossa. Dhirendra Nath, Paulo Mole, Celso Raposo, Abdul Jivane, Reny Varkey, Aissa Yussuf, Momed Jam, Iolanda Cal, Marcelino Boto, Nlson Seram, Iolanda Lopes, Maurcio Malate, Ricardo Adamo, Yolanda Mongo, Vilma Gumancanze, ruea Lalgy, Clia Chachine; Malisa Chutumia, Hugo Ribeiro, Isabel Archer, Jos Malia, Baptista Lalane, Anissa Mahomed e Joo Srgio Cossa.

126 EDM A nossa meta : Electricar o Pas Our target : The Electrication of the Country 129 Ceta 30 Anos Construindo Mocambique 30 Years Building Mozambique
- Editor Publisher:

- Coordenao Editorial Editorial Coordination: Ana Catarina Russo e Boom; - Coordenao comercial Comercial Coordination: Ndia Ferreira - Redaco / Editing: Aissa Yussuf, Celso Raposo, Momed Jam - Traduo Translation: Joo Penete, - Projecto Grco Graphic Project: - Direco Grca e de Arte Layout: Luis Jussa - Pr-Produo Pre-Production: - Publicidade Advertising: - Impresso Printing: The Inkspot - No. do Registo Registration number: 020/GABINFO-DE/03 A informao aqui contida de natureza geral, no se referindo a nenhum indivduo ou entidade em particular. Apesar de envidarmos todos os esforos de modo a fornecermos informao exacta e atempada, no podemos garantir a exactido dessa informao data da recepo da mesma, ou que a mesma continuar exacta no futuro. Ningum dever tomar qualquer aco com base nessa informao sem o aconselhamento prossional adequado depois de uma anlise cuidada de cada situao particular. The information contained is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a through examination of the particular situation.

Rua 1233, n72c C.P. 2451 Telf. +258 21 355 200 - Fax +258 21 313 358 Mobile: +258 82 317 63 40 +258 84 355 20 00

Av. Emlia Dasse n 85 Tel.: +258 21 360 710 / Fax: +258 21 360 713 Email: info@boom.co.mz www.boom.co.mz

100 Empresas de Moambique

Filipe Mandlate
Director Geral / Senior Patner

Carssimos leitores,

qui est ela! A dcima primeira edio da nossa marca. J no lhe chamo

Classicada por muitos como um instrumento til, coerente e credvel, a nossa marca est agora mais rica. A partir desta edio, passamos a analisar, anualmente, a melhor empresa do ano com base em critrios tais como: Crescimento do volume de negcios relativo; Rentabilidade do volume de negcios; Rentabilidade de capitais prprios, Liquidez geral e Autonomia nanceira, o que torna, cremos ns, a nossa pesquisa mais aliciante a um maior nmero de empresas. Mais uma vez quero expressar o meu agradecimento a todas as organizaes que nos encaminharam os seus questionrios e as suas participaes, sem elas nunca seria

possvel a consolidao da nossa Marca. No esqueo nunca de mostrar tambm o meu reconhecimento equipa que anualmente se empenha neste projecto, sempre com o mesmo nvel de paixo e entusiasmo. Muito obrigado a todos. Um bem-haja e vemo-nos, com certeza, no prximo ano.

publicao, embora o seja, revista, embora neste formato se apresente, ou pesquisa, embora seja esta a sua base. Chamo-lhe Marca. As 100 Maiores Empresas de Moambique so hoje a Marca ex-lybris da KPMG em Moambique. Temos j onze edies de uma Marca que nunca perdeu o seu foco, o seu papel de fomentar a transparncia no sector privado em Moambique e que de ano para ano se tem armado cada vez mais no mercado.

Editorial
Editorial

ere she is! The eleventh edition of our brand, which I no longer call

company of the year based on criteria such as: growth of revenues; protability of business revenue; protability of shareholders funds, liquidity, nancial autonomy, which in our view makes our research more attractive for a larger number of companies. Once again I would like to extend my gratitude to all organizations that returned their lled out questionnaires which without them the consolidation of our Brand would not be possible.

annual basis gets involved in this Project, with the same passion and enthusiasm. Thank you to all. My best compliments and until next year.

publication, though it is a fact, while in this format it looks like one, I now call it Brand. The Top 100 Companies in Mozambique are today an ex-lybris Brand of KPMG Mozambique. Eleven editions of a Brand are out which never missed their focus, their role of promoting transparency in the private sector of Mozambique which year after year deepens its roots in the market. Regarded by many as a useful, coherent and credible tool, our brand is getting richer by the year. From this edition, we move to analyzing on an annual basis, the best

I should never forget to extend my acknowledgment to the team that on an

Filipe Mandlate
Director Geral / Senior Patner

100 Empresas de Moambique

Desaos e Oportunidades

A crise nanceira mundial

Faz sentido falar de crise nanceira em Moambique? Quais os seus principais impactos?

crise nanceira transformou-se numa crise econmica. Assim, sendo uma crise econmica global que afecta todas as economias do mundo, Moambique no conseguiria ser uma economia digamos que especial car de fora da crise.

Portanto, os efeitos negativos da crise econmica mundial fazem-se sentir tambm na economia moambicana atravs de factores como a reduo dos preos das nossas exportaes, da utuao negativa da produo industrial e da procura dos nossos servios e da reduo do uxo de turistas ao nosso pas. Por outro lado, tambm sentimos que esta crise nos tem afectado no que respeita a aspectos tais como o adiamento da realizao de alguns projectos de investimento privado directo estrangeiro, aspectos como a reduo de postos de trabalho em alguns empreendimentos de maior vulto em curso no pas e at na utuao negativa de cobrana de impostos sobre o comrcio externo. De uma maneira geral, tem-nos afectado nestes e noutros factores, sendo que de uma maneira geral, afecta quase todas as reas econmicas.

Quais os principais canais de transmisso da crise no Pas (sectores de actividade, exportaes de mega projectos e outras, uxos de investimentos privado estrangeiro, nanciamento externo, reservas externas nacionais)? Como estes inuenciam a economia moambicana? Os chamados canais de transmisso no so mais do que organismos condutores de informao de ponto para outro. Neste sentido, em Moambique temos alguns canais que podemos enumerar como canais de transmisso da crise, que so: O comrcio externo (por via de contraco da procura mundial de alguns produtos que Moambique exporta); Remessas de emigrantes (por via da reduo do volume das sua remessas, dado o declnio dos seus rendimentos nos pases empregadores): Investimento directo estrangeiro (por via da reduo do uxo IDE e do adiamento da implementao de alguns projectos);

100 Empresas de Moambique

Primeira Ministra Luisa Diogo

World Financial Crisis:

Challenges and opportunities

Does it make sense to talk about nancial crisis in Mozambique? What is its impact?

he nancial crisis changed into economic crisis. Thus, as a global economic crisis that affects all economies worldwide, Mozambique would not be able to have a special economy and stand aside.

Therefore, the adverse effects of the world economic crisis impact on Mozambican economy through factors, such as, price reduction of our export commodities, decline in industrial production and in demand for our services, including reduction in tourist inux into our country. On the other hand, we also feel that the crisis impinges on issues such as postponement of some private foreign investment projects, job losses in some large projects in Mozambique, including negative uctuation of tax collection on external trade. By and large, it affects us on these and other factors it generally affects all economic areas.

What are the main communication channels on the crisis in Mozambique (activity sectors, exportation of mega projects and others, private foreign investment inux, external funding, national reserves)? How do these inuence national economy? - The so-called communication channels are not more than organisms driving information from one point to another. In this view, in Mozambique we have some channels that we could call communication channels of the crisis, namely: - the external trade (via reduction of world demand for some products exported by Mozambique); Remittances from emigrants (by reducing the volume of its remittances, given the decline of their earnings in the employer countries - Foreign Direct Investment (through reduction in FDI and postponement of implementation of some projects); - External debt service (through exchange rate losses in currency conversion into different currencies in which the debt is held);

100 Empresas de Moambique

Servio da dvida externa (por via das perdas cambiais na converso da nossa moeda para as diversas moedas em que a dvida se encontra titulada); Sistema nanceiro internacional e emprstimos externos (por via das diculdades de acesso ao crdito no mercado internacional, depreciao de vrias moedas face ao Dlar Americano e do efeito da crise sobre algumas instituies nanceiras afectadas). Que aces o Governo de Moambique tem estado a levar a cabo com vista a reduzir o impacto da crise a curto, mdio e longo prazo? Embora como disse atrs seja claro que Moambique no poderia espaar crise, ainda relativamente cedo para que possamos identicar j a amplitude daqueles que sero os impactos da mesma na nossa economia, tendo sempre em ateno que as solues para ns no so previsveis a curto prazo. Identicao de novos mercados para No entanto, o Governo de Moambique est atento e j foi criado o chamado Grupo de Acompanhamento da Situao Financeira Internacional (GASI), que tem a misso de apoiar o governo na anlise e tratamento de questes da crise, bem como acompanhar e avaliar os efeitos da crise na economia nacional de modo a perspectivar as medidas de mitigao. Realizao com maior eccia e ecincia da despesa pblica de investimento; No obstante os constrangimentos que alguns parceiros de cooperao enfrentam nos seus pases em consequncia da crise, os mesmos tm manifestado uma posio rme em manter as suas promessas e de continuar a garantir os desembolsos nos termos at agora acordados. Para alm disto, posso adiantar que, nas anlises peridicas conjuntas este cometimento tem sido conrmado e reiterado. 5- Numa altura em que se tem falado na necessidade de criao de um banco de desenvolvimento para o fomento da indstria e agricultura, como que se pode Racionalizao da despesa pblica corrente no Oramento de Estado/2009; produtos nacionais; Identicao de potenciais sectores em que o pas detenha vantagens comparativas; Regular identicao e anlise dos sectores sensveis crise; 4- O governo tem mantido encontros bilaterais com instituies nanceiras que participam no nanciamento de investimentos em Moambique, no sentido de garantir a implementao e execuo de projectos correntes. No mbito da crise que se faz sentir nos mercados internacionais com implicaes/repercusses a nvel nacional, qual a probabilidades dos projectos aprovados serem implementados uma vez que grande parte do seu investimento depende do nanciamento externo? Como resposta mais directa a esta questo, destaco algumas medidas entretanto j tomadas: Estancamento da realizao de despesas adicionais no previstas no Oramento de Estado.

10

100 Empresas de Moambique

- International nancial system and external loans (due to difculties in access to loan in international market, depreciation of various currencies against US Dollar and the effect of the crisis on some nancial institutions).

have been taken: - Regular identication and analysis of sectors sensitive to the crisis; - Identication of potential sectors in which

nancial institutions involved in investment funding in Mozambique, with a view to ensure the implementation of current projects. In the course of the crisis in international markets with implications/repercussions nationally, how likely are approved projects going to be implemented since most of their investment depends on external funding? - Notwithstanding the constraints that some cooperation partners are going through in their countries as a result of the crisis, they still remain rm in keeping their promises and continue with disbursement in terms agreed so far.

Therefore, with or without the crisis, the issue has increased the risk that these institutions are subject to, given the slow return on investment and to the risk they are exposed to. This is what we are carefully looking into so that the issue is professionally managed. What steps has the Government of Mozambique been taking to mitigate the impact of the crisis in the short, medium and long run? - As I said earlier, Mozambique could not escape the crisis, it is still too soon to identify the scope of the impact of the crisis on our economy, bearing in mind that the solutions cannot be envisaged in the short term. Meanwhile, the Government of Mozambique is aware and has formed the so-called International Financial Crisis Follow-up Group (GASI), which is charged with supporting the government on reviewing and dealing with the crisis-related issues, follow-up and assess the effects on national economy in order to design mitigations measures. As a more direct answer to this question, I would like to highlight some measures that

Mozambique is provided with comparative advantages; - Identication of new markets for national products; - Rationalization of current public expenditure in the Government Budget /2009;

- More efciency and effectiveness in public investment expenditure; - Containment of additional expenditure not contained in the Government Budget. 4 The government regularly meets with

In addition, I can assure you that in periodic joint reviews, this commitment is always reafrmed and renewed. 5 At a time when everybody is talking about creating a development bank for promotion of industry and agriculture, how can one address this issue with the current nancial crisis? - Fortunately the Mozambican nancial sector has not collapsed as a result of direct effect, since we do not transact the problematic nancial products. In this view, a Development Bank is always a necessary nancial instrument to boost industrial and agricultural activities, regardless of a crisis. Therefore, with or without the crisis, the issue has increased the risk that these institutions are subject to, given the slow

11

100 Empresas de Moambique

articular esta questo no mbito da actual crise nanceira? Felizmente o sector nanceiro moambicano no entrou em colapso porque no sofreu o efeito directo, na medida em que os produtos nanceiros problemticos no so por ns comercializados. Neste contexto, um Banco de Desenvolvimento sempre um instrumento nanceiro necessrio para impulsionar as actividades industriais e agrcolas, independentemente da existncia ou no de uma crise. Sendo assim, no mbito de uma crise ou fora dela, a questo que se coloca o elevado risco a que este tipo de instituies est sujeito, face ao lento retorno dos seus capitais e aos riscos a que esto expostos. Isto o que tem sido cuidadosamente ponderado para que a sua gesto venha a ser muito prossional. Olhar a crise como uma oportunidade para o desenvolvimento. Que oportunidades e em que reas e/ou sectores da economia nacional? O governo tem feito esforos para encarar esta crise como uma oportunidade para o pas desenvolver novos investimentos e procurar melhorar os nveis de produo e da produtividade, bem como do rendimento nos sectores com vantagens comparativas tais como os recursos minerais, a energia, a agricultura e o turismo. De salientar tambm a rea das infraestruturas, pois por ns considerada a espinha dorsal do transporte de energia, estradas, telecomunicaes, linhas-frreas e etc. Em sua opinio onde que o pas enfrenta maiores desaos? De que maneira? Como j referi anteriormente, infelizmente Moambique no tem uma economia vigorosa, mantendo dependncias em ralao a outros pases. Isto leva a que

tenhamos de ter uma maior e mais concentrada ateno a tudo o que se passa nossa volta. Devemos ser vigilantes da crise internacional. Neste momento tentamos reforar o crescimento da nossa economia, mas ela ressente-se em aspectos como na reduo dos preos e volumes das exportaes, na diminuio da receita scal interna e sobre a actividade externa, no declnio do uxo do IDE (Investimento Directo Estrangeiro) e nas perdas cambiais no mbito da ajuda externa. Por outro lado, ressentimo-nos tambm em reas como a do agravamento do servio da dvida, nas redues acentuadas das remessas dos emigrantes e tambm na contraco de algumas actividades econmicas nacionais como a indstria, o turismo ou a pesca. Nas economias emergentes as PMEs devem merecer ateno especial devido sua potencialidade para criao de mais postos de trabalho. No contexto da crise, que medidas concretas esto a ser tomadas para o crescimento deste sector, nomeadamente quanto capacitao e concesso crditos bonicados ou adopo de medidas adicionais para o seu crescimento? Atravs do Banco Central, o Governo tem estado a desenvolver esforos com vista reduo da taxa de juro da facilidade permanente de cedncia de liquidez para as instituies bancrias, situando-se actualmente em 8,5% contra os anteriores 12%. O governo tem tambm apoiado a extenso dos balces dos bancos nos distritos e nas zonas rurais (vulgo bancarizao das zonas rurais). A institucionalizao do OIIL (Oramento de Investimento de Iniciativa Local) e a consequente criao do FIIL (Fundo de Investimentos de Iniciativas Locais) so tambm medidas que temos tomado como adicionais para promoo do acesso ao crdito.

Para alm disto, tem sido feito um grande esforo por parte do governo, no que respeita promoo da criao de instituies de crdito e micronanas. O que se pode esperar do esforo de poupana perante a crise? Esforos continuaro a ser realizados para que se alcancem os objectivos de melhoria dos nveis de poupana e de conscincia da necessidade de poupana por parte dos cidados. Este o principal objectivo da Campanha Nacional de Poupana lanada em 2008 e ainda em curso no presente ano. Por outro lado, a poupana, em situao de crise, ir assegurar a cultura de hbitos de poupana em condues fora de crise, o que se torna uma medida benca que ter tambm resultados a mdio e longo prazo para a nossa economia. Em sua opinio qual ser o estrato social mais afectado pela crise? De que maneira? Pela natureza dos efeitos da crise nanceira e econmica, posso dizer que de uma maneira geral todos os estratos sero afectados. Porm, os agentes econmicos e o empresariado so, priori, os mais afectados. No entanto, posso tambm dizer que, infelizmente, os cidados comuns (e portanto os mais necessitados) acabaro tambm por ser afectados do ponto de vista social, atravs de factores como as variaes dos preos, as redues das possibilidades de emprego e, consequentemente, dos seus rendimentos. No entanto, posso tambm dizer que, infelizmente, os cidados comuns (e portanto os mais necessitados) acabaro tambm por ser afectados do ponto de vista social, atravs de factores como as variaes dos preos, as redues das possibilidades de emprego e, consequentemente, dos seus rendimentos.

12

100 Empresas de Moambique

return on investment and to the risk they are exposed to. This is what we are carefully looking into so that the issue is professionally managed.

activities, decline in FDI (Foreign Direct Investment) and exchange rate losses under external aid.

made by the government in order to set up loan institutions and micronance. What to expect from saving effort with this

On the other hand, there is the burden Looking the crisis as an opportunity for development. What opportunities and in what areas and/sectors of national economy? - The government has endeavored to face this crisis as an opportunity for Mozambique to develop new investments and improve its production and productivity levels, including income in sectors with comparative advantages such as mineral resources, energy, agriculture and tourism. Infra-structures are also another area regarded as the backbone for transportation of electricity, roads, railways, etc. In your opinion where are the major challenges for Mozambique? And how? - As I mentioned earlier, unfortunately Mozambique is not provided with a robust economy, with dependencies in relation to other countries. This means that we need to concentrate more on everything surrounding us. We must be on alert as far as international crisis is concerned. We are currently strengthening our economy but it still suffers from price reduction, volume of exportations, reduced internal tax revenue and from external In addition, signicant efforts are being The government provides support for new bank branches in the districts and rural areas (also known as rural area banking). Local Initiative Investment Budget (OIIL), which has been instituted and the subsequent Local Initiative Investment Fund (FIIL) are also additional measures taken to promote access to loan. - Through the Central Bank, the Government has endeavored with a view to reduce the interest rate for standing lending facility to banking institutions, currently standing at 8,5% against previous 12%. In emerging economies, SMEs deserve special attention due to their potential to create more jobs. Under a crisis, what specic measures are being taken for the growth of this sector, namely with regard to capacity building, subsidized loans or additional measures for its growth? on external debt service, in considerable reductions in remittances from emigrants and also reduction of some economic activities such as industry, tourism and shery.

crisis? - Efforts will still be made to accomplish the intended objectives of improving saving levels and awareness of the need for saving by citizens. This is the main goal of the National Savings Campaign launched in 2008 and still underway. On the other hand, savings at the time of crisis will ensure the culture of making savings outside a crisis, which makes this measure more benecial to our economy in the medium and long run. In your opinion what social segment will be hit most by the crisis? And how? - By the nature of the effect of nancial and economic crisis, I can say that generally all segments will be affected. However, businessmen and entrepreneurs will bear the brunt. Meanwhile, I can say that unfortunately common citizens (and therefore those most in need) will end up being affected on a social point of view, through factors such as price variations, reduced job opportunities and consequently their income.

13

Pesquisa Survey

Introduo
Introduction

Anlise Macroeconmica
Macroeconomic Aznalysis

Anlise Agregada
Collected Aznalysis

Ranking das 100 Maiores

Empresas de Mocambique

Ranking of Top 100

Companies in Mozambique

Anlise Sectorial
Sector analysis

Glossrio
Activo Corrente um activo classicado

como corrente quando: guardado primariamente com o propsito de ser comercializado (mercadorias).

Como exemplos temos os emprstimos pagveis dentro de um ano, descobertos bancrios, fornecedores, antecipaes passivas, Estado (impostos e outros) e outros dbitos decorrentes da actividade operacional da empresa. Passivo Total total do passivo do corrente e no corrente da empresa. Pequenas e Mdias Empresas (PMEs) foi utilizado o critrio de agrupamento das empresas consoante o nmero de trabalhadores da seguinte forma: PMEs entre 0 a 200 trabalhadores Grandes Empresas mais de 200 trabalhadores (In Small and Medium Enterprises Across the Globe:A new Database, Agosto de 2003, Meghana Ayyagari, Thorsten Beck and Asli Demirgu-Kunt). Rentabilidade dos Activos Lquidos o rcio dos resultados lquidos sobre os activos lquidos, em percentagem. Rentabilidade do Volume de Negcio o rcio dos resultados lquidos sobre o volume de negcio, em percentagem. Rentabilidade dos Capitais Prprios o rcio dos resultados lquidos sobre os capitais prprios mdios do ano, em percentagem. Resultado Lquido corresponde ao lucro ou prejuzo obtido pela empresa aps a deduo dos impostos que sobre ela incidem. Resultados antes de Impostos corresponde ao resultado bruto obtido pela empresa antes da deduo dos impostos que sobre ela incidem. Taxas de Cmbio como tem sido prtica habitual, no clculo dos valores da tabela do ranking em Dlares Americanos, foram usadas para 2007 as seguintes taxas: o volume de negcio, os resultados lquidos e os custos operacionais foram convertidos usando a taxa de cmbio mdia anual de USD/MT 24.20 (Banco de Moambique)

os activos lquidos e os capitas prprios mdios foram convertidos usando as taxas de cmbio do nal do ano USD/MT 23.60 (Banco de Moambique). Volume de Negcio proveito total do exerccio, por exemplo, toda a classe de proveitos do Plano Geral de Contabilidade. Para os bancos constitui o resultado do somatrio da margem nanceira antes das provises, lucros lquidos em operaes nanceiras e proveitos lquidos de comisses. Para as empresas seguradoras inclui os fundos de prmios de seguros directos e resseguros aceites, comisses, indemnizao de resseguros cedidos e outros proveitos de explorao. Volume de Negcio por Trabalhador volume de negcio dividido pelo nmero de trabalhadores efectivos. LISTA DE ABREVIATURAS BM Banco de Moambique BTs Bilhetes do Tesouro CEMPRE (2005) Censo de Empresas (2005) CPI Centro de Promoo de Investimentos EUA Estados Unidos da Amrica FMI Fundo Monetrio Internacional FPA Facilidade Permanente de Absoro FPC Facilidade Permanente de Cedncia IDE Investimento Directo Estrangeiro IDN Investimento Directo Nacional INE Instituto Nacional de Estatstica IPC ndice de Preos ao Consumidor IRPC Imposto Sobre o Rendimento das Pessoas Colectivas M2 Massa Monetria MAIBOR Maputo Interbank Offered Rate MT Meticais n.a. no aplicvel (ou por falta de informao, ou pela empresa possuir apenas 1 ano de actividade ou ainda pelo facto da empresa no ter participado na pesquisa do ano anterior) n.d. dado no disponvel PES Plano Econmico e Social PIB Produto Interno Bruto PMEs Pequenas e Mdias Empresas pp pontos percentuais PVDs Pases em Vias de Desenvolvimento SADC Comunidade de Desenvolvimento da frica Austral TAMs Ttulos da Autoridade Monetria USD Dlar Norte Americano ZAR - Rand

Se espera que seja realizado num perodo mximo de 12 meses aps o ltimo balano (clientes e outros devedores). Se trata de caixa e equivalentes de caixa aos quais o seu uso no seja restrito (caixa e bancos).

Activo Total Lquido total do valor do activo corrente e no corrente lquido de amortizaes e provises referentes s diversas rubricas do activo do balano. As amortizaes aplicam-se ao activo no corrente, enquanto que as provises se aplicam ao activo corrente/circulante. Capitais Prprios Mdios constituem os capitais prprios do ano corrente e do ano anterior, divididos por dois. Custos Operacionais incluem toda a classe de custos do Plano Geral de Contabilidade com excepo dos Encargos Financeiros e dos Custos das Vendas. Para os bancos, resulta do somatrio de custos com pessoal, fornecimentos e servios de terceiros, amortizaes e outros. Para as seguradoras consideram-se os prmios de resseguros cedidos, indemnizaes de seguros directos e resseguros aceites, comisses e outros custos de explorao. Fundos Prprios referem-se ao total do capital social, dos prmios de emisso, das reservas, dos resultados transitados e dos resultados do exerccio. Liquidez Geral corresponde ao rcio do activo corrente sobre o passivo corrente. Nmero de Trabalhadores nmero de trabalhadores efectivos. Passivo Corrente Diz respeito aos dbitos da empresa que necessitam de ser pagos dentro de 12 meses aps o ltimo balano.

18

Glossary
Current Assets an asset is classied as current when: It is kept with the main purpose of being sold (merchandise) It is expected to be sold within a maximum period of 12 months after the last balance sheet ( customers and other debtors). It is cash on hand or its equivalent that their use is not restricted (cashier and banks). months after the last balance sheet. As examples, we have loans payable within a year, bank overdrafts, suppliers, advance liabilities, debts to the Estate (Taxes and others) and other debts resulting from the running up of the company. Total Liabilities the total of company current and non-current liabilities. Small and Medium Enterprises (SMEs) the companies were grouped in accordance with the number of employees using the following criterion: SMEs between 0 and 200 employees Large Companies more than 200 employees (In Small and Medium Enterprises Across the Globe:A new Database, August 2003, Meghana Ayyagari, Thorsten Beck and Asli Demirgu-Kunt). Return on Net Assets the ratio of net results over net assets, in percentage. Return on Volume of Business is the ratio of net results over the volume of business, in percentage. Return on Equity/Shareholders Funds is the ratio of net results over average equity of the year, in percentage. Net Results the prot or lose obtained by the company after the deduction of owed taxes. Results before Tax means the gross result obtained by the company before the deduction of tax. Exchange Rates as has been the practice for the calculation of the values on the Table of Ranking in US Dollars, for 2007 were used the following rates: The volume of business, the net results and the operating costs were converted using the annual average exchange rate of USD/MT 24.20 (Bank of Mozambique) The net assets and average equity was converted using end of the year exchange rate of USD/MT 23.60 (Bank of Mozambique). Volume of Business total income of the nancial year, for example, all the kind of revenue provided in the General Accountancy Schedule. For banks is comprised by the sum of nancial margin before provisions, net prot in nancial operations and income net of commissions. For insurance companies includes the funds for direct insurance premiums and accepted reinsurances, commissions, indemnities of awarded reinsurances and other operating income. Volume of Business per Employee the volume of business divided by the number of xed employees. LIST OF ABBREVIATIONS BM Bank OF Mozambique BTs Treasure Bonds CEMPRE (2005) Company Census (2005) CPI Investment Promotion Centre USA United States of America IMF International Monetary Fund FPA Marginal Absorption Facility FPC Marginal Lending Facility IDE Direct Foreign Investment IDN Direct National Investment INE National Statistics Institute IPC Consumer Price Index IRPC Corporation Tax M2 Money Supply MAIBOR Maputo Interbank Offered Rate MT Meticais n.a. not applicable (either due to lack of information or because the company is in business for 1 year only, or even because the company did not take part in the previous year research) n.d. data not available PES Economic and Social Plan GDP Gross Domestic Product SMEs Small and Medium Enterprises pp percentage points PVDs Developing Countries SADC Southern African Development Community TAMs Monetary Authority Bonds USD US Dollar ZAR Rand

Total net Assets total value of the current and non-current assets, net of depreciation and provisions regarded to the several asset headings from the balance sheet. Depreciation is applied to non-current assets while the provisions are applied to the current /circulating assets. Average Equity/Shareholders Funds comprises current year and previous year own capital divided by two. Operating Costs includes all the kinds of costs from the General Accountancy Schedule, except Financial Charges and Costs of Sales. For banks, is the result of the sum of labour costs, supplies and third parties services, depreciation and others. For insurance companies includes granted insurance premiums, indemnities of direct insurances and reinsurances, commissions and other running costs. Equity/Shareholders Funds is the total of share capital, issuing premiums, reserves, the results brought forward and results of the nancial year. General Liquidity the ratio of current assets over current liabilities. Number of employees number of xed employees (exclude seasonal and casual labour). Current liabilities the debts of the company needing to be cleared within 12

19

Introduo
J
vamos no dcimo primeiro ano da pesquisa sobre as 100 Maiores Empresas mundial que abalou muitas empresas internacionais e tambm nacionais. Como sempre referimos na nossa introduo, todos os dados das empresas constantes neste estudo so da responsabilidade das mesmas que nos fornecem as informaes, sendo que s so publicados dados que nos tenham sido devidamente autorizados pelas direces das empresas, atravs do envio de um Termo de Responsabilidade a conrmar a A pesquisa impressa nesta edio baseia-se nos resultados nanceiros do ano de 2008 comparativamente ao ano de 2007, um perodo muito marcado pela crise nanceira A presente edio conta com uma anlise macroeconmica, uma anlise agregada dos dados da pesquisa e artigos sectoriais. veracidade da informao. Assim como nos anos passados, para que esta publicao e a informao nela contida possa chegar a um maior nmero de leitores, esta obedece a uma tiragem de 10.000 exemplares, est redigida em portugus e ingls e de distribuio gratuita. Para alm disso, a pesquisa encontra-se disponvel na pgina web da KPMG Moambique. Para alm destes artigos, a partir desta edio introduzimos mais uma anlise anual: o ranking das melhores empresas do ano, cujos critrios de anlise so expostos mais frente. de Moambique, uma pesquisa que todos os anos continua a pretender dar credibilidade s empresas moambicanas junto aos investidores, tornar as empresas mais competitivas, bem como fornecer uma base de anlise e de comparao que sirva de ferramenta de apoio na tomada de decises empresariais.

Rentabilidade de capitais prprios;

Metodologia da Pesquisa

Autonomia nanceira; e Liquidez geral.

Desde o seu incio, em 1998, a Metodologia da presente pesquisa consistiu na colecta e anlise de vrios tipos de dados nanceiros e econmicos recebidos das empresas participantes, de acordo com os questionrios preparados e enviados pela KPMG Moambique, por via dos quais se produziu o ranking das 100 Maiores Empresas de Moambique, tendo como critrio base, o Volume de Negcios. Na presente edio da pesquisa das 100 Maiores Empresas de Moambique foi instituda a categoria da Melhor Empresa do Ano, cujo objectivo premiar a empresa com melhor desempenho econmico-

nanceiro no ano transacto, neste caso, 2008.

Metodologia da Melhor Empresa

A metodologia para a seleco da melhor empresa baseou-se na anlise dos dados nanceiros, das 100 Maiores Empresas de Moambique, segundo um ndice baseado nos seguintes indicadores:
Crescimento do volume de negcios; Crescimento do volume de negcios por trabalhador; Rentabilidade do volume de negcios;

Para a classicao da melhor empresa foi realizado o ranking de cada um dos indicadores considerados e apurada a melhor posio em cada um deles (por ordem decrescente). O ndice agregado baseou-se no somatrio dos rankings de cada um dos indicadores. Aquela que obteve a maior pontuao no somatrio dos indicadores obteve o ttulo da Melhor Empresa 2008.

20

Introduction
W
e are already in the eleventh edition of the Top 100 Companies in As always mentioned in the introduction, all the companies data contained therein is for the responsibility of those who supply the information, and are only published data which have been duly authorized by the boards of companies, by sending a term of responsibility to conrm the veracity of the information. This edition has a macroeconomic analysis, The survey printed in this edition is based on the results for the year 2008 compared to 2007, a period marked by the global nancial crisis that has affected many international and national companies. an aggregate analysis of research data and sector articles. In addition to these articles from this issue on, we introduce a further annual review: the ranking of the best As in the past years, this publication and its information can reach a larger number of readers; this follows a circulation of 10,000 copies, is written in Portuguese and English and is distributed for free. In addition, the research is available on the KPMG Mozambique website. companies of the year and the criteria of analysis are set out below. Mozambique survey, which each year continues to want to lend credibility to Mozambican companies to the investors, to make businesses more competitive and provide a basis for analysis and comparison serving as a support tool in making business decisions.

Survey Methodology

Since the begining in 1998, the Methodology of the Survey has been a collection and analysis of several types of nancial and economic data received from the participant companies, according to the questionnaires prepared and submited by KPMG Mozambique, by means of which it was produced the rankig of the Top 100 Companies of Mozambique, taking as a basic criteria the Volume of Business. In this edition of the Top 100 Companies in Mozambique a new category named the Best Company of the Year was instituted, the aim of which is to reward the company with the best economic and nancial performance in prior year, in this case 2008.

Methodology of the Best Company The method for selecting the best company is based on the review of nancial data, of the top 100 Largest Companies of Mozambique, according to an index based on the following criteria: Growth of revenue; Growth of revenue per employee; Return on revenue; Return on equity; Financial autonomy; and General liquidity.

In order to grade the best company the ranking of each of the indicators was conducted and the best position for each was found (in decreasing order). The aggregate index was based on the summing up of the rankings of each indicator. The company that obtained the highest scores in the summing up of the indicators was awarded the title of the Best Company 2008.

21

100 Empresas de Moambique

Seleco da Melhor Empresa

De acordo com a metodologia adoptada, a Companhia Moambicana de Hidrocarbonetos, SA foi apurada como a Melhor Empresa de 2008, com um crescimento do volume de negcios entre 2007 e 2008 na ordem dos 144.52%, com uma taxa de Rentabilidade do Volume de Negcios e Rentabilidade de Capitais Prprios de 40.48% e 38.87% respectivamente, enquanto que a Variao do Volume de Negcios por trabalhador foi de 97.19%. A Autonomia Financeira desta empresa de 49.84% e a Liquidez Geral de 2.35%. Procedem CMH, SA a Ferro Moambique, Lda e da Cornelder de Moambique, SARL. Destrinando cada um dos indicadores,

o maior Crescimento do Volume de Negcios vericado pela a Electrotec, SA com uma taxa de 220.43%, seguida da CMH, SA e dos Transportes Carlos Mesquitra, Lda com 144.52% e 117.35% respectivamente. Para o critrio do Crescimento do Volume de Negcios por Trabalhador, a Electrotec, SA apresenta-se no topo, com 254.16%, seguida da Petromoc e Sasol, SARL com 162.17% e da Hidrofrica, SARL com 135.53%. No que respeita Rentabilidade do Volume de Negcios lidera o ranking com 65.59% a HCB, SARL seguida do Millennium BIM, SARL com 42.46% e das Listas Telefnicas de Moambique, Lda com 42.24%. Por outro lado, a Mozambique Leaf Tobacco, Lda lidera

o ranking por ordem da Rentabilidade de Capitais Prprios precedida da A & L Entreprises, Lda e da Ferpinta Moambique, SARL. O Grupo Mofer, SA destaca-se liderando o ranking em termos de Autonomia Financeira com 91.19% seguido da Alif Qumica Industria, Ldacom 89.77% e da Acadmica, Lda com 89.11%. Finalmente, no que concerne Liquidez Geral, o ranking liderado pela Acadmica, Lda que opera com 35.00%, seguindo a SIM, SARL e a Topack Moambique, SARL com 15.68% e 10.66% respectivamente. A tabela seguinte apresenta o ranking das melhores empresas do ano.

Ranking das melhores empresas do ano.

2008 1 2 3 5 4 6 7 8 9 10 11 12 13 14 16 15 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 33 32 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Companhia Moambicana de Hidrocarbonetos, S.A Ferro Moambique, Lda Cornelder de Moambique, SARL Construa, Lda Ferpinta Moambique - IBPS, SARL Matola Cargo Terminal, SARL DHL Moambique, Lda GOLO - Agncia de Publicidade, Lda MIPS-Servio Internacional de Portos de Moambique, SARL BP Moambique, Lda SIM - Seguradora Internacional de Moambique, SARL Hollard Seguros, SARL Cimentos de Moambique, SARL BAT-British American Tobacco Mozambique, Lda Alif Qumica Industrial, Lda. Mega-Distribuio de Moambique, Lda Sociedade do Notcias, SARL Agrifocus, Lda. CIMBETO-Cimpor Beto Moambique, SARL Listas Telefnicas de Moambique, Lda Petrogal Moambique, Lda Electrotec, SA Acadmica, Lda. Higest Moambique, Lda Emocil, Lda Aberdare Intelec (Mo), Lda. Hidrofrica - Indstria Comrcio, SARL Grupo Mofer, Sa AVIS-Moambique Car Rental, Lda BCI-Banco Comercial e de Investimentos, SARL African Banking Corporation (Mozambique), SARL Mozal, SARL Lalgy Truck Sales, Lda Cervejas de Moambique, SARL Hidroelctrica de Cahora Bassa, SARL GAME Discount World Moambique, Lda BIM-Banco Internacional de Moambique, SARL Motraco, SARL Standard Bank, SARL Home Center, Lda Tecnel Service, Lda. CETA - Construes e Servios, SARL S. E. Ginwala & Filhos, Lda Turvisa- Empreendimentos Tursticos, Lda Mozambique Leaf Tobacco, Lda Unicomo Moambique, Lda Moambique Celular, SARL Coca-Cola Sabco (Moambique), SARL CFM-Portos e Caminhos de Ferro de Moambique E.P. MEX - Moambique Expresso, SARL Grupo Madal, SARL 2008 1,349,588.00 426,787.00 1,150,826.00 897,239.00 319,860.00 145,000.00 160,000.00 141,957.00 615,500.00 4,752,000.00 1,139,000.00 631,688.00 2,618,263.00 1,124,000.00 166,421.00 467,214.00 192,000.00 392,012.00 240,543.00 153,499.00 1,751,000.00 157,887.00 248,000.00 305,689.00 272,443.00 182,980.00 130,882.00 225,505.00 192,317.00 1,927,000.00 218,000.00 34,526,000.00 239,411.00 4,334,000.00 6,095,000.00 606,000.00 4,133,848.00 4,158,000.00 1,879,947.00 210,000.00 202,634.00 1,005,943.00 186,157.00 179,869.00 3,205,000.00 799,884.00 7,085,653.00 2,038,000.00 2,229,000.00 256,130.00 169,000.00 2007 551,942.00 233,792.00 904,944.00 664,973.00 183,920.00 132,000.00 122,000.00 65,442.00 385,377.00 3,699,000.00 948,000.00 312,145.00 2,013,060.00 1,097,000.00 126,694.00 280,756.00 165,000.00 319,898.00 174,900.00 143,551.66 1,278,000.00 49,273.00 226,000.00 222,021.00 217,886.00 219,587.00 64,521.00 160,633.00 181,577.00 1,653,321.00 166,000.00 38,825,000.00 171,570.00 3,828,230.00 6,687,000.00 536,000.00 3,423,377.00 3,349,000.00 1,531,310.00 138,000.00 183,881.00 771,397.00 139,858.00 132,026.00 1,774,478.00 652,094.00 5,828,287.00 1,894,000.00 1,986,000.00 221,480.00 115,000.00 %08/07 144.52 82.55 27.17 34.93 73.91 9.85 31.15 116.92 59.71 28.47 20.15 102.37 30.06 2.46 31.36 66.41 16.36 22.54 37.53 6.93 37.01 220.43 9.73 37.68 25.04 (16.67) 102.85 40.39 5.91 16.55 31.33 (11.07) 39.54 13.21 (8.85) 13.06 20.75 24.16 22.77 52.17 10.20 30.41 33.10 36.24 80.62 22.66 21.57 7.60 12.24 15.64 46.96 Ranking 99 92 63 76 90 31 71 97 87 66 48 94 67 19 73 88 44 53 80 26 79 100 30 81 59 4 95 83 24 45 72 6 82 39 8 38 49 57 55 86 32 68 75 77 91 54 51 27 37 42 85 2008 49.84 35.73 65.71 79.56 14.43 80.95 62.35 12.06 40.34 59.93 25.75 32.21 61.24 53.01 89.77 8.10 44.92 35.79 43.07 44.78 42.57 6.36 89.11 8.29 18.86 61.21 8.72 91.19 52.76 8.13 15.76 63.42 22.82 48.91 68.51 18.93 13.01 31.85 7.96 1.68 33.69 11.32 19.53 32.12 (0.04) 13.37 37.05 68.10 87.35 73.66 36.48 Raking 81 68 90 95 43 96 88 39 72 85 60 64 87 84 99 28 77 69 74 76 73 23 98 30 50 86 33 100 83 29 47 89 57 80 92 51 40 62 27 15 65 38 53 63 11 41 71 91 97 94 70 2008 40.48 9.69 25.73 10.20 21.01 24.83 6.88 1.94 18.76 6.29 15.72 5.09 8.22 14.23 1.23 1.55 7.81 7.37 4.71 42.24 3.71 2.70 6.85 2.34 7.15 22.45 2.17 11.86 25.77 26.79 27.06 30.90 1.47 18.18 65.59 9.08 42.46 3.10 37.81 0.95 5.44 3.70 0.26 7.30 (4.06) 1.50 7.74 9.47 1.75 (0.61) 8.28 2007 27.43 2.83 15.09 6.52 (19.16) 15.15 6.56 0.21 16.62 8.03 17.30 19.91 13.29 11.85 2.30 1.60 5.45 5.07 2.05 37.69 4.23 (3.56) 7.52 1.63 3.17 20.12 1.13 0.00 1.58 26.19 33.74 36.89 8.32 17.29 15.12 4.85 40.86 3.43 40.48 1.45 10.26 4.42 0.47 3.68 (1.14) 1.13 5.94 11.09 6.14 (0.37) (7.83) Raking 97 78 91 79 87 90 65 45 85 62 83 59 73 82 35 42 71 69 57 98 55 50 64 48 66 88 47 80 92 93 94 95 39 84 100 76 99 53 96 27 60 54 19 68 10 40 70 77 44 12 74 2008 38.87 86.66 75.24 35.31 148.03 46.75 22.92 75.50 53.51 20.93 28.35 17.10 15.90 94.12 1.79 45.40 31.91 44.82 35.17 54.09 19.82 52.70 20.61 34.76 55.31 55.49 32.56 3.10 40.17 64.82 15.90 34.59 7.56 42.43 10.27 127.91 44.87 9.10 45.73 40.00 29.52 37.98 5.94 6.25 13,626.83 36.82 15.11 21.72 0.18 (4.48) 10.61 2007 15.01 27.86 45.19 22.58 (119.82) 28.57 20.25 9.74 40.31 26.28 32.77 41.62 24.05 75.30 2.59 41.66 22.78 38.73 14.52 50.12 19.35 (53.42) 26.15 20.98 29.23 134.95 10.53 0.00 3.43 29.09 18.81 48.11 37.95 42.94 7.46 (235.40) 48.00 8.22 48.84 70.42 67.92 44.89 8.40 4.01 (3,973.40) 28.71 15.22 24.60 0.59 (28.18) (14.40) Raking 72 95 93 68 98 82 56 94 84 54 59 49 47 96 21 80 62 78 67 85 52 83 53 66 86 87 63 23 75 90 46 65 35 76 40 97 79 38 81 74 60 71 30 31 100 70 43 55 18 15 41 2008 2.35 1.95 2.03 5.37 1.19 3.15 1.97 1.34 0.62 1.82 15.68 1.26 1.22 2.02 3.41 1.83 2.39 1.48 1.18 1.75 1.29 1.00 35.00 3.19 1.12 5.64 0.89 1.38 0.97 1.41 1.19 1.90 1.31 0.81 5.32 0.76 0.70 1.10 0.97 1.01 1.55 1.04 1.26 0.35 0.92 1.16 0.82 0.94 3.28 3.27 0.49 2007 2.73 3.35 1.92 7.00 1.24 1.65 2.41 1.67 1.53 1.63 19.36 1.19 1.29 2.17 1.76 0.56 2.18 1.27 0.81 1.72 1.24 1.02 8.50 1.31 1.01 4.20 0.85 0.00 0.22 1.06 1.28 2.09 1.72 0.89 3.56 0.37 0.82 11.91 1.06 0.89 2.26 1.02 1.20 0.25 0.96 1.21 0.75 1.01 2.96 1.03 0.39 Raking 88 82 85 96 59 90 83 70 16 78 99 64 62 84 94 79 89 75 57 77 67 41 100 91 51 97 34 71 38 73 58 80 68 29 95 26 21 50 37 44 76 47 65 6 35 55 31 36 93 92 10 2008 87,070 21,339 2,810 2,735 5,118 866 2,443 5,258 2,614 31,470 9,040 20,711 6,117 8,204 586 4,247 527 5,483 8,154 3,040 12,245 2,770 1,653 2,516 370 5,545 1,757 110 4,995 2,474 4,542 29,957 15,961 5,589 9,334 3,232 2,663 594,000 3,006 1,359 3,752 324 1,724 736 661 8,289 10,115 2,975 1,091 2,894 35 2007 44,155 12,637 2,274 2,445 3,255 763 1,877 2,470 1,927 24,098 7,584 14,188 5,008 7,514 445 3,003 455 4,810 6,996 2,815 10,306 782 1,527 2,156 315 6,862 746 0 4,539 2,446 4,203 32,709 13,198 5,118 10,556 2,851 2,397 478,429 2,764 979 3,469 290 1,295 563 536 7,286 9,200 3,105 1,203 2,621 45 %08/07 97.19 68.86 23.60 11.89 57.22 13.46 30.15 112.90 35.64 30.59 19.19 45.97 22.16 9.19 31.82 41.45 15.88 13.97 16.55 7.99 18.81 254.16 8.27 16.72 17.39 (19.20) 135.53 10.04 1.14 8.07 (8.41) 20.94 9.20 (11.57) 13.36 11.07 24.16 8.73 38.88 8.16 11.76 33.10 30.67 23.34 13.77 9.95 (4.18) (9.29) 10.42 0.00 Raking 96 95 79 57 94 59 83 97 89 84 74 92 77 46 86 91 63 62 68 40 72 100 43 69 71 11 98 7 52 30 41 22 76 47 17 58 54 81 44 90 42 56 88 85 78 60 51 24 20 53 28 Raking Final 533 510 501 471 471 448 446 442 433 429 423 422 413 411 408 408 406 406 403 402 398 397 388 385 383 373 370 364 364 360 358 357 357 355 352 346 342 341 340 336 335 334 330 330 325 320 317 310 309 308 308

22

100 Empresas de Moambique

Selection of the Best Company Based on the methodology used, the Mozambican Company Hidrocarbonetos, SA was selected as the Best Company for 2008, with revenue growth between 2007 and 2008 of about 144.52%, with a Return on Revenue and Equity of 40.48% and 38.87% respectively, while the Variation of Revenue per Employee was 97.19%. The Financial Autonomy of this company is 49.84% and General Liquidity 2.35%. Following CMH, SA is Ferro Moambique, Lda and Cornelder de Moambique, SARL. On breaking down each of the indicators the highest Revenue Growth was made by Electrotec, SA with 220.43%, followed

by CMH, SA and by Transportes Carlos Mesquita, Lda with 144.52% e 117.35% respectively. For the criterion on Revenue Growth per Employee, Electrotec, SA ranks on top with 254.16%, followed by Petromoc and Sasol, SARL with 162.17% and Hidrofrica, SARL with 135.53%. With regard to Return on Revenue, HCB, SARL takes the lead in the ranking with 65.59%, followed by Millennium BIM, SARL with 42.46% and Listas Telefnicas de Moambique, Lda with 42.24%. On the other hand, Mozambique Leaf Tobacco, Lda leads the ranking on Return on Equity, followed by A & L Enterprises, Lda and

Ferpinta Moambique, SARL. Grupo Mofer, SA stands out in the lead in terms of Financial Autonomy with 91.19% followed by Alif Qumica Industria, Lda com 89.77% and Acadmica, Lda with 89.11%. Finally, with regard to General Liquidity, the ranking is led by Acadmica, Lda which operates with 35.00%, followed by SIM, SARL and Topack Moambique, SARL with 15.68% and 10.66%, respectively. The following table depicts the ranking of the best companies of the year.

2008 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 70 71 69 73 72 74 75 76 77 78 79 81 80 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 Grupo Madal, SARL Ronil, Lda Petromoc-Petrleos de Moambique, SARL Barclays Bank Moambique, SA Global Alliance CGSM Seguros, SARL Toyota de Moambique, SARL Socremo - Banco de Micronanas, SA FNB - First National Bank Moambique, SA Mocargo - Empresa Moambicana de Cargas, SARL TDM-Telecomunicaes de Moambique, E.P. STV - Soico Televiso, Lda Gani Comercial, Lda Lusovinhos, Lda Petromoc e Sasol, SARL Mercury Comercial, Lda The Mauritius Commercial Bank, SA Dataserv, Lda EDM-Electricidade de Moambique E.P. Televisa-Sociedade Tcnica de Obras e Projectos, Lda N.B.C. Representaes, Lda TV CABO - Comunicaes Multimdia, Lda Entreposto Comercial de Moambique, SARL TVM-Televiso de Moambique, E.P. Emose, SARL Polana Serena Hotel, Lda Intelec Holdings, Lda Sulbrita, Lda Transportes Carlos Mesquita, Lda LAM-Linhas Areas de Moambique, KPMG Moambique, SA Conduril, SA - Construtora Durience Delegao de Moambique Sasol Petroleum Temane, Lda C.M.C. Africa Austral, Lda MPDC- Sociedade de Desenvolvimento do Porto de Maputo, SARL Kangela Comercial, Lda SODIAL - Soc. Dist. Alimentos, Lda ENOP, Lda - Engenheria de Obras Pblicas Banco Procredit, SA. A & L Enterprises, Lda Transportes Lalgy, Lda guas de Moambique, S.A.R.L. Mafuia Comercial, Lda Topack Moambique, SARL Aeroportos de Moambique, E.P. CDN-Corredor de Desenvolvimento do Norte, SARL Pescamar, Lda Salvor Hotis Moambique, SARL Manica Freight Services, SARL Efripel - Entreposto Frigorco de Moambique, Lda TPM - Transportes Pblicos de Maputo, E.P.

2008 169,000.00 437,900.00 7,064,480.00 1,044,600.00 588,260.00 1,102,000.00 204,762.00 224,310.00 1,829,000.00 2,790,634.00 137,510.00 575,386.00 175,728.00 1,283,808.00 325,631.00 129,000.00 160,301.00 4,593,030.00 356,417.00 141,529.00 317,524.00 909,000.00 231,000.00 748,000.00 228,605.00 644,000.00 302,665.00 167,767.00 2,690,044.00 175,957.00 841,837.00 3,309,924.48 2,371,518.00 899,107.00 550,345.00 130,608.00 401,660.00 335,557.00 163,470.00 452,765.00 503,000.00 149,158.00 137,940.00 525,000.00 609,355.00 395,856.00 193,000.00 1,787,792.00 258,393.00 154,151.00

2007 115,000.00 345,798.00 5,406,840.00 844,700.00 484,070.00 1,178,000.00 161,731.00 200,384.00 1,341,000.00 2,729,995.00 94,700.00 652,782.00 153,005.00 693,013.00 291,901.00 141,000.00 144,457.00 3,992,640.00 304,590.00 113,620.00 300,828.00 747,000.00 182,000.00 775,000.00 218,230.00 488,000.00 179,830.00 77,188.00 2,054,174.00 162,768.00 405,735.00 3,213,102.97 2,124,812.00 749,352.00 706,876.00 124,297.00 394,169.00 263,402.00 162,980.00 354,270.00 491,000.00 128,270.00 183,079.00 516,000.00 558,580.00 394,882.00 214,000.00 1,673,163.00 327,666.27 150,846.00

%08/07 46.96 26.63 30.66 23.67 21.52 (6.45) 26.61 11.94 36.39 2.22 45.21 (11.86) 14.85 85.25 11.56 (8.51) 10.97 15.04 17.02 24.56 5.55 21.69 26.92 (3.48) 4.75 31.97 68.31 117.35 30.96 8.10 107.48 3.01 11.61 19.98 (22.14) 5.08 1.90 27.39 0.30 27.80 2.44 16.28 (24.66) 1.74 9.09 0.25 (9.81) 6.85 (21.14) 2.19

Ranking 85 61 69 56 50 10 60 36 78 17 84 5 40 93 34 9 33 41 46 58 23 52 62 11 21 74 89 98 70 28 96 20 35 47 2 22 15 64 13 65 18 43 1 14 29 12 7 25 3 16

2008 36.48 9.11 6.70 7.89 23.31 24.81 15.51 13.80 3.41 47.60 3.19 4.05 15.21 (3.12) 31.22 21.13 69.28 34.40 4.38 4.14 6.40 44.69 17.86 45.40 8.69 34.70 1.65 16.99 (7.72) 9.14 (0.29) 52.07 1.10 (65.70) 8.43 19.72 9.40 15.50 0.61 21.69 (122.09) (5.20) 3.66 10.00 (83.41) 19.18 (2.32) (2.30) 5.41 (2.23)

Raking 70 34 25 26 58 59 46 42 17 79 16 19 44 6 61 55 93 66 21 20 24 75 49 78 32 67 14 48 4 35 10 82 13 3 31 54 36 45 12 56 1 5 18 37 2 52 7 8 22 9

2008 8.28 1.54 0.99 12.49 2.55 7.89 8.65 19.77 0.09 4.97 1.19 4.67 1.08 1.17 (0.03) 23.26 2.01 0.60 0.86 0.59 2.86 0.99 0.87 7.22 5.49 (4.66) (0.58) 1.09 1.36 0.39 1.35 (6.06) 6.62 1.19 0.24 2.85 (2.87) 0.56 0.69 (8.15) 0.07 0.12 1.28 (20.60) (12.86) 1.55 (4.61) (17.35) (43.60)

2007 (7.83) 0.81 0.86 15.41 6.36 7.47 1.24 2.03 0.02 5.13 0.05 (2.37) 1.88 (4.76) 0.35 0.00 1.56 0.11 0.95 1.17 4.18 2.28 (4.40) 3.23 0.00 8.20 (12.21) 8.96 (2.73) 2.31 0.00 (0.76) (52.74) 2.65 0.27 0.00 11.48 0.15 3.59 (35.44) 3.09 0.02 7.15 (15.88) 1.74 27.10 1.32 (5.75) (35.82)

Raking 74 41 28 81 49 72 75 86 16 58 33 56 30 32 14 89 46 23 25 22 52 29 26 67 61 8 13 31 38 20 37 1 7 63 34 18 51 11 21 24 6 15 17 36 3 5 43 9 4 2

2008 10.61 66.54 25.44 23.38 15.86 44.50 17.77 18.96 16.05 3.86 62.72 59.20 6.63 (65.54) (0.12) 10.08 8.96 0.54 11.45 35.57 38.89 2.66 6.90 4.67 70.43 (11.03) (9.51) 5.92 (23.46) 7.53 (120.10) (54.53) (8.42) 34.50 4.69 15.55 (5.36) 255.56 3.38 8.50 (2.98) 1.47 5.31 30.10 (23.65) (200.00) (328.45) (340.52) (336.94)

2007 (14.40) 46.07 16.47 30.61 38.75 62.41 2.13 3.84 3.02 4.03 3.48 (24.11) 10.84 237.30 2.23 0.00 8.66 0.10 10.96 80.95 49.20 12.73 (21.05) 2.33 0.00 23.81 (67.85) 24.92 39.38 41.99 0.00 (4.69) 73.26 287.53 5.38 0.00 20.92 24.99 20.48 46.43 (46.33) 0.33 38.82 28.46 2.90 1,657.14 37.07 30.31 (100.90)

Raking 41 91 58 57 45 77 50 51 48 25 89 88 32 7 17 39 37 19 42 69 73 22 33 26 92 11 12 29 10 34 6 1 8 13 64 27 44 14 99 24 36 16 20 28 61 9 5 4 2 3

2008 0.49 0.80 0.99 1.06 1.22 1.12 1.12 0.88 1.21 0.71 0.84 2.04 0.73 1.44 1.12 1.27 1.08 1.01 0.46 1.03 0.50 0.68 0.69 0.00 0.58 0.60 1.41 1.20 1.91 2.32 0.47 1.17 1.03 1.00 0.98 0.76 0.43 1.32 0.69 10.66 0.53 0.61 0.71 0.77 0.81 0.69 0.03

2007 0.39 1.02 1.00 0.98 1.15 1.12 1.10 0.87 1.43 0.79 0.84 1.24 0.73 1.13 0.95 1.15 0.97 1.02 0.32 1.01 0.63 0.74 0.00 0.00 0.78 0.74 1.43 0.00 3.00 1.60 5.34 1.31 1.04 0.00 1.13 9.05 0.37 1.45 0.93 1.08 1.38 0.38 0.73 0.51 0.85 1.11 0.02

Raking 10 28 40 48 63 52 3 54 33 61 22 32 86 24 74 53 2 66 49 43 8 45 11 17 20 1 4 13 14 72 60 81 87 9 56 46 42 39 25 7 69 19 98 12 15 23 27 30 18 5

2008 35 4,293 10,663 1,160 12,929 3,401 601 2,021 7,558 1,709 911 2,179 2,117 15,015 6,855 2,304 3,305 1,340 1,165 3,774 2,510 3,005 653 1,557 811 311 1,398 4,009 1,107 10,458 21,286 946 1,974 1,875 3,530 971 523 2,725 1,553 869 1,134 1,086 806 1,068 541 728 4,878 228

2007 45 3,907 8,305 1,143 14,237 3,940 547 2,444 5,731 1,605 889 1,831 2,013 5,727 6,145 0 3,107 1,282 1,004 3,607 2,156 3,234 562 1,431 0 268 906 3,240 1,146 0 21,279 832 1,649 2,570 3,603 0 592 3,075 1,968 794 972 1,795 835 1,055 513 812 5,871 272

%08/07 0.00 9.87 28.39 1.49 (9.19) (13.67) 9.87 (17.31) 31.88 6.48 2.41 19.03 5.17 162.17 11.56 6.39 4.53 16.06 4.63 16.40 (7.08) 16.17 8.77 16.21 54.31 23.73 (3.46) 0.03 13.77 19.72 (27.05) (2.02) (11.70) (11.40) (21.08) 9.34 16.73 (39.49) (3.49) 1.25 5.45 (10.32) (16.91) (16.21)

Raking 28 49 82 32 21 15 50 12 87 39 33 73 36 99 55 5 38 34 64 35 67 23 65 45 3 66 93 1 80 26 6 29 61 75 9 27 4 16 18 10 48 70 8 25 31 37 19 13 2 14

Raking Final 308 304 302 300 286 285 284 281 279 279 277 273 268 261 255 250 249 249 247 247 247 246 246 244 229 227 225 220 216 215 215 214 211 210 196 194 192 189 188 186 178 168 162 152 141 138 108 89 51 49

23

100 Empresas de Moambique

Lista das Empresas Participantes

N
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

Empresa > Company

A & L Enterprises, Lda Aberdare Intelec Moambique,Lda ABNASIR, Lda Academica, Lda Aeroportos de Moambique, EP Aero-Servios, SARL African Banking Corporation (Mozambique), S.A Afzal Cambios, Lda Agrifocus, Lda Agro Alfa, SA Agro Industrias Associadas, Lda Aguas de Goba, Lda Aguas de Moambique, S.A.R.L Alexandre Forbes, Lda Alif Quimica, Lda ARIES Consulting, Lda Austral Cowi, Lda Auto Recticadora, Lda Autovisa, Servios Auto Lda AVIS-Moambique Car Rental, Lda Banco Oportunidade de Moambique Banco Procredit, SA. Barclays Bank Mocambique, SA BAT-British American Tobacco Mozambique, Lda Bazaruto, Lda BCI, SA Beiranave, escaleiros navais da Beira, SARL BIM, SA Blue Zone Mocambique, Lda BMI BP Moambique, Lda BPB Gypsum, Lda C.M.C A.A, Lda Capafrica, Lda CDN, SA Celmoque, SA Cervejas de Moambique, SA Cesagro, Lda CETA - Construes e Servios, SARL CFM, E.P Change, Lda Ciclomotores, Lda Cimbetao, SA Cimentos de Moambique S.A.R.L Clean Africa, Lda Coca-cola Sabco Mocambique SARL Companhia Mocambicana de Hidrocarbonetos, SA Complexo SHEIK, Lda Conduril, Lda Conser, Lda Construa, Lda Construtora Chemane, Lda

Sector
Alimentao & Bebidas Indstria Comrcio Indstria Transportes Transportes Banca & Leasing Banca & Leasing Comrcio Indstria Servios Alimentao & bebidas Alimentao & bebidas Servios Indstria Servios Servios Servios Comrcio Hotelaria & Turismo Banca & Leasing Banca & Leasing Banca & Leasing Indstria Hotelaria & Turismo Banca & Leasing Indstria Banca & Leasing Comrcio Banca & Leasing Energia Comrcio Construo Indstria Transportes Indstria Alimentao & bebidas Agricultura Construo Transportes Servios Comrcio Indstria Construo Servios Alimentao & bebidas Energia Hotelaria & Turismo Construo Servios Comrcio Construo

Endereo
Av. Namaacha, n 730 - R/C 1 andar Av. Angola n 1818 Av. Marien Nguabi, n 135 - R/C Av. OUA, n 50 Av. Acordos de Lusaka, n 3267 Aeroporto Internacional de Mavalane, Hangar n 4 Av. Julius Nyerere, n 999 Av. Ho Chi Min, n 773 Av. 25 de Setembro - Edif. Time Square BL 2, 1 Av. Angola, n 2475 B Naherenque-Nacala-NAMPULA Estrada Nacional 2, Km 5,5 Av. Eduardo Mondlane, n 1352/ 5 andar Av. Kenneth kaunda Av. Amilcar Cabral n599 - Quelimane Av. Guerra Popular, n 1028 Av. Zedequias Manganhela, n 95, 1 andar, Prdio 33 Andares Av. Albert Luthuli, nr 512 Rua Timor Leste, n 15/25 r/c Av. Angola, n 2211 Av. 24 de Julho, n 4236 Av. Zedequias Manganhela, n 267 Av. 25 de Setembro, n 1184 Av. Angola, n 2290 Rua da Se nr 114 Av. 25 de Setembro, n 1465 - edif. John Orrs Rua Don Diniz 1323/30 - Beira Av. 25 de Setembro, n 1800 - 15o andar Av. Kenneth Kaunda, Prdio PH2, R/C Av. 24 de Julho, n 3549 - 4o andar Av. Martires de Inhaminga, n 170 Av. FPLM, n 1389 R/C Av. Namaacha, n 728 - Km 6 Av. Moambique, n2300 R 1 Maio-Cuamba-NIASSA Av. Kenneth Kaunda n 403 Rua Jardim, n 1329 1509,6 Av 25 Setembro-MAPUTO Av. 24 de Julho, n 2548, 1 andar Praa dos Trabalhadores, n 51 R Beijo Mulata B Sommerschield-MAPUTO Av. 24 de Julho n2573 R/C Av Joaquim Chissano Av. 24 de Julho/ Lingamo Matola Av. Agostinho Neto, n 154 Av. da OUA, n 270 Av. 25 de Setembro, Edicio Time Square Bloco 1, 3 andar Av. Mao T. Tsung, n 57 Av. Mao Tse Tung Rua do Chaimite,AFT 37, Beira Av. Angola, n 2900 Av. 25 de Setembro, n 1676, 1 andar p/6

N
53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104

Empresa > Company

Consultec, Lda Cornelder de Mocambique SA Cotur CPC-Cooperativa Popanca e Credito,SA Crown cork Mozambique, Lda Danmo Services System, Lda Dataserv, Lda DHL, Lda Diname Domus, SA Ecob,Lda Edimetal, Lda Efripel - Entreposto Frigorico de pesca de Mocambique, Lda EGF-Neoquimica Electricidade de Moambique, E. P Electro Beira, Lda Electrotec, S.A Embalagens Mondipak, Lda Emil, Lda Emocil, Lda Emose, SA Empresa Agricola de Xuxululo, Lda Enop, Lda Entreposto Comercial de Moambique, SARL Escola de Conducao internacional Eta star Mocambique, SA F.M. Simes, SARL Farmac, E.E. Ferpinta Moambique - IBPS, Sarl Ferro e Ferro- Agencia de Publicidade FerroMocambique, Lda FNB Fosforeira de Moambique, Lda Freigh Produce Terminal, Lda Game, Lda Gani Comercial, Lda Gapi, SA Geomoc, Lda Germic, Lda Global Alliance CGSM Seguros, SARL Golden Travel, Lda GOLO, Lda Gondwana Lda Grupo Madal, SA Grupo Mofer, SA Hidroafrica, S.A.R.L Hidroelectrica de Cahora Bassa, SA Higest Mocambique, Lda Hollard, SA Home Center, Lda Hotel Polana, Lda Hotel Santa Cruz, Lda

Sector
Servios Transportes Hotelaria & Turismo Banca & Leasing Indstria Servios Comrcio Transportes Comrcio Servios Construo Indstria Pesca Servios Energia Servios Energia Indstria Comrcio Construo Seguros Agricultura Construo Comrcio Servios Energia Servios Comrcio Indstria Servios Comrcio Banca & Leasing Indstria Transportes Comrcio Comrcio Banca & Leasing Construo Comrcio Seguros Hotelaria & Turismo Servios Servios Indstria Agricultura Servios Energia Indstria Seguros Comrcio Hotelaria & Turismo Hotelaria & Turismo

Endereo
Rua Ten Gen Oswaldo Tazama, n 169 Porto da Beira, Largo dos CFM, Beira Av. Karl Marx, n 1225 Rua Consiglieri Pedroso, n 99 Av. Indstrias Parcela 724 - Machava P Trabalhadores-Beira-SOFALA Av. 24 de Julho, n 1580 Av. 24 de Julho, n 3823 Av. Zedequias Manganhela, n 1278 Av. 25 de Setembro, n 1230, 6 andar Antonio Enes n274 Estrada Velha - Rua Naval n 355 Rua perpendicular Rua Joo Nogueira, n 35 Av. Romo F. Farinha Av. Agostinho Neto, n 70 5 andar 35 Av Eduardo Mondlane-Beira-SOFALA Av. Kenneth Kaunda, ns 403 e 443 Av. Indstrias, n 1862 - Machava Av. 25 de Setembro, n 1131 Rua Joaquim Lapa, n 22, 4 andar Av. 25 de Setembro, n 1383 Bairro Policial 3 de Fevereiro - Maputo, nO 799 Q 15 Rua 1393 Transversal da Av. Jose Creveirinha n120 Av. Do Trabalho n 2106 Av. Emilia Dausse n 519 Rua da Se nr 114- H.Rovuma-602 1547 Av Trabalho-MAPUTO Av Samora Machel, n 202 - 1 andar Av. Acordos de Lusaka- Beira Rua da Imprensa, n 256, 6 andar Av. Julius Nyerere, n 742 - 1 andar Av 25 de Setembro, Predio Jat I, n 420, 1 andar, sala 8 B Sikwama, Parcela 201 - Matola Porto de Maputo, zona G, Terminal de Citrinos Av. Marginal, n 151/5 B Ontupaia-Nacala-NAMPULA Rua de Mukumbura, n 434 - R/C Av. Emilia Dasse, n 1114 Av. Kim Il Sung Av. 25 de Setembro / Rua Imprensa, n 183 78,r/c R Baptista Carvalho-MAPUTO Av. Mao T. Tsung, n 488 Av.Ahmed Sekou Toure n 466 Av. Julius Nyerere Nr 48 - Zambezia Rua Dr. Antnio J.Almeida, n 255 Av. Kenneth Kaunda n403-Maputo Prdio 33 andares Estrada Velha da Moamba KM 15 Av. Sociedade Geograca, n 269 Av. Angola, n 2356 A. Julius Nyere n 1380 Av. 24 de Julho, n 1417

26

100 Empresas de Moambique

List of Participating Companies

N
105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156

Empresa > Company

ICB, SA Imovisa, Lda Indicopesca Intelec Holdings, Lda Interfranca, SA Intermetal, SA Kangela Comercial, Lda KPMG, SA Kuehne & Nagel, Lda Lalgy Track Sales, Lda LAM Lavandaria Imperial Listas Telefonicas de Mocambique, Lda Lusovinhos, Lda M3 Bar, Lda Mafuia Comercial, Lda Mahomed & Compania, Lda Manica Freight Services,SA Matola Cargo Terminal, S.A.R.L Mavimbi Medimoc, SA Medioptica, Lda Mega - Distribuicacao, Lda Megabyte Compuworks, Lda Mercury Comercial,Lda MEX, SA Mextur MIPS, SA Miranda Industrial, Lda Mocambique Celular, SA Mocambique Compania de Seguros Mocargo - Empresa Moambicana de Cargas, SARL Modet, Lda Motraco, SA Mozabanco, SA Mozafricom Mozal, SA Mozambique Airport Handling Services, Lda Mozambique Leaf Tabbaco Impor & Export, Lda Mozlimpa Servicos, Lda Mozline, SARL Mozre, SA MPDC, SA N.B.C. Representaes, Lda. Navemar, Lda Padaria da Munhava, Lda Permar, SA Pesca do Norte Pescabom, Lda Pescamar - Sociedade de pesca de mariscos, Lda Petrogal Moambique, Lda Petromoc e sasol, SA

Sector
Banca & Leasing Servios Pesca Energia Comrcio Comrcio Comrcio Servios Transportes Comrcio Transportes Servios Comunicao Alimentao & bebidas Hotelaria & Turismo Comrcio Comrcio Transportes Transportes Pesca Comrcio Comrcio Comrcio Comrcio Comrcio Hotelaria & Turismo Hotelaria & Turismo Transportes Indstria Comunicao Seguros Transportes Indstria Energia Banca & Leasing Servios Indstria Transportes Agricultura Servios Transportes Seguros Transportes Comrcio Servios Indstria Transportes Pesca Pesca Pesca Energia Energia

Endereo
Av. 25 de Setembro, n 1915 Av. 25 de Setembro, n 1013 Av. Zedequias Manganhela, n 591 Av. Samora Machel, n 120 1 andar - Porta 13 Av. 24 de Julho n1550 Rua Comandante Bueta Neves, n 53 Av. Industrias, n 605 - Machava Rua 1.233, n72 C Terminal de Cargas, Aeroporto de Mavalane Av. Da Uniao Africana, 4341 Matola Largo de Beta, n 113 Av. Josina Machel, n 901 R/C Av. 25 de Setembro, n 420 - 5 Andar - Edicio Jat Av. Moambique, Km 9,2 Bairro 11-Xai-Xai-GAZA 61 R Operrios-Chimoio-MANICA Av. Armando Tivane, n 877 Praa dos Trabalhadores, n 51 Av. Namaacha Km 5,5 Av. Zedequias Manganhela, n 591 Av. 24 de Julho, n 2317 R/C 2317,1 Av 24 Julho-MAPUTO Praceta Maguiguane, n 100 - 3 andar Rua Joaquim Lapa, n62 Av. Kenneth Kaunda Lg Deta, Aeroporto, n 113 Av. 25 de Setembro, n 420, Prdio Jat IV Terminal de Contentores - Porto de Maputo

N
157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185

Empresa > Company

Petromoc, SA Pintex, SA PLM - Facilities Management, Lda Procongel, Lda Profuro Internacional, Lda Ronil, Lda S - Imprensa, Lda S.E Ginwala & lhos, Lda Sal e Caldeira, Lda Salvor Hotis Moambique, SARL SAN-Sociedade Algodoeira do Niassa JFS, SARL Sasol Petroleum Temane, Lda SEED, Lda Select Vedior Servitrade. Lda Siesta, Lda SIM ( Impar), SA SIP, Lda Skynet, Lda SMS CATERING, Lda Sociedade Noticias, SARL Socremo - Banco de Micronanas, SA Sodial-Sociedade Distribuio Alimentar, Lda Somonav, Lda Standard Bank, SA STV, Lda Sulbrita, La Tchuma, SA TDM- Telecomunicacoes de Mocambique, SA Tecnel Elevadores(Schindler) Tecnel Service, Lda. Tecninfo, Lda Tedeco, Lda Teledata de Moambique, Lda Telescan, Lda Televisa, Lda The Mauricius Commercial Bank (MCB), SA Tintas Cin Moambique, SARL Topack Mocambique, SARL Toyota de Mocambique SA Transportes Carlos Mesquita, Lda Transportes Lalgy, Lda Transportes Publicos de Mocambique, E.P Tropigalia, Lda Turvisa, Lda TV Cabo, Lda TVM EP TVSD, Lda Unicomo Moambique, Lda Univendas, SA Zambujo Associados, Ldaz

Sector
Energia Indstria Servios Comrcio Servios Comrcio Comunicao Alimentao & bebidas Servios Hotelaria & Turismo Agricultura Energia Servios Servios Servios Indstria Seguros Pesca Transportes Servios Comunicao Banca & Leasing Comrcio Servios Banca & Leasing Comunicao Construo Banca & Leasing Comunicao Servios Servios Servios Construo Comunicao Comunicao Servios Banca & Leasing Comrcio Indstria Comrcio Transportes Transportes Transportes Comrcio Hotelaria & Turismo Comunicao Comunicao Comunicao Comrcio Comrcio Servios

Endereo
Praa dos Trabalhadores, n 9 Av. Indstrias n 2644 - Machava Av. Julius Nherere, n 178 Rua da Resistencia, n 840 Av. Namaacha, Km 6 - Parcela 728 Av. Eduardo Mondlane, n 2205 Rua Timor Leste n 108 Av. Mohamed Siad Barre, n 63 Av. Julius Nyerere Nr3412 Rua da S, n 114 Av Eduardo Mondlane-Cuamba-NIASSA Av. 25 de Setembro, n 420 - Prdio Jat 20 andar - sala 4 Rua de Kassuende, n 118, 8 andar Av. Frederich Engles, n 515 1220 Parc 803 B Infulene-MAPUTO Av. Angola n 1991 Prdio 33 andares, n 625/ Rua da Imprensa Av. Zedequias Manganhela n520, 6andar at601 Av. 25 de Setembro - Prdio Time Square R/C, Bloco 2 Almeda do Aeroporto Rua Joaquim Lapa, n 55 Av. 24 de Julho, n 426 Av. FPLM, n 466 7,r/c R Mq Pombal-MAPUTO Praa 25 de Junho, n 1 Rua Timor Leste, n 108 Av. Namaacha, n 782 - Km 6 Av. Eduardo Mondlane, n 1778 Rua da S, n 2 Av. Romo F. Farinha, 154 Av. Indstrias - Machava Av Eduardo Mondlane n1154 Av. Kim Il Sung, n 819 Av. Ho Chi Min, n 710 Av. Hamed Sekou Toure, n 1047 Av. Kenneth Kaunda, ns 403 e 443 Av. Friedrich Engels, n 400 Av. 24 de Julho, n 3736 Av. Trabalho, n 826 141 R Lg Amaramba-MAPUTO Rua do Chaimite,AFT 37, Beira Estrada Velha da Matola Av. Filipe Samuel Magaia, n 1481 Av. Angola, n 732 Av. Kenneth Kaunda Av. Kenneth Kaunda, ns 403 e 443 Av. 25 de Setembro, n 154 Av. Zimbabwe, n 1726 Av. Eduardo Mondlame, n 2225 Av 25 de zSetembro n 190 Av. Samora Machel n 285 3andar

Av. Belmiro Obadias Muianga, n 384 Av. 25 de Setembro, n 420, 1 andar Rua Consiglier Pedroso, n 430, 5 andar Av. Moambique, km 8,5 Av. 25 de Setembro, n 420 - Prdio Jat 4 - 3 andar Av. Kwame Nkrumah, n97 Rua Dom Bosco, n 108 Beloluane Industrial Park Aeroporto Internacional de Mavalane R Unidade Africana B Josina Machel-TETE 839,2 822 R Tristo Cunha-Beira-SOFALA Tiger Shopping - Av. Ho Chi Min, n 710, 3 andar Av. 25 de Setembro, Edicio Time Square, n 250, 4 andar, Bl 4 Porto de Maputo Av. Zedequias Manganhela, n 1295 92,1 Av Guerra Popular-MAPUTO 346,r/c Av Acordos Lusaka-Beira-SOFALA Av. Bagamoio, n 130 R Combatentes-Angoche-NAMPULA Largo Manuel Antonio de Sousa n6- Beira Largo Manuel Antonio de Sousa n6- Beira Av. Ferno de Magalhes, n 63 - 1 andar Av. 25 de Setembro - Prdio Jat 2 andar - dto

186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207

27

Anlise Macroeconmica
Economia Internacional
Por: Aissa Yussuf, Celso Raposo, Momed Jam, urea Lalgy, Iolanda Cal, Jos Malia, Baptista Lalane, Anissa Mahomed and Joo Cossa

agentes superavitrios com relao ao sector nanceiro e entre as instituies nanceiras dos pases desenvolvidos. Assim, as principais bolsas de valores do Mundo fecharam o ano em baixa, tendo sido registadas quedas consecutivas durante o segundo semestre de 2008. Face recesso da economia dos principais pases da zona euro, registou-se uma contraco no volume do comrcio mundial. O impacto da desacelerao da actividade econmica foi devastador no mercado de trabalho, contra todas as expectativas reservadas para o ano de 2008. Assim, a taxa de desemprego nas economias desenvolvidas, avanou 0.5 pontos percentuais (pp), contra a expectativa de se manter nos 5.4%, observados em 2007.

Para os pases em desenvolvimento, a crise nanceira manifestou-se fundamentalmente na balana de pagamentos, ndice de preos ao consumidor e nas nanas pblicas. Neste contexto, os desaos de poltica mais imediatos consistiram na estabilizao das condies do mercado nanceiro e na tentativa de manter a inao sob controlo. Conforme se pode visualizar pelo grco abaixo, em 2008 os Estados Unidos da Amrica (E.U.A.) continuaram com a queda do produto iniciada em 2006 e a China que tem registado taxas mdias de crescimento acima dos 10%, para 2008 recuou na ordem dos 2 pp em relao a 2007. A Zona Euro sofreu um expressivo abrandamento, tendo a taxa de

ano de 2008 foi essencialmente marcado pela tendncia ascendente

dos preos a nvel internacional, destacando-se o agravamento dos preos dos cereais, do petrleo e da taxa de juro. De igual modo a crise nanceira iniciada no mercado imobilirio norte-americano repercutiu-se rapidamente sobre os pases desenvolvidos da Europa e sia, causando crises de liquidez e declnio na procura global, com impacto signicativo nos nveis de produo e emprego. Por outro lado, esta crise no mercado nanceiro teve inuncia na eroso da conana dos

14.00 12.00 10.00 8.00 % 6.00 4.00 2.00 0.00

Grfico 1/ Graph 1: Taxas de Vario do PIB Real / Real GDP Percent Change

2004

2005

2006

2007

2008

EUA
Fonte: World Economic Outlook 2009

rea Euro

Japo

China

Af rica Sub-Sahariana

28

Macroeconomic analysis
International Economy
By: Aissa Yussuf, Celso Raposo, Momed Jam, urea Lalgy, Iolanda Cal, Jos Malia, Baptista Lalane, Anissa Mahomed and Joo Cossa

As for developing countries, the nancial crisis impacted mostly on balance of payments, consumer price indices ex to consumer and public nances. In this viewAccordingly, the most immediate political challenges consisted of stabilizing the nancial markets requirements and attempting to keep ination under control.

decrease in this indicator of about 0.6% in 2008. Among the main factors that justify this behavior is the reduction in public and private investment in by around 6.2% e 3.7%, respectively. The slowing down of exports with a growth rate at 1.7%. also contributed to this scenario. With regard to China , it was noted that

he Yyear 2008 was noted for an international notably marked by a price

increase trend internationally, especially of cerealsfood grains, crude oil and interest rates. LikewiseFurther, the nancial crisis that initiated started in the North American real estate market quickly made its impacted on developed countries of Europe and Asia, causing a liquidity crisis and decline in general demand, more signicantly mostly in production and employment. On the other hand, this crisis in nancial market had an impact in the erosion of trust for large entities in superavit what is this word? agents with regard to the nancial sector and among nancial institutions in developed countries. As a result, Thus, the main world stock exchanges in the world closed the year at a low, with consecutive falls over the second semester of 2008. Given the recession of the economy in the economies of in many Euro zone countries, there was a notable reduction in world trade. The impact of the slowing down of economic activities was devastating in for the labour market, against all expectations for 2008. ThusAs a result, the unemployment rate in developed economies grew 0.5 percentage points percentage (pp), against the expectation of maintaining a in 5.4% growth , as in 2007. In the case of Japan, available data indicates that following a positive variation in real GDP adjusted to seasonableness seasonality in 2.4%, in 2007 there was a With regard to ination rate, it remained well above the projections for 2008 in the main economies of the world economies. In the Euro Zone, it was at 3.4%, about 1.4 pp above the forecast while in the USA, it was approximately 1.8 pp above this the envisaged target. The Euro Zone had a signicant slow down with GDP rate varying in by 0.8 pp, following a 2.6 pp growth in 2007. The economicy performance in Euro Zone was increasingly inuenced by more restrictive funding requirements and a negative wealth effect resulting from the devaluation in share markets and by a general increase in uncertainty of the environment. Source: World Economic Outlook 2009 As the graph below illustrates, in 2008, growth in the United States of America (USA) remained downhill since 2006 and while China with average growth rates above 10%, in 2008 dropped 2 pp in 2008 as compared to 2007.

despite the economic expansion at a lower rate (9%) in 2008 as compared to previous year (13%), the economic performance remained robust especially due to the growth pace of tertiary sector (9.5%) and secondary sector. Sub-Saharan Africa experienced growth in its GDP in 2008 estimated at 6% (7% in 2007). Considering the diversity of countries that make up the continent, crude exporters stand out with a growth rate

29

100 Empresas de Moambique

crescimento do PIB variado em 0.8 pp, aps 2.6 pp em 2007. O desempenho da economia da Zona Euro foi sendo crescentemente inuenciado por condies de nanciamento mais restritas, por um efeito riqueza negativo decorrente da desvalorizao ocorrido nos mercados de aces e por um aumento generalizado do clima de incerteza. Relativamente taxa de inao, esta xou-se muito acima das projeces para o ano de 2008 nas principais economias Mundiais. Para a zona Euro, foi de 3.4%, cerca de 1.4 pp acima do programado enquanto que nos E.U.A. esta foi de aproximadamente 1.8 pp acima da meta prevista. Para o caso do Japo, os dados indicam que aps uma variao positiva do PIB real ajustado sazonalidade em 2.4% no ano 2007 se registou um decrscimo deste indicador na ordem de 0.6% em 2008. Dentre os principais factores que explicam este comportamento encontram-se a reduo do investimento pblico e investimento privado na ordem dos 6.2% e 3.7%, respectivamente. Tambm contribuiu para este cenrio o abrandamento do ritmo das exportaes que registou uma taxa de crescimento igual a 1.7%. No que concerne China , vericou-se que apesar de em 2008 a actividade econmica ter-se expandido a uma taxa menor (9%)

relativamente ao ano anterior (13%), o desempenho da economia continuou a ser robusto principalmente devido ao ritmo de crescimento dos sectores tercirio (9.5%) e secundrio.

das economias africanas dependentes das exportaes. Economia Nacional Nesta seco so apresentados os

A frica Subsaariana teve um crescimento do PIB em 2008 estimado em 6% (7% em 2007). Tendo em considerao a heterogeneidade dos pases que compem o continente, destacam-se os exportadores de petrleo, com um crescimento estimado em 7,5% em parte, protegidos pelos efeitos bencos dos termos de troca favorveis pela alta de preos do petrleo durante o primeiro semestre de 2008. Por outro lado, os pases importadores de petrleo, ainda que no primeiro semestre, tenham beneciado da alta de preos de commodities como caf, cacau, alumnio, ch, algodo, entre outros, registaram uma taxa de crescimento de 5%. O investimento directo estrangeiro (IDE) continua a ser o principal motor do crescimento econmico, destacandose o sector de recursos minerais, nomeadamente, na Zmbia, RD Congo, Madagscar, Tanznia, Moambique, entre outros e investimentos em infra-estruturas, como na frica do Sul e Senegal.

principais aspectos que caracterizaram a dinmica da economia nacional no perodo em que a pesquisa decorreu, nomeadamente, o crescimento econmico, inao, taxas de cmbio, taxas de juro, investimento e balana comercial. Crescimento Econmico Aps ter registado uma taxa mdia de crescimento real de 7.8% entre 2002 e 2007, o ritmo de crescimento de Moambique prosperou em 8.1% em termos reais, um nvel abaixo do programado (8,4%). Contriburam para tal, o impacto da crise econmica nos principais mercados nanceiros, o aumento dos preos das principais mercadorias importadas por Moambique tais como os combustveis e o aumento do preo dos produtos exportados pelo pas (alumnio, ouro, acar e gs natural) o que ocasionou um impacto negativo na balana comercial. O desempenho do sector primrio foi

No primeiro semestre de 2008, a taxa de inao aumentou de 9% para 15%, impulsionada pelo crescimento dos preos de bens alimentares (de 10 para 20%), e preo de combustveis (de 12 para 19%) os efeitos de segunda ordem, aumentaram os nveis de preos (sem incluir bens alimentares e combustvel), nomeadamente, pelos ajustamentos salariais, excedendo os limites de inao xados pelos bancos centrais em vrios pases. Em termos de equilbrio externo e em relao aos pases importadores de petrleo, estima-se que o saldo das transaces correntes tenha deteriorado de 5% para 5,75% do PIB em 2008. O impacto da crise comercial criada pela crise nanceira mundial afectou o crescimento

impulsionado pela agricultura e pecuria que individualmente cresceram 11% e 12.7%, respectivamente, apesar das adversidades climticas vericadas no primeiro semestre do ano. O aumento da produo agrcola resultou fundamentalmente do aumento da produtividade e da expanso das reas de cultivo em todas culturas, intensicao e diversicao da produo agrcola, fomento da traco animal e disseminao de tecnologias de produo agrcola pela extenso rural. No obstante o bom desempenho do sector da construo com um peso igual a 18% da produo global, a contribuio agregada do sector secundrio para o PIB foi negativamente afectada pelo mau desempenho da rea de energia, que diminuiu cerca de 3.3% durante o ano de

30

100 Empresas de Moambique

estimated at 7,5% partly protected by the favorable effects of foreign exchange rates terms of Exchange with high price of the crude over the rst half-year in 2008. On the other hand, crude importers, who though in the rst semester beneted from high price in commodities high price, such coffee, cocoa, aluminum, tea, cotton, among others, had a 5% rate increase rate. Direct Foreign Investment (DFI) is still the main driver of economic growth, especially the mineral resources, in Zambia, Democratic Republic of Congo, Madagascar, Tanzania, Mozambique, among others and investment in infrastructures such as in South Africa and Senegal. In the rst semester 2008, the ination rate increased from 9% to 15%, boosted by the increase in food prices increase (from 10 to 20%), and fuel prices (from 12 to 19%) the secondary effects increased price levels (excluding food items and fuel), namely salary adjustments and , exceeding the the ination limits established by central banks in various countries. In terms of external balance and in relation to crude importing countries, it is estimated that the balance of current transactions may have deteriorated from 5% to 5,75% of GDP in 2008. The impact of the trade crisis caused by the world nancial crisis has affected the growth of African economies dependant on exports. National Economy In this section, the main issues related to the dynamics of national economy in the period under scrutiny are presented, namely economic growth, ination, exchange rates, interest rates, investment and trade balance. Economic Growth Following the average real growth rate of 7.8% between 2002 and 2007, the growth pace in Mozambique improved by 8.1% in real terms, one level below the planned

(8,4%). To this end, the impact of economic crisis in the main nancial markets, price increase of the main commodities imported by Mozambique such as fuels, and the price increase of imported goods, such as (aluminum gold sugar and natural gas) have contributed, which caused causing an adverse impact in the trade balance. The performance of the primary sector boosted by Agriculture and Livestock individually grew 11% and 12.7%, respectively, despite the climate changes that occurred in the rst semester of the year under study. The increase of agricultural production resulted mainly due to improved productivity and expansion of farming areas for all crops, intensication and diversication of agriculture, promotion of animal traction and dissemination of agricultural technologies through rural extensionareas. Notwithstanding the good performance of Construction sector with equal weighting of 18% on the global production, the aggregated contribution of the secondary sector to GDP was adversely affected by poor performance of Energy sector, which dropped to about 3.3% over the year (2008). This fact was due to reduction in production and export of energy to the main markets and the decline in production by the transforming manufacturing industry in by 1.6% due to energy crisis in South Africa. This crisis ended up in restrictions

on importation of energy/electricity by Motraco to Mozal, causing a reduction in production of aluminum and impacting on the overall performance of the transforming manufacturing industry. Construction made good performance with 10pp above the 2007 gure and surpassed the planned levels in by 100% the planned levels, as a result of growth of the corporate construction which took place with the implementation of public investment on roads, bridges and social amenities. With regard to tertiary sector performance, it was found that it was inuenced basically by restaurant and hospitality services which grew 13.5% and by the transportation and communications sector with a 12.3 % growth rate. The hospitality growth rate was caused by improvements made in tourism facilities, as well as by renovation and maintenance of access routes to these facilities. The transportation and communication growth rate was boosted by improved facilities network and more efciency in the sector. The table below allows the visualization of the dynamic growth of the different sectors of the national economy and the planned growth levels for 2008: Ination

31

100 Empresas de Moambique

2008. Este facto deveu-se reduo na produo e exportao de energia para os principais mercados e ao declnio da produo da indstria transformadora em 1.6% devido crise energtica na frica do Sul. Esta crise culminou em restries na importao de energia efectuada pela Motraco para a Mozal, ocasionando a reduo da produo de alumnio e inuenciando o desempenho global da indstria transformadora. O sector de construo teve um bom desempenho, com 10pp acima do vericado em 2007 e superou em 100% os nveis planicados, como resultado do crescimento da construo empresarial que se vericou com a execuo de investimentos pblicos na rea de estradas, pontes e infra-estruturas sociais. No que se refere ao desempenho do sector tercirio, constatou-se que este foi inuenciado fundamentalmente pelos servios de restaurao e hotelaria, que cresceram 13.5% e do sector de transportes e comunicaes com 12.3 %. O crescimento do sector hoteleiro foi ocasionado pelas melhorias registadas ao nvel das prprias estncias tursticas, como tambm pelo trabalho de reabilitao e manuteno das vias de acesso s mesmas. O crescimento do sector de transportes e comunicaes foi impulsionado pela, melhoria da rede de

infra-estruturas e maior dinamismo no sector. A tabela abaixo permite uma visualizao da dinmica de crescimento dos diferentes sectores da economia nacional e dos nveis de crescimento planeados para 2008: Inao Em Dezembro de 2008, o pas vericou uma variao da taxa de inao de 6.2%, o nvel mais baixo dos ltimos cinco anos correspondendo a uma desacelerao na ordem de 4.1pp comparativamente ao mesmo perodo de 2007. Comportamento diferente foi observado na taxa mdia anual de inao, que em Dezembro de 2007 situou-se em 8.2% e foi aumentando ao longo de 2008 atingindo no mesmo perodo a taxa de 10.3% (grco 2). A taxa mdia de inao das trs maiores cidades do pas mostra que esta cou a dois dgitos, sendo a mais alta a da Cidade da Beira com 20% e a mais baixa na Cidade de Maputo com 10.3%. A provncia de Nampula teve a maior taxa de inao acumulada - 17.7%, enquanto que a Cidade de Maputo registou o nvel mais baixo - 6.2%. Para a reduo da taxa acumulada de inao, foram tomadas medidas correctivas destacando-se o subsdio aos transportadores semicolectivos de passageiros. O sector de

alimentao e bebidas no alcolicas que concorreu em grande parte para o aumento do nvel geral de preos contribuindo com 9.5% para o total da inao acumulada. O comportamento da inao foi inuenciado por factores internos e externos. Dentre os factores externos destacam-se: (i) a crise nanceira internacional que concorreu para a reduo do preo de certas mercadorias, (ii) o abrandamento da crise dos preos dos bens alimentares e (iii) a reduo do preo internacional do petrleo. Para o caso dos factores internos que exerceram maior inuncia sobre a taxa de inao contam-se: (i) relativa estabilidade do Metical em relao ao Dlar norte-americano durante um longo perodo do ano, conjugado com a apreciao do Metical face ao Rand, (ii) medidas scais tomadas pelo governo com vista a amortecer o efeito do agravamento dos preos internacionais dos cereais e combustveis ocorrido nos primeiros trs trimestres, (iii) impacto das medidas administrativas adoptadas pelas autoridades, visando assegurar a oferta adequada de bens de consumo durante a quadra festiva e (iv) o controlo dos factores de expanso monetria, traduzido na evoluo da base monetria em linha com o programa delineado para o ano.

Tabela 1: Produto 2008 Global e Sectorial - Taxas de Crescimento (%), 2004 a 2008/ Global and Sectorial Production - Growth Rates (%), 2004 to 2008
Produo/Production Agricultura, Pecaria e Silvicultura/Agriculture, livestock and forestry Agricultura/Agriculture Pecaria/livestock Silvicultura e Explorao Florestal/Forestry services Pesca/Fisheries Industria de Extraco de Minerais/Mining Industry Industria Transformadora/Manufacturing Industry Electricidade e gua/Electricity and Water Construo/Construction Comercio/Trade Servio de Reparao/Repair Services Restaurantes e Hoteis/Restaurants and Hotels Transportes e Comunicaes/Transport and Communication Servios Financeiros/Financial Services Aluguer de Imoveis/Real State Servios Prestados a Empresas/Services Provided to Companies Servios do Governo/Governement Services Outros Servios/Other Services Total da Produo/Total Production
Fonte: Balano do PES, 2002 2008 / Source: Balance, 2002 to 2008 Fonte: Balano do PES, 2002 2008/ Source: PES PES Balance, 2002 to 2008

2004

2005 1,8 1,5 0,7 5,6 3,4 11,1 3,6 12,8 25,8 2,1 1,1 6,1 19,5 2,9 2,4 5,6 21.0 1,4 8,4

2006 10,4 11,1 8,1 4,7 -3,5 13.0 3,6 9,9 23,6 4,2 4,5 15,2 21,2 2,9 24.0 4,8 4,5 4,3 9,2

2007 8,6 6,7 33,5 2,5 -3,3 10.0 2,8 8,4 9,9 9.0 0,6 12,8 20,4 2,7 2,4 4.0 4,9 0,1 7,8

2008 PL 7,1 7,5 6,3 2,5 4,4 30,0 4,1 2,9 9,0 4,6 0,8 9,4 22,7 3,2 2,4 4,9 9,3 0,1 8,4

2208 BL 10,5 11,0 12,7 1,5 27,0 11,8 -1.6 -3.3 18,0 12,8 1,5 13,5 12,3 8,0 12,0 5,2 9,0 0,2 8,1

9,1 9.0

12,8 5,6 -3,8 215,7 12,7 5,7 -14,6 -0,1 0,1 1,1 16,4 0,9 2,5 1,9 5,6 8,5 4,6

32

100 Empresas de Moambique

administrative measures adopted by the relevant authorities aimed at ensuring appropriate offer of consumer goods during the festive period and (iv) control of monetary expansion factors, translated in the evolution of the monetary base in compliance with yearly plan. In December 2008, Mozambique experienced an ination rate variation of 6.2%, the lowest rate over the past ve years, corresponding to a slowing down in of about 4.1pp as compared to the same period 2007. Different behavior was observed on the average annual ination rate, which in December 2007 was around 8.2% and kept rising over the year, reaching 10.3% (graph 2) in the same period. The average ination rate in the three major cities of Mozambique was two-digit, the highest of which occurred in Beira with 20% and the lowest in Maputo with 10.3%. Nampula province had an accumulated ination rate of 17.7%, while Maputo City recorded the lowest level - 6.2%. In order to reduce the accumulated ination rate, corrective measures were taken, especially the subsidy to public transporters. The Food and Beverages (non-alcohol) was responsible for the general price increase, contributing 9.5% for towards the total accumulated ination. Ination behavior was inuenced by internal and external factors. A, among the external factors there were: (i) the international nancial crisis which reduced the price of some commodities, (ii) the slowing down of the food prices and (iii) reduction of international price for crude. As for internal factors that exerted some inuence on ination rate, there are: (i) relative stability of Metical against US Dollar over the year, coupled with the appreciation of Metical against ZAR, (ii) tax measures taken by the government with a view to mitigating the increase of international price for cereals food grains and fuel in the rst three quarters, (iii) the impact of According to PES Review, the volumetric exchange rate in the last day of the year was 25.50 MT/USD, which corresponds to an annual depreciation of 7.1%. From December 2007 to December 2008, the spread between the exchange rate in MCI (quotation) and the volumetric exchange rate increased from 0.7% to 1.6% and for the same period, the differential between volumetric exchange rate and the average exchange rate in parallel market reduced from 3% to 0.3%, reecting minor depreciation in parallel market. Comparing the Metical exchange rate to US Dollar and the latter to ZAR, in the London market, resulted in 2.68 MT/ZAR and 35.3 MT/EUR, equivalent to an annual appreciation of the Metical to by 22.3% against ZAR and an annual depreciation of Metical of by 2.9% against Euro. In 2008, Metical Exchange rate in the Interbank Exchange Market (MCI), in relation to the currencies of Mozambiques main partners had a mixed behavior (PES 2008 Review). Thus, Metical exchange rate against US Dollar, over the rst nine months show some stability, which resulted in accumulated depreciation of 1.9% and an annual appreciation of 6.4%, up to September, partly boosted by persistent depreciation of the US Dollar in international markets. Meanwhile, in the last quarter of the year there was continuous appreciation of the US Dollar in the international market, which contributed to rapid depreciation of Metical and the average rate was 25.09MT/USD in the last day of 2008, equivalent to an annual depreciation of 6.1%, against an appreciation of 8.1% in December 2007. Exchange rates

With regard to Metical and ZAR, the exchange resulted in accumulated appreciation of 24.29%, by 31 December 2008. Partly, tThe appreciation of Metical against ZAR partly defused the pressure on price of domestic products and food items. The average rate of Metical against was 2.97 MT/ZAR, according to graph 3. Interest Rate The maximum and minimum interest rate for application on 31 December 2008 was 12.40% (11.50% in 2007) and 0.03% (1.49% in 2007), respectively. The interest rate of the Treasury Bills Bonds (BTs) varied over the year 2008 between 13.45% and 15.15%. tThe Bonds BT portfolio increased to 19,200 million Meticais as a result of issuance of bonds BT which totaled a nominal amount of 30,562 million Meticais, with a refund of 26,248 million Meticais, which resulted in net nominal issuance of 4,314 million Meticais. In the period under scrutiny, BT Bonds portfolio kept the same structure as in 2007, for maturity of 364 days in 10,820 million MT (56.4% against 77.7% in 2007), for 182 days with the balance of 6,221 million Meticais (32.1% of the total) and for maturity of 91 days with a balance of 21,59 million Meticais (11.2% of the total portfolio). However, in January 2008, the Board of Directors of the Central Bank of Mozambique Board of Directors resolved to review revise its intervention interest rates, that is, ????Facilidade Permanente de Cedncia (FPC) and ???Facilidade Permanente de Depsito (FPD) in by 100 and 25 base points pontos base (pb) to 14.5% and 10.25% respectively. The falling trend of Interbank Monetary Market that occurred in 2007 remained for average nominal interest rates, for the end of the year, both for active and passive operations. As a result, the average active

33

100 Empresas de Moambique

Taxas de cmbio Durante o ano de 2008, a taxa de cmbio do Metical em cotaes do Mercado Cambial Interbancrio (MCI), em relao s moedas dos principais parceiros comerciais de Moambique registou um comportamento misto (Balano do PES 2008). Assim, a taxa de cmbio do Metical em relao ao Dlar norte americano, demonstrou nos primeiros nove meses uma estabilidade que resultou em uma depreciao acumulada de 1.9% e uma apreciao anual de 6.4%, at Setembro, impulsionada em parte pela persistente depreciao do Dlar norte americano nos mercados internacionais. Entretanto, assistiu-se no ltimo trimestre do ano, a uma contnua apreciao do dlar no mercado internacional, o que contribuiu para uma rpida depreciao do Metical fazendo com que a taxa mdia se estabelecesse em 25.09MT/USD no ltimo dia de 2008, o equivalente a uma depreciao anual de 6.1%, contra uma apreciao de 8.1% em Dezembro de 2007.

Grfico / Graph 2: Crescimento da Produo e Inflao / Production and Inflaction Growth

16 14 12 10 %8 6 4 2 0 2004 2005 2006 2007 2008
Series1 Taxa de crescimento do PIB (real) / GDP growing rate (real) Taxa de inflao / Inflation rate

No que diz respeito ao Metical e Rand, a taxa resultou em uma apreciao acumulada de 24.29%, at 31 de Dezembro de 2008. Em parte, a apreciao do Metical em relao ao Rand suavizou a presso sobre os preos dos produtos domsticos e dos alimentos. A taxa mdia do Metical face ao Rand Sul Africano, foi de 2.97 MT/ZAR, conforme o grco 3. Taxas de Juro A taxa de juro mxima e mnima, para

como consequncia da emisso dos BTs que totalizou o valor nominal de 30,562 milhes de Meticais, perante um reembolso de 26,248 milhes de Meticais, o que resultou numa emisso lquida nominal de 4,314 milhes de Meticais. No ano em anlise, a carteira de BTs manteve a estrutura de 2007, para a maturidade de 364 dias ao xar-se em 10,820 milhes de MT (56.4% contra 77.7% em 2007), para 182 dias o saldo de 6,221 milhes de MT (32.1% do total) e para a maturidade de 91 dias com um saldo 21,59 milhes de MT (11.2% da carteira total). Contudo, em Janeiro de 2008, o Concelho de Administrao do BM, decidiu rever em baixa as suas taxas de juro de interveno, isto a de Facilidade Permanente

Cruzando a taxa de cmbio do Metical com a do Dlar americano e deste ltimo com o Rand, na praa de Londres, resultaram cmbios de 2.68 MT/ZAR e 35.3 MT/EUR, equivalentes a uma apreciao anual do Metical de 22.3% face ao ZAR e uma depreciao anual do Metical de 2.9% em relao ao Euro. Segundo o Balano do PES, a taxa de cmbio de valorimetria situou-se, no ltimo dia do ano, em 25.50 MT/USD, o que corresponde a uma depreciao anual de 7.1%. De Dezembro de 2007 a Dezembro de 2008, o spread entre a taxa de cmbio praticada no MCI (cotaes) e a taxa de cmbio de valorimetria incrementou de 0.7% para 1.6% e para o mesmo perodo, o diferencial entre a taxa de cmbio de valorimetria e a taxa de cmbio mdia do mercado paralelo reduziu de 3% para 0.3%, reectindo uma menor depreciao no mercado paralelo.

aplicaes, no dia 31 de Dezembro de 2008 foi de 12.40% (11.50% em 2007) e de 0.03% (1.49% em 2007), respectivamente. A taxa de juro dos Bilhetes de Tesouro (BTs) variou ao longo de 2008 entre 13.45% e 15.15%. A carteira de BTs aumentou para 19,200 milhes de Meticais

34

100 Empresas de Moambique

interest rate (accumulated) in 50pb to 21.66% in December 2008, while, passive operation rates for the same maturity was 11.64% in December 2008, hence, increasing the spread of 9.5% in 2007 to 10.02% in 2008.

Mozambique in 2008 were South Africa, China, Portugal and Italy with about USD 283,823,536 million, which represents about 77.6% of total investment for a group of 29 countries.

highlighted that with the international crisis, the investment volume in Tourism and the number of tourists that traditionally enter Mozambique decreased. Trade Balance

With regard to distribution of FDI by The prime rate sharply fell on moving, in average, from 18.85% in December 2007 to 17.99% in December 2008. The real interest rate dropped signicantly, however it remained positive over the year due to the acceleration of the moving average ination in 2008. Thus, the interest rates for one year loan decreased in 267 pb to 11.33%, while for current loans with the same maturity dropped in by 319 pb remaining in at 1.31%. The same situation occurred with regard to nominal interest rates for operations in foreign currency, of which 9.2% for active operations in December 2007 and 8.3% in for active operations in December in 20008, with an increase in of 34pb to 5.54% in the differentional between active and passive rates. As for FDI distribution by province, Maputo province, (including Maputo City) absorbed 35% of the investment portfolio, followed by Manica (28%) and Sofala (13%). Source: CPI 2008 In 2008, Mozambique continued on the receiving end for investment for aluminum, Investments Mozambique currently holds the highest levels of investment on the continent and in 2008 she reached a portfolio of Foreign Direct Investment (FDI) of around USD 365,671,964, based on data furnished by Investment Promotion Center (CPI). The countries with largest investments in gas export and electricity to South Africa. The foreign investment projects for mining and aluminum smelting were the main growth drivers and stimulated development in Services and Civil Construction. More recently, FDI was being targeted to Tourism, Services and Agriculture, which will increase job offers employment and diversication of the economy. It should be sector, it is noted that most resources were channeled to agriculture and agroindustry (44%), industry (20%), tourism and hospitality (18%) and transportation and communication (8%), as illustrated in the graph below. This graph is not correct the paragraph says that this is by sector and the graph shows investment by provinces and the titles of the graphs is also wrong. Graph 4 and 5 please recheck
Fonte:z08

The global national economy in 2008 was marked by a galloping price increase for fuel and cerealsfood grains, coupled with uncontrolled bush re and natural disasters that affected all sectors of economy and segments of Mozambican society. The fact that Mozambique depends on external funding for over 50% of its budget makes it vulnerable to any macroeconomic changes that occur in the rest of the world and to profound variations in interest or exchange rates in the main markets of the region and world. On the other hand, Mozambique is one of the various fossil fuel importing countries, which makes it dependant on uncertainties of international markets for oil products. The import of fossil fuel represents about 14% of the total amount spent on importationsimports , which is an issue for the economy. These factors inuenced adversely the evolution of the trade balance over the period 2004 to 2008 see graph 6. In this graph it is possible to visualize the increasing growth in importations over the period under study, especially in 2008.
Fonte/Source: Banco de Moambique/Bank of Mozambique

35

100 Empresas de Moambique

Tabela / Table 2: Operaes do Mercado Monetrio Interbancrio / Interbank Money Market Operations
Descrio / Description TAM's BT's Permutas FPA Dez / Dec 2003
% 13.53 12.93 11.53 8.25

Dez / Dec 2004 6.40 10.90 9.00 6.25

Dez / Dec 2005 7.00

Dez / Dec 2006

10.00 6.69 6.97 13.00

FPC 13.50 18.50 Fonte / Source: Banco de Moambique / Bank of Mozambique (a) Nenhuma emisso durante o perodo / No emissions during the period

% (a) 16.33 15.98 13.00 17.50

Dez / Dec 2007

% (a) 14.91 13.94 10.50 15.50

Dez / Dec 2008

% (a) 14.20 12.43 10.25 14.50

Tabela / Table 3: Taxa de Juro Mdia Anual / Annual Average Interest Rates

Operaes activas / Bank's Lending Maturidade / Maturity

30 dias / days 60 dias / days 90 dias / days 180 dias / days 1 ano / year 2008(%) 19.54 19.84 21.33 21.97 21.66

Fonte / Source: Banco de Moambique / Bank of Mozambique

2007 (%) 21.26 21.95 21.86 22.89 21.18

Dezembro / December 2005 (%) 2006 (%)

23.65 22.41 24.15 24.53 23.22 20.33 18.84 20.36 21.48 19.20

2004 (%) 23.05 22.97 23.31 25.01 23.67

2003 (%) 26.88 28.76 27.94 32.45 28.54

de Cedncia (FPC) e a de Facilidade Permanente de Depsito (FPD) em 100 e 25 pontos base (pb) para 14.5% e 10.25% respectivamente. A tendncia de queda das taxas do Mercado Monetrio Interbancrio observada ao longo de 2007 manteve-se para as taxas de juro mdias nominais, para a maturidade de um ano, tanto para as operaes activas, assim como as passivas. Como consequncia, a taxa de juro mdia activa reduziu em termos acumulados em 50pb para 21.66% em Dezembro de 2008, enquanto a taxa de operaes passivas, para a mesma maturidade situou-se em 11.64% em Dezembro de 2008, elevando, deste modo, o spread de 9.5% em 2007 para 10.02% em 2008. A prime rate registou a maior queda ao passar, em termos mdios de 18.85% em Dezembro de 2007 para 17.99% em Dezembro de 2008. A taxa de juro real reduziu signicativamente mantendo-se, no entanto, positiva ao longo de todo o ano devido acelerao da inao mdia mvel de 12 meses em 2008. Assim, a taxa de juro dos emprstimos para o prazo de um ano decresceu em 267 pb para 11.33%, enquanto a dos depsitos com a mesma maturidade caiu em 319 pb situando-se em

1.31%. O mesmo aconteceu com relao s taxas de juro nominais das operaes em moeda estrangeira, sendo 9.2% as das operaes activas em Dezembro de 2007 e 8.3% das operaes activas de Dezembro do ano em anlise, tendo observado um acrscimo em 34pb para 5.54% no diferencial entre as taxas activas e passivas. Investimentos Moambique regista actualmente altos nveis de investimento no continente africano, tendo alcanado em 2008 um volume de Investimento Directo Estrangeiro (IDE) igual a 365,671,964 de dlares americanos, de acordo com os dados fornecidos pelo Centro de Promoo de Investimentos (CPI). Os pases que mais investiram em Moambique em 2008 foram a frica do Sul, China, Portugal e Itlia com cerca de 283,823,536 milhes de dlares, o que representa cerca de 77.6% do investimento total para um grupo de 29 pases. No que concerne distribuio do IDE por sectores, constata-se que a maior parte dos recursos foram destinados agricultura e agro-indstria (44%), indstria (20%), turismo e hotelaria (18%) e transporte e comunicaes (8%), conforme ilustrado no

grco abaixo. Fonte: CPI 2008 Relativamente ao destino do IDE por provncia, vericou-se que a provncia de Maputo (incluindo a cidade de Maputo) absorveu 35% do volume de investimento, seguida de Manica (28%) e Sofala (13%).
Fonte: CPI 2008

Em 2008 o pas continuou a receber importantes uxos de investimento dirigidos s reas ligadas ao alumnio, exportaes de gs e de electricidade para a frica do Sul. Os projectos de investimento estrangeiro em minas e na fundio de alumnio constituram os principais motores de crescimento e estimulam o desenvolvimento nos sectores de servios e construo civil. Mais recentemente, o IDE comeou a orientar-se para o turismo, servios e a agricultura, o que permitir aumentar o nvel de emprego e a diversicao da economia. importante frisar que com a crise nanceira internacional o volume de investimentos no sector de turismo e o nmero de turistas que tradicionalmente

36

100 Empresas de Moambique

Operaes passivas / On Deposits with Banks Maturidade / Maturity

30 dias / days 60 dias / days 90 dias / days 180 dias / days 1 ano / year

2008(%) 9.67 10.62 10.63 11.21 11.64

2007 (%) 9.90 10.31 10.43 11.55 11.96

Dezembro / December 2006 (%) 2005 (%) 8.81 5.71 9.41 5.37 9.58 6.57 11.23 7.61 12.37 8.52

2004 (%) 6.69 7.80 8.39 9.09 9.90

2003 (%) 9.12 8.62 11.18 10.91 12.26

Fonte / Source: Banco de Moambique / Bank of Mozambique

MAIBOR - MAPUTO INTERBANK OFFERED RATE

Maturidade / Maturity
30 dias / days 60 dias / days 90 dias / days 1 ano / year

Fonte / Source: Banco de Moambique / Bank of Mozambique

Dez / Dec 2003 % 20.00 24.70 27.70 30.20

Dez / Dec 2004

% 15.20 19.01 21.13 26.15

Dez / Dec 2005

% 14.13 14.75 15.38 19.06

Dez / Dec 2006

% 19.88 21.19 22.38 25.00

Dez / Dec 2007

% 17.94 19.31 20.38 23.13

Dez / Dec 2008

20.94

The data released by GMD indicate that the external sector in 2008 recorded a decit of USD 967.9 million (which represents an increase of 22% as compared to 2007), resulting from the transactions of goods from foreign countries, payments and receipts of funds associated to production factors and donations received and paid abroad. With regard to exportation, the same source indicates an increase in 10%, equivalent to USD 2,653 million, boosting the export of produces such as sugar and tobacco. The increase of exports in Mozambique also beneted from the international price increase trend for some export commodities, namely aluminum, gas, ilmenite, cotton, sugar, cashew and cashew nut, tobacco and re-exportation of fuel. On the other hand, commodities such timber, electricity and shrimp, dropped in quantities traded in international market. On the other hand, imports also increased in by 23%, translating ed in to USD 3,458 million. This result was largely due to signicant weighting volumes of cereals food grains (7%), automobiles

(9%) and fuels (21%) in the structure of import costs to Mozambique (excluding mega projects). In terms of categories, in addition to increased importations imports by large projects, the main consumer goods (cerealsfood grains, automobiles and drugsmedicines), raw materials and intermediate goods (fuel and energy) and capital goods (various materials and equipment in for Construction, Industry and Energy), made signicant growth. It should be highlighted that the increase witnessed in imports and exports were well above the planned gures in PES 2008, equivalent to USD 21.3 million and USD 183.8 million respectively . It should be noted that most import products are were for internal consumption purposes and this makes it difcult to ensure stability for the trade balance. Meanwhile, government initiatives are underway to redress this scenario, by introducing instruments that will contribute the pave the ground for increased production in Mozambique, such areas: Plan for Food Production, Green Revolution Strategy and National Strategy for Biofuels, among others.

37

100 Empresas de Moambique

Grfico 4 / Graph 4: Distribuio do IDE por sectores de actividade / FDI Distribution by sectors
1% 2% 8% 35 % 0% 4%

um decit de USD 967.9 milhes (que representa um aumento de 22% em relao a 2007), resultante da compra e venda de bens do exterior, dos pagamentos e recebimentos de valores associados aos factores de produo e ainda dos donativos recebidos e pagos ao estrangeiro. No que concerne ao volume de exportaes no pas, a mesma fonte indica que estas registaram um crescimento em

28 % 5% 13%

4%
C a b o D e lg a d o
T e te
G aza

N ia s s a
M a n ic a
M a p u to *

N a m p u la
S o f a la

Z a m b z ia
In h a m b a n e

10%, situando-se em USD 2,653 milhes, impulsionado pela exportao de produtos como o acar e tabaco. O incremento no valor das exportaes em Moambique beneciou-se tambm da tendncia de elevao dos preos mdios internacionais de alguns produtos exportados, nomeadamente: alumnio, gs, ilmenite, algodo, acar, castanha e amndoa de caju, tabaco e reexportao de combustvel. Por outro lado, produtos como madeira, energia elctrica e camaro, sofreram uma reduo nas quantidades comercializadas no mercado internacional. Por seu turno o volume das importaes registou igualmente um crescimento na ordem dos 23%, situando-se em USD 3,458 milhes. Este resultado deveu-se em grande medida ao peso signicativo dos cereais (7%), automveis (9%) e combustveis (21%) na estrutura de custos de importao do pas (excluindo os grandes projectos). Em termos de categorias, para alm do incremento das importaes efectuadas pelos grandes projectos, os principais bens de consumo (cereais, automveis e medicamentos), matrias-primas e bens intermdios (combustveis e energia) e ainda bens de capital (diversos materiais e equipamentos nos sectores de construo, indstria e energia), registaram um crescimento signicativo. importante salientar que os aumentos observados a nvel das exportaes e importaes, se situaram acima dos valores programados no PES 2008, em

Fonte: CPI 2008

entram no pas registou um abrandamento.

lado, Moambique um dos vrios pases do mundo importadores de combustveis fsseis, facto que o torna dependente das incertezas do mercado internacional dos produtos petrolferos. A importao de combustveis fsseis representa cerca de 14% do valor total gasto nas importaes, o que constitui um problema para a economia. Estes factores inuenciaram grandemente a evoluo da balana comercial ao longo do perodo que vai de 2004 a 2008 - vide grco 6. Neste grco possvel vislumbrar um crescimento acentuado das importaes ao longo de todo perodo em anlise, com maior destaque em 2008. Fonte/Source: Banco de Moambique/ Bank of Mozambique Os dados divulgados pelo GMD indicaram que o sector externo em 2008 registou

Balana Comercial A conjuntura econmica nacional em 2008 foi marcada pela subida galopante dos preos dos combustveis e dos cereais, conjugados com a ocorrncia de queimadas descontroladas e calamidades naturais, que afectaram todos os sectores da economia e todos os segmentos da sociedade moambicana. O facto de Moambique depender em mais de 50% de nanciamento externo, coloca o pas numa situao de vulnerabilidade em relao s oscilaes macroeconmicas registadas no resto do mundo e s variaes profundas nas taxas de juro ou de cmbio nos mercados dominantes da regio e do mundo, por um lado. Por outro

Fonte: CPI 2008

38

100 Empresas de Moambique

USD 21.3 milhes e USD 183.8 milhes respectivamente . Deve-se contudo ter em conta que grande
USD milhes / millions
4000 3500 3000 2500 2000 1500 1000 500 0

Grfico 6/ Graph 6: Evoluo da Balana Comercial / Trade Balance Evolution

parte dos produtos de importao no nosso pas tm por nalidade o consumo interno, facto este que diculta a criao de condies para a existncia de uma estabilidade na balana comercial. No entanto, j esto em curso algumas iniciativas governamentais para reverter este cenrio, atravs da introduo de instrumentos que contribuam para criar bases para aumentar a produo interna no pas, tais como: o Plano de Produo de Alimentos, a Estratgia de Revoluo Verde, a Poltica e Estratgia Nacional de Biocombustveis, entre outras.

2004

2005

2006

2007

2008

Exportaes / Exportations
Fonte/Source: Banco de Moambique/Bank of Mozambique

Importaes / Importations

40

Anlise Agregada
By:Aissa Yussuf, ruea Lalgy, Jos Malia and Anissa Mahomed

volume de negcios do conjunto das 100 Maiores Empresas de

nos sectores da Indstria, Energia e Banca.. Nestes sectores o destaque vai para a Mozal, SARL, HCB SARL e Millennium BIM, SARL, com lucros de 10,668, 3,998 e 1,755 milhes de MT respectivamente. Estas empresas absorvem no global 74.20% do total dos resultados lquidos registados pelas 100 Maiores Empresas de Moambique. Ainda neste contexto, a varivel

Na componente relativa ao activo lquido agregado das 100 Maiores Empresas de Moambique, constatou-se neste perodo que o mesmo atingiu o valor mximo de 328,784 milhes de MT, o que representa um decrscimo na ordem dos 0.32% relativamente a 2007. Este facto pode ser explicado pelo cenrio econmico vivido neste perodo, caracterizado pela crise nanceira que resultou na estagnao dos investimentos para aquisio de equipamentos. Por seu turno, os capitais prprios do conjunto de empresas que fazem parte das 100 Maiores Empresas, cifraram-se nos 134,806 milhes de MT em 2008, o que representa um aumento de 2.87% quando comparado com o ano de 2007. No que respeita componente nmero de trabalhadores, deve-se salientar que as 100 Maiores Empresas absorveram um total de 54,068 trabalhadores no perodo em anlise, o que representa um incremento na ordem dos 41.39 % comparativamente a 2007. Por seu turno, o sector dos Servios o que apresenta o maior grau de participao em toda pesquisa (com 38 empresas), seguido dos sectores do Comrcio e Indstria com um total de 37 e 24 empresas respectivamente. Entretanto, os maiores ndices de representao no ranking das 100 Maiores Empresas de Moambique pertencem aos sectores da Energia e Alimentao e Bebidas com 92% e 86%, respectivamente.

Moambique nos ltimos anos tem crescido signicativamente, atingindo uma mdia de 71,593 milhes de MT. Este comportamento resultante da aprovao e implementao de instrumentos que contribuem para a melhoria do ambiente de negcios e pelo favorvel ambiente poltico e macroeconmico do pas. No ano de 2008, o volume de negcios das 100 Maiores Empresas de Moambique atingiu o valor mximo de 139,984 Milhes de MT, o que representa um crescimento na ordem dos 7.80% comparativamente a 2007. A variao da taxa de cmbio no pas contribuiu para que o volume de negcios das 100 Maiores Empresas de Moambique registasse um crescimento mais acentuado em Meticais do que em Dlares Americanos, originado pela depreciao do Metical face ao Dlar Americano. Neste perodo, o conjunto de empresas pertencentes s 100 Maiores Empresa de Moambique apresentaram resultados lquidos agregados positivos na ordem dos 22,131 milhes de MT o que representa um crescimento de 6.54 % quando comparado com o perodo precedente (em 2007 o lucro foi de 20,772 milhes de MT). Os factores que contriburam para o incremento dos resultado lquidos das 100 Maiores Empresas esto intimamente ligados ao desempenho positivo registados

correspondente ao retorno sobre os activos agregados e sobre os capitais prprios atingiu os seguintes valores: 6.73% (2007: 6.34%) e 16.65% (2007: 10.38%) respectivamente, como resultado do incremento dos resultados lquidos registados em 2008.

44

Aggregate Analysis
By:Aissa Yussuf, ruea Lalgy, Jos Malia and Anissa Mahomed

ver the past years the revenue of the combined Top 100 Companies in

The contributing factors to the net prot growth of the Top 100 Companies top 100 Largest Companies are incestuously linked to good performance recorded in the Industry, Energy and Banking sectors. In these sectors Mozal, SARL, HCB SARL and Millennium BIM, SARL should be highlighted with 10,668, 3,998 and 1,755 million Meticais prots, respectively. Overall, these companies contribute absorb 74.20% of total net prots generated made by the Top 100 Companies top 100 Largest Companies in Mozambique. Further, the variable corresponding to return on aggregated assets and on equity reached the following gures: 6.73% (2007: 6.34%) and 16.65% (2007: 10.38%) respectively, as a result of improvement in the of net prot in 2008.

as compared to 2007. With regard to the number of employeesemployees component, it should be highlighted that the Top 100 Companiestop 100 Largest Companies employed absorbed a total of 54,068 employees in the period under considerationscrutiny, which represents a 41.39 % increased as compared to 2007. On the other hand, the Services Sector is the one that presents the largest number of participating companies in the whole survey (with 38 companies), followed by Commerce and Industry with a total of 37 and 24 companies, respectively. Meanwhile, the highest representation index in the ranking of the Top 100 Companies in Mozambiquetop 100 Largest Companies in Mozambique goes to the Energy and Food and Beverage Sectors with 92% and 86%, respectively. Therefore, it should be noted underscored that 28% of the Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique are SMEs . These, in turn, generate absorb a total of 13,494 million Meticais of the revenue against 24,704 million Meticais in 2007. Analysis of the Ranking Revenue Year 2008 was marked by growth boom in revenue for the Top 100 Companies in Mozambiquetop 100 Largest Companies in Mozambique, of around 139,984 million Meticais, which represents 7.80% growth

Mozambique top 100 Largest Companies has signicantly increased, reaching to an average prot of 71,593 million Meticais. This development behavior results from the approval and implementation of instruments that contribute to improved business environment and the favorable political and macroeconomic climate in the country. In 2008, the revenue of the Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique reached the maximum amount of 139,984 Million Meticais, which represents an increased of 7.80% as compared to 2007.

The Exchange rate uctuation in Mozambique contributed to the marked growth of the revenue of the Top 100 Companiestop 100 Largest Companies in Mozambique in Meticais rather than in US Dollar asby Metical weakening depreciation against US Dollar. In this period, the aggregate Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique presented positive net aggregate prots of around 22,131 million Meticais, which represent 6.54% growth, as compared to prior period (in 2007 the prot was 20,772 million Meticais).

In the component relating to net aggregate assets of the Top 100 Companies in Mozambiquetop 100 Largest Companies in Mozambique, during in this period it was noticed found that it reached to the maximum amount of 328,784 million Meticais, which represents a 0.32% decrease as compared to 2007. This fact may be justied by the economic situation prevailing at the time, i.e. characterized by nancial crisis, which resulted in a standstill as far as investment for acquisition of equipments is concerned. On the other hand, shareholders funds from the combined Top 100 Companies top 100 Largest Companies were around 134,806 million Meticais in 2008, which represents a 2.87% increased

45

100 Empresas de Moambique

No entanto, importante ressaltar que 28% das empresas que constam no ranking das 100 Maiores Empresas de Moambique so PMEs1 . Estas por sua vez, absorvem um total de 13,494 milhes de MT de volume de negcios contra 24,704 milhes de MT em 2007.
2

Como forma de melhor visualizar o exposto acima, as tabelas abaixo apresentam a evoluo do volume de negcios das 100 Maiores Empresas desde o ano 1998 a 2008. A anlise do ranking das 100 Maiores Empresas de Moambique indica que as Grandes Empresas detm 90.36% do volume de negcios das 100 Maiores Empresas, cifrando-se em 126,490 milhes de MT contra 103,807 milhes de MT

Volume de Negcios das 100 Maiores Empresas de Moambique, com um peso de 28.6%, 25.1% e 9.8% respectivamente. A liderana destes sectores justicada pelo contributo positivo das empresas pertencentes a estes sectores destacandose a Mozal, SARL, Petromoc, SARL e a LAM, que absorvem 86.23%, 20.09% e 19.68% do Volume de Negcios dos respectivos sectores. Os sectores que apresentaram as maiores taxas de crescimento do volume de negcios no ranking das 100 Maiores Empresas, so os sectores da Agricultura e de Servios, com taxas de 93.32% e 60.54% respectivamente, totalizando ambos sectores 3.17% do volume de negcios das 100 Maiores Empresas. Por seu turno, os sectores das Pescas, Indstria e Comrcio, so os que registaram taxa decrescentes de volume de negcios relativamente a 2007, observando quedas na ordem dos 9.45%, 7.93% e 2.07%, respectivamente. As 10 Maiores Empresas por Volume de

Anlise do Ranking

Volume de Negcios O ano de 2008 foi marcado por um crescimento do volume de negcios das 100 Maiores Empresas de Moambique, cifrando-se em 139,984 milhes de MT, o que representa um crescimento na ordem dos 7.80% em relao a 2007. Este crescimento resultante dos esforos desenvolvidos pelo governo de Moambique no sentido de garantir um ambiente cada vez mais propcio realizao do negcio e reduo das barreiras que dicultam as transaces comerciais.

atingidos em 2007. O grco abaixo, apresenta a distribuio do volume de negcios por sector de actividade entre os anos 2007 a 2008. Em termos sectoriais, o crescimento no volume de negcios das empresas que fazem parte do ranking explicado pelo contributo da Industria, Energia e Transportes, que continuam a ocupar posies cimeiras. Estes sectores absorvem cerca de 63.49% do total do

160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0

Volume de Negcios Total das 100 Maiores Empresas / Top 100 Companies Total Revenue (MZM)

Negcio perfazem um total de 80,052 milhes de MT, representando 57.19% (2007: 62.48%) do volume de negcios das 100 Maiores Empresas de Moambique. Resultados Lquidos Os resultados lquidos das 100 Maiores Empresas em 2008 foram de 22,131 milhes de MT, o que representa um crescimento na ordem dos 6.54% em relao a 2007. Os principais sectores que contriburam para o alcance dos resultados lquidos acima apresentados foram os da Indstria, Energia e Banca, com valores de 11,203, 5,124 e 3,254 milhes de MT respectivamente. Este resultado explicado pelo lucros registados na Mozal, SARL, HCB, SARL e Millennium BIM, SARL, com 10,668, 3,998 e 1,755 milhes de MT, respectivamente. Por seu turno, os sectores da Agricultura, Pescas e Construo registaram maiores

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Volume de Negcios Total das 100 Maiores Empresas / Top 100 Companies Total Revenues (USD)
6,000 5,000 4,000 3,000 2,000 1,000 0

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

A classicao de Pequenas, Mdias e Grandes empresas seguiu o critrio de nmero de trabalhadores denido pelo INE (0 a 9 trabalhadores Pequenas empresas; 10 a 99 trabalhadores Mdias empresas e acima de 100trabalhadores Grandes empresas). importante referir que a composio dos rankings de 2007 e 2008 so diferentes, dado que novas empresas entraram para o ranking em 2008. Deste modo, para 46 efeitos desta anlise, considerou-se o valor agregado das 100 Maiores em 2007 e 2008, ignorando o efeito da sua composio.

100 Empresas de Moambique

as compared to 2007. This improvement results from the effort made by the government of Mozambique with a view to ensuring a more suitable business environment and reducing barriers that make business transactions difcult. For better visualization of the above, the following tables present the revenue evolution of the Top 100 Companies top 100 Largest Companies from 1998 to 2008. The review of the ranking of the Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique reveals that the Largest Companies hold 90.36% of the revenue with 126,490 million Meticais against 103,807 million Meticais clocked obtained in 2007. The graph below presents the distribution of the revenue by sector of activity between 2007 and 2008. Sector-wise, this revenue is justied by the contribution of the Industry, Energy and Transportation sectors, which is still ranking in top positions. These sectors represent absorbed about 63.49% of the total Revenue of the Top 100 Companies in Mozambiquetop 100 Largest Companies in Mozambique, with weighting of about 28.6%, 25.1% and 9.8% respectively. The lead taken by these sectors is justied by their signicant contribution, among which Mozal, SARL, Petromoc, SARL and LAM are prominent and should be highlighted, that absorbedcontribute 86.23%, 20.09% and 19.68% of the Rrevenues of the respective sectors. The sectors representing the highest revenue growth rates in the Top 100 Companiestop 100 Largest Companies are Agriculture and Services with 93.32% and 60.54% respectively, both sectors totaling 3.17% of the total revenues of the Top 100 Companies in Mozambiquethe top 100 Largest Companies. On the other hand, Fisheries, Industry and Commerce experienced a drop in revenue

as compared to 2007, with 9.45%, 7.93% and 2.07% decrease, respectively.

Operating Costs The Operating Costs component for the

The Top 100 Companies Top 10 Largest Companies per rRevenue makes up a total of 80,052 million Meticais, representing 57.19% (2007: 62.48%) of the revenue of the Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique. Net Prots

Top 100 Companies top 100 Largest Companies in 2008 totaled to 104,599 million Meticais, with an increase of the organic cost ration on revenue to 74.72% (2007: 68.41%), which depicts a drop in efciency infor the Top 100 Companies100 Largest Companies. The With regard to operating costs of for

The total net prots of the Top 100 Companies top 100 Largest Companies in 2008 wasere 22,131 million Meticais, which represent 6.54% growth as compared to 2007. The main sectors that contributed to these net prots were Industry, Energy and Banking with 11,203, 5,124 and 3,254 million Meticais, respectively. The result is self explained by prots made by Mozal, SARL, HCB, SARL and Millennium BIM, SARL, with 10,668, 3,998 and 1,755 million Meticais, respectively.

the top 10 LargestTop 10 Companies there was an increased during this period by in this edition of around approximately 8.57% as compared to 2007, which totals 53.009 million Meticais, representing 50.68% of the total operating costs for Top 100 Companiesthe 100 Largest Companies. The efciency ration improved from 66.26% to 67.74% in 2008, which represents an increase in operating onal prots over operating costs. Net Assets

On the other hand, Agriculture, Fisheries and Construction experienced heavy losses during in this edition, i.e. that total 103, 96 and e 66 million Meticais, respectively. By and large, the highest growth rates in prot is demonstrated by go tothe Transportation, Energy and Services with 276.42%, 209.39% and 122.89% respectively. In this edition, 86 participating companies from the Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique made prots while the rest remainder experienced losses. SMEs contributed 1,183 million Meticais prot (2007: 1,205 million Meticais), representing 5.34% of the net prot of the aggregate 100 Companies 100 Largest Companies, which corresponds a drop of 1.83% as compared to prior edition of the survey. The shareholders funds in the Top 100 Companies in Mozambique aggregate 100 Largest Companies increased by 2.87%, aggregating to totaling 134,806 Equity (Shareholders Funds) The tops Top 10 Largest Companies net prots total 193,502 million Meticais, which represent about 58.85% of the total net prots of the Top 100 Companies100 Largest Companies. The Top 100 Companiestop 100 Largest Companies net asset in this edition, totals 328,784 million Meticais, which represent a drop of 0.32 % as compared to 2007. This result is justied by the globalworld nancial crisis effect, which impacted the investments in the on pproperty and equipments investment, including the investments application of medium and long term nature. In this viewcontext, the main sectors that contributed to this prot were Energy, Industry and Banking..

47

100 Empresas de Moambique

prejuzos nesta edio da pesquisa, que perfazem 103, 96 e 66 milhes de MT respectivamente. De um modo global, as maiores taxas de crescimento do lucro vericaram-se nos sectores dos Transportes, Energia e Servios com taxas de 276.42%, 209.39% e 122.89% respectivamente. Na presente edio da pesquisa, 86 empresas pertencentes ao conjunto das 100 Maiores Empresas de Moambique observaram lucros e as restantes empresas registaram prejuzos. As PMEs contriburam com um lucro de 1,183 milhes de MT (2007: 1,205 milhes de MT), representando 5.34% dos resultados lquidos do conjunto das 100 Maiores Empresas, o que corresponde a uma queda de 1.83% relativamente anterior edio da pesquisa. Custos Operacionais A componente Custos Operacionais das 100 Maiores Empresas em 2008 totalizou 104,599 milhes de MT, tendo o rcio custos orgnicos sobre o volume de negcios incrementado para 74.72% (2007: 68.41%), revelando uma perda de ecincia das 100 Maiores Empresas. No que respeita aos custos operacionais das 10 Maiores Empresas vericou-se, nesta edio, um incremento na ordem dos 8.57% comparativamente a 2007, o que totaliza 53.009 milhes de MT e que representa 50.68% dos custos operacionais totais das 100 Maiores Empresas. O rcio de ecincia das 10 Maiores Empresas passou de 66.26% para 67.74% em 2008, o que representa um crescimento dos proveitos operacionais sobre os custos operacionais. Activos Lquidos Os activos lquidos das 100 Maiores Empresas nesta edio, perfazem um total

328,784 milhes de MT o que representa uma queda de 0.32 % em relao a 2007. Este resultado explicado pelo efeito da crise nanceira mundial, que se repercutiu na queda dos investimentos em propriedade e equipamento, bem como aplicaes de carcter mais lquido e de mdio a longo prazo. Neste contexto, os principais sectores que contriburam para este resultado foram os de Energia, Indstria e Banca. Os activos lquidos das 10 Maiores Empresas do ranking, totalizam 193,502 milhes de MT, o que representa cerca de 58.85% do total dos activos lquidos das 100 Maiores Empresas. Capitais Prprios

prprios das 100 Maiores Empresas de Moambique. Nmero de Trabalhadores As maiores empresas empregadoras do ranking das 100 Maiores Empresas de Moambique na presente edio da pesquisa so: Mozambique Leaf Tobacco, Lda, Grupo MAdal SARL e EDM, EP, com um total de 5,053, 4,584 e 3,532 trabalhadores respectivamente. Entretanto, como um todo, o conjunto das 100 Maiores Empresas de Moambique registou um queda de 41.39% nesta componente, empregando um total de 54,068 trabalhadores. Anlise Sectorial por Critrios

Os capitais prprios do conjunto das 100 Maiores Empresas registaram um incremento na ordem de 2.87%, totalizando 134,806 milhes de MT. Dentre as empresas participantes, as que registaram maiores capitais prprios foram: a HCB, SARL, MOZAL, SARL e CFM, EP com 38,044, 30,665 e 22,294 milhes de MT. respectivamente. O volume de negcios; Por seu turno, os capitais prprios das 10 Maiores Empresas de Moambique perfazem 94,076 milhes de MT, o que representa 69.79% dos capitais A variao do volume de negcios; Os resultados lquidos; Com base nos dados das 100 Maiores Empresas de Moambique do ano de 2008, apresentamos de seguida uma anlise dos diversos sectores da economia nacional apresentados na pesquisa com base nos indicadores nanceiros considerados, nomeadamente:

Volume de Negocios por Sector / Revenues per Sector

100% 80% 60% 40% 20%

3.7 5.3 5.8 7.2 7.8 9.8 25.12 28.60

2.9 5.0 6.7 6.4 7.5 8.7

24.84 33.49

0% 2008 Indstria / Industry Transportes / Transports Banca e Leasing / Banking and Leasing Alimentao e Bebidas / Food and Beverages Agricultura / Agriculture Servios / Services Pescas / Fishery

2007 Energia / Energy Comunicaes / Communication Comrcio / Commerce Construo / Construction Seguros / Insurance Hotelaria e Turismo / Tourism and Hospitality

48

100 Empresas de Moambique

million Meticais. Among the participating companies HCB, SARL, MOZAL, SARL and CFM, EP had the largest shareholders funds, i.e. 38,044, 30,665 and 22,294 million Meticais, respectively. On the other hand, the equities of the Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique total 94,076 million Meticais, which represent 69.79% of the equity of the Top 100 Companies in Mozambique.. Number of Employees The most employeeing oriented companies among Top 100 Companies in Mozambique the 100 Largest Companies in Mozambique in this survey were: Mozambique Leaf Tobacco, Lda, Grupo MAdal SARL and EDM, EP, with a total of 5,053, 4,584 and 3,532 employees, respectively. Meanwhile, as an aggregate of 100 Largest Companies in Mozambique there was a drop of 41.39% in this component , by employing a total of 54,068 workers. However, in totality, the set of the Top 100 Companies in Mozambique experienced a drop of 41.39% in this component, employing a total of 54.068 employees. Sector Analysis per criteria by Criterion Based on the data of the Top 100 Companies in Mozambique top 100 Largest Companies in Mozambique 2008, following is an analysis of different sectors according to nancial indicators, namely: Revenue; Revenue variation; Net prots; Variation of net prots; Return on revenue; Return on equity; General liquidity;

Number of employees; Variation inof number of employees; Revenue per employee; and Variation inof revenue per employee. In 2008, there were little changes in the sector ranking per revenue as compared to 2007, with the industry sector still taking the lead with 28.60% contributionweighting, strongly inuenced by Mozal, SARL revenue which represents 86.20% of the industrial sector. AfterBy withholding Mozal, SARL, the sector revenue is around 5,513 million Meticais, and hence ranking seventh place in the sectors. Meanwhile, the Energy and Mineral Resources, Transportation and Communications have remained in the second, third and fourth places with relative contribution weighting of 25.12%, 9.77% and 7.79%, respectively. The Fisheries, Hospitality & Tourism and Services had minimumlittle contributing weighting on revenue with 0.47% and 0.57% ande 0.72% respectively. With regard to revenue growth, Agriculture, Services, Hospitality & Tourism stands out with growth rates of ranging from 93.32%, 60.54% and 46.39%, respectively. The growth recorded in agriculture is justied by the strong performance by Mozambique Leaf Tobacco, Lda with revenue increase variation of 81.00% as compared to 2007, while the performance of other sectors such as Services, Hospitality and Tourism is also justied by outstanding performance of GOLO, Lda and Turvisa, Lda outstanding performance andwith an increase in revenue by contribution to the revenue of about 117.00% and 36.00% respectively. Fisheries, Industry and Commerce experienced a decrease ind in revenue by 9.45%, 7.93% and 2.07%, respectively.

Based on the net prot criterion, Industry ranks second with 11,203 million Meticais, representing 50.62% of the Top 100 Companies in Mozambiquetop 100 Largest Companies in Mozambique protsrevenue. It would be important to should be mentioned that Mozal, SARL represents also absorb 95.22% of the sectors net prot. Energy and Banking ranks in second and third in position in terms of net prot, with 5,124 and 3,254 million Meticais, respectively. Some changes were also observed found in this indicator, with transportation sector moving from the move from the tenth position place to the seventh position by the transportation sector in this edition, and this is justied essentially by the good performance by LAM and , MPDC, SARL changing good performance by rising from a loss making situation to a prot making situationprots. Meanwhile there was a drop in Construction sector, from ninth position to eleventh, and this drop is justied by the loss made by CMC frica Austral, Lda, and the rise by Services from tenth position to third, as a result of GOLO, Lda good performance. With regard to the revenue variation criterion, the survey revealed that the Transportation, Energy and Services ranked in top positions with 276.42%, 209.39% and 122.89% respectively. The Fisheries, Agriculture, Construction, Industry and Insurance experienced decreased in net prots duringfor 2008. As far as return on revenue is concerned, Banking & Leasing and Industry take the lead with 32.23% and 27.98%, respectively. On the other hand, Energy rose from seventh position to third in this ranking. The return on equity ranking is headed by Food and Beverages, Banking & Leasing and Industry with 41.01%, 40.67% and

49

100 Empresas de Moambique

A variao dos resultados lquidos; A rentabilidade dos volumes de negcio; A rentabilidade dos capitais prprios; A liquidez geral; O nmero de trabalhadores; A variao do nmero de trabalhadores; O volume de negcio por trabalhadores; A variao do volume de negcio por trabalhadores. Para 2008, vericaram-se ligeiras alteraes no ranking sectorial por volume de negcios, comparativamente a 2007, continuando a indstria a liderar o ranking sectorial com um peso de 28.60%, fortemente inuenciado pelo volume de negcios da Mozal, SARL que representa 86.20% do volume de negcios do sector industrial. Retirando o contributo da Mozal, SARL, o sector perfaz um volume de negcios de cerca de 5,513 milhes de Meticais, ocupando desta forma a stima posio no ranking sectorial. Entretanto, os sectores de Energia e Recursos Minerais, Transportes e Comunicaes permaneceram na segunda, terceira e quarta posio com pesos relativos de 25.12%, 9.77% e 7.79%, respectivamente. Os sectores da Pesca, Hotelaria & Turismo e Servios foram os sectores com menor peso no volume de negcios (0.47% e 0.57% e 0.72% respectivamente). Os sectores da Energia e da Banca ocupam No que respeita ao crescimento do volume de negcios, destacam-se os sectores da Agricultura, Servios e Hotelaria & Turismo com taxas de crescimento de 93.32%, 60.54% e 46.39%, respectivamente. O crescimento vericado no sector agrcola justicado pelo forte desempenho da Mozambique Leaf Tobacco, Lda com uma variao do volume de negcio de 81.00% em relao a 2007, enquanto que Constatam-se igualmente algumas alteraes no ranking deste indicador, destacando-se a passagem da dcima terceira para a stima posio do sector de transporte na presente edio, justicado a segunda e terceira posio do ranking pelos resultados lquidos, com valores agregados de 5,124 e 3,254 milhes de Meticais, respectivamente. Quanto ao indicador rentabilidade de volume de negcios, os sectores da Banca e Leasing e da Indstria lideram o ranking com taxas de 32.23% e 27.98%, respectivamente. Por seu turno, o sector da Energia, passou da stima para a terceira posio neste ranking. De acordo com o critrio dos resultados lquidos, o sector da indstria ocupa a primeira posio no ranking, com um valor agregado de 11,203 milhes de Meticais, representando 50.62% dos resultados lquidos das 100 Maiores Empresas de Moambique. de referir, tambm, que a Mozal, SARL absorve 95.22% dos resultados lquidos do sector. Os sectores da Pesca, Agricultura, Construo, Indstria e Seguros foram os sectores que apresentaram quedas nos seus resultados lquidos em 2008. Os sectores que registaram decrscimos nos seus volume de negcios foram os das Pescas, Indstria e Comrcio, com taxas de 9.45%, 7.93% e 2.07%, respectivamente. Relativamente ao critrio da variao dos resultados lquidos, a pesquisa revela que os sectores de Transportes, Energia e Servios foram os que os que ocuparam as posies cimeiras no ranking, com taxas de crescimento de cerca de 276.42%, 209.39% e 122.89% respectivamente. o desempenho dos sectores de Servios e Hotelaria e Turismo justicado pelo bom desempenho da GOLO, Lda e da Turvisa, Lda com taxas de crescimento do volume de negcios de cerca de 117.00% e 36.00% respectivamente. essencialmente pelo resultados positivos da LAM da MPDC, SARL, ao sarem de uma situao de prejuzo para lucros. Constata-se igualmente a queda do sector de construo, da nona para a dcima primeira posio, justicada pelo prejuzo da CMC frica Austral, Lda, e a ascenso do sector de servios da dcima para a terceira posio, justicada pelo crescimento dos resultados lquidos da GOLO, Lda.

50

100 Empresas de Moambique

34.07% respectively. Fisheries, Agriculture and Construction present poor results for both return on revenue and equity, hence losses. With regard to general liquidity, there were no major changes in the ranking while Insurance and Industry kept their previous positions by ranking in the top rst position with 2.31 and 1.81 respectively. Fisheries had the sharpest drop in this segment criterion, by moving from the sixth position in previous edition to twelfth in the present survey. Transportation, Energy, Agriculture and Construction were the sectors that generated ensured more jobs, by absorbing about 55.63% of the total employees in the Top 100 Companies in Mozambiquetop 100 Largest Companies in Mozambique, however, Agriculture, Industry and Services presented more signicant variations in the number of employees as compared to previous edition 199.92%, 162.35% ande 115.75% respectively. On reviewing the revenue per employee criterion, Industry and Energy are still in the lead, while Agriculture and Construction rank in the bottom positions (13th and 12thth). It should be noted that Tthe rise of by the Insurance sector from sixth to third position has been driven , which is justied by the increase in revenue and reduction in the number of employees in this sector. With reference to variation of revenue per employee, the ranking is headed by Insurance and Construction with 52.37% and 26.70% growth rates, respectively. Food and Beverages and Industry present more reduced growth rates in the ranking, i.e. namely (69.72% and 65.56%, respectively). The following tables allow more detailed analysis of the above criteria and results:

Revenue per Sector Variation in Revenue per Sector Net Results per Sector Variation in Net Results per Sector Return on Revenue Return on Equity (Shareholders Funds)

million Meticais net assets, representing 2.92% growth rate, as compared to 2007. A new entry by Barklays Bank Mozambique, SA at the to tenth position should be highlighted with 7.9 million Meticais. The largest variation in assets was veried with Standard Bank, SARL, by moving from 16,959 in 2007 to 21,361 million Meticais in 2008. With regard to equity, HCB, SARL leads

General Liquidity Number of Employees per Sector Variation in the Number of Employees per Sector Revenue per Employee Revenue per Employee/ Variation in the Revenue per Employee The Top 100 Companies per criteria In this section an analysis of the Top 100 Companies top 10 Largest Companieshas been is conducted with a view to uncover the dynamics of each companys evolution through the nancial indicators selected for the analysis, namely: Net assets; Equity (Shareholders funds); Net prots; Return on revenue; Return on equity; and Number of employees. Once again HCB, SARL stands out, taking the lead in the ranking of the top Top 10 Largest Companies on net asset, followed by Mozal, SARL and Millennium Bim, SARL with 55,531, 48,351 and 35,477 million Meticais respectively. In aggregate terms, the Top 100 Companies top 10 Largest Companies on this criterion make up a total of 250,072

the ranking, followed by Mozal, SARL and CFM, E.P operating with shareholders funds of about 38,044, 30,665 and 22,294 million Meticais respectively. Top 100 Companies The top 10 Largest Companies equities on this criterion make up 118,492 million Meticais, representing 2.01% growth as compared to 2007. The new entrant in tenth position, Companhia Moambicana de Hidrocarbonetos, SA, with shareholders fund of about 1,727 million Meticais should be highlighted, including its major variation in equity (59.36%) as compared to 2007. The ranking of Top 100 Companies the top 10 Largest Companies by net prot is headed once again by Mozal, SARL with 10,668 million Meticais. HCB, SARL had the largest variation in net asset by moving from 1,011 million Meticais in 2007 to 3,998 million Meticais in 2008. Two new entrants were recorded this year, namely Companhia Moambicana de Hidrocarbonetos, SA in the seventh position with 546 million Meticais and Cornelder Moambique, SARL in tenth position with 296 million Meticais. Meanwhile, with regard to return on revenue, new entrants should be singled out in the ranking, namely HCB, SARL atin the top position with 65.59%, BCI, SARL atin eighth position with 26.79%, AVIS, Lda and Cornelder Moambique, SARL atin ninth and tenth positions with 25.77% and 25.72% respectively. On the other hand, Mozambique Leaf Tobacco, Lda takes the lead in the ranking of the Top 100 Companiestop 10 Largest

51

100 Empresas de Moambique

O ranking da rentabilidade dos capitais prprios liderado pelos sectores da Alimentao e Bebidas, Banca e Leasing e Indstria, com taxas de 41.01%, 40.67% e 34.07% respectivamente. Os sectores da Pesca, Agricultura e Construo apresentam taxas negativas para ambas rentabilidades, resultado dos prejuzos vericados no sector. Em relao liquidez geral, no se observaram grandes variaes, tendo os sectores dos Seguros e Indstria mantido as suas posies da edio anterior, ocupando as duas primeiras posies do ranking, com taxas de 2.31 e 1.81 respectivamente. O sector das Pescas, foi o que maior queda apresentou neste critrio, passando da sexta posio na edio anterior para a 12a posio na presente edio. Os sectores dos Transporte, Energia, Agricultura e Construo so os que mais postos de trabalho asseguram, absorvendo estes, cerca de 55.63% do total de trabalhadores empregues pelas 100 Maiores Empresas de Moambique, contudo, os sectores da Agricultura, Indstria e Servios apresentam as maiores variaes do nmero de trabalhadores empregados, em relao edio anterior (199.92%, 162.35% e 115.75% respectivamente). Analisando o critrio do volume de negcios por trabalhador, os sectores da Indstria e Energia continuam a liderar o ranking, enquanto que os sectores da Agricultura e Construo, se apresentam nas ltimas posies do ranking (13a e 12a posio). de salientar que a ascenso do sector dos Seguros passou da sexta para a terceira posio neste ranking, justicado pelo incremento no volume de negcios e reduo do nmero de trabalhadores neste sector. No que respeita variao do volume de negcios por trabalhador, o ranking liderado pelos sectores dos Seguros e

Construo, com taxas de crescimento de 52.37% e 26.70% respectivamente. Os sectores da Alimentao e Bebidas e Indstria apresentam as taxas de crescimento mais decrescentes do ranking (69.72% e 65.56% respectivamente). As tabelas abaixo apresentadas permitiro uma anlise mais detalhada dos critrios e resultados acima apresentados: Volume de Negcios por Sector Variao do Volume de Negcios por Sector Resultado Lquido por Sector Variao do Resultado Lquido por Sector Rentabilidade de Volume de Negcios Rentabilidade de Capitais Prprios Liquidez Geral Nmero de Trabalhadores por Sector Variao do Nmero de Trabalhadores por Sector Volume de Negcios por Trabalhador Variao do Volume de Negcios por Trabalhador As 10 Maiores Empresas por Critrios Nesta seco abordamos a anlise as 10 Maiores Empresas com vista a observar a dinmica da sua evoluo de cada uma das empresas pelos indicadores nanceiros seleccionados para a anlise, nomeadamente: Activos lquidos; Capitais prprios; Resultados lquidos; Rentabilidade do Volume de Negcios; Rentabilidade dos capitais prprios; e

Nmero de trabalhadores. A HCB, SARL destaca-se novamente, liderando o ranking dos 10 Maiores dos activos lquidos, seguida da Mozal, SARL e do Millennium Bim, SARL com 55,531, 48,351 e 35,477 milhes de Meticais respectivamente. Em termos agregados, as 10 Maiores Empresas por este critrio perfazem um activo total de 250,072 milhes de Meticais, representando um crescimento de 2.92% relativamente a 2007. Importa destacar a entrada para a dcima posio no ranking do Barklays Bank Moambique, SA com um activo no valor milhes de Meticais. Maior variao dos activos foi vericada pelo Standard Bank,

52

100 Empresas de Moambique

Companies on return on equity, followed by A & L Entrepise, Lda and Ferpinta Moambique, SARL. Of the Top 100 Companies top 10 Largest Companies foron number of employees, Mozambique Leaf Tobacco, Lda leads the ranking with 5,053 employeescollaborators. Two new entrants should be highlighted here, namely Grupo Madal, SARL and Grupo Mofer, SA in second and seventh positions with 4,582 and 2,250 employees,

respectively. The largest variation in the number of employees was held by CFM, E.P (49.66%), on moving from 1, 637 employeescollaborators in 2007 to 2,450 in 2008. Meanwhile, Motraco, SARL takes the lead, once again in the ranking of revenue per employee with 594 million Meticais per employee, followed by Companhia Moambicana de Hidrocarbonetos, SA with 87 million Meticais. The A nnew entrants should be highlighted atin the seventh position, Hollard Seguros, SARL with 21

million Meticais, Petromoc and Sasol, SARL atin ninth position with revenue per employee of around 15 million Meticais. Petromoc and Sasol, SARL also stand out for registering presenting the largest variation in revenue per employee, by moving from 5 million Meticais per employee in 2007 to 15 million Meticais per employee in 2008.

Volume de Negcios por Sector / Revenue per Sector

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 2007 1 2 3 4 6 5 7 8 10 9 12 13 11

Sector > Activity

Indstria / Industry Energia / Energy Transportes / Transports Comunicaes / Communication Banca e Leasing / Banking and Leasing Comrcio / Commerce Alimentao e Bebidas / Food and Beverages Construo / Construction Agricultura / Agriculture Seguros / Insurance Servios / Services Hotelaria e Turismo / Tourism and Hospitality Pescas / Fishery

Ano > Year

2008 40,038,696 35,158,717 13,671,437 10,907,820 10,097,024 8,520,405 7,400,355 5,196,066 3,430,505 3,106,948 1,007,847 793,791 654,249 2007 43,489,389 32,254,350 11,278,020 9,761,215 8,316,757 8,700,869 6,495,459 3,736,206 1,774,478 2,158,526 627,780 542,259 722,548

% Variao > % Variation

08/07 (7.93) 9.00 21.22 1.75 1 21.41 (2.07) 13.93 39.07 93.32 43.94 60.54 46.39 (9.45)

53

100 Empresas de Moambique

SARL, ao passar de 16,959 em 2007 para 21,361 milhes de Meticais em 2008. Quanto aos capitais prprios, temos como lder a HCB, SARL, seguida da Mozal, SARL e dos CFM, E.P operando com capitais prprios na ordem dos 38,044, 30,665 e 22,294 milhes de Meticais respectivamente. Os capitais prprios das 10 Maiores empresas por esse critrio perfazem os 118,492 milhes de Meticais, representando um incremento de 2.01% comparativamente a 2007. Descata-se a entrada na dcima posio no ranking da Companhia Moambicana de Hidrocarbonetos, SA com capitais prprios na ordem dos 1,727 milhes de Meticais, a qual destaca-se igualmente na maior variao (59.36%) dos capitais prprios comparativamente a 2007. O ranking das 10 Maiores Empresas por ordem dos resultados lquidos liderado uma vez mais pelo Mozal, SARL com 10,668 milhes de Meticais. A HCB, SARL foi a empresa que maior variao dos resultados lquidos apresentou, ao passar de 1,011 milhes de Meticais em 2007 para 3,998 milhes de Meticais em 2008. Duas novas

entradas registam-se este ano no ranking, nomeadamente a Companhia Moambicana de Hidrocarbonetos, SA na stima posio com 546 milhes de Meticais e a Cornelder Moambique, SARL na dcima posio com 296 milhes de Meticais. No entanto, no que diz respeito rentabilidade do volume de negcios, importa destacar as novas entradas no ranking, nomeadamente o HCB, SARL na primeira posio com uma taxa de 65.59%, do BCI, SARL na oitava posio com uma taxa de 26.79%, AVIS, Lda e Cornelder Moambique, SARL na nona e dcima posio com taxas de 25.77% e 25.72% respectivamente. Por seu turno, a Mozambique Leaf Tobacco, Lda lidera o ranking das 10 Maiores Empresas por ordem de rentabilidade de capitais prprios seguida da A & L Entrepise, Lda e Ferpinta Moambique, SARL. Das 10 Maiores Empresas por ordem do nmero de trabalhadores, a Mozambique Leaf Tobacco, Lda lidera o ranking com 5,053 colaboradores. Destacam-

se duas novas entradas no ranking, nomeadamente do Grupo Madal, SARL e do Grupo Mofer, SA na segunda e stima posio, com 4,582 e 2,250 trabalhadores respectivamente. A maior variao do nmero de trabalhadores registada pelos CFM, E.P (49.66%), ao passar de 1, 637 colaboradores em 2007 para 2, 450 colaboradores em 2008. No entanto, a Motraco, SARL lidera uma vez mais o ranking de volume de negcios por trabalhador com 594 milhes de Meticais por trabalhador seguida da Companhia Moambicana de Hidrocarbonetos, SA com 87 milhes de Meticais. Destaca-se a entrada para a stima posio da Hollard Seguros, SARL com cerca de 21 milhes de Meticais e da Petromoc e Sasol, SARL na nona posio com um volume de negcios por trabalhador a ordem dos 15 milhes de Meticais. A Petromoc e Sasol, SARL destaca-se igualmente por apresentar a maior variao do volume de negcios por trabalhador, ao passar de 5 milhes de Meticais por trabalhador em 2007 para 15 milhes de Meticais por trabalhador em 2008.

54

100 Empresas de Moambique

Variao do Volume de Negcios por Sector / Variation in Revenue per Sector

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 2007 12 13 10 2 9 5 4 8 7 6 1 3 11

Sector > Activity Agricultura / Agriculture Servios / Services Hotelaria e Turismo / Tourism and Hospitality Seguros / Insurance Construo / Construction Banca e Leasing / Banking and Leasing Transportes / Transports Alimentao e Bebidas / Food and Beverages Comunicaes / Communication Energia / Energy Comrcio / Commerce Indstria / Industry Pescas / Fishery

% Variao > % Variation 08/07 93.32 60.54 46.39 43.94 39.07 21.41 21.22 13.93 1.75 1 9.00 (2.07) (7.93) (9.45) 07/06 (7.75) (5.09) 5.86 39.54 3.83 20.90 18.95 16.39 24.16 18.93 34.01 22.65 (7.35)

Resultado Lquido por Sector / Net Results per Sector

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 2007 1 3 2 4 5 6 13 7 8 10 9 11 12

Sector >Activity Indstria / Industry Energia / Energy Banca e Leasing / Banking and Leasing Alimentao e Bebidas / Food and Beverages Comunicaes / Communication Comrcio / Commerce Transportes / Transports Seguros / Insurance Hotelaria e Turismo / Tourism and Hospitality Servios / Services Construo / Construction Pescas / Fishery Agricultura / Agriculture

Ano > Year 2008 11,203,149 5,124,091 3,254,260 943,304 779,571 382,063 330,259 280,152 78,245 20,370 (65,925) (95,723) (103,253) 2007 14,665,036 1,656,186 2,709,71 1 700,863 561,093 291,013 (187,203) 281,972 65,725 9,139 50,406 (11,952) (20,165)

% Variao > % Variation 08/07 (23.61) 209.39 20.10 34.59 38.94 31.29 276.42 (0.65) 19.05 122.89 (230.79) (700.90) (412.04)

55

100 Empresas de Moambique

Variao do Resultado Lquido por Sector / Variation in Net Results per Sector

Rank 2008 1 2 3 4 5 6 7 8 9 10 1 12 13 2007 13 4 10 6 7 3 9 2 5 8 1 12 1

Sector > Activity Transportes / Transports Energia / Energy Servios / Services Comunicaes / Communication Alimentao e Bebidas / Food and Beverages Comrcio / Commerce Banca e Leasing / Banking and Leasing Hotelaria e Turismo / Tourism and Hospitality Seguros / Insurance Indstria / Industry Construo / Construction Agricultura / Agriculture Pescas / Fishery

% Variao > % Variation 08/07 276.42 209.39 122.89 38.94 34.59 31.29 20.10 19.05 (0.65) (23.61) (230.79) (412.04) (700.90) 07/06 (0.96) (29.26) (89.52) 0.06 2.22 8.50 17.20 10.45 3.29 (60.80) 81.98 (10.36) (7.80)

Rentabilidade de Volume de Negocios / Return on Revenue

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 2007 2 1 7 5 4 3 6 8 13 9 10 11 12

Sector > Activity Banca e Leasing / Banking and Leasing Indstria / Industry Energia / Energy Alimentao e Bebidas / Food and Beverages Hotelaria e Turismo / Tourism and Hospitality Seguros / Insurance Comunicaes / Communication Comrcio / Commerce Transportes / Transports Servios / Services Construo / Construction Agricultura / Agriculture Pescas / Fishery

Rentabilidade de VN 2008 32.23 27.98 14.57 12.75 9.86 9.02 7.15 4.48 2.42 2.02 (1.27) (3.01) (14.63) 2007 32.58 33.72 5.13 10.79 12.12 13.06 5.75 3.34 (1.66) 1.46 1.35 (1.14) (1.65)

56

100 Empresas de Moambique

Rentabilidade de Capitais Prprios / Return on Equity (Shereholdres Funds)

Rank 2008 2007 1 3 2 2 3 1 4 5 5 6 13 4 6 7 7 9 8 10 10 11 13 11 9 8 12 12

Sector > Activity Alimentao e Bebidas / Food and Beverages Banca e Leasing / Banking and Leasing Indstria / Industry Comrcio / Commerce Servios / Services Hotelaria e Turismo / Tourism and Hospitality Seguros / Insurance Comunicaes / Communication Energia / Energy Transportes / Transports Agricultura / Agriculture Construo / Construction Pescas / Fishery

Rentabilidade dos CP (%) 2008 41.01 40.67 34.07 30.92 23.79 22.37 13.53 10.46 9.31 1.51 (11.99) (13.75) (41.91) 2007 34.12 36.61 46.69 30.82 23.54 31.56 15.64 9.39 5.90 (0.91) (1,058.81) 9.89 (6.83)

Liquidez Geral / General Liquidity

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 2007 1 2 5 3 4 7 8 12 11 9 10 6 13

Sector > Activity Seguros / Insurance Indstria / Industry Construo / Construction Energia / Energy Transportes / Transports Servios / Services Comrcio / Commerce Comunicaes / Communication Alimentao e Bebidas / Food and Beverages Agricultura / Agriculture Banca e Leasing / Banking and Leasing Pescas / Fishery Hotelaria e Turismo / Tourism and Hospitality

Ano > Year 2008 2.3060 1.8066 1.5807 1.5294 1.1314 1.1268 181 1.1 0.9475 0.9470 0.9466 0.8544 0.7072 0.5822 2007 2.9378 1.9653 1.3482 1.9352 1.4496 1.1918 1.0858 0.5094 0.8515 0.9610 0.9437 1.3085 0.3092

% Variao > % Variation 08/07 (21.51) (8.07) 17.25 (20.97) (21.95) (5.45) 2.98 86.01 1.21 1 (1.50) (9.45) (45.95) 88.29

57

100 Empresas de Moambique

Nmero de Trabalhadores por Sector / Number of Employees per Sector

Rank 2008 1 2 3 4 5 6 7 8 9 10 1 12 13 2007 2 3 8 1 7 4 5 6 9 10 12 1 13

Sector > Activity

Ano > Year 2008 7,933 7,655 7,303 7,185 7,178 5,458 3,426 2,526 2,361 915 854 644 630

% Variao > % Variation 2007 6,425 4,751 2,435 6,823 2,736 4,641 3,224 2,741 2,162 770 520 721 292 08/07 23.47 61.12 199.92 5.31 162.35 17.60 6.27 (7.84) 9.20 18.83 64.23 (10.68) 115.75

Transportes / Transports Energia / Energy Agricultura / Agriculture Construo / Construction Indstria / Industry Banca e Leasing / Banking and Leasing Comunicaes / Communication Comrcio / Commerce Alimentao e Bebidas / Food and Beverages Pescas / Fishery Hotelaria e Turismo / Tourism and Hospitality Seguros / Insurance Servios / Services

Variao do Nmero de Trabalhadores por Sector / Variation in the Number of Employees per Sector

Rank 2008 2007 1 1 2 12 3 13 4 8 1 5 6 5 7 9 8 2 9 7 10 10 1 4 12 3 13 6

Sector > Activity Agricultura / Agriculture Indstria / Industry Servios / Services Hotelaria e Turismo / Tourism and Hospitality Energia / Energy Transportes / Transports Pescas / Fishery Banca e Leasing / Banking and Leasing Alimentao e Bebidas / Food and Beverages Comunicaes / Communication Construo / Construction Comrcio / Commerce Seguros / Insurance

% Variao > Variation 08/07 199.92 162.35 115.75 64.23 61.12 23.47 18.83 17.60 9.20 6.27 5.31 (7.84) (10.68) 07/06 81.98 (60.80) (89.52) (7.80) (29.26) 8.50 (10.36) 17.20 2.22 0.06 10.45 3.29 (0.96)

58

100 Empresas de Moambique

Volume de Negcios por Trabalhador / Revenue per Employee

Rank 2008 1 2 3 4 5 7 8 9 6 10 12 11 13 2007 1 2 6 3 4 8 9 7 10 5 11 13 12

Sector > Activity Indstria / Industry Energia / Energy Seguros / Insurance Comrcio / Commerce Comunicaes / Communication Banca e Leasing / Banking and Leasing Transportes / Transports Servios / Services Hotelaria e Turismo / Tourism and Hospitality Alimentao e Bebidas / Food and Beverages Pescas / Fishery Construo / Construction Agricultura / Agriculture

Ano > Year 2008 5,423 4,735 4,552 3,314 3,228 1,997 1,940 1,624 956 910 777 736 497 2007 15,746 6,810 2,988 3,051 3,020 1,932 1,782 2,266 1,01 1 3,007 938 581 804

% Variao > % Variation 08/07 (65.56) (30.47) 52.37 8.61 6.89 3.41 8.85 (28.33) (5.38) (69.72) (17.24) 26.70 (38.1 1)

Variao do Nmero de Trabalhadores por Sector / Variation in the Number of Employees per Sector

Rank 2008 2007 1 4 2 12 3 9 4 6 5 5 6 10 7 8 8 11 9 1 10 3 11 13 12 2 13 7

Sector > Activity Seguros / Insurance Construo / Construction Transportes / Transports Comrcio / Commerce Comunicaes / Communication Banca e Leasing / Banking and Leasing Hotelaria e Turismo / Tourism and Hospitality Pescas / Fishery Servios / Services Energia / Energy Agricultura / Agriculture Indstria / Industry Alimentao e Bebidas / Food and Beverages

% Variao > % Variation 08/07 52.37 26.70 8.85 8.61 6.89 3.41 (5.38) (17.24) (28.33) (30.47) (38.11) (65.56) (69.72) 07/06 56.35 2.63 5.99 20.56 27.10 9.11 764.88 (9.76) 9.83 67.82 (45.09) 213.92 12.53

59

100 Empresas de Moambique

Variao do Volume de Negcios por Trabalhador/Revenue per Employee / Variation in the Revenue per Employee

Rank

Sector > Activity

% Variao > % Variation 08/07 52.37 26.70 8.85 8.61 6.89 3.41 (5.38) (17.24) (28.33) (30.47) (38.1 1) (65.56) (69.72) 07/06 56.35 2.63 5.99 20.56 27.10 9.1 1 764.88 (9.76) 9.83 67.82 (45.09) 213.92 12.53

2008 2007 1 4 Seguros / Insurance 2 12 Construo / Construction 3 9 Transportes / Transports 4 6 Comrcio / Commerce 5 5 Comunicaes / Communication 6 10 Banca e Leasing / Banking and Leasing 7 8 Hotelaria e Turismo / Tourism and Hospitality 8 1 Pescas / Fishery 9 1 Servios / Services 3 Energia / Energy 10 1 13 Agricultura / Agriculture 2 Indstria / Industry 12 7 Alimentao e Bebidas / Food and Beverages 13

10 Maiores por Ordem dos Activos Lquidos / Top 10 Companies per order of Net Assets
Rank 2008 1 2 3 4 5 6 7 8 9 10 2007 1 2 3 4 6 7 8 9 10 n.a Empresa > Company Ranking Geral 2008 4 1 9 16 19 15 6 10 2 29 Activo Lquido > Net Assets Meticais) 2008 55,531,000 48,351,000 35,477,276 25,523,000 21,360,549 17,414,836 16,948,280 11,125,767 10,392,565 7,947,400 2007 62,404,000 53,826,000 28,896,723 25,041,000 16,958,761 15,463,246 14,715,860 9,968,963 8,492,723 7,213,000 (10 3 % 08/07 (11.01) (10.17) 22.77 1.92 25.96 12.62 15.17 11.60 22.37 10.18

Hidroelctrica de Cahora Bassa, SARL Mozal, SARL BIM-Banco Internacional de Moambique, SARL CFM-Portos e Caminhos de Ferro de Moambique E.P. Standard Bank, SARL C.M.C. Africa Austral, Lda EDM-Electricidade de Moambique E.P. Sasol Petroleum Temane, Lda Moambique Celular, SARL Barclays Bank Moambique, SA

60

100 Empresas de Moambique

10 Maiores por Ordem dos Activos Lquidos / Top 10 Companies per order of Net Assets
Rank Empresa > Company Ranking Geral 2008 4 1 16 6 10 9 2 12 7 23 Capitais Prprios > Shareholders' Funds 3 (10 Meticais) 2008 38,044,000 30,665,000 22,294,000 5,830,850 5,793,504 4,614,845 3,850,052 3,651,612 2,021,000 1,727,231 2007 39,811,000 31,024,000 21,975,000 4,401,190 6,002,977 3,209,236 3,405,762 3,548,547 1,693,000 1,083,888 % 08/07 (4.44) (1.16) 1.45 32.48 (3.49) 43.80 13.05 2.90 19.37 59.36

2007 2006 1 1 Hidroelctrica de Cahora Bassa, SARL 2 2 Mozal, SARL 3 3 CFM-Portos e Caminhos de Ferro de Moambique E.P. 4 5 EDM-Electricidade de Moambique E.P. 5 4 Sasol Petroleum Temane, Lda 6 6 BIM-Banco Internacional de Moambique, SARL 7 8 Moambique Celular, SARL 8 7 TDM-Telecomunicaes de Moambique, E.P. 9 9 Cervejas de Moambique, SARL 10 n.a Companhia Moambicana de Hidrocarbonetos, S.A

Variao do Volume de Negcios por Trabalhador / Revenue per Employee/ Variation in the Revenue per Employee

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 2007 4 12 9 6 5 10 8 1 1 3 13 2 7

Sector > Activity Seguros / Insurance Construo / Construction Transportes / Transports Comrcio / Commerce Comunicaes / Communication Banca e Leasing / Banking and Leasing Hotelaria e Turismo / Tourism and Hospitality Pescas / Fishery Servios / Services Energia / Energy Agricultura / Agriculture Indstria / Industry Alimentao e Bebidas / Food and Beverages

% Variao > % Variation 08/07 52.37 26.70 8.85 8.61 6.89 3.41 (5.38) (17.24) (28.33) (30.47) 1) (38.1 (65.56) (69.72) 07/06 56.35 2.63 5.99 20.56 27.10 9.1 1 764.88 (9.76) 9.83 67.82 (45.09) 213.92 12.53

61

100 Empresas de Moambique

10 Maiores por Ordem dos Resultados Lquidos / Top 10 Companies per order of Net Results
Rank Empresa > Company Ranking Geral 2008 1 4 9 7 19 2 23 18 5 25 Resultados Lquidos > Net Profits 3 (10 Meticais) 2008 2007 10,668,000 14,323,000 3,998,000 1,011,000 1,755,301 1,398,762 788,000 662,000 710,804 619,837 548,208 346,394 546,343 151,377 516,200 433,064 299,000 297,000 296,049 136,547 % 08/07 (25.52) 295.45 25.49 19.03 14.68 58.26 260.92 19.20 0.67 116.81

2008 2007 1 1 Mozal, SARL 2 3 Hidroelctrica de Cahora Bassa, SARL 3 2 BIM-Banco Internacional de Moambique, SARL 4 4 Cervejas de Moambique, SARL 5 5 Standard Bank, SARL Moambique Celular, SARL 6 7 7 n.d Companhia Moambicana de Hidrocarbonetos, S.A 8 6 BCI-Banco Comercial e de Investimentos, SARL 9 8 BP Moambique, Lda 10 n.d Cornelder de Moambique, SARL

10 Maiores por Ordem de Rentabilidade do Volume de Negcios/Top 10 Companies per order of Return on Revenue
Rank Empresa > Company Ranking Geral 2008 4 9 91 23 19 1 71 18 76 25 Rent. VN (%) > Profit/Revenue (%) 2008 65.59 42.46 42.24 40.48 37.81 30.90 27.06 26.79 25.77 25.72 2007 15.12 40.86 37.69 27.43 40.48 36.89 33.73 26.19 1.58 15.09

2008 2007 1 n.d Hidroelctrica de Cahora Bassa, SARL 2 1 BIM-Banco Internacional de Moambique, SARL 3 3 Listas Telefnicas de Moambique, Lda 4 8 Companhia Moambicana de Hidrocarbonetos, S.A 5 2 Standard Bank, SARL 6 4 Mozal, SARL 7 5 African Banking Corporation (Mozambique), SARL 8 n.d BCI-Banco Comercial e de Investimentos, SARL 9 n.d AVIS-Moambique Car Rental, Lda 10 n.d Cornelder de Moambique, SARL

10 Maiores por Ordem de Rentabilidade dos Capitais Prprios / Top 10 Companies per order of Return on Equity

Rank 2008 2007 1 2 3 4 5 6 7 8 9 10 n.d n.d n.d n.d 9 n.d n.d n.d n.d n.d

Empresa > Company

Ranking Geral 2008 1 86 57 41 27 50 94 25 68 49

Rent. C.P. (%) > S/hs' Funds (%) 2008 2007 13,626.83 (3,973.40) 255.56 24.99 148.03 (119.82) 127.91 (235.40) 94.12 75.30 86.66 27.86 75.50 9.74 75.24 45.19 70.43 0.00 66.54 46.07

Mozambique Leaf Tobacco, Lda A & L Enterprises, Lda Ferpinta Moambique - IBPS, SARL GAME Discount World Moambique, Lda BAT-British American Tobacco Mozambique, Lda Ferro Moambique, Lda GOL - Agncia de Publicidade, Lda Cornelder de Moambique, SARL Polana Serena Hotel, Lda Ronil, Lda

62

100 Empresas de Moambique

10 Maiores por Ordem de Rentabilidade dos Capitais Prprios / Top 10 Companies per order of Return on Equity

Rank

Empresa > Company

Ranking N de Trabalhadores > Employees Geral 2008 11 83 6 30 15 16 69 37 9 12 2008 5,053 4,584 3,532 2,980 2,658 2,450 2,250 2,218 1,635 1,607 2007 4,638 5,132 3,323 3,231 2,355 1,637 1,850 1,918 1,470 1,659 % 08/07 8.95 (10.68) 6.29 (7.77) 12.87 49.66 21.62 15.64 11.22 (3.13)

2008 2007 1 3 Mozambique Leaf Tobacco, Lda 2 n.d Grupo Madal, SARL 3 2 EDM-Electricidade de Moambique E.P. 4 1 CETA - Construes e Servios, SARL 5 4 C.M.C. Africa Austral, Lda 6 7 CFM-Portos e Caminhos de Ferro de Moambique E.P. 7 n.d Grupo Mofer, SA 8 5 Intelec Holdings, Lda 9 8 BIM-Banco Internacional de Moambique, SARL 10 6 TDM-Telecomunicaes de Moambique, E.P.

10 Maiores por Ordem do Volume de Negcios por Trabalhadores/ Top 10 Companies per order of Revenue per Employees

Rank 2008 2007 1 2 3 4 5 6 7 8 9 10 1 2 4 3 8 5 n.d 9 n.d 7

Empresa > Company

Ranking Geral 2008 8 23 5 1 50 10 38 66 24 42

VN por Trabalhador > Revenue per Employee (10 3 Meticais) 2008 594,000 87,070 31,470 29,957 21,339 21,286 20,711 15,961 15,015 12,929 2007 478,429 44,155 24,098 32,709 12,637 21,279 14,188 13,198 5,727 14,237 % 08/07 24.16 97.19 30.59 (8.41) 68.86 0.03 45.97 20.94 162.17 (9.19)

Motraco, SARL Companhia Moambicana de Hidrocarbonetos, S.A BP Moambique, Lda Mozal, SARL Ferro Moambique, Lda Sasol Petroleum Temane, Lda Hollard Seguros, SARL Lalgy Truck Sales, Lda Petromoc e Sasol, SARL Global Alliance CGSM Seguros, SARL

63

As 100 Maiores Empresas de Moambique em Meticais

The Top 100 Companies in Mozambique in Meticais

100 Empresas de Moambique

Ranking
Rank Empresa > Company 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 2007 1 3 4 2 7 5 6 9 8 10 17 11 13 14 12 15 16 19 20 22 18 21 38 33 25 32 24 23 26 28 30 29 34 27 n.d 36 41 66 45 37 39 42 35 31 40 43 55 46 47 58 Mozal, SARL Moambique Celular, SARL Petromoc-Petrleos de Moambique, SARL Hidroelctrica de Cahora Bassa, SARL BP Moambique, Lda EDM-Electricidade de Moambique E.P. Cervejas de Moambique, SARL Motraco, SARL BIM-Banco Internacional de Moambique, SARL Sasol Petroleum Temane, Lda Mozambique Leaf Tobacco, Lda TDM-Telecomunicaes de Moambique, E.P. LAM-Linhas Areas de Moambique, Cimentos de Moambique, SARL C.M.C. Africa Austral, Lda

As 100 Maiores Empresas de Moambique em Meticais

Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 Indstria Comunicaes Energia Energia Energia Energia Alimentao e bebidas Energia Banca e Leasing Energia Agricultura Comunicaes Transportes Indstria Construo Transportes Alimentao e bebidas Banca e Leasing Banca e Leasing Transportes Transportes Energia Energia Energia Transportes Seguros Indstria Comrcio Banca e Leasing Construo Comrcio Transportes Comrcio Seguros Construo Comrcio Energia Seguros Transportes Transportes Comrcio Seguros Comrcio Comrcio Transportes Alimentao e bebidas Comrcio Transportes Comrcio Comrcio 34,526,000 7,085,653 7,064,480 6,095,000 4,752,000 4,593,030 4,334,000 4,158,000 4,133,848 3,309,924 3,205,000 2,790,634 2,690,044 2,618,263 2,371,518 2,229,000 2,038,000 1,927,000 1,879,947 1,829,000 1,787,792 1,751,000 1,349,588 1,283,808 1,150,826 1,139,000 1,124,000 1,102,000 1,044,600 1,005,943 909,000 899,107 897,239 748,000 841,837 799,884 644,000 631,688 615,500 609,355 606,000 588,260 575,386 550,345 525,000 503,000 467,214 452,765 437,900 426,787 2007 38,825,000 5,828,287 5,406,840 6,687,000 3,699,000 3,992,640 3,828,230 3,349,000 3,423,377 3,213,103 1,774,478 2,729,995 2,054,174 2,013,060 2,124,812 1,986,000 1,894,000 1,653,321 1,531,310 1,341,000 1,673,163 1,278,000 551,942 693,013 904,944 948,000 1,097,000 1,178,000 844,700 771,397 747,000 749,352 664,973 775,000 405,735 652,094 488,000 312,145 385,377 558,580 536,000 484,070 652,782 706,876 516,000 491,000 280,756 354,270 345,798 233,792 %08/07 (11) 22 31 (9) 28 15 13 24 21 3 81 2 31 30 12 12 8 17 23 36 7 37 145 85 27 20 2 (6) 24 30 22 20 35 (3) 107 23 32 102 60 9 13 22 (12) (22) 2 2 66 28 27 83 Net Prots (103 Meticais) 2008 10,668,000 548,208 69,700 3,998,000 299,000 27,780 788,000 129,000 1,755,301 n.d (130,000) 138,791 36,524 215,180 (143,713) 39,000 193,000 516,200 710,804 1,640 (82,383) 65,000 546,343 15,007 296,049 179,000 160,000 87,000 130,500 37,226 9,000 59,556 91,487 54,000 11,382 12,001 (30,000) 32,155 115,497 (125,529) 55,000 14,997 26,844 6,571 6,700 (41,000) 7,245 3,137 6,750 41,355 2007 14,323,000 346,394 46,280 1,011,000 297,000 4,390 662,000 115,000 1,398,762 n.d (20,165) 140,152 (56,176) 267,589 (16,098) 122,000 210,000 433,064 619,837 280 22,075 54,000 151,377 (32,993) 136,547 164,000 130,000 88,000 130,200 34,130 17,000 (395,184) 43,347 25,000 3,431 7,352 40,000 62,162 64,039 (88,678) 26,000 30,810 (15,459) 18,761 36,900 (174,000) 4,502 12,710 2,817 6,613 %08/07 (26) 58 51 295 1 533 19 12 25 (545) (1) 165 (20) (793) (68) (8) 19 15 486 (473) 20 261 145 117 9 23 (1) 0 9 (47) 115 111 116 232 63 (175) (48) 80 (42) 112 (51) 274 (65) (82) 76 61 (75) 140 525 2008 10,668,000 548,208 114,080 3,998,000 458,000 27,780 1,105,000 144,000 2,072,029 n.d (130,000) 138,791 36,524 298,609 (143,713) 110,000 288,000 625,100 928,031 5,620 (82,383) 101,000 601,777 (32,993) 398,907 257,000 243,000 112,000 130,500 45,388 22,000 59,556 136,115 54,000 11,382 16,854 (18,000) 50,630 147,463 (125,529) 67,000 21,642 26,844 9,863 6,700 (41,000) 7,245 4,613 5,900 62,072 2007 14,323,000 346,394 46,280 1,011,000 433,000 27,770 920,000 123,000 1,527,779 n.d (20,165) 140,152 (56,176) 325,828 (13,007) 191,000 313,000 478,175 737,221 1,940 22,464 81,000 151,377 (28,954) 162,590 171,000 195,000 110,000 130,200 40,631 24,000 (395,184) 63,719 25,000 8,427 10,811 n.d 74,373 94,221 (88,678) 32,000 45,304 (15,459) 25,080 59,300 (174,000) 4,502 18,690 5,165 8,022 %08/07 (26) 58 146 295 6 0 20 17 36 (545) (1) 165 (8) (1,005) (42) (8) 31 26 190 (467) 25 298 (14) 145 50 25 2 0 12 (8) 115 114 116 35 56 (32) 57 (42) 109 (52) 274 (61) (89) 76 61 (75) 14 674 Resultados Lquidos > Resultados Antes dos Inpostos Meticais) (103 Activo Liquido > Net Assets (103 Meticais) 2008 48,351,000 10,392,565 4,610,250 55,531,000 2,633,000 16,948,280 4,132,000 4,301,000 35,477,276 11,125,767 2,694,000 7,671,276 1,724,440 2,384,908 17,414,836 25,523,000 1,398,000 23,830 21,360,549 324,000 698,400 848,000 3,465,436 493,736 732,760 2,699,000 349,000 943,000 7,947,400 924,841 1,206,000 1,031,152 383,593 2,650,000 1,293,803 268,548 732,000 607,342 630,652 575,229 449,000 437,545 1,100,899 263,376 1,387,900 412,000 233,479 540,866 136,500 191,440 2007 53,826,000 8,492,723 3,504,870 62,404,000 2,249,000 14,715,860 2,767,000 7,805,000 28,896,723 9,968,963 2,343,602 7,125,775 714,610 1,940,316 15,463,246 25,041,000 1,481,000 18,850,842 16,958,761 340,000 679,573 653,000 3,163,264 502,966 520,384 2,366,000 272,000 845,000 7,213,000 655,920 818,000 977,668 270,863 2,471,000 788,953 226,124 731,000 336,184 326,527 414,456 278,000 228,610 817,733 160,652 780,900 437,000 182,072 272,820 81,356 272,898 %08/07 (10) 22 32 (11) 17 15 49 (45) 23 12 15 8 141 23 13 2 (6) (100) 26 (5) 3 30 10 (2) 41 14 28 12 10 41 47 5 42 7 64 19 0 81 93 39 62 91 35 64 78 (6) 28 98 68 (30) 2008 11,858,000 3,731,491 3,537,330 3,483,000 1,921,000 3,717,410 1,015,000 1,008,000 20,621,787 1,950,316 1,726,000 2,847,838 560,894 1,109,217 8,830,130 3,613,000 420,000 14,113 17,562,152 250,000 539,704 581,000 1,134,281 281,233 466,904 2,666,000 329,000 792,000 5,620,200 663,754 684,000 333,022 370,614 617,000 1,283,776 262,761 n.d 518,637 227,252 416,822 277,000 409,728 887,717 249,487 298,300 357,000 151,882 180,687 99,100 151,161 Assets (103 Meticais) 2007 13,688,000 2,669,129 2,489,430 4,050,000 1,578,000 3,116,760 639,000 1,239,000 20,169,097 2,235,383 1,351,196 2,811,697 505,627 892,658 4,654,491 3,355,000 663,000 17,737,051 14,766,114 276,000 480,076 397,000 1,236,910 286,280 280,497 2,343,000 254,000 772,000 5,135,500 508,195 691,000 285,601 258,388 521,000 784,467 226,124 n.d 135,148 202,185 278,853 101,000 163,230 647,296 143,084 412,600 406,000 95,285 68,740 74,923 231,600 %08/07 (13) 40 42 (14) 22 19 59 (19) 2 (13) 28 1 11 24 90 8 (37) (100) 19 (9) 12 46 (8) (2) 66 14 30 3 9 31 (1) 17 43 18 64 16 284 12 49 174 151 37 74 (28) (12) 59 163 32 (35) Activo Corrente > Current

CFM-Portos e Caminhos de Ferro de Moambique E.P. Coca-Cola Sabco (Moambique), SARL BCI-Banco Comercial e de Investimentos, SARL Standard Bank, SARL Mocargo - Empresa Moambicana de Cargas, SARL Manica Freight Services, SARL Petrogal Moambique, Lda Companhia Moambicana de Hidrocarbonetos, S.A Petromoc e Sasol, SARL Cornelder de Moambique, SARL SIM - Seguradora Internacional de Moambique, SARL BAT-British American Tobacco Mozambique, Lda Toyota de Moambique, SARL Barclays Bank Moambique, SA CETA - Construes e Servios, SARL Entreposto Comercial de Moambique, SARL MPDC- Sociedade de Desenvolvimento do Porto de Maputo, SARL Construa, Lda Emose, SARL Conduril-Construtora Durience Delegao de Moambique,SA Unicomo Moambique, Lda Intelec Holdings, Lda Hollard Seguros, SARL MIPS-Servio Internacional de Portos de Moambique, SARL CDN-Corredor de Desenvolvimento do Norte, SARL GAME Discount World Moambique, Lda Global Alliance CGSM Seguros, SARL Gani Comercial, Lda Kangela Comercial, Lda Aeroportos de Moambique, E.P. guas de Moambique, SARL. Mega-Distribuio de Moambique, Lda Transportes Lalgy, Lda Ronil, Lda Ferro Moambique, Lda

68

100 Empresas de Moambique

The Top 100 Companies in Mozambique in Meticais

Passivo Total> Total Liabilities (103 Meticais) 2008 17,686,000 6,542,514 4,457,000 17,487,000 1,055,000 11,117,430 2,111,000 2,931,000 30,862,431 5,332,262 3,713,000 4,019,663 1,857,586 924,274 17,223,137 3,229,000 446,000 21,894 19,660,069 321,960 714,444 487,000 1,738,205 509,129 251,244 2,004,000 163,000 709,000 7,320,700 820,158 667,000 1,708,643 78,425 1,447,000 1,297,689 226,849 467,000 411,736 376,267 1,055,046 364,000 335,545 1,056,304 241,185 1,249,100 914,000 214,564 420,403 124,040 2007 22,802,000 5,086,961 3,414,000 22,593,000 970,000 10,314,670 1,074,000 6,340,000 25,687,487 3,965,986 2,341,691 3,577,228 892,869 694,863 15,127,833 3,066,000 656,000 17,260,031 15,550,591 330,600 613,365 357,000 2,079,376 533,366 214,952 1,798,000 117,000 688,000 6,723,600 564,559 681,000 1,714,715 57,846 1,360,000 804,121 196,844 441,000 155,733 149,216 768,833 276,000 228,607 771,636 144,746 669,100 899,000 169,071 204,420 73,508 %08/07 (22) 29 31 (23) 9 8 97 (54) 20 34 59 12 108 33 14 5 (32) (100) 26 (3) 16 36 (16) (5) 17 11 39 3 9 45 (2) (0) 36 6 61 15 6 164 152 37 32 47 37 67 87 2 27 106 69 Liabilities (103 Meticais) 2008 6,249,000 4,528,001 3,566,890 655,000 1,055,000 2,934,100 1,261,000 918,000 29,525,756 1,021,232 1,867,000 2,354,878 940,905 910,066 3,809,802 1,103,000 446,000 10,007 18,193,681 285,000 662,710 450,000 482,684 384,282 230,270 170,000 163,000 709,000 5,325,200 638,182 667,000 713,937 69,010 909,000 1,071,162 226,121 n.d 411,736 364,601 687,298 364,000 335,545 1,056,304 212,596 566,400 271,000 82,777 420,403 124,040 2007 6,538,000 3,573,948 2,489,430 1,137,000 970,000 2,718,700 721,000 104,000 24,452,314 745,971 1,405,994 1,966,266 681,701 691,529 2,915,517 1,132,000 656,000 16,773,268 13,997,494 319,000 562,750 320,000 452,590 391,689 145,877 121,000 117,000 688,000 5,266,400 500,139 681,000 53,503 36,923 700,000 652,058 186,745 n.d 113,932 132,013 725,507 276,000 141,454 771,636 109,327 298,900 280,000 169,071 183,400 73,508 %08/07 (4) 27 43 (42) 9 8 75 783 21 37 33 20 38 32 31 (3) (32) (100) 30 (11) 18 41 7 (2) 58 40 39 3 1 28 (2) 1,234 87 30 64 21 261 176 (5) 32 137 37 94 89 (3) (51) 129 69 Passivo Corrente> Current Funds (103 Meticais) 2008 30,665,000 3,850,052 308,810 38,044,000 1,578,000 5,830,850 2,021,000 1,370,000 4,614,845 5,793,504 (1,019) 3,651,612 (133,145) 1,460,633 191,686 22,294,000 952,000 1,936 1,700,497 11,040 (16,044) 361,000 1,727,231 (15,393) 481,516 695,000 185,000 234,000 626,800 104,683 539,000 (677,491) 305,168 1,203,000 (3,786) 35,910 254,000 195,606 254,385 (479,816) 85,000 101,992 44,595 22,191 138,800 (503,000) 18,915 117,326 12,440 2007 31,024,000 3,405,762 239,110 39,811,000 1,279,000 4,401,190 1,693,000 1,465,000 3,209,236 6,002,977 (889) 3,548,547 (178,259) 1,245,453 335,413 21,975,000 825,000 1,590,811 1,408,170 9,400 66,208 295,000 1,083,888 (30,400) 305,431 568,000 155,000 157,000 489,400 91,361 137,000 (737,047) 213,017 1,111,000 (15,169) 29,280 290,000 180,451 177,311 (354,287) 1,000 87,153 46,097 15,906 113,500 (462,000) 13,001 68,400 7,848 %08/07 (1) 13 29 (4) 23 32 19 (6) 44 (3) (15) 3 25 17 (43) 1 15 (100) 21 17 (124) 22 59 49 58 22 19 49 28 15 293 8 43 8 75 23 (12) 8 43 (35) 8,400 17 (3) 40 22 (9) 45 72 59 Capitais Prprios > Shareholders Custos Operacionais > Operating Costs (103 Meticais) 2008 22,294,000 6,386,219 6,309,650 3,021,000 4,308,000 4,437,730 715,000 3,587,000 1,950,702 n.d 3,335,000 2,610,383 2,518,824 2,282,407 2,345,706 2,386,000 1,775,000 1,150 944,817 1,819,000 427,230 1,660,000 747,811 1,214,352 755,020 895,000 884,000 1,035,000 877,100 920,791 852,000 767,902 774,503 614,000 838,100 783,030 621,000 570,146 442,474 703,051 539,000 586,622 548,542 547,448 583,400 501,000 456,035 452,582 432,000 2007 22,556,000 5,331,332 5,079,850 3,706,000 3,130,000 3,808,800 658,000 2,865,000 1,688,352 n.d 1,794,643 2,674,629 1,954,708 1,695,192 2,156,182 1,986,000 1,615,000 851,194 829,677 1,329,000 425,352 1,195,000 400,565 672,476 737,891 750,000 904,000 1,082,000 701,900 730,424 663,000 994,942 610,348 459,000 402,784 642,868 402,000 232,129 281,684 658,661 504,000 302,630 615,868 686,503 456,700 568,000 21,342 329,310 340,633 %08/07 (1) 20 24 (18) 38 17 9 25 16 86 (2) 29 35 9 20 10 (100) 14 37 0 39 87 81 2 19 (2) (4) 25 26 29 (23) 27 34 108 22 54 146 57 7 7 94 (11) (20) 28 (12) 2,037 37 27 Rent. VN > Prot/ Revenue (%) 2008 31 8 1 66 6 1 18 3 42 (4) 5 1 8 (6) 2 9 27 38 0 (5) 4 40 1 26 16 14 8 12 4 1 7 10 7 1 2 (5) 5 19 (21) 9 3 5 1 1 (8) 2 1 2 Rent. A. Liq > Rent. Net Asset (%) Rent. C.P. > S/hs Funds (%) Liquidez Geral > Current Ratio 2008 2 1 1 5 2 1 1 1 1 2 1 1 1 1 2 3 1 1 1 1 1 1 2 1 2 16 2 1 1 1 1 0 5 1 1 1 1 1 1 1 1 1 1 1 1 2 0 1 2008 1,153 732 674 671 150 3,532 788 7 1,635 151 5,053 1,607 684 449 2,658 2,450 750 843 673 244 423 156 17 29 407 127 131 335 1,027 2,980 301 450 343 426 70 101 2,218 34 247 612 174 57 180 287 674 566 122 403 106 N Trabalhadores > N of Employees 2007 1,152 669 651 635 152 3,323 763 7 1,470 160 4,638 1,659 658 407 2,355 1,637 620 715 578 240 310 130 14 142 412 125 143 313 774 3,231 304 461 313 535 91 92 1,918 27 224 529 201 34 348 300 629 592 98 180 98 %08/07 0 9 4 6 (1) 6 3 0 11 (6) 9 (3) 4 10 13 50 21 18 16 2 36 20 21 (80) (1) 2 (8) 7 33 (8) (1) (2) 10 (20) (23) 10 16 26 10 16 (13) 68 (48) (4) 7 (4) 24 124 8 2008 29,957 10,115 10,663 9,334 31,470 1,340 5,589 594,000 2,663 21,286 661 1,709 4,009 6,117 946 1,091 2,975 2,474 3,006 7,558 4,878 12,245 87,070 15,015 2,810 9,040 8,204 3,401 1,160 324 3,005 1,974 2,735 1,557 10,458 8,289 311 20,711 2,614 1,068 3,232 12,929 2,179 1,875 806 869 4,247 1,553 4,293 VN por Trabalhador > Revenue per Employee 2007 32,709 9,200 8,305 10,556 24,098 1,282 5,118 478,429 2,397 21,279 536 1,605 3,240 5,008 832 1,203 3,105 2,446 2,764 5,731 5,871 10,306 44,155 5,727 2,274 7,584 7,514 3,940 1,143 290 3,234 1,649 2,445 1,431 0 7,286 268 14,188 1,927 1,055 2,851 14,237 1,831 2,570 835 794 3,003 1,968 3,907 %08/07 (8) 10 28 (12) 31 5 9 24 11 0 23 6 24 22 14 (9) (4) 1 9 32 (17) 19 97 162 24 19 9 (14) 1 12 (7) 20 12 9 14 16 46 36 1 13 (9) 19 (27) (3) 9 41 (21) 10

2008 22 5 2 7 11 0 19 3 5 (5) 2 2 9 (1) 0 14 2,166 3 1 (12) 8 16 3 40 7 46 9 2 4 1 6 24 2 1 4 (4) 5 18 (22) 12 3 2 2 0 (10) 3 1 5

2008 35 15 25 10 21 1 42 9 45 13,627 4 (23) 16 (55) 0 22 65 46 16 (328) 20 39 (66) 75 28 94 45 23 38 3 (8) 35 5 (120) 37 (11) 17 54 30 128 16 59 34 5 8 45 3 67

69

100 Empresas de Moambique

Ranking
Rank Empresa > Company 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 n.d 44 53 48 56 49 67 52 62 72 64 50 63 60 74 76 70 n.d n.d n.d 73 85 79 68 65 71 77 88 57 84 80 82 n.a 116 92 78 86 96 141 83 87 90 91 125 97 69 108 121 94 89 ENOP-Engenheria de Obras Pblicas, Lda Pescamar, Lda Agrifocus, Lda.

As 100 Maiores Empresas de Moambique em Meticais

Sector de Actividade > Activity Construo Pescas Comrcio Servios Banca e Leasing Comrcio Indstria Comunicaes Indstria Construo Construo Pescas Transportes Indstria Indstria Comrcio Comunicaes Hotelaria e Turismo Agricultura Banca e Leasing Banca e Leasing Comrcio Banca e Leasing Servios Hotelaria e turismo Hotelaria e turismo Comunicaes Alimentao e bebidas Indstria Hotelaria e turismo Servios Alimentao e bebidas Indstria Transportes Indstria Alimentao e bebidas Comrcio Transportes Energia Transportes Comunicaes Comrcio Transportes Servios Comrcio Indstria Comunicaes Servios Comrcio Banca e Leasing Vol. de Neg. > Revenues (103 Meticais) 401,660 395,856 392,012 356,417 335,557 325,631 319,860 317,524 305,689 302,665 272,443 258,393 256,130 248,000 240,543 239,411 231,000 228,605 225,505 224,310 218,000 210,000 204,762 202,634 193,000 192,317 192,000 186,157 182,980 179,869 175,957 175,728 169,000 167,767 166,421 163,470 160,301 160,000 157,887 154,151 153,499 149,158 145,000 141,957 141,529 137,940 137,510 130,882 130,608 129,000 394,169 394,882 319,898 304,590 263,402 291,901 183,920 300,828 222,021 179,830 217,886 327,666 221,480 226,000 174,900 171,570 182,000 218,230 160,633 200,384 166,000 138,000 161,731 183,881 214,000 181,577 165,000 139,858 219,587 132,026 162,768 153,005 115,000 77,188 126,694 162,980 144,457 122,000 49,273 150,846 143,552 128,270 132,000 65,442 113,620 183,079 94,700 64,521 124,297 141,000 2 0 23 17 27 12 74 6 38 68 25 (21) 16 10 38 40 27 5 40 12 31 52 27 10 (10) 6 16 33 (17) 36 8 15 47 117 31 0 11 31 220 2 7 16 10 117 25 (25) 45 103 5 (9) Net Prots (103 Meticais) 11,466 (50,900) 28,907 3,073 (9,615) (86) 67,190 9,093 7,166 (1,752) 19,466 (44,823) (1,550) 17,000 11,327 3,531 2,000 12,545 26,747 44,351 59,000 2,000 17,719 11,023 3,000 49,562 15,000 491 41,073 13,138 686 1,893 14,000 1,835 2,050 920 3,214 11,000 4,261 (67,217) 64,839 103 36,000 2,754 834 163 1,640 2,834 307 30,000 18,501 6,885 16,234 2,906 30,250 1,025 (35,242) 12,575 3,610 (21,950) 6,902 (18,837) (830) 17,000 3,593 14,270 (8,000) 15,639 (145,737) 4,073 56,000 2,000 2,011 18,870 58,000 2,866 9,000 655 44,175 4,859 3,755 2,880 (9,000) 6,915 2,915 240 2,255 8,000 (1,754) (54,039) 54,104 3,959 20,000 138 1,326 37 50 729 335 38,000 (38) (839) 78 6 (132) (108) 291 (28) 99 92 182 (138) (87) 0 215 (75) 125 (20) 118 989 5 0 781 (42) (95) 1,629 67 (25) (7) 170 (82) (34) 256 (73) (30) 283 43 38 343 (24) 20 (97) 80 1,896 (37) 341 3,180 289 (8) (21) 12,042 (50,900) 43,402 4,999 (11,228) 159 67,190 11,806 8,039 (1,752) 24,836 (44,823) (930) 22,000 13,589 12,346 2,000 17,660 267,472 51,820 71,000 5,000 24,332 17,608 3,000 36,440 25,000 877 49,057 15,005 2,428 2,978 14,000 10,801 (4,727) 1,040 5,108 16,000 6,197 (67,217) 94,602 103 47,000 2,754 1,226 468 2,410 125,301 592 46,000 23,538 10,126 24,609 4,315 38,512 2,159 (35,242) 15,965 4,473 (21,950) 9,854 (18,837) 350 23,000 3,707 22,820 (8,000) 15,639 (145,737) 1,172 57,000 4,000 6,874 23,402 58,000 4,141 15,000 1,113 53,096 8,913 6,152 4,030 (9,000) 8,318 3,221 1,660 4,436 12,000 (1,754) (54,039) 81,033 3,959 29,000 139 1,979 633 50 729 672 59,000 (49) (603) 76 16 (129) (93) 291 (26) 80 92 152 (138) (366) (4) 267 (46) 125 13 284 4,322 25 25 254 (25) (95) 780 67 (21) (8) 68 (61) (26) 256 30 (247) (37) 15 33 453 (24) 17 (97) 62 1,881 (38) (26) 4,720 17,088 (12) (22) Resultados Lquidos > Resultados Antes dos Inpostos Meticais) (103 Activo Liquido > Net Assets (103 Meticais) 781,947 989,378 220,586 617,123 1,116,845 313,234 547,430 385,547 185,965 1,064,853 229,692 243,170 89,750 101,000 87,933 185,897 168,000 277,029 1,085,776 1,855,592 2,672,000 357,000 696,443 111,745 733,000 306,670 118,000 43,610 154,468 859,585 102,114 191,249 381,000 187,961 128,801 58,690 53,820 85,000 169,987 613,896 285,731 58,125 105,000 38,025 66,676 301,212 119,670 116,051 33,970 1,434,000 486,850 924,288 188,528 574,550 824,286 346,675 484,860 370,476 122,349 755,563 291,630 499,978 78,150 90,000 66,816 119,480 141,000 250,011 770,342 1,671,274 1,790,000 311,000 501,646 97,653 669,000 254,182 103,000 31,637 124,207 551,593 76,677 159,396 348,000 54,483 148,555 110,760 56,436 61,000 48,942 175,388 250,468 50,342 106,000 20,066 44,027 129,558 69,800 87,828 32,314 1,677,000 61 7 17 7 35 (10) 13 4 52 41 (21) (51) 15 12 32 56 19 11 41 11 49 15 39 14 10 21 15 38 24 56 33 20 9 245 (13) (47) (5) 39 247 250 14 15 (1) 89 51 132 71 32 5 (14) Current Assets (103 Meticais) 691,368 469,420 203,199 558,464 927,277 305,605 313,920 113,342 84,404 1,660 208,078 149,928 77,370 35,000 58,902 180,572 68,000 100,665 131,916 1,660,395 2,509,000 214,000 n.d 104,677 159,000 52,799 79,000 35,970 152,258 112,527 82,314 154,758 119,000 18,233 44,909 44,360 n.d 61,000 143,645 7,125 223,562 42,174 63,000 31,992 64,530 298,624 76,200 88,242 27,881 1,262,000 411,789 473,396 171,421 524,266 722,041 338,597 244,990 102,734 56,460 3,450 267,373 472,068 73,280 17,000 32,807 117,760 68,000 85,996 114,081 1,503,108 1,711,000 171,000 n.d 90,932 77,000 31,113 61,000 24,540 122,597 72,349 60,664 119,068 86,000 18,067 61,520 99,920 n.d 41,000 41,657 1,967 191,859 50,191 61,000 18,167 42,796 125,629 53,390 67,095 26,867 1,314,000 68 (1) 19 7 28 (10) 28 10 49 (52) (22) (68) 6 106 80 53 0 17 16 10 47 25 15 106 70 30 47 24 56 36 30 38 1 (27) (56) 49 245 262 17 (16) 3 76 51 138 43 32 4 (4) Activo Corrente >

Televisa-Sociedade Tcnica de Obras e Projectos, Lda Banco Procredit, SA. Mercury Comercial, Lda Ferpinta Moambique - IBPS, SARL TV CABO - Comunicaes Multimdia, Lda Higest Moambique, Lda Sulbrita, Lda Emocil, Lda Efripel - Entreposto Frigorco de Moambique, Lda MEX - Moambique Expresso, SARL Acadmica, Lda. CIMBETO-Cimpor Beto Moambique, SARL Lalgy Truck Sales, Lda TVM-Televiso de Moambique, E.P. Polana Serena Hotel, Lda Grupo Mofer, SA FNB - First National Bank Moambique, SA African Banking Corporation (Mozambique), SARL Home Center, Lda Socremo - Banco de Micronanas, S.A. Tecnel Service, Lda. Salvor Hotis Moambique, SARL AVIS-Moambique Car Rental, Lda Sociedade do Notcias, SARL S. E. Ginwala & Filhos, Lda Aberdare Intelec (Mo), Lda. Turvisa- Empreendimentos Tursticos, Lda KPMG Moambique, SA Lusovinhos, Lda Grupo Madal, SARL Transportes Carlos Mesquita, Lda Alif Qumica Industrial, Lda. A & L Enterprises, Lda Dataserv, Lda DHL Moambique, Lda Electrotec, SA TPM - Transportes Pblicos de Maputo, E.P. Listas Telefnicas de Moambique, Lda Mafuia Comercial, Lda Matola Cargo Terminal, SARL GOLO - Agncia de Publicidade, Lda N.B.C. Representaes, Lda Topack Moambique, SARL STV - Soico Televiso, Lda Hidrofrica - Indstria Comrcio, SARL SODIAL - Soc. Dist. Alimentos, Lda The Mauritius Commercial Bank, SA

70

100 Empresas de Moambique

The Top 100 Companies in Mozambique in Meticais

Passivo Total> Total Liabilities (103 Meticais) 708,440 799,604 141,642 590,064 943,702 215,430 468,440 360,855 170,544 993,820 186,366 230,007 23,640 10,000 50,060 138,291 138,000 252,944 95,623 1,599,480 2,250,000 351,000 588,425 74,093 750,000 144,884 65,000 35,094 59,910 583,530 92,776 161,717 242,000 156,024 13,171 58,330 16,532 31,000 159,178 627,581 157,776 61,151 20,000 33,441 63,914 290,184 115,840 105,931 27,092 1,131,000 412,329 683,613 138,493 547,948 638,559 300,617 473,070 348,409 96,540 739,322 264,589 486,815 75,030 13,000 40,271 68,530 113,000 238,472 36,183 1,459,515 1,469,000 307,000 410,281 60,633 655,000 169,230 62,000 23,612 70,723 407,321 67,792 131,388 223,000 24,381 34,975 11,040 22,006 17,000 43,580 121,857 138,659 54,220 37,000 17,355 42,099 118,367 68,390 80,542 25,922 1,384,000 72 17 2 8 48 (28) (1) 4 77 34 (30) (53) (68) (23) 24 102 22 6 164 10 53 14 43 22 15 (14) 5 49 (15) 43 37 23 9 540 (62) 428 (25) 82 265 415 14 13 (46) 93 52 145 69 32 5 (18) Passivo Corrente> Current Liabilities (103 Meticais) 688,846 657,450 137,412 519,002 943,702 211,895 262,790 246,740 26,436 993,820 186,366 218,342 23,640 1,000 50,060 138,291 137,000 145,002 95,623 1,483,981 2,115,000 211,000 n.d 67,509 207,000 54,555 33,000 28,486 26,981 323,388 58,563 75,808 242,000 31,678 13,171 58,330 n.d 31,000 143,167 206,151 128,012 61,151 20,000 23,881 63,914 28,020 107,620 99,322 27,092 1,128,000 412,284 647,701 135,365 539,034 638,559 300,330 197,850 317,859 43,021 739,322 264,589 424,247 71,300 2,000 40,271 68,530 108,000 118,593 36,183 1,369,819 1,338,000 192,000 n.d 40,307 150,000 139,773 28,000 20,418 29,219 292,384 42,574 95,935 223,000 23,029 34,975 11,040 n.d 17,000 40,986 121,480 111,729 54,220 37,000 10,855 42,099 116,142 67,710 78,703 25,917 1,382,000 67 2 2 (4) 48 (29) 33 (22) (39) 34 (30) (49) (67) (50) 24 102 27 22 164 8 58 10 67 38 (61) 18 40 (8) 11 38 (21) 9 38 (62) 428 82 249 70 15 13 (46) 120 52 (76) 59 26 5 (18) Capitais Prprios > Shareholders Funds (103 Meticais) 73,507 189,775 78,943 27,059 173,143 97,804 78,990 24,693 15,420 17,540 43,327 13,163 66,110 90,000 37,872 42,413 30,000 24,085 990,153 256,112 421,000 6,000 108,018 37,652 (17,000) 161,786 53,000 8,515 94,557 276,055 9,338 29,098 139,000 31,937 115,630 360 37,288 53,000 10,809 (13,687) 127,955 (3,025) 85,000 4,584 2,762 11,029 3,820 10,120 6,699 303,000 73,924 240,675 50,037 26,602 185,727 46,058 11,790 22,067 25,809 19,292 27,061 13,163 3,120 75,000 26,545 50,960 28,000 11,540 734,159 211,759 321,000 4,000 91,365 37,020 14,000 84,952 41,000 8,025 53,484 144,272 8,885 28,009 125,000 30,102 113,580 360 34,429 43,000 5,362 53,586 111,810 (3,878) 69,000 2,711 1,928 11,192 1,410 7,286 6,392 292,000 (1) (21) 58 2 (7) 112 570 12 (40) (9) 60 0 2,019 20 43 (17) 7 109 35 21 31 50 18 2 (221) 90 29 6 77 91 5 4 11 6 2 0 8 23 102 (126) 14 22 23 69 43 (1) 171 39 5 4 Custos Operacionais > Operating Costs (103 Meticais) 381,954 413,644 348,707 322,232 346,785 320,367 244,000 285,712 282,589 333,152 253,524 289,936 258,180 225,000 224,350 227,065 239,000 187,562 360,088 172,490 147,000 190,000 174,500 182,905 190,000 155,877 166,000 184,357 150,178 158,818 167,869 168,609 155,000 156,966 171,149 162,430 152,948 145,000 148,375 219,586 n.d 149,055 100,000 137,924 139,718 127,006 134,920 125,301 129,239 83,000 363,299 376,734 287,494 260,273 224,890 290,347 200,270 275,523 193,590 195,322 203,268 356,228 216,210 202,000 172,309 148,150 181,000 192,691 327,461 199,212 109,000 132,000 144,866 143,424 156,000 177,436 145,000 136,041 164,828 125,852 157,815 145,055 124,000 68,870 121,273 158,100 140,021 110,000 47,130 160,791 n.d 124,311 97,000 64,181 111,641 78,832 96,810 63,987 123,121 82,000 5 10 21 24 54 10 22 4 46 71 25 (19) 19 11 30 53 32 (3) 10 (13) 35 44 20 28 22 (12) 14 36 (9) 26 6 16 25 128 41 3 9 32 215 37 20 3 115 25 61 39 96 5 1 Rent. VN > Prot/Revenue (%) 3 (13) 7 1 (3) (0) 21 3 2 (1) 7 (17) (1) 7 5 1 1 5 12 20 27 1 9 5 2 26 8 0 22 7 0 1 8 1 1 1 2 7 3 (44) 42 0 25 2 1 0 1 2 0 23 Rent. A. Liq > Rent. Net Asset (%) 1 (5) 13 0 (1) (0) 12 2 4 (0) 8 (18) (2) 17 13 2 1 5 2 2 2 1 3 10 0 16 13 1 27 2 1 1 4 1 2 2 6 13 3 (11) 23 0 34 7 1 0 1 2 1 2 Rent. C.P. > S/hs Funds (%) 16 (24) 45 11 (5) (0) 148 39 35 (10) 55 (341) (4) 21 35 8 7 70 3 19 16 40 18 30 (200) 40 32 6 55 6 8 7 11 6 2 256 9 23 53 (337) 54 (3) 47 76 36 1 63 33 5 10 Liquidez Geral > Current Ratio 1 1 1 1 1 1 1 0 3 0 1 1 3 35 1 1 0 1 1 1 1 1 2 1 1 2 1 6 0 1 2 0 1 3 1 2 1 0 2 1 3 1 1 11 1 1 1 1 N Trabalhadores > N of Employees 460 694 74 305 691 48 70 120 133 238 779 221 92 150 32 17 375 281 2,250 135 54 164 344 55 281 37 364 114 34 255 170 81 4,584 222 284 62 46 66 50 810 51 129 149 27 40 158 177 73 39 56 367 770 69 307 593 47 55 133 110 195 693 n.d 85 150 27 13 333 283 1,850 87 42 145 337 53 249 40 364 102 32 234 148 85 5,132 n.d 284 58 51 65 64 545 50 134 186 27 35 96 125 76 35 56 25 (10) 7 (1) 17 2 27 (10) 21 22 12 8 0 19 31 13 (1) 22 55 29 13 2 4 13 (8) 0 12 6 9 15 (5) (11) 0 7 (10) 2 (22) 49 2 (4) (20) 0 14 65 42 (4) 11 0 971 541 5,483 1,165 523 6,855 5,118 2,510 2,516 1,398 370 2,894 1,653 8,154 15,961 653 811 110 2,021 4,542 1,359 601 3,752 728 4,995 527 1,724 5,545 736 1,107 2,117 35 586 2,725 3,305 2,443 2,770 228 3,040 1,134 866 5,258 3,774 1,086 911 1,757 3,530 2,304 VN por Trabalhador > Revenue per Employee 0 513 4,810 1,004 592 6,145 3,255 2,156 2,156 906 315 2,621 1,527 6,996 13,198 562 0 0 2,444 4,203 979 547 3,469 812 4,539 455 1,295 6,862 563 1,146 2,013 45 445 3,075 3,107 1,877 782 272 2,815 972 763 2,470 3,607 1,795 889 746 3,603 0 5 14 16 (12) 12 57 16 17 54 17 10 8 17 21 16 (17) 8 39 10 8 (10) 10 16 33 (19) 31 (3) 5 0 32 (11) 6 30 254 (16) 8 17 13 113 5 (39) 2 136 (2) -

71

100 Empresas de Moambique

As 100 Maiores Empresas de Moambique em Dlares US

The Top 100 Companies in Mozambique in US Dollars

73

100 Empresas de Moambique

Ranking
Rank Empresa > Company 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 2007 1 3 4 2 7 5 6 9 8 10 17 11 13 14 12 15 16 19 20 22 18 21 38 33 25 32 24 23 26 28 30 29 34 27 n.d 36 41 66 45 37 39 42 35 31 40 43 55 46 47 58 Mozal, SARL Moambique Celular, SARL Petromoc-Petrleos de Moambique, SARL Hidroelctrica de Cahora Bassa, SARL BP Moambique, Lda EDM-Electricidade de Moambique E.P. Cervejas de Moambique, SARL Motraco, SARL

As 100 Maiores Empresas de Moambique em Dlares

Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) Resultados Lquidos > Prots (103 Meticais) Net Activo Liquido > Net Assets (103 Meticais) 2008 Indstria Comunicaes Energia Energia Energia Energia Alimentao e bebidas Energia Banca e Leasing Energia Agricultura Comunicaes Transportes Indstria Construo Transportes Alimentao e bebidas Banca e Leasing Banca e Leasing Transportes Transportes Energia Energia Energia Transportes Seguros Indstria Comrcio Banca e Leasing Construo Comrcio Transportes Comrcio Seguros Construo Comrcio Energia Seguros Transportes Transportes Comrcio Seguros Comrcio Comrcio Transportes Alimentao e bebidas Comrcio Transportes Comrcio Comrcio 1,353,961 277,869 277,038 239,020 186,353 180,119 169,961 163,059 162,112 129,801 125,686 109,437 105,492 102,677 93,001 87,412 79,922 75,569 73,723 71,725 70,109 68,667 52,925 50,345 45,130 44,667 44,078 43,216 40,965 39,449 35,647 35,259 35,186 29,333 33,013 31,368 25,255 24,772 24,137 23,896 23,765 23,069 22,564 21,582 20,588 19,725 18,322 17,755 17,173 16,737 2007 1,604,339 240,838 223,423 276,322 152,851 164,985 158,191 138,388 141,462 132,773 73,326 112,810 84,883 83,184 87,802 82,066 78,264 68,319 63,277 55,413 69,139 52,810 22,808 28,637 37,394 39,174 45,331 48,678 34,905 31,876 30,868 30,965 27,478 32,025 16,766 26,946 20,165 12,899 15,925 23,082 22,149 20,003 26,974 29,210 21,322 20,289 11,601 14,639 14,289 9,661 %08/07 (15.61) 15.38 24.00 (13.50) 21.92 9.17 7.44 17.83 14.60 (2.24) 71.41 (2.99) 24.28 23.43 5.92 6.51 2.12 10.61 16.51 29.44 1.40 30.03 132.05 75.81 20.69 14.02 (2.76) (11.22) 17.36 23.76 15.48 13.87 28.05 (8.40) 96.91 16.41 25.24 92.05 51.57 3.53 7.30 15.33 (16.35) (26.11) (3.44) (2.78) 57.93 21.29 20.18 73.24 2008 418,353 21,498 2,733 156,784 11,725 1,089 30,902 5,059 68,835 n.d (5,098) 5,443 1,432 8,438 (5,636) 1,529 7,569 20,243 27,875 64 (3,231) 2,549 21,425 589 11,610 7,020 6,275 3,412 5,118 1,460 353 2,336 3,588 2,118 446 471 (1,176) 1,261 4,529 (4,923) 2,157 588 1,053 258 263 (1,608) 284 123 265 1,622 2007 591,860 14,314 1,912 41,777 12,273 181 27,355 4,752 57,800 n.d (833) 5,791 (2,321) 11,057 (665) 5,041 8,678 17,895 25,613 12 912 2,231 6,255 (1,363) 5,642 6,777 5,372 3,636 5,380 1,410 702 (16,330) 1,791 1,033 142 304 1,653 2,569 2,646 (3,664) 1,074 1,273 (639) 775 1,525 (7,190) 186 525 116 273 %08/07 (29.32) 50.19 42.93 275.29 (4.46) 500.54 12.96 6.46 19.09 511.82 (6.02) (161.70) (23.69) 747.23 (69.66) (12.78) 13.12 8.83 455.85 (454.17) 14.23 242.52 (143.17) 105.76 3.58 16.80 (6.18) (4.88) 3.51 (49.76) (114.30) 100.30 104.99 214.83 54.91 (171.18) (50.91) 71.16 34.34 100.75 (53.81) (264.79) (66.76) (82.77) (77.64) 52.72 (76.58) 127.40 493.48 2008 1,927,102 414,211 183,749 2,213,272 104,942 675,499 164,687 171,423 1,414,001 443,434 107,373 305,750 68,730 95,054 694,095 1,017,258 55,719 950 851,357 12,914 27,836 33,798 138,120 19,679 29,205 107,573 13,910 37,585 316,756 36,861 48,067 41,098 15,289 105,620 51,566 10,703 29,175 24,207 25,136 22,927 17,896 17,439 43,878 10,497 55,317 16,421 9,306 21,557 5,440 7,630 2007 2,280,763 359,861 148,511 2,644,237 95,297 623,553 117,246 330,720 1,224,437 422,414 99,305 301,940 30,280 82,217 655,222 1,061,059 62,754 798,764 718,592 14,407 28,795 27,669 134,037 21,312 22,050 100,254 11,525 35,805 305,636 27,793 34,661 41,427 11,477 104,703 33,430 9,582 30,975 14,245 13,836 17,562 11,780 9,687 34,650 6,807 33,089 18,517 7,715 11,560 3,447 11,563 %08/07 (15.51) 15.10 23.73 (16.30) 10.12 8.33 40.46 (48.17) 15.48 4.98 8.12 1.26 126.98 15.61 5.93 (4.13) (11.21) (99.88) 18.48 (10.37) (3.33) 22.15 3.05 (7.66) 32.45 7.30 20.69 4.97 3.64 32.63 38.68 (0.79) 33.21 0.88 54.25 11.71 (5.81) 69.93 81.67 30.55 51.92 80.03 26.63 54.21 67.18 (11.32) 20.62 86.48 57.82 (34.02) Activo Corrente > Current Assets (103 Meticais) 2008 472,619 148,724 140,986 138,820 76,564 148,163 40,454 40,175 821,913 77,733 68,792 113,505 22,355 44,210 351,938 144,002 16,740 562 699,966 9,964 21,511 23,157 45,208 11,209 18,609 106,257 13,113 31,566 224,002 26,455 27,262 13,273 14,771 24,591 51,167 10,473 #VALUE 20,671 9,057 16,613 11,040 16,330 35,381 9,944 11,889 14,229 6,053 7,202 3,950 6,025 2007 580,000 113,099 105,484 171,610 66,864 132,066 27,076 52,500 854,623 94,720 57,254 119,140 21,425 37,824 197,224 142,161 28,093 751,570 625,683 11,695 20,342 16,822 52,411 12,131 11,885 99,280 10,763 32,712 217,606 21,534 29,280 12,102 10,949 22,076 33,240 9,582 #VALUE 5,727 8,567 11,816 4,280 6,917 27,428 6,063 17,483 17,203 4,037 2,913 3,175 9,814 %08/07 (18.51) 31.50 33.66 (19.11) 14.51 12.19 49.41 (23.48) (3.83) (17.93) 20.15 (4.73) 4.34 16.88 78.45 1.29 (40.41) (99.93) 11.87 (14.80) 5.74 37.66 (13.74) (7.60) 56.57 7.03 21.84 (3.50) 2.94 22.85 (6.89) 9.68 34.92 11.39 53.93 9.30 #VALUE 260.97 5.72 40.60 157.97 136.11 29.00 64.01 (32.00) (17.29) 49.93 147.25 24.41 (38.61)

BIM-Banco Internacional de Moambique, SARL Sasol Petroleum Temane, Lda Mozambique Leaf Tobacco, Lda TDM-Telecomunicaes de Moambique, E.P. LAM-Linhas Areas de Moambique, Cimentos de Moambique, SARL C.M.C. Africa Austral, Lda CFM-Portos e Caminhos de Ferro de Moambique E.P. Coca-Cola Sabco (Moambique), SARL BCI-Banco Comercial e de Investimentos, SARL Standard Bank, SARL Mocargo - Empresa Moambicana de Cargas, SARL Manica Freight Services, SARL Petrogal Moambique, Lda Companhia Moambicana de Hidrocarbonetos, S.A Petromoc e Sasol, SARL Cornelder de Moambique, SARL SIM - Seguradora Internacional de Moambique, SARL BAT-British American Tobacco Mozambique, Lda Toyota de Moambique, SARL Barclays Bank Moambique, SA CETA - Construes e Servios, SARL Entreposto Comercial de Moambique, SARL MPDC- Sociedade de Desenvolvimento do Porto de Maputo, SARL Construa, Lda Emose, SARL Conduril-Construtora Durience Delegao de Moambique,SA Unicomo Moambique, Lda Intelec Holdings, Lda Hollard Seguros, SARL MIPS-Servio Internacional de Portos de Moambique, SARL CDN-Corredor de Desenvolvimento do Norte, SARL GAME Discount World Moambique, Lda Global Alliance CGSM Seguros, SARL Gani Comercial, Lda Kangela Comercial, Lda Aeroportos de Moambique, E.P. guas de Moambique, SARL. Mega-Distribuio de Moambique, Lda Transportes Lalgy, Lda Ronil, Lda Ferro Moambique, Lda

74

100 Empresas de Moambique

The Top 100 Companies in Mozambique in US Dollars

Passivo Total> Total Liabilities (103 Meticais) Passivo Corrente> Current Liabilities (103 Meticais) Capitais Prprios > Shareholders Funds (103 Meticais) 2008 704,902 260,762 177,640 696,971 42,049 443,102 84,137 116,819 1,230,069 212,525 147,987 160,210 74,037 36,838 686,454 128,697 17,776 873 783,582 12,832 28,475 19,410 69,279 20,292 10,014 79,872 6,497 28,258 291,778 32,689 26,584 68,101 3,126 57,672 51,721 9,041 18,613 16,410 14,997 42,050 14,508 13,374 42,101 9,613 49,785 36,429 8,552 16,756 4,944 2007 966,186 215,549 144,661 957,331 41,102 437,062 45,508 268,644 1,088,453 168,050 99,224 151,577 37,833 29,443 641,010 129,915 27,797 731,357 658,923 14,008 25,990 15,127 88,109 22,600 9,108 76,186 4,958 29,153 284,898 23,922 28,856 72,657 2,451 57,627 34,073 8,341 18,686 6,599 6,323 32,578 11,695 9,687 32,696 6,133 28,352 38,093 7,164 8,662 3,115 %08/07 (27.04) 20.98 22.80 (27.20) 2.30 1.38 84.88 (56.52) 13.01 26.47 49.14 5.70 95.69 25.12 7.09 (0.94) (36.05) (99.88) 18.92 (8.40) 9.56 28.31 (21.37) (10.21) 9.94 4.84 31.04 (3.07) 2.41 36.65 (7.87) (6.27) 27.52 0.08 51.80 8.40 (0.39) 148.69 137.19 29.08 24.05 38.06 28.76 56.73 75.60 (4.37) 19.37 93.44 58.72 2008 249,063 180,470 142,164 26,106 42,049 116,943 50,259 36,588 1,176,794 40,703 74,412 93,857 37,501 36,272 151,845 43,962 17,776 399 725,137 11,359 26,413 17,935 19,238 15,316 9,178 6,776 6,497 28,258 212,244 25,436 26,584 28,455 2,750 36,230 42,693 9,012 #VALUE 16,410 14,532 27,393 14,508 13,374 42,101 8,473 22,575 10,801 3,299 16,756 4,944 2007 277,034 151,438 105,484 48,178 41,102 115,199 30,551 4,407 1,036,115 31,609 59,576 83,316 28,886 29,302 123,539 47,966 27,797 710,732 593,114 13,517 23,845 13,559 19,178 16,597 6,181 5,127 4,958 29,153 223,153 21,192 28,856 2,267 1,565 29,661 27,630 7,913 #VALUE 4,828 5,594 30,742 11,695 5,994 32,696 4,633 12,665 11,864 7,164 7,771 3,115 %08/07 (10.10) 19.17 34.77 (45.81) 2.30 1.51 64.51 730.27 13.58 28.77 24.90 12.65 29.83 23.79 22.91 (8.35) (36.05) (99.94) 22.26 (15.96) 10.77 32.27 0.32 (7.72) 48.48 32.15 31.04 (3.07) (4.89) 20.02 (7.87) 1155.14 75.80 22.15 54.52 13.89 #VALUE 239.93 159.78 (10.89) 24.05 123.12 28.76 82.91 78.24 (8.96) (53.95) 115.61 58.72 2008 1,222,200 153,450 12,308 1,516,301 62,894 232,397 80,550 54,603 183,932 230,909 (41) 145,541 (5,307) 58,216 7,640 888,561 37,943 77 67,776 440 (639) 14,388 68,841 (614) 19,192 27,700 7,373 9,326 24,982 4,172 21,483 (27,002) 12,163 47,947 (151) 1,431 10,124 7,796 10,139 (19,124) 3,388 4,065 1,777 884 5,532 (20,048) 754 4,676 496 2007 1,314,576 144,312 10,132 1,686,907 54,195 186,491 71,737 62,076 135,985 254,363 (38) 150,362 (7,553) 52,773 14,212 931,144 34,958 67,407 59,668 398 2,805 12,500 45,927 (1,288) 12,942 24,068 6,568 6,653 20,737 3,871 5,805 (31,231) 9,026 47,076 (643) 1,241 12,288 7,646 7,513 (15,012) 42 3,693 1,953 674 4,809 (19,576) 551 2,898 333 %08/07 (7.03) 6.33 21.48 (10.11) 16.05 24.62 12.28 (12.04) 35.26 (9.22) 7.82 (3.21) (29.74) 10.31 (46.24) (4.57) 8.54 (99.89) 13.59 10.47 (122.79) 15.11 49.89 (52.37) 48.29 15.09 12.27 40.19 20.47 7.78 270.07 (13.54) 34.75 1.85 (76.52) 15.36 (17.62) 1.96 34.95 27.39 7895.22 10.08 (9.00) 31.23 15.03 2.41 36.85 61.34 49.10 2008 874,275 250,440 247,437 118,471 168,941 174,029 28,039 140,667 76,498 n.d 130,784 102,368 98,777 89,506 91,988 93,569 69,608 45 37,052 71,333 16,754 65,098 29,326 47,622 29,609 35,098 34,667 40,588 34,396 36,109 33,412 30,114 30,373 24,078 32,867 30,707 24,353 22,359 17,352 27,571 21,137 23,005 21,511 21,469 22,878 19,647 17,884 17,748 16,941 2007 932,066 220,303 209,911 153,140 129,339 157,388 27,190 118,388 69,767 n.d 74,159 110,522 80,773 70,049 89,098 82,066 66,736 35,173 34,284 54,917 17,577 49,380 16,552 27,788 30,491 30,992 37,355 44,711 29,004 30,183 27,397 41,113 25,221 18,967 16,644 26,565 16,612 9,592 11,640 27,217 20,826 12,505 25,449 28,368 18,872 23,471 882 13,608 14,076 %08/07 (6.20) 13.68 17.88 (22.64) 30.62 10.57 3.12 18.82 9.65 76.36 (7.38) 22.29 27.78 3.24 14.02 4.30 (99.87) 8.07 29.89 (4.68) 31.83 77.17 71.37 (2.90) 13.25 (7.20) (9.22) 18.59 19.64 21.96 (26.75) 20.43 26.95 97.47 15.59 46.60 133.09 49.07 1.30 1.49 83.96 (15.47) (24.32) 21.23 (16.29) 1927.86 30.43 20.36 Custos Operacionais > Operating Costs (103 Meticais) Rent. VN > Prot/ Revenue (%) 2008 31 8 1 66 6 1 18 3 42 (4) 5 1 8 (6) 2 9 27 38 0 (5) 4 40 1 26 16 14 8 12 4 1 7 10 7 1 2 (5) 5 19 (21) 9 3 5 1 1 (8) 2 1 2 Rent. A. Liq > Rent. Net Asset (%) 2008 22 5 2 7 11 0 19 3 5 (5) 2 2 9 (1) 0 14 2,166 3 1 (12) 8 16 3 40 7 46 9 2 4 1 6 24 2 1 4 (4) 5 18 (22) 12 3 2 2 0 (10) 3 1 5 Rent. C.P. > S/hs Funds (%) 2008 33 14 24 10 20 1 41 9 43 13,025 4 (22) 15 (52) 0 21 60 44 15 (298) 19 37 (62) 72 27 90 43 22 36 3 (8) 34 4 (112) 35 (10) 16 51 29 126 15 56 33 5 8 44 3 64 Liquidez Geral > Current Ratio 2008 1.90 0.82 0.99 5.32 1.82 1.27 0.81 1.10 0.70 1.91 0.92 1.21 0.60 1.22 2.32 3.28 0.94 1.41 0.97 0.88 0.81 1.29 2.35 0.73 2.03 15.68 2.02 1.12 1.06 1.04 1.03 0.47 5.37 0.68 1.20 1.16 #VALUE 1.26 0.62 0.61 0.76 1.22 0.84 1.17 0.53 1.32 1.83 0.43 0.80 2008 1,153 732 674 671 150 3,532 788 7 1,635 151 5,053 1,607 684 449 2,658 2,450 750 843 673 244 423 156 17 29 407 127 131 335 1,027 2,980 301 450 343 426 70 101 2,218 34 247 612 174 57 180 287 674 566 122 403 106 N Trabalhadores > N of Employees VN por Trabalhador > enue per Employee Rev-

2007 1,152 669 651 635 152 3,323 763 7 1,470 160 4,638 1,659 658 407 2,355 1,637 620 715 578 240 310 130 14 142 412 125 143 313 774 3,231 304 461 313 535 91 92 1,918 27 224 529 201 34 348 300 629 592 98 180 98

%08/07 0 9 4 6 (1) 6 3 0 11 (6) 9 (3) 4 10 13 50 21 18 16 2 36 20 21 (80) (1) 2 (8) 7 33 (8) (1) (2) 10 (20) (23) 10 16 26 10 16 (13) 68 (48) (4) 7 (4) 24 124 8

2008 1,175 397 418 366 1,234 53 219 23,294 104 835 26 67 157 240 37 43 117 97 118 296 191 480 3,415 589 110 354 322 133 45 13 118 77 107 61 410 325 12 812 102 42 127 507 85 74 32 34 167 61 168

2007 1,352 380 343 436 996 53 211 19,770 99 879 22 66 134 207 34 50 128 101 114 237 243 426 1,825 237 94 313 310 163 47 12 134 68 101 59 368 301 11 586 80 44 118 588 76 106 35 33 124 81 161

%08/07 (13.08) 4.34 21.84 (16.08) 23.94 (0.80) 3.63 17.83 5.41 (5.07) 17.06 1.05 17.43 15.93 7.97 (13.92) (9.06) (4.01) 3.19 25.16 (21.15) 12.75 87.14 148.80 17.30 13.12 3.63 (18.07) (3.69) 6.06 (11.81) 13.62 6.19 3.22 11.30 7.97 10.28 38.53 28.72 (3.91) 7.58 (13.82) 12.96 (30.77) (8.41) 3.77 34.24 (25.11) 4.27

75

100 Empresas de Moambique

Ranking
Rank Empresa > Company 2008 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 2007 n.d 44 53 48 56 49 67 52 62 72 64 50 63 60 74 76 70 n.d n.d n.d 73 85 79 68 65 71 77 88 57 84 80 82 n.a 116 92 78 86 96 141 83 87 90 91 125 97 69 108 121 94 89 ENOP-Engenheria de Obras Pblicas, Lda Pescamar, Lda Agrifocus, Lda.

As 100 Maiores Empresas de Moambique em Dlares

Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) Resultados Lquidos > Net Prots (103 Meticais) Activo Liquido > Net Assets (103 Meticais) 2008 Construo Pescas Comrcio Servios Banca e Leasing Comrcio Indstria Comunicaes Indstria Construo Construo Pescas Transportes Indstria Indstria Comrcio Comunicaes Hotelaria e Turismo Agricultura Banca e Leasing Banca e Leasing Comrcio Banca e Leasing Servios Hotelaria e turismo Hotelaria e turismo Comunicaes Alimentao e bebidas Indstria Hotelaria e turismo Servios Alimentao e bebidas Indstria Transportes Indstria Alimentao e bebidas Comrcio Transportes Energia Transportes Comunicaes Comrcio Transportes Servios Comrcio Indstria Comunicaes Servios Comrcio Banca e Leasing 15,751 15,524 15,373 13,977 13,159 12,770 12,544 12,452 11,988 11,869 10,684 10,133 10,044 9,725 9,433 9,389 9,059 8,965 8,843 8,796 8,549 8,235 8,030 7,946 7,569 7,542 7,529 7,300 7,176 7,054 6,900 6,891 6,627 6,579 6,526 6,411 6,286 6,275 6,192 6,045 6,020 5,849 5,686 5,567 5,550 5,409 5,393 5,133 5,122 5,059 2007 16,288 16,317 13,219 12,586 10,884 12,062 7,600 12,431 9,174 7,431 9,004 13,540 9,152 9,339 7,227 7,090 7,521 9,018 6,638 8,280 6,860 5,702 6,683 7,598 8,843 7,503 6,818 5,779 9,074 5,456 6,726 6,323 4,752 3,190 5,235 6,735 5,969 5,041 2,036 6,233 5,932 5,300 5,455 2,704 4,695 7,565 3,913 2,666 5,136 5,826 %08/07 (3.29) (4.86) 16.30 11.05 20.90 5.87 65.05 0.17 30.67 59.73 18.66 (25.16) 9.75 4.14 30.52 32.43 20.45 (0.59) 33.23 6.23 24.63 44.42 20.15 4.58 (14.41) 0.52 10.43 26.32 (20.92) 29.29 2.59 9.00 39.46 106.27 24.66 (4.81) 5.31 24.46 204.10 (3.02) 1.48 10.36 4.25 105.86 18.21 (28.50) 37.80 92.51 (0.28) (13.17) 2008 450 (1,996) 1,134 121 (377) (3) 2,635 357 281 (69) 763 (1,758) (61) 667 444 138 78 492 1,049 1,739 2,314 78 695 432 118 1,944 588 19 1,611 515 27 74 549 72 80 36 126 431 167 (2,636) 2,543 4 1,412 108 33 6 64 111 12 1,176 2007 765 285 671 120 1,250 42 (1,456) 520 149 (907) 285 (778) (34) 702 148 590 (331) 646 (6,022) 168 2,314 83 83 780 2,397 118 372 27 1,825 201 155 119 (372) 286 120 10 93 331 (72) (2,233) 2,236 164 826 6 55 2 2 30 14 1,570 %08/07 (41.18) (801.60) 68.99 0.36 (130.16) (107.96) (280.93) (31.38) 88.38 (92.43) 167.66 125.82 77.23 (5.10) 199.18 (76.52) (123.73) (23.87) (117.42) 933.39 (0.01) (5.10) 736.19 (44.56) (95.09) 1541.15 58.17 (28.86) (11.76) 156.60 (82.66) (37.62) (247.63) (74.82) (33.26) 263.79 35.26 30.49 (330.55) 18.04 13.73 (97.53) 70.82 1793.91 (40.31) 318.08 3012.78 269.18 (13.03) (25.08) 2008 31,166 39,433 8,792 24,596 44,514 12,484 21,819 15,367 7,412 42,441 9,155 9,692 3,577 4,026 3,505 7,409 6,696 11,041 43,275 73,957 106,497 14,229 27,758 4,454 29,215 12,223 4,703 1,738 6,157 34,260 4,070 7,623 15,185 7,491 5,134 2,339 2,145 3,388 6,775 24,468 11,388 2,317 4,185 1,516 2,657 12,005 4,770 4,625 1,354 57,154 2007 20,629 39,165 7,988 24,345 34,927 14,690 20,545 15,698 5,184 32,015 12,357 21,185 3,311 3,814 2,831 5,063 5,975 10,594 32,642 70,817 75,847 13,178 21,256 4,138 28,347 10,770 4,364 1,341 5,263 23,373 3,249 6,754 14,746 2,309 6,295 4,693 2,391 2,585 2,074 7,432 10,613 2,133 4,492 850 1,866 5,490 2,958 3,722 1,369 71,059 %08/07 51.08 0.69 10.06 1.03 27.45 (15.01) 6.20 (2.11) 42.97 32.57 (25.92) (54.25) 8.02 5.56 23.79 46.35 12.07 4.23 32.58 4.44 40.41 7.97 30.59 7.64 3.06 13.48 7.76 29.66 16.98 46.58 25.27 12.86 2.98 224.50 (18.45) (50.16) (10.30) 31.07 226.70 229.24 7.30 8.60 (6.83) 78.25 42.45 118.69 61.27 24.29 (1.12) (19.57) Activo Corrente > Current Assets (103 Meticais) 2008 27,556 18,709 8,099 22,258 36,958 12,180 12,512 4,517 3,364 66 8,293 5,976 3,084 1,395 2,348 7,197 2,710 4,012 5,258 66,178 100,000 8,529 #VALUE 4,172 6,337 2,104 3,149 1,434 6,068 4,485 3,281 6,168 4,743 727 1,790 1,768 #VALUE 2,431 5,725 284 8,910 1,681 2,511 1,275 2,572 11,902 3,037 3,517 1,111 50,299 2007 17,449 20,059 7,264 22,215 30,595 14,347 10,381 4,353 2,392 146 11,329 20,003 3,105 720 1,390 4,990 2,881 3,644 4,834 63,691 72,500 7,246 #VALUE 3,853 3,263 1,318 2,585 1,040 5,195 3,066 2,571 5,045 3,644 766 2,607 4,234 #VALUE 1,737 1,765 83 8,130 2,127 2,585 770 1,813 5,323 2,262 2,843 1,138 55,678 %08/07 57.92 (6.73) 11.50 0.20 20.80 (15.10) 20.53 3.77 40.62 (54.74) (26.80) (70.13) (0.69) 93.66 68.88 44.23 (5.94) 10.11 8.77 3.90 37.93 17.71 #VALUE 8.28 94.23 59.62 21.82 37.87 16.82 46.30 27.63 22.26 30.15 (5.07) (31.34) (58.24) #VALUE 39.95 224.35 240.72 9.60 (20.96) (2.85) 65.64 41.83 123.59 34.25 23.71 (2.39) (9.66)

Televisa-Sociedade Tcnica de Obras e Projectos, Lda Banco Procredit, SA. Mercury Comercial, Lda Ferpinta Moambique - IBPS, SARL TV CABO - Comunicaes Multimdia, Lda Higest Moambique, Lda Sulbrita, Lda Emocil, Lda Efripel - Entreposto Frigorco de Moambique, Lda MEX - Moambique Expresso, SARL Acadmica, Lda. CIMBETO-Cimpor Beto Moambique, SARL Lalgy Truck Sales, Lda TVM-Televiso de Moambique, E.P. Polana Serena Hotel, Lda Grupo Mofer, SA FNB - First National Bank Moambique, SA African Banking Corporation (Mozambique), SARL Home Center, Lda Socremo - Banco de Micronanas, S.A. Tecnel Service, Lda. Salvor Hotis Moambique, SARL AVIS-Moambique Car Rental, Lda Sociedade do Notcias, SARL S. E. Ginwala & Filhos, Lda Aberdare Intelec (Mo), Lda. Turvisa- Empreendimentos Tursticos, Lda KPMG Moambique, SA Lusovinhos, Lda Grupo Madal, SARL Transportes Carlos Mesquita, Lda Alif Qumica Industrial, Lda. A & L Enterprises, Lda Dataserv, Lda DHL Moambique, Lda Electrotec, SA TPM - Transportes Pblicos de Maputo, E.P. Listas Telefnicas de Moambique, Lda Mafuia Comercial, Lda Matola Cargo Terminal, SARL GOLO - Agncia de Publicidade, Lda N.B.C. Representaes, Lda Topack Moambique, SARL STV - Soico Televiso, Lda Hidrofrica - Indstria Comrcio, SARL SODIAL - Soc. Dist. Alimentos, Lda The Mauritius Commercial Bank, SA

76

100 Empresas de Moambique

The Top 100 Companies in Mozambique in US Dollars

Passivo Total> Total Liabilities (103 Meticais) Passivo Corrente> Current Liabilities (103 Meticais) Capitais Prprios > > Shareholders Funds (103 Meticais) Custos Operacionais Operating Costs (103 Meticais) Rent. VN > Prot/ Revenue (%) 2008 3 (13) 7 1 (3) (0) 21 3 2 (1) 7 (17) (1) 7 5 1 1 5 12 20 27 1 9 5 2 26 8 0 22 7 0 1 8 1 1 1 2 7 3 (44) 42 0 25 2 1 0 1 Rent. A. Liq > Rent. Net Asset (%) 2008 1 (5) 13 0 (1) (0) 12 2 4 (0) 8 (18) (2) 17 13 2 1 5 2 2 2 1 3 10 0 16 13 1 27 2 1 1 4 1 2 2 6 13 3 (11) 23 0 34 7 1 0 1 Rent. C.P. > S/hs Funds (%) 2008 15 (22) 43 11 (5) (0) 144 37 33 (9) 53 (325) (4) 20 34 7 7 68 3 18 15 38 17 28 (279) 39 31 6 53 6 7 6 10 6 2 244 9 22 51 (306) 52 (3) 45 73 34 1 61 Liquidez Geral > Current Ratio 2008 1.00 0.71 1.48 1.08 0.98 1.44 1.19 0.46 3.19 0.00 1.12 0.69 3.27 35.00 1.18 1.31 0.50 0.69 1.38 1.12 1.19 1.01 #VALUE 1.55 0.77 0.97 2.39 1.26 5.64 0.35 1.41 2.04 0.49 0.58 3.41 0.76 #VALUE 1.97 1.00 0.03 1.75 0.69 3.15 1.34 1.01 10.66 0.71 N Trabalhadores > N of Employees VN por Trabalhador > Revenue per Employee

2008 28,236 31,869 5,645 23,518 37,613 8,586 18,670 14,382 6,797 39,610 7,428 9,167 942 399 1,995 5,512 5,500 10,081 3,811 63,750 89,677 13,990 23,453 2,953 29,892 5,775 2,591 1,399 2,388 23,257 3,698 6,445 9,645 6,219 525 2,325 659 1,236 6,344 25,013 6,288 2,437 797 1,333 2,547 11,566 4,617

2007 17,472 28,967 5,868 23,218 27,058 12,738 20,045 14,763 4,091 31,327 11,211 20,628 3,179 551 1,706 2,904 4,788 10,105 1,533 61,844 62,246 13,008 17,385 2,569 27,754 7,171 2,627 1,001 2,997 17,259 2,873 5,567 9,449 1,033 1,482 468 932 720 1,847 5,163 5,875 2,297 1,568 735 1,784 5,016 2,898

%08/07 61.61 10.02 (3.80) 1.29 39.01 (32.59) (6.86) (2.58) 66.17 26.44 (33.75) (55.56) (70.36) (27.65) 16.93 89.81 14.87 (0.23) 148.58 3.08 44.07 7.54 34.90 14.94 7.70 (19.47) (1.39) 39.80 (20.32) 34.75 28.73 15.77 2.08 501.94 (64.58) 396.97 (29.34) 71.52 243.56 384.43 7.03 6.09 (49.16) 81.25 42.80 130.60 59.32

2008 27,455 26,204 5,477 20,686 37,613 8,445 10,474 9,834 1,054 39,610 7,428 8,702 942 40 1,995 5,512 5,460 5,779 3,811 59,146 84,297 8,410 #VALUE 2,691 8,250 2,174 1,315 1,135 1,075 12,889 2,334 3,021 9,645 1,263 525 2,325 #VALUE 1,236 5,706 8,216 5,102 2,437 797 952 2,547 1,117 4,289

2007 17,470 27,445 5,736 22,840 27,058 12,726 8,383 13,469 1,823 31,327 11,211 17,977 3,021 85 1,706 2,904 4,576 5,025 1,533 58,043 56,695 8,136 #VALUE 1,708 6,356 5,923 1,186 865 1,238 12,389 1,804 4,065 9,449 976 1,482 468 #VALUE 720 1,737 5,147 4,734 2,297 1,568 460 1,784 4,921 2,869

%08/07 57.16 (4.52) (4.52) (9.43) 39.01 (33.64) 24.94 (26.98) (42.20) 26.44 (33.75) (51.59) (68.81) (52.97) 16.93 89.81 19.32 15.01 148.58 1.90 48.68 3.37 #VALUE 57.54 29.80 (63.29) 10.86 31.23 (13.14) 4.04 29.39 (25.67) 2.08 29.39 (64.58) 396.97 #VALUE 71.52 228.56 59.62 7.77 6.09 (49.16) 106.94 42.80 (77.31) 49.50

2008 2,930 7,564 3,146 1,078 6,901 3,898 3,148 984 615 699 1,727 525 2,635 3,587 1,509 1,690 1,196 960 39,464 10,208 16,780 239 4,305 1,501 (678) 6,448 2,112 339 3,769 11,003 372 1,160 5,540 1,273 4,609 14 1,486 2,112 431 (546) 5,100 (121) 3,388 183 110 440 152

2007 3,132 10,198 2,120 1,127 7,870 1,952 500 935 1,094 817 1,147 558 132 3,178 1,125 2,159 1,186 489 31,108 8,973 13,602 169 3,871 1,569 593 3,600 1,737 340 2,266 6,113 376 1,187 5,297 1,276 4,813 15 1,459 1,822 227 2,271 4,738 (164) 2,924 115 82 474 60

%08/07 (6.47) (25.83) 48.40 (4.32) (12.31) 99.74 530.19 5.25 (43.80) (14.48) 50.60 (5.94) 1893.08 12.87 34.20 (21.71) 0.78 96.31 26.86 13.76 23.36 41.09 11.21 (4.33) (214.22) 79.13 21.59 (0.20) 66.30 79.98 (1.14) (2.28) 4.60 (0.20) (4.24) (5.94) 1.87 15.94 89.61 (124.03) 7.64 (26.63) 15.87 59.05 34.75 (7.31) 154.83

2008 14,979 16,221 13,675 12,637 13,599 12,563 9,569 11,204 11,082 13,065 9,942 11,370 10,125 8,824 8,798 8,905 9,373 7,355 14,121 6,764 5,765 7,451 6,843 7,173 7,451 6,113 6,510 7,230 5,889 6,228 6,583 6,612 6,078 6,156 6,712 6,370 5,998 5,686 5,819 8,611 #VALUE 5,845 3,922 5,409 5,479 4,981 5,291

2007 15,012 15,568 11,880 10,755 9,293 11,998 8,276 11,385 8,000 8,071 8,400 14,720 8,934 8,347 7,120 6,122 7,479 7,962 13,531 8,232 4,504 5,455 5,986 5,927 6,446 7,332 5,992 5,622 6,811 5,200 6,521 5,994 5,124 2,846 5,011 6,533 5,786 4,545 1,948 6,644 #VALUE 5,137 4,008 2,652 4,613 3,258 4,000

%08/07 (0.23) 4.20 15.11 17.49 46.34 4.71 15.62 (1.59) 38.53 61.87 18.37 (22.76) 13.32 5.71 23.56 45.45 25.31 (7.62) 4.36 (17.83) 27.99 36.60 14.32 21.03 15.59 (16.63) 8.65 28.61 (13.53) 19.76 0.95 10.31 18.63 116.30 33.93 (2.50) 3.66 25.10 198.77 29.60 #VALUE 13.79 (2.16) 103.94 18.77 52.90 32.26

2008 460 694 74 305 691 48 70 120 133 238 779 221 92 150 32 17 375 281 2,250 135 54 164 344 55 281 37 364 114 34 255 170 81 4,584 222 284 62 46 66 50 810 51 129 149 27 40 158 177

2007 367 770 69 307 593 47 55 133 110 195 693 n.d 85 150 27 13 333 283 1,850 87 42 145 337 53 249 40 364 102 32 234 148 85 5,132 n.d 284 58 51 65 64 545 50 134 186 27 35 96 125

%08/07 25 (10) 7 (1) 17 2 27 (10) 21 22 12 8 0 19 31 13 (1) 22 55 29 13 2 4 13 (8) 0 12 6 9 15 (5) (11) 0 7 (10) 2 (22) 49 2 (4) (20) 0 14 65 42

2008 38 21 215 46 20 269 201 98 99 55 15 113 65 320 626 26 32 4 79 178 53 24 147 29 196 21 68 217 29 43 83 1 23 107 130 96 109 9 119 44 34 206 148 43 36

2007 89 21 199 41 24 254 135 89 89 37 13 108 63 289 545 23 64 7 101 174 40 23 143 34 188 19 54 284 23 47 83 2 18 127 128 78 32 11 116 40 32 102 149 74 37

%08/07 (57.08) 0.07 8.16 10.14 (16.20) 5.87 49.20 10.46 10.77 46.45 11.41 #VALUE 4.79 2.75 10.61 14.77 10.24 (50.12) (39.88) (21.52) 2.56 31.80 4.27 2.64 (14.90) 4.43 9.98 26.32 (23.32) 24.00 (8.38) (0.20) (26.33) #VALUE 25.10 (15.92) 0.97 23.51 236.11 (20.48) 2.48 10.78 7.67 102.05 (0.70) (42.57) (2.81)

77

Anlise Sectorial
Agricultura
Por Marcelino Boto e Jos Malia

Produo agrcola, pecuria e silvicultura

Na sequncia destes efeitos que criaram situao de emergncia, o Governo, em coordenao com os seus parceiros, realizou feiras de insumos agrcolas e distribuiu os mesmos nos locais afectados. Em consequncia destes e vrios outros esforos envidados pelo sector, as colheitas podem considerar-se boas, visto terem sido registadas melhorias da situao ao longo do segundo semestre de 2008. Em geral em 2008, o sector registou um

com meios para a realizao do seu trabalho. Implementao da Estratgia da Revoluo Verde, incluindo a promoo da utilizao de insumos agrcolas como sementes de variedades melhoradas, fertilizantes inorgnicos e pesticidas. Desenho e implementao do Plano de Aco para a Produo de Alimentos (PAPA), centrado em toda a cadeia de valores de produtos alimentares estratgicos, como por exemplo o milho, o trigo, o arroz e a batata reno. Direco das aces ao sector pblico e privado (pequenos produtores do sector familiar e o sector empresarial) nos seguintes produtos agrrios: arroz, milho, trigo, mandioca, batata reno, oleaginosas (girassol e soja), avicultura e piscicultura. Na presente edio, este sector conta com

oambique um pas marcadamente agrcola, sendo a agricultura uma

das bases fundamentais de suporte do desenvolvimento e crescimento da economia nacional, contribuindo com cerca de 20% para o PIB e 80% para as exportaes, principalmente atravs do acar, algodo, castanha de caju e madeira. Em geral, a produo agrcola em 2008 foi afectada pela irregularidade das chuvas e inundaes que assolaram alguns distritos da zona Sul e Norte do pas no primeiro semestre do ano. Estima-se que cerca de 323.000 hectares com culturas diversas tenham sido perdidas, representando cerca de 7% da rea total semeada com culturas alimentares bsicas, em consequncia das adversidades climticas registadas, incluindo o ciclone Jokw.

crescimento de 10.5%, tendo a Pecuria crescido 12.7%, a Agricultura 11.0% e Terras e Florestas, 1.5%, crescimentos estes que se deveram em certa medida aos seguintes factores combinados: Aumento em 24% da cobertura dos camponeses assistidos pelos servios pblicos de extenso, incluindo outsourcing. Por outro lado, houve um destacvel investimento na formao do pessoal que tambm foi melhor equipado

Tabela 1/ Table 1: Agricultura / Agriculture

Rank Empresa > Company Vol. de Neg. > Revenues (103 Meticais) 2008 Mozambique Leaf Tobacco, Lda Grupo Mofer, SA SAN-Sociedade Algodoeira do Niassa JFS, SARL CESAGRO, Lda Empresa Agricola de Xuxululo, Lda 3,205,000 225,505 77,980 32,385 3,665 Resultados Lquidos > Net Prots(103 Meticais) 2008 (130,000) 26,747 2,380 (17) 335 Activo Liquido > Net Assets (103 Meticais) 2008 2,694,000 1,085,776 128,430 4,076 2,589 Capitais Prprios > Shareholders Funds (103 Meticais) 2008 (1,019) 990,153 45,570 (15,120) 878 Custos Operacionais >Operating Costs (103 Meticais) 2008 3,335,000 360,088 75,600 32,402 3,291 N Trabalhadores > N of Employees 2008 5,053 2,250 125 36 16 VN por Trabalhador > Revenue per Employee 2008 661 110 530 967 229

2008 1 2 3 4 5

2007 1 n.a 2 n.a n.a

78

Sector Analysis

Agriculture

By Marcelino Boto and Jos Malia

Agriculture, livestock and silviculture

A 24% increase in coverage of farmers with public extension services, including outsourcing. On the other hand, there was considerable investment in staff training which were then better equipped with tools to undertake their duties.

Directing all activities to public and private sector (small household farmers and industrial sector) on the following produces: rice, maize, wheat, cassava, potato, sunower and soya, poultry and pisciculture. In this edition, the sector entered with ve

ozambique is markedly an agricultural country as agriculture is one of

its fundamental supporting base for development and growth of national economy, contributing 20% to GDP and 80% for export, mainly with sugar, cotton, cashew nut and timber. By and large, agricultural production was affected by irregular rainfall and oods that ravaged some districts to the South and North of Mozambique in the rst semester of the year. It is estimated that about 323.000 hectares with various crops have been lost, representing about 7% of the total sowed area with different staple food crops as a result of unusual weather conditions, including Jokw cyclone. As a result of this aftermath that caused an emergency situation, the Government of Mozambique in coordination with its partners, conducted agricultural input fairs, and these inputs were distributed in the affected areas. Following these and other efforts made by the sector, the crop yield may be considered as good as the situation improved over the second semester 2008. Generally in 2008, the sector had a 10.5% growth rate, with Livestock reaching 12.7%, agriculture 11.0% and Land and Forests, 1.5%, and these growth rates are largely due to the following combined factors:

Implementation of Green Revolution Strategy, including the use of agricultural input as improved seed varieties, inorganic fertilizers and pesticides. Design and implementation of Action Plan for Foodstuff Production (PAPA), focused on the chain of values for strategic staplefood, such as maize, wheat, rice and potato.

participants of which two rank among the top 100 Largest Companies of Mozambique, namely Mozambique Leaf Tobacco, Lda and Grupo Mofer, SA. It should be noted that the latter is a new entrant in the competition but went straight to the top 100 largest companies. The revenues of participating companies

79

100 Empresas de Moambique

a participao de cinco empresas das quais duas constam no ranking das 100 Maiores Empresas de Moambique, nomeadamente a Mozambique Leaf Tobacco, Lda e o Grupo Mofer, SA. Importa referir que esta participa pela primeira vez na pesquisa, tendo contudo entrado logo para o quadro das 100 maiores empresas. O volume de negcios das empresas participantes do sector agrrio alcanou cerca de 3,545 milhes de Meticais dos quais 3,431 milhes de Meticais provm do volume de negcios das empresas que constam no ranking das 100 Maiores Empresas de Moambique, representando um crescimento de 70.70 % em relao edio anterior. Em termos de resultados lquidos, as empresas participantes deste sector apresentam um prejuzo global que se cifra na ordem dos 101 milhes de

Meticais, representando no entanto uma reduo dos prejuzos do sector em 47.32% comparativamente a 2007, muito embora os resultados ainda continuem negativos. Apesar disso, o Grupo Mofer, SA apresenta lucros de 27 milhes de Meticais O Grupo Mofer, SA e a SANSARL, destacam-se pelo facto de terem sado respectivamente de uma situao de prejuzo de cerca de 146 e 25 milhes de Meticais em 2007, passando a obter lucros respectivos de cerca de 27 e 2 milhes de Meticais em 2008. No cmputo geral, os custos operacionais das empresas participantes na presente edio so de cerca de 3,806 milhes de Meticais, representando um aumento em 67.17% relativamente a 2007. Importa realar que cerca 97.08% dos custos operacionais do sector provm das empresas que fazem parte do ranking das 100 Maiores Empresas de Moambique.

Na presente edio, o sector como um todo empregou 7,480 trabalhadores, dos quais cerca de 97.63% esto empregados nas empresas que constam do ranking das 100 Maiores Empresas de Moambique. A empresa que mais se destacou em termos empregabilidade a Mozambique Leaf Tobacco, Lda com 5,053 trabalhadores, seguida do Grupo Mofer, S.A com 2,250 trabalhadores, tendo esta registado o maior crescimento deste indicador no sector (22% em relao a 2007). Em termos de volume de negcio por trabalhador destaca-se a CESAGRO, Lda com 967 milhes de Meticais.

80

100 Empresas de Moambique

from the agricultural sector totaled 3,545 million Meticais of which 3,431 million Meticais are from those companies ranking in the top 100 Largest Companies, representing 70.70 % growth as compared to the previous edition. As far as net prots are concerned the participating companies in this sector depict an overall loss of about 101 million Meticais, representing however a decrease in loss of about 47.32% as compared to 2007, though the results are still in downfall end. Despite all this, Grupo Mofer, SA presents a 27 million Meticais prot, while

Grupo Mofer, SA and SAN-SARL stand out for being able to rise from a 146 and 25 million Meticais loss in 2007, to a 27 and 2 million Meticais prot in 2008, respectively. In general, the operating costs of this editions participating companies are about 3,806 million Meticais, representing a 67.17% increase as compared to 2007. It should be highlighted that about 97.08% of the sector operating costs derive from companies ranking in the top 100 Largest Companies of Mozambique.

In this edition, the sector as a whole employs 7,480 workers of which 97.63% are in the employ of companies ranking in the top 100 Largest. The company with the largest number of employees is Mozambique Leaf Tobacco, Lda with 5,053 workers, followed by Grupo Mofer, S.A with 2,250 workers and the latter with the highest growth of this indicator in the sector (22% as compared to 2007). In terms of revenue per employee, CESAGRO, Lda stands out with 967 million Meticais.

81

100 Empresas de Moambique

Alimentao e Bebidas
Por: Nelson Seram

Dezembro de 2008 de cerca de 11,82%, com a diviso da alimentao e bebidas no alcolicas a ditar signicativamente esta tendncia de agravamento do nvel geral de preos contribuindo no total da inao acumulada com 9,64%. Tendo como referncia a inao mdia de 12 meses, o pas registou em 2008, um agravamento de preos em mdia de 14,50%. No caso especco da diviso da alimentao e bebidas, esta inao situouse em 18,85%. O sector conta com a participao de sete empresas, das quais seis se encontram entre as 100 Maiores Empresas de Moambique. Destas empresas participantes, cerca de 57% operam no mercado h mais de 10 anos e encontramse localizadas em quase todo pas. O total do volume de negcios registados pelas empresas do sector foi de 7,404 milhes de Meticais, com uma variao de 10.89% comparativamente ao ano transacto. Do volume total de negcios, 99.95% absorvido pelas empresas que fazem parte do ranking das 100 Maiores Empresas de Moambique. O destaque para maior volume de negcios neste sector vai para a Cervejas de Moambique, SARL, que conta com 788 trabalhadores, correspondente a 33% do total de 2,381 trabalhadores das empresas participantes neste sector. No tocante aos resultados lquidos globais, o sector apresentou um lucro de 943 milhes de Meticais correspondendo a um aumento de 34.42% comparativamente a 2007. Neste resultado, o maior contributo destacado, mais uma vez, pela Cervejas de Moambique, SARL com o seu resultado cifrando em 788 milhes de Meticais. O sector apresenta custos operacionais na ordem dos 3,510 milhes de Meticais, dos quais 50.56% so absorvidos pela CocaCola, SARL. Este sector apresenta a maior taxa de rentabilidade de capitais prprios (41.01%), com o maior contributo nesta rendibilidade da A & L Enterprises, Lda com uma taxa de 256%.

ara Moambique, o sector da alimentao e bebidas mostra-se como

um dos fundamentais para o crescimento sustentvel da economia ao desempenhar um papel muito importante concorrendo satisfao, na sua maioria, de necessidades primrias. A campanha Made in Mozambique, vivamente difundida, encoraja no s o sector como tambm a economia no seu todo a um crescimento do produto interno com maior conana e orgulho. Este um dos sectores que recebe um impulso adicional no mbito do alvio pobreza absoluta, sendo que o governo procura galvanizar a produo agrcola local atravs dos fundos alocados s comunidades nos distritos. O sector teve um desempenho positivo, registando um crescimento de 5.8% relativamente a 2007. O crescimento deste grupo foi inuenciado positivamente pelo aumento do consumo de produtos nacionais, fruto da campanha de promoo Made in Mozambique, pelo aumento dos nveis de produo dos lacticnios e das empresas produtoras de leos renados e pela colocao do produto em todo o pas, no obstante a prevalncia de diculdades em relao concorrncia de produtos similares, de origem duvidosa, comercializados a preos baixos. Segundo dados do INE, Moambique registou uma inao acumulada em

Tabela 2 / Table 2: Alimentao e Bebidas / Food and Beverages

Rank 2008 1 2 3 4 5 6 7 2007 1 2 3 5 4 n.a 6 Cervejas de Moambique, SARL Coca-Cola Sabco (Moambique), SARL guas de Moambique, SARL. S. E. Ginwala & Filhos, Lda Lusovinhos, Lda A & L Enterprises, Lda guas de Goba, Lda. Alimentao e bebidas Alimentao e bebidas Alimentao e bebidas Alimentao e bebidas Alimentao e bebidas Alimentao e bebidas Alimentao e bebidas Empresa > Company Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 4,334,000 2,038,000 503,000 186,157 175,728 163,470 4,000 2007 3,828,230 1,894,000 491,000 139,858 153,005 162,980 8,000 %08/07 13 8 2 33 15 0 (50) Resultados Lquidos > Net Prots (103 Meticais) 2008 788,000 193,000 (41,000) 491 1,893 920 0 2007 662,000 210,000 (174,000) 655 2,880 240 n.d %08/07 19 (8) 76 (25) (34) 283 Resultados Antes dos Inpostos (103 Meticais) 2008 1,105,000 288,000 (41,000) 877 2,978 1,040 1,000 2007 920,000 313,000 (174,000) 1,113 4,030 1,660 1,000 %08/07 20 (8) 76 (21) (26) (37) 0 2008 4,132,000 1,398,000 412,000 43,610 191,249 58,690 5,000 Activo Liquido > Net Assets (103 Meticais) 2007 2,767,000 1,481,000 437,000 31,637 159,396 110,760 5,000 %08/07 49 (6) (6) 38 20 (47) 0 Activo Corrente > Current Assets (103 Meticais) 2008 1,015,000 420,000 357,000 35,970 154,758 44,360 1,000 2007 639,000 663,000 406,000 24,540 119,068 99,920 1,000 %08/07 59 (37) (12) 47 30 (56) 0

82

100 Empresas de Moambique

Food and Beverages

By: Nelson Seram

data, Mozambique has registered accumulated ination, in December 2008, of about 11,82%, with the group of food and non alcoholic products signicantly dictating this general price levels aggravation trend, contributing in the total of accumulated ination with 9.64%. Having as reference the average ination of 12 months, the country registered, in 2008, an aggravation of prices of 14.50%, on average. In the specic case of the food and beverages division, this ination was around 18.85%. This sector comprises seven companies. Six of these companies are among the Mozambique 100 Larger Companies. Among these participating companies, around 57% have been operating in the

market for more than 10 years and are located all over the country. The total business volume registered for the sector companies was 7.404 million Meticais, with a variation of 10.89% when compared to previous year. 99.95% of the total business volume, are absorbed by companies belonging of the ranking of the 100 Larger Companies of Mozambique. The prominence for larger business volume in this sector goes to Cervejas de Moambique, SARL, with 788 workers, a number that is 33% of the total of 2,381 workers of all the companies of this sector participating in the contest. In what concerns global net prots, the sector presented a prot of 943 million Meticais which corresponds to an increase of 34.42%, compared to 2007. In this result, the largest contributor is, once more, Cervejas de Moambique, SARL, showing a result of 788 million Meticais. The sector presents operational costs of about 3.510 million Meticais, of which 50.56% are absorbed by Coca-Cola, SARL. This sector presents the largest protability ratio of shareholders funds (41.01%), being the largest contributor in this ratio A & L Enterprises, Lda with a tax of 256%.

ozambique food and beverages sector is one of the fundamental

ones for the economy sustainable growth, playing a very important role concurring to the satisfaction of the majority, of primary needs. Made in Mozambique campaign, broadly spread, encourages not only this sector, but also the economy as a whole, to a growth of the internal product with greater condence and pride. This is one of the sectors that receives additional pulse, within absolute poverty relief program, as the government seeks to galvanize local agricultural production through the funds allocated the communities in the districts. The sector had positive performance, registering a growth of 5.8% in 2007. This growth was positively inuenced by the increase in the consumption of national products, as a result of the promotion campaign Made in Mozambique, by the increase of production levels of dairy products and rened cooking oils and by distribution of the product all over the country, in spite of the prevalence of difculties related to competition by similar products, of doubtful origin, marketed at low prices. According to INE (Instituto Nacional de Estatstica: National Statistics Institute)

Tabela 2 / Table 2: Alimentao e Bebidas / Food and Beverages

Passivo Total> Total Liabilities (103 Meticais) 2008 2,111,000 446,000 914,000 35,094 161,717 58,330 6,000 2007 1,074,000 656,000 899,000 23,612 131,388 11,040 5,000 %08/07 97 (32) 2 49 23 428 20 Passivo Corrente> Current Liabilities (103 Meticais) 2008 1,261,000 446,000 271,000 28,486 75,808 58,330 6,000 2007 721,000 656,000 280,000 20,418 95,935 11,040 5,000 %08/07 75 (32) (3) 40 (21) 428 20 Capitais Prprios > Shareholders Funds (103 Meticais) 2008 2,021,000 952,000 (503,000) 8,515 29,098 360 (1,000) 2007 1,693,000 825,000 (462,000) 8,025 28,009 360 n.d %08/07 19 15 (9) 6 4 0 Custos Operacionais > Operating Costs (103 Meticais) 2008 715,000 1,775,000 501,000 184,357 168,609 162,430 4,000 2007 658,000 1,615,000 568,000 136,041 145,055 158,100 7,000 %08/07 9 10 (12) 36 16 3 (43) Rent. VN > Prot/Revenue (%) 2008 18 9 (8) 0 1 1 0 2007 17 11 (35) 0 2 0 Rent. A. Liq > Rent. Net Asset (%) 2008 19 14 (10) 1 1 2 0 2007 24 14 (40) 2 2 0 Rent. C.P. > S/hs Funds (%) 2008 42 22 8 6 7 256 2007 43 25 46 8 11 25 Liquidez Geral > Current Ratio 2008 1 1 1 1 2 1 0 2007 1 1 1 1 1 9 0 2008 788 750 566 114 81 62 20 N Trabalhadores > N of Employees 2007 763 620 592 102 85 58 19 %08/07 3 21 (4) 12 (5) 7 5 VN por Trabalhador > Revenue per Employee 2008 5,589 2,975 869 1,724 2,117 2,725 205 2007 5,118 3,105 794 1,295 2,013 3,075 432 %08/07 9 (4) 9 33 5 (11) (53)

83

100 Empresas de Moambique

Banca e Leasing
Por: Celso Raposo e Iolanda Lopes

economia no geral e o sector bancrio em particular enfrentam, hoje em dia, um enquadramento competitivo em acelerada mudana, fruto de alteraes de carcter estrutural que tm vindo a ocorrer, essencialmente originadas pelo impacto da revoluo tecnolgica em curso. Estas mudanas tm conduzido a profundas alteraes na estrutura da actividade do sector bancrio, reectindose, nomeadamente, na organizao da oferta bem como nas caractersticas da procura. Sendo assim, importante que os bancos actuem com rapidez e determinao no sentido de adaptarem a sua proposta de valor e potenciarem os seus factores distintivos no quadro da nova estrutura competitiva e, simultaneamente, responderem de forma ecaz s novas necessidades dos consumidores. Em 2008, o Banco de Moambique e as principais Instituies de Crdito completaram a transio para os IFRS (Normas Internacionais de Relato Financeiro), metodologia segundo a qual os activos em carteira so avaliados continuamente com base no seu valor de mercado, representando um passo dado para o melhoramento da transparncia e qualidade da informao apresentada ao pblico. Os resultados apurados com a implementao das IFRS indicam prejuzos de 542.7 milhes de Meticais em 2007 para 1,461.1 milhes de Meticais em 2008. Esta situao tende a manter-se com impacto negativo da crise nanceira internacional, resultando na perda signicativa do valor de mercado dos instrumentos nanceiros de bolsa, como tambm da volatilidade e enfraquecimento tendencial do Dlar Americano no mercado internacional. O ano em revista, foi marcado por vrios acontecimentos importantes no sector bancrio, nomeadamente: A entrada de duas novas instituies bancrias no nosso mercado e o aumento do nmero de agncias em 67, totalizando 343 balces em todo o Pas, servindo 44 distritos, contrariamente aos 33 nos nais de 2007;

A autorizao da constituio de quatro cooperativas de poupana e emprstimo, dezassete operadores de micro crditos e cinco micro bancos, para alm de ter sido ampliada a rede de ATMs, POS e o nmero de contas bancrias no sistema bancrio; O projecto de constituio de uma Sociedade Interbancria de Servios para assegurar a interoperacional idade das diferentes redes de pagamento electrnico existentes e o processamento de todas as transaces de retalho atravs de um switch domstico nico; A aprovao da Lei 2/2008, de 27 de Fevereiro Lei do Sistema Nacional de Pagamentos, que veio aperfeioar o quadro legal para a operacionalidade das vrias componentes do sistema, incluindo o subsistema de liquidao de transferncia por grosso em tempo real; A aprovao da Lei 11/2009, de 11 de Maro, nova lei cambial, revogando a Lei 3/96, de 4 de Janeiro, que consagra o princpio de liberalizao das transaces correntes e dene as competncias do Banco de Moambique, na sua qualidade de Autoridade Cambial, para a colecta de informao necessria para melhoria da gesto da posio externa de Moambique, em conformidade com as prticas dos pases da regio. Com o comportamento desfavorvel no mercado nanceiro internacional em 2008, o activo agregado das instituies que participaram neste sector apresentaram uma tendncia decrescente, tendo minguado em 6.87 % quando comparado com o ano de 2007, perfazendo um total de 75,719 milhes de MT contra os 81,301 milhes de MT vericados em 2007. Os quatro maiores bancos de Moambique, nomeadamente o Banco Internacional de Moambique, o Banco Comercial e de Investimentos, o Standard Bank e o Barclays Bank, detm cerca de 90.2% (menos 0.4 pp que em 2007) do total dos activos agregados do sector, enquanto que 9.8 % detido pelos restantes bancos. Aps uma queda na comparticipao dos activos mdios remunerados no total do activo de 2007, em 2008 estes vericaram uma subida de 3.80pp, passando de 78.8% em 2007 para os 82.60%. Os passivos mdios onerosos, representando cerca de 76% do passivo em 2008, observaram uma

tendncia esttica em relao a 2007. Em 2008, os depsitos agregados do sistema atingiram 75,963 milhes de MT contra 63,099 milhes de MT em 2007, representando um crescimento de 20%, menos 3pp que em 2007 em termos nominais, acompanhando o mesmo crescimento da massa monetria, medido pelo M2. No ano de 2008, o crdito observou um crescimento surpreendente de 42% quando comparado com 2007, altura em que cresceu cerca de 16%, atingindo 43,395 milhes de MT em 2008 (2007:30,557 milhes de MT). O aumento do crdito economia est associado (i) forte procura por crdito, tanto pelas empresas, para nanciamento de meios circulantes e para investimento, como por particulares, para consumo e aquisio de bens imobilirios, (ii) ao aumento de projectos de investimento de risco aceitvel e com maiores retornos e (iii) ao desinvestimento das aplicaes no mercado estrangeiro dado o cenrio econmico do mesmo em 2008. Em 2008, o crescimento dos lucros lquidos foi de 19.26% (2007: 15%), totalizando MT 3,235 milhes de MT (2007:2 713 milhes de MT). Em 2008, os bancos necessitaram numa base agregada de 0.48 Meticais para produzir 1 Metical, medindo assim um rcio de ecincia de cerca de 47.79% (2007: 59.22%). A ecincia decresceu em relao a 2007, resultado de um crescimento menos que proporcional dos custos operacionais (70%), quando comparados ao crescimento do produto bancrio (76%). O alto crescimento dos custos operacionais continua a ser causado pelos elevados custos estruturais, pelos planos de expanso da rede bancria no pas, e tambm pelo aumento do preo de bens e servios especcos.

84

100 Empresas de Moambique

Banking and Leasing

By: Celso Raposo and Iolanda Lopes

and ve micro banks apart from the expansion of the ATM, POS network and the number of bank accounts in the banking system; The project for the creation of an Interbanking Service Society to ensure the interoperacionality of the existing different electronic payment networks and the processing of all retain transactions through a single domestic switch; The approval of Law 2/2008, of 27 February Law on the National Payment System which has improved the legal framework for the operationalization of the various components of the system including the subsystem of liquidation of wholesale transfer in real time; The approval of Law 11/2009, of 11 March, new exchange law, revoking Law 3/96, of 4 January, which enshrines the principal of liberalization of current transactions and denes the responsibilities of the Bank of Mozambique, in its capacity as the Exchange Authority, for the collection of necessary information for the improved management of the external position of Mozambique in accordance with the practices of the region. With the unfavourable behaviour of the international nancial market in 2008, the aggregate asset of the institutions that participated in this sector showed a downward trend having decreased by 6.87 % in comparison with the year 2007, amounting to a total of 75,719 million MT against the 81,301 million MT registered in 2007. The four major banks of Mozambique, namely, Banco Internacional de Mocambique, Banco Comercial e de Investimentos, Standard Bank and Barclays Bank, detain about 90.2% (minus 0.4 pp in relation to 2007) of the total aggregate assets of the sector whereas 9.8 % is detained by the remaining banks. After a decrease in the contribution of the remunerated medium assets to the total assets of 2007, in 2008 these rose by 3.80pp, grew from 78.8% in 2007 to 82.60%. The medium liabilities, which represent about 76% of the total liability in 2008, remained stationary in relation to 2007.

he economy in general and the banking sector in particular nowadays face a fast changing competitive framework as a result of changes of structural nature that have occurred essentially caused by the impact of ongoing technological revolution. This situation has led to major changes in the structure of banking activities with reection on the organization of the offer as well as the nature of the demand. It is, therefore, important that banks act swiftly and with determination so as to adapt their proposal of value and strengthen its distinguishing factors within the framework of the new competitive structure and simultaneously respond ,in an effective manner, to the needs of the consumers. In 2008, the Bank of Mozambique and the major Credit Institutions completed the transition to IFRS (International Financial Reporting Standards), a method according to which asset portfolios are assessed continuously on the basis of their market value which represent a step forward in the improvement of transparency and quality of information provided to the public. The results achieved with the implementation of IFRS show a loss of 542.7 million Meticais in 2007 to 1,461.1 million Meticais in 2008. This situation tends to prevail with negative impact of the international nancial downturn, resulting in a signicant loss of the market value of the nancial instruments of the stock market as well as the volatile and weakening tendency of the American dollar in the international market.. The year under review was market by several important events in the banking sector, namely: The entry of two new banking institutions into our market and the increase of the number of agencies in 67 totalling 343 branches across the country, serving 44 districts against the 33 by late 2007; The authorization of incorporation of four savings and loan cooperatives, seventeen micro credit operators

In 2008, the aggregate deposits of the system reached 75,963 million MT against 63,099 million MT in 2007, representing a 20% growth, 3pp less than in 2007 in nominal terms, accompanying the same monetary mass growth measured by M2. Credit, in the year 2008, showed a surprising increase of 42% in comparison with 2007, period during which it increased in about 16%, reaching 43,395 million MT in 2008 (2007:30,557 million MT). The increase of credit to the economy is associated to (i) the strong demand of credit by businesses for nancing of vehicles and for investment as well as by individuals for consumption and house purchase, (ii) the increase of investment projects of acceptable risk and with greater return and (iii) the disinvestment in the foreign market due to the economic outlook in 2008 The growth of net prot was 19.26% in 2008 (2007: 15%), totalling 3,235 million MT (2007:2 713 million MT).

In 2008, the banks needed in an aggregate basis 0.48 meticais for the production of 1 Metical, thus measuring an efciency ratio of almost 47.79% (2007: 59.22%). The efciency decreased in relation to 2007 as a result of a less than proportional growth of operating costs (70%), when compared to the growth of banking product (76%). The high growth of operational costs continues to be the caused by the high structural costs due to the bank network expansion plans throughout the country and the increase of the price of specic goods and services as well.

85

100 Empresas de Moambique

Tabela 3 / Table 3: Banca e Leasing / Banking and Leasing

Rank
2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2007 1 2 3 4 5 16 6 7 8 9 14 12 10 11 13 n.a 15 BIM-Banco Internacional de Moambique, SARL BCI-Banco Comercial e de Investimentos, SARL Standard Bank, SARL Barclays Bank Moambique, SA Banco Procredit, SA. FNB - First National Bank Moambique, SA African Banking Corporation (Mozambique), SARL Socremo - Banco de Micronanas, S.A. The Mauritius Commercial Bank, SA Gapi, SARL ICB - Banco Internacional de Comrcio, SARL. Tchuma, SARL BMI-Banco Mercantil e de Investimentos, SARL CPC- Cooperativa de Poupana e Crdito, SARL Banco Oportunidade de Moambique, SARL Moza Banco Afzal Cmbios

Empresa > Company

Vol. de Neg. > Revenues (103 Meticais)

2008 4,133,848 1,927,000 1,879,947 1,044,600 335,557 224,310 218,000 204,762 129,000 98,500 84,523 62,230 52,745 50,735 44,801 29,266 5,562

Resultados Lquidos > Net Prots (103 Meticais)

2008 1,755,301 516,200 710,804 130,500 (9,615) 44,351 59,000 17,719 30,000 4,800 6,481 9,919 (34,293) 16,483 3,988 (27,677) 1,442

Activo Liquido > Net Assets (103 Meticais)

2008 35,477,276 23,830 21,360,549 7,947,400 1,116,845 1,855,592 2,672,000 696,443 1,434,000 590,300 343,579 246,387 377,764 755,566 151,790 664,724 4,626

Capitais Prprios > Shareholders Funds (103 Meticais)

2008 4,614,845 1,936 1,700,497 626,800 173,143 256,112 421,000 108,018 303,000 244,900 94,289 93,696 34,108 145,417 86,844 347,323 (4,120)

Custos Operacionais > Operating Costs (103 Meticais)

2008 1,950,702 1,150 944,817 877,100 346,785 172,490 147,000 174,500 83,000 82,900 58,894 48,326 10,896 34,253 36,645 56,942 4,120

N Trabalhadores > N of Employees

2008 1,635 843 673 1,027 691 135 54 344 56 91 71 123 53 15 110 39 7

VN por Trabalhador > Revenue per Employee

2008 2,663 2,474 3,006 1,160 523 2,021 4,542 601 2,304 1,139 1,190 543 1,005 3,171 439 0 695

86

100 Empresas de Moambique

Seguros
Por: Abdul Jivane

ctualmente, a indstria de seguros em Moambique composta por sete operadores, nomeadamente Seguradora Internacional de Moambique, Empresa Moambicana de Seguros, Global Alliance Seguros, Hollard Seguros Moambique, Moambique Companhia de Seguros, MozRe e Austral Seguros. Do conjunto das sete companhias, duas so compostas (ramo vida e no vida) e as restantes, operam no ramo no vida. At 1990, este sector vinha operando em regime de monoplio atravs do estabelecimento pelo Estado da EMOSE e em 1992, surge a mpar Companhia Geral de Seguros de Moambique e a CGSM com a liberalizao da economia em 1991. De 1993 a 2008, entraram no mercado mais quatro seguradoras mas, ainda assim, o sector apresenta elevada concentrao do volume de negcios, activo total e nmero de trabalhadores nas duas maiores seguradoras (SIM e EMOSE) com 58% em 2008 e 66% em 2007; 81% em 2008 e 87% em 2007; 83% em 2008 e 90% em 2007, respectivamente. Este sector registou em 2008, um crescimento notvel do volume de negcios de 25%, ao passar de 2,592,069 mil MT em 2007 para 3,229,536 mil MT em 2008. Como consequncia, o ndice de penetrao do sector de seguros na economia aumentou (volume de negcios sobre o PIB) de 0.9% em 2006 para 1.3% em 2007 e 1.5% em 2008. Esta situao deveu-se de entre vrios, aos seguintes factores: Crescimento econmico sustentvel, gerando maior riqueza e consequente procura por servios de seguro; Liberalizao da economia o que permitiu a entrada de mais operadores;

Estabilidade poltica e econmica, incentivos scais ao investimento estrangeiro, melhoria do ambiente de negcios, reforma econmica sustentvel, liberalizao da exportao de dividendos e lucros das empresas o que atraiu mega projectos como a Mozal aluminium smelter, Sasol gas pipeline e o projecto de titnio de Moma. Estes projectos, incluindo a HCB, contribuem com cerca de 70% das exportaes do pas. Atravs destes investimentos, o valor dos investimentos em activo xo e exportaes cresceu signicativamente traduzindo-se no aumento da produo em termos dos prmios brutos emitidos pelas seguradoras para cobrir riscos de seguro de propriedades contra incndios e bens em trnsito apesar de parte signicativa do risco ser segurada no estrangeiro. O seguro de propriedades contra incndios, representa cerca de 15% dos prmios brutos emitidos. Melhoria da regulamentao legal do sector segurador, dentre os quais se destacam: - Aprovao da lei no 2/2003, que estabelece a obrigatoriedade de seguro de automveis contra acidentes a terceiros e danos de propriedades de terceiros. Como consequncia, os prmios brutos emitidos com relao a este ramo cresceram de forma signicativa, com impacto assinalvel em 2007 e 2008. - Aprovao da Lei no 23/2007 de Agosto de 2007, que atribui responsabilidade exclusiva do seguro de trabalhadores contra acidentes de trabalho a entidade empregadora. Como corolrio desta lei, a contribuio deste ramo aumentou para 10% em 2008 do total do ramo no vida. - Obrigatoriedade da constituio de seguro contra a poluio das guas moambicanas pelos proprietrios dos navios; - Obrigatoriedade de constituio de seguro contra indemnizao prossional pelos

correctores e agentes de seguro. Aumento signicativo do parque automvel que, aliado obrigatoriedade de constituio de seguro automvel contra acidentes a terceiros, elevou signicativamente a contribuio deste ramo na produo total do sector. Em 2007, este ramo representava cerca de 46% dos prmios brutos emitidos do ramo no vida, prevendo-se ligeira alterao em 2008. Fortalecimento da competitividade entre os correctores e agentes de seguro na distribuio dos servios e produtos das seguradoras. Actualmente existem 26 correctores de seguro com destaque para a Alexander Forbes (33.4% da quota de mercado), Poliseguros, 23% e Glenrand (18%). As vendas atravs dos intermedirios representam cerca de 55% da produo total. Introduo de produtos inovadores como o bancassurance. Apesar deste crescimento notvel, o sector dos seguros continua com uma expresso insignicante na economia, se avaliarmos a sua contribuio no PIB, nmero de trabalhadores, activo total e nmero de operadores do sector. Uma anlise microscpica deste sector mostra o seguinte: Ameaa de novas entradas - o baixo ndice de penetrao do sector dos seguros na economia mostra a pouca apetncia deste sector pelos investidores, com um prmio per capita de 3.16. USD. Em 2007, Moambique cou posicionado na 124a posio (face 22a posio conquistada pela frica do Sul) no ramo no vida, com uma produo de 0.005% da produo da economia mundial. Contudo, se olharmos para a tendncia do rpido crescimento do ramo no vida, que representa aproximadamente 87% (incluindo acidentes pessoais e sade) da produo total do sector em Moambique, contra 13% do

Tabela4 / Table4: Seguros / Insurance

Rank 2008 1 2 3 4 5 6 2007 2 1 4 3 5 6 SIM - Seguradora Internacional de Moambique, SARL Emose, SARL Hollard Seguros, SARL Global Alliance CGSM Seguros, SARL Moambique Companhia de Seguros, SARL. MOZRE, SA Seguros Seguros Seguros Seguros Seguros Seguros Empresa > Company Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 1,139,000 748,000 631,688 588,260 81,308 41,280 2007 948,000 775,000 312,145 484,070 60,633 12,221 %08/07 20 (3) 102 22 34 238 Resultados Lquidos > Net Prots (103 Meticais) 2008 179,000 54,000 32,155 14,997 5,645 (6,860) 2007 164,000 25,000 62,162 30,810 2,568 (1,501) %08/07 9 116 (48) (51) 120 (357) Resultados Antes dos Inpostos Meticais) 2008 257,000 54,000 50,630 21,642 5,867 (6,860) 2007 171,000 25,000 74,373 45,304 2,963 (1,501) (103 Activo Liquido > Net Assets (103 Meticais) %08/07 50 116 (32) (52) 98 (357) 2008 2,699,000 2,650,000 607,342 437,545 120,498 58,960 2007 2,366,000 2,471,000 336,184 228,610 98,622 51,540 %08/07 14 7 81 91 22 14 Activo Corrente > Current Assets (103 Meticais) 2008 2,666,000 617,000 518,637 409,728 88,968 51,010 2007 2,343,000 521,000 135,148 163,230 55,885 48,820 %08/07 14 18 284 151 59 4

90

100 Empresas de Moambique

By: Abdul Jivane

Insurance

nsurance industry in Mozambique is, presently, made up by seven operators, namely: Seguradora Internacional de Moambique, Empresa Moambicana de Seguros, Global Alliance Seguros, Hollard Seguros Moambique, Moambique Companhia de Seguros, MozRe and Austral Seguros. Among the seven companies, two are mixed (life and general insurance companies) operating the remaining ones, in the category of non-life insurance. Up to 1990, this sector was operating in a monopoly regimen through EMOSE, founded by the Government; in 1992 mpar - Companhia Geral de Seguros de Moambique was founded and CGSM, in 1991, with the liberalization of the economy. From 1993 to 2008, four more insurance companies appeared in the market but, nevertheless, the higher of concentration of business volume, total assets and number of employees pertains to the two larger insurance companies (SIM and EMOSE) with 58% in 2008 and 66% in 2007; 81% in 2008 and 87% in 2007; 83% in 2008 and 90% in 2007, respectively. This sector registered in 2008, notable growth of business volume, around 25%, going from 2,592,069 thousand meticais in 2007 to 3,229,536 thousand meticais in 2008. As consequence, the insurance sector penetration index in the economy increased (business volume over GDP) from 0.9% in 2006 to 1.3% in 2007 and to 1.5% in 2008. This situation was due, among several other, to the following factors: Sustainable economic growth, generating greater wealth and consequent search for insurance services; Economy liberalization that allowed the appearance of more operators;

Political and economic stability, scal incentives to foreign investment, improvement of businesses atmosphere, sustainable economic reforms, companies dividends and prots export liberalization that attracted mega projects like Mozal aluminium smelter, Sasol gas pipeline and Moma titanium of project. These projects, including HCB, contribute with about 70% of the country exports. Through these projects, the investments value, in xed assets and exports, increased, resulting in an increase of written premiums by insurance companies covering properties risks against res as well as goods in transit, despite the fact that a signicant part of this risk being insured abroad. The insurance of properties against res, is about 15% of the gross premiums issued. Improvement of the legal regulations of the insurance sector, including, among others: - Approval of the law 2/2003, that establishes the compulsory nature of insurance of automobiles covering accidents to third parties and damage to third parties properties. As consequence, gross premiums issued in this branch grew in a signicant way, with notable impact in 2007 and 2008. - Approval of the Law 23/2007, in August 2007, that assigns exclusive responsibility of the workers insurance covering work accidents to the employer. As corollary of this law, the contribution of this branch increased, in 2008, to 10% of the total of life insurance category. - Compulsory nature of constitution insurance covering pollution of Mozambican waters by ship owners; - Compulsory nature of constitution insurance against professional indemnication for brokers and insurance agents.

Signicant increase of number of circulating automobiles, together with the compulsory nature of constitution of insurance of automobiles covering accidents to third parties, signicantly augmented this branch contribution in the sector total production. In 2007, this category was about 46% of the written premiums on the non-life branch, being faster change foreseen for 2008. Strengthening of the competitiveness among the brokers and insurance agents in distribution of insurance companies services and products. Presently 26 insurance brokers are operating with prominence to Alexander Forbes (33.4% of the market share), Poliseguros, 23% and Glenrand (18%). Sales through middlemen are about 55% of the total production. Launch of innovative products as is bancassurance. In spite of this notable growth, the insurance sector has still insignicant expression in the economy, considering its contribution to the GDP, number of workers, total assets and number of operators of the sector. A microscopic analysis of this sector reveals the following: Threats of new entrances - the low penetration index of the insurance sector in the economy shows the little appeal of this sector to the investors, with a per capita premium of 3.16 USD. In 2007, Mozambique was ranked 124 (compared to 22nd position achieved by South Africa) in the non-life branch, contributing with 0.005% of the world economy production. However, if we consider the fast growth trend of the non-life branch, that constitutes approximately 87% (including personal accidents and health) of the total production of the sector in Mozambique, against 13% of the life branch, it is very probable that within short or medium term, other operators will enter the market to explore this branch.

Passivo Total> Total Liabilities (103 Meticais) 2008 2,004,000 1,447,000 411,736 335,545 78,748 34,320 2007 1,798,000 1,360,000 155,733 228,607 60,957 20,040 %08/07 11 6 164 47 29 71

Passivo Corrente> Current Liabilities (103 Meticais) 2008 170,000 909,000 411,736 335,545 78,748 15,750 2007 121,000 700,000 113,932 141,454 60,957 5,700 %08/07 40 30 261 137 29 176

Capitais Prprios > Shareholders Funds (103 Meticais) 2008 695,000 1,203,000 195,606 101,992 41,750 24,640 2007 568,000 1,111,000 180,451 87,153 37,665 31,500 %08/07 22 8 8 17 11 (22)

Custos Operacionais > Operating Costs (103 Meticais) 2008 895,000 614,000 570,146 586,622 73,130 48,140 2007 750,000 459,000 232,129 302,630 58,190 21,100 %08/07 19 34 146 94 26 128

Rent. VN > Prot/Revenue (%) 2008 16 7 5 3 7 (17) 2007 17 3 20 6 4 (12)

Rent. A. Liq > Rent. Net Asset (%) 2008 7 2 5 3 5 (12) 2007 7 1 18 13 3 (3)

Rent. C.P. > S/hs Funds (%) 2008 28 5 17 16 14 (24) 2007 33 2 42 39 7 -

Liquidez Geral > Current Ratio 2008 16 1 1 1 1 3 2007 19 1 1 1 1 9 2008 127 426 34 57 14 5

N Trabalhadores > N of Employees 2007 125 535 27 34 12 3 %08/07 2 (20) 26 68 17 67 2008 9,040 1,557 20,711 12,929 6,254 10,320

VN por Trabalhador > Revenue per Employee 2007 7,584 1,431 14,188 14,237 5,053 %08/07 19 9 46 (9) 24 -

91

100 Empresas de Moambique

ramo vida, muito provvel que a curto e mdio prazo, outros operadores entrem no mercado para explorar este ramo. Em termos dos requisitos legais, os capitais mnimos para constituio de uma empresa de seguros em Moambique aparecem como um entrave entrada de novos operadores. O capital mnimo para o ramo no vida de 33 milhes de MT, 67 milhes de MT para o ramo vida e 100 milhes de MT para os dois ramos a serem explorados pela mesma entidade. A lei obriga ainda a apresentao de contas separadas para cada ramo. Rivalidade entre os concorrentes Os operadores encontram no preo, qualidade de prestao de servios, inovao em termos de produtos e servios oferecidos ao mercado e dimenso, factores de diferenciao e competitividade. A SIM, produto duma fuso entre a mpar e a SIM, detida pelo grupo BIM, cujo accionista maioritrio o Banco Comercial Portugus um caso oned, apesar da fuso, as duas marcas foram mantidas, pelo que a mpar continua nos canais de distribuio com os correctores e a SIM no bancassurance, dada a rede extensive de balces do BIM espalhada pelo pas. A SIM explora os dois ramos, vida e no vida. A EMOSE uma empresa detida maioritariamente pelo Estado, 80% e os restantes 20% pelos trabalhadores. At 1991, a empresa detinha o monoplio desta actividade e mesmo aps a liberalizao desta actividade, esta manteve um grande nmero de balces em todo o pas. Apesar de j no possuir a liderana do sector, detm uma quota de mercado considervel, de 30% do ramo no vida. A Hollard foi fundada em 2001 e detida maioritariamente pela South African Insurance e Investment Group Hollard, encontrando-se a explorar o ramo no vida. A Global Alliance, que iniciou as suas actividade em 1993 como Companhia Geral de Seguros de Mocambique, subsidiria da Global Alliance Holding (empresa de capitais sul-africanos) e opera no ramo no vida, tendo em 2009, obtido a licena para explorar o ramo vida. Parte considervel de seus clientes so grandes empresas de capitais sul-africanos. A Moambique Companhia de Seguros iniciou as suas actividades em 2001 e possui capitais locais e portugueses na sua maioria, nomeadamente, GCP - Sociedade de Gesto e Controlo de Participaes Sociais,

Companhia Seguros Lusitnia e Banco Montepio. A MozRe, SA anteriormente ZimRe, subsidiria da ZimRe Malawi com 51% que por sua vez, faz parte do grupo nanceiro Zimbabueano, ZimRe Holding. A MozRe a nica entidade licenciada a exercer a actividade de resseguro em Moambique. Nesta fase, a empresa dedica-se ao seguro no vida. O sector dos seguros tem vindo a registar uma melhoria em termos de desempenho evidenciado pelos seguintes indicadores: A produo medida pelos prmios brutos emitidos, tem vindo a registar aumentos considerveis, em 2006 teve 29% de aumento, 15 % em 2007 e XX% em 2008. O ramo no vida representa aproximadamente 87% da produo total. A taxa de sinistralidade do ramo no vida (quociente de custos com sinistros do exerccio lquido de resseguro, pelos prmios brutos adquiridos) em 2007, situou-se na zona dos 38.7%. Dados estatsticos revelam que a maior taxa de sinistralidade ocorre no ramo automvel dada a sua elevada expresso, enquanto que o ramo de propriedades apresenta uma evoluo excelente, com uma taxa mdia anual de 27%, excepo de 2007 cuja sinistralidade de 67% deveu-se fundamentalmente ao ciclone Flvio e s exploses do paiol de Malhazine que conduziram a 103 mortes, 500 feridos e destruio de 4,300 residncias e outras infra-estruturas. Para 2008, prev-se algum impacto negativo sobre a taxa de sinistralidade aliada s inundaes no vale do Rio Zambeze. O rcio de despesa (quociente dos custos de explorao, lquidos de resseguro imputveis ao ramo, excluindo a variao dos custos de aquisio diferidos pelos prmios brutos emitidos) de 2007 referente ao ramo no vida, situou-se na casa dos 22%. Nota-se uma evoluo gradual da taxa de reteno dos prmios brutos emitidos. A taxa de reteno poder no sofrer grandes alteraes a curto e mdio prazo dada a relutncia dos operadores locais em assumir maior exposio ao risco. Esta situao compreensvel se tivermos em considerao o elevado nmero de acidentes de viao e a elevada propenso da zona costeira do pas a ciclones e inundaes. Grande parte do resseguro feita com resseguradoras estrangeiras tais como a Swiss Re, Munich Re, Africa

Re and Hannover Re, PTA Re and East Africa Re. As empresas com capitais estrangeiros usam tambm a empresa me nos seus tratados. Os resultados antes de impostos mostram uma evoluo de 20.54% em 2008 face a 136% registados em 2007. Esta desacelerao deveu-se aos custos com sinistros ocorridos em Janeiro de 2008 e sinistros ocorridos em 2007 mas reconhecidos em 2008 (exploso do paiol de Malhazine e ciclone Flvio) e o impacto da crise econmica mundial que se reectiu em Moambique, na reduo/ adiamento do uxo de investimento directo estrangeiro. Uma vez que parte substancial do risco transferido para resseguradoras estrangeiras, notou-se em 2008, a recuperao dos sinistros na parte ressegurada, o que criou um efeito positivo sobre os lucros do sector. Apesar do sector ter registado um aumento de 20.54% dos resultados antes de impostos, os resultados aps impostos registaram uma queda de 1.45% face ao ano anterior ao passarem de 283,039 mil MT em 2007 para 278,937 mil MT em 2008. Esta situao deveu-se ao impacto da Lei no 34/2007 que eliminou a iseno do pagamento do IRPS sobre os rendimentos dos investimentos afectos a provises tcnicas como Obrigaes do Tesouro (OTs) e Bilhetes do Tesouro (BTs), com maior impacto sobre a SIM dada a maior concentrao dos investimentos em OTs e BTs e m do benefcio scal concedido Hollard de 50% do IRPC. Relativamente ao ranking das empresas, a SIM manteve a sua posio de liderana, apresentando o maior volume de negcios e lucros lquidos no valor de 1,139,000 mil MT e 179,000 mil MT respectivamente. Na rentabilidade do volume de negcios e fundos prprios, a Hollard cedeu a sua posio conquistada em 2007 para a SIM, com 16 e 28%, respectivamente. No critrio nmero de trabalhadores, a EMOSE continua a ser a maior empregadora do sector com 426 trabalhadores, seguida da SIM com 127 trabalhadores. A Hollard lidera a presente edio com o maior volume de negcios por trabalhador ao passar de 14,188 mil MT em 2007 para 20,711 mil em 2008 MT.

92

100 Empresas de Moambique

In what concerns legal requirements, the minimum capital for constitution of an insurance company in Mozambique appear as a hindrance to the entrance of new operators. The minimum capital for the non-life branch is 33 million meticais, 67 million meticais for the life branch and 100 million meticais if the two branches are to be explored by the same entity. The law enforces also that separate accounts are kept for each branch. Rivalry among the competitors - The operators see in price, quality of services rendered, products and services offered to the market innovation and dimension, differentiation and competitiveness factors. SIM, a product of a coalition between the mpar and SIM, owned by the BIM cluster, whose major shareholder is Banco Comercial Portugus is a case in which, in spite of the coalition, the two brands were kept, with mpar continuing in the distribution channels with the brokers and the SIM in the bancassurance, given the extensive net of BIM counters all over the country. The SIM it explores the two branches, life and non-life. EMOSE is a mainly State owned company (80%) being the remaining 20% owned by its workers. Up to 1991, the company had the monopoly of insurance activity and even after the liberalization, it has kept a great number of ofces all over the country. Despite the fact that it no longer to possess the leadership of the sector, it owns a considerable share of market, of 30% in the non-life branch. Hollard was founded in 2001 and is mainly owned by the South African Insurance and Investment Group Hollard, and is exploring the non-life branch. Global Alliance, began its activity in 1993 as Companhia Geral de Seguros de Mocambique, is a subsidiary of Global Alliance Holding (company of South African capitals) and operates in the non-life branch, having acquired, in 2009, a license to explore the life branch. Considerable part of its customers are great companies of South African capitals operating in Moambique. Moambique Companhia de Seguros began its activities in 2001 and has local capitals and a majority of Portuguese ones, namely, GCP - Sociedade de Gesto e Controlo de Participaes Sociais, Companhia Seguros Lusitnia and Banco Montepio.

MozRe, SA previously ZimRe, is subsidiary of ZimRe Malawi with 51% that in its turn, is part of the Zimbabwean nancial group, ZimRe Holding. MozRe is the only entity licensed to exercise reinsurance activity in Mozambique. In this phase, the company is devoted to non-life insurance. The insurance sector has been registering improvement in performance evidenced by the following indicators: Production, measured in terms of written premiums, has been registering considerable increase: in 2006 an increase of 29%, in 2007 an increase of 15% and in 2008, XX%. The non-life branch represents approximately 87% of the total production. The claim rate of the non-life branch (quotient of costs with casualties of the reinsurance liquid exercise, over the acquired gross premiums), in 2007, was about 38.7%. Statistical data reveal that the largest claim rate occurs in the automobile branch given its high expression, while the branch of properties presents an excellent evolution, with an annual average rate of 27%, with the exception of 2007 whose claim rate of 67% was due, fundamentally, to the hurricane Fvio and to the explosions of Malhazine military arsenal that had a toll of 103 deaths, 500 injured and destruction of 4,300 residences and other infrastructures. For 2008, some negative impact is foreseen on the claim rate associated to the oods in Zambeze river valley. The expense ratio (quotient of the amount of branch operational expenses, reinsurance deducted, excluding the variation of the differed acquisition costs, over the amount of written premium) of 2007 regarding non-life branch, was about 22%. Gradual evolution is noticed on the rate of withholding of written premiums. The rate of withholding cannot undergo great changes in short and medium terms given the reluctance of the local operators in assuming greater risk exposure. This situation is understandable considering the high number of road accidents and the high propensity of the coastal area of the country to hurricanes and oods. A large part of the reinsurance is done by foreign reinsurance companies like Swiss Re, Munich Re, Africa Re and Hannover Re, PTA Re and East Africa Re. The companies with foreign capitals use the

parent company in their treaties, as well. The results before taxes show an evolution of 20.54% in 2008 to 136% observed in 2007. This slowing down was due to the costs with casualties occurred in January 2008 and in 2007 but reported in 2008 (explosion of the military arsenal of Malhazine and hurricane Fvio) and to the impact of the world economical crisis that resulted in reduction/postponing of direct foreign investment ow in Mozambique. Since substantial part of the risk is transferred to foreign reinsurance companies, recovery of the casualties in the reinsured part was registered, what created a positive effect on the sector prots in 2008,. In spite of the sector to having registered an increase of 20.54% in the results before taxes, the results after taxes showed a fall of 1.45% compared to previous year to varying from 283,039 thousand meticais in 2007 to 278,937 thousand meticais in 2008. This situation was due to the impact of Law 34/2007 that eliminated exemption of IRPS payment over incomes of investments related to technical provisions as Treasury Bonds and Treasury Bills, with larger impact over SIM given the largest concentration of its investments in Treasury Bills and Bonds as well as end of the scal benet granted to Hollard of 50% of IRPC. In what concerns companies ranking, the SIM has kept its leadership position, presenting the largest business and net prots volume valued in 1,139,000 thousand meticais and 179,000 thousand meticais, respectively. In business volume protability and equity assets, Hollard lost its position conquered in 2007 to SIM, with 16 and 28%, respectively. In the criterion number of workers, EMOSE continues to be the largest employer of the sector with 426 workers, followed by SIM with 127 workers. Hollard leads present edition with the largest business volume per worker increasing from 14,188 thousand meticais in 2007 to 20,711 thousand meticais, in 2008.

93

100 Empresas de Moambique

Comrcio
Por urea Lalgy e Aissa Yussuf

actividade comercial em 2008 for marcada por um crescimento na ordem dos 12.8%, resultante do comportamento positivo do sector real (o sector agrrio, indstria transformadora e indstria extractiva) e do aumento lquido do uxo comercial internacional, excluindo o ligado aos mega projectos. Neste sector, as medidas de poltica adoptadas pelo governo de Moambique, continuam a ser orientadas para o desenvolvimento sustentvel de Pequenas e Mdias Empresas (PMEs) (onde se destaca a criao de um Instituto), promoo da comercializao agrcola e a promoo e valorizao da produo nacional. Neste mbito, foi largamente reconhecida a importncia das PMEs como elemento crucial para a reduo da pobreza no pas, em particular nos distritos, pois estas contribuem para um maior crescimento da produo, criao de empregos e gerao de renda para a populao com rendimento mais baixo, oferecendo um vasto leque de produtos e servios a preos mais baixos. As PMEs so igualmente essenciais para a competitividade de um pas, pois encorajam a concorrncia e a produo, estimulam a inovao, a criatividade e o empreendedorismo. Este sector visto como determinante no combate a pobreza e como estmulo ao crescimento econmico, o que pode signicar um passo para o desenvolvimento. O comrcio, no sendo por si um m, pode estimular uma melhor socializao entre o sector produtivo e os consumidores, para alm de contribuir para o aumento da quantidade e qualidade de bens, servios, tecnologias, transferncia de conhecimento e sobretudo pode gerar recursos para um desenvolvimento sustentvel. O sector do comrcio faz parte do grupo de sectores que tem recebido, por parte das instituies bancrias, maior nvel de crdito. Este facto deve-se natureza das actividades desenvolvidas por este sector, caracterizada pela rpida rotao de capital.

No entanto, embora estejam a registar-se avanos signicativos nos ltimos anos, nos domnios de abertura de negcios, proteco de investidores e obrigaes contratuais, muito ainda h por fazer para permitir um rpido desenvolvimento do sector de comrcio no pas. Existe ainda uma grande necessidade de melhorar alguns dos processos de facilitao do comrcio, nomeadamente as alfndegas, os procedimentos aduaneiros, os transportes e suas infra-estruturas. O melhoramento destes elementos, permitir ajudar os produtores a alcanarem os mercados globais com produtos frescos e de maior qualidade, reduzir os elevados custos internos e internacionais de transporte e melhorar a competitividade dos produtos de Moambique. Por outro lado, o empenho do governo no sentido de melhorar cada vez mais o ambiente de negcios e os procedimentos necessrios para a abertura de negcios no pas, ir permitir melhorar o acesso informao sobre procura global

Cerca de 60% das empresas participantes neste sector operam no mercado h mais de 10 anos. As empresas deste sector geram um total de volume de negcio de 9,775 milhes de MT, dos quais 8,520 milhes de MT so absorvidos pelas empresas que constam no ranking das 100 Maiores Empresas de Moambique. Uma vez mais, a Toyota de Moambique, SARL e a Entreposto Comercial de Moambique, SARL lideram o sector, apresentando um volume de negcio no valor de 1,102 e 909 milhes de MT respectivamente. De seguida, destaca-se o contributo da Construa, Lda com 897 milhes de MT de volume de negcios. O resultado lquido das empresas participantes foi de 410 milhes de MT, sendo que as empresas que constam no ranking das 100 Maiores Empresas geram um resultado lquido de 382 milhes de MT. Nesta categoria, o destaque vai para a Construa, Lda com lucros na ordem dos 91 milhes de MT. No entanto, deve-se destacar nesta categoria, o desempenho da empresa Gani Comercial, Lda que saiu de uma situao de prejuzo de cerca de 16 milhes de MT em 2007 para lucros na ordem dos 27 milhes de MT em 2008. Analisando a componente do volume de negcio por trabalhador, o destaque vai par a empresa Ferro Moambique, Lda com cerca de 21 milhes de MT por trabalhador. Seguido desta destaca-se a participao das empresas Lalgy Truck Sales, Lda e Unicomo Moambique, Lda, com 16 e 8 milhes de MT por trabalhador, respectivamente. A maior empregadora neste sector a Construa, Lda com um total de 343 trabalhadores. O sector conta com um total de 3,619 trabalhadores, dos quais 2,526 so absorvidos pelas empresas que fazem parte do ranking das 100 Maiores Empresas de Moambique.

e requisitos de mercado, dado que muitos produtores moambicanos tm conhecimento limitado das negociaes comerciais que podem trazer novas oportunidades de exportao, requisitos de padres de qualidade nos mercados externos, gostos e preferncias dos consumidores, etc. Na presente edio, este sector o segundo mais representativo em toda a pesquisa, contrariando a tendncia apresentada nos ltimos anos (em que ocupava a primeira posio). Este sector conta com a participao de 37 empresas, das quais 4 constituem novas entradas e 18 constam no ranking das 100 Maiores Empresas de Moambique.

94

100 Empresas de Moambique

Commerce
By urea Lalgy and Aissa Yussuf

from banking institutions. This is due to the nature of activities conducted by this sector, characterized by rapid capital rotation. Meanwhile, though signicant improvements have been recorded over the past years, in areas such as starting business, investors protection and contact obligations there is still more to be done to allow rapid development of the sector in Mozambique. There is also pressing need for improving some business facilitation procedures, namely, customs, customs procedures, transportation and its facilities. The improvement of these issues will allow farmers to reach global markets with fresh produces of highest quality and hence reducing high transportation costs both domestic and internationally and would also improve competitiveness of Mozambican products. On the other hand, the involvement of the government in improving business environment and the required procedures for starting business in Mozambique would improve access to information on overall market demands and requirements, information that many Mozambican farmers have little access to, namely business negotiations that brings new opportunities for export, quality standard requirements in external markets, tastes and preferences of consumers, etc. In this edition, this sector is the second most representative in the whole research, contrary to the trend over the past years (in which it ranked rst place). About 37 companies participated in the research, of which 4 are new entrants and 18 are among the Top 100 Largest Companies of Mozambique. About 60% of the participating companies in this sector have been operating for over 10 years. A total of 9.775 million Meticais revenue is generated by companies in this sector of which 8,520 million Meticais by those ranking in the top 100 Largest Companies of Mozambique.

Once again, Toyota de Moambique, SARL and Entreposto Comercial de Moambique, SARL take the lead, with 1,102 and 909 million Meticais, respectively. Next is the contribution of Construa, Lda with 897 million Meticais revenue. The net prot of the participating companies was 410 million Meticais of which the revenue for those companies ranking in the top 100 largest companies was 382 million Meticais. In this category, Construa, Lda stands out with 91 million Meticais prot. Meanwhile, Gani Comercial, Lda performance should be highlighted for having risen from a 16 million Meticais loss in 2007 to 27 million Meticais prot in 2008. As far as revenue per employee is concerned, Ferro Moambique, Lda stood out with about 21 million Meticais per worker. Following Ferro Moambique, Lda is Lalgy Truck Sales, Lda and Unicomo Moambique, Lda, with 16 and 8 million Meticias per worker, respectively. The sweeping company in this sector is Construa, Lda with a total of 343 workers. The whole sector comprises a total of 3,619 workers of which 2,526 are in the top 100 largest companies of Mozambique.

usiness activities in 2008 were marked by a 12.8% growth, resulting

from the actual sector behavior (agriculture, transforming industry and extractive industry) coupled by the net increase of international business ow, excluding the increase relating to mega projects. In this industry, the political measures adopted by the Government of Mozambique, remained steadfast geared to sustainable development of Small and Medium Size Enterprises (SMEs) (whereby the setting up of an Institute should be highlighted), promotion of agricultural commercialization, promotion and valuation of national products. In this view, the importance of SMEs could not be overemphasized as a key element in poverty reduction in Mozambique, especially at district level, due to their contribution to increased growth of production, job creation and prot generation for low income earners, by offering a wide range of products and services at lowest prices. SMEs are also key to competitiveness in Mozambique, as they encourage competitiveness and production stimulate innovation, creativity and entrepreneurship. This industry is viewed as pivotal in ghting poverty and as an incentive to economic growth, which may mean one step forward to development. Commerce, for not being an end in itself, may boost better socialization between the productive sector and the consumers, in addition to contributing to increased quantity and quality of goods, services, technologies, transfer of know-how and especially it may generate resources for sustainable development. The commerce industry is part and parcel of a group of sectors that have been beneting the highest levels of loans

95

100 Empresas de Moambique

Tabela 5 / Table 5: Comrcio / Commerce

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 2007 1 2 4 6 7 5 3 12 8 13 10 9 17 19 20 21 23 n.a 24 25 14 26 35 27 31 29 34 32 33 38 36 39 40 n.a n.a n.a 47 Toyota de Moambique, SARL Entreposto Comercial de Moambique, SARL Construa, Lda Unicomo Moambique, Lda GAME Discount World Moambique, Lda Gani Comercial, Lda Kangela Comercial, Lda Mega-Distribuio de Moambique, Lda Ronil, Lda Ferro Moambique, Lda Agrifocus, Lda. Mercury Comercial, Lda Lalgy Truck Sales, Lda Home Center, Lda Dataserv, Lda Mafuia Comercial, Lda N.B.C. Representaes, Lda SODIAL - Soc. Dist. Alimentos, Lda Tropigalia, Lda Mahomed & Companhia, Lda Medimoc, SARL Farmac, E.E. DINAME-Distribuidora Nacional de Material Escolar, E.E. Tintas Cin Moambique, SARL Intermetal, SARL Blue Zone Moambique Lda ABNASIR, Lda AUTOVISA - Servios Auto, SARL PROCONGEL, Lda Compuwork Informtica, Lda UNIVENDAS- Unio de Compras e Vendas, SARL EMIL, Lda. BPB Gypsun, Lda INTERFRANCA, SA Ciclomotores, Lda Germic, Lda MEDIOPTICA, LDA Empresa > Company Vol. de Neg. > Revenues (103 Meticais) 2008 1,102,000 909,000 897,239 799,884 606,000 575,386 550,345 467,214 437,900 426,787 392,012 325,631 239,411 210,000 160,301 149,158 141,529 130,608 127,210 112,484 110,000 109,450 94,794 86,357 87,000 85,000 85,000 75,810 62,032 60,195 53,000 40,000 22,000 20,000 9,209 8,941 6,293 Resultados Lquidos > Net Prots (103 Meticais) 2008 87,000 9,000 91,487 12,001 55,000 26,844 6,571 7,245 6,750 41,355 28,907 (86) 3,531 2,000 3,214 103 834 307 1,654 85 (15,000) 1,170 9,563 5,557 6,000 1,800 1,000 3,608 204 663 6,000 490 1,000 4,000 50 88 230 Activo Liquido >Net Assets (103 Meticais) 2008 943,000 1,206,000 383,593 268,548 449,000 1,100,899 263,376 233,479 136,500 191,440 220,586 313,234 185,897 357,000 53,820 58,125 66,676 33,970 72,881 36,799 180,000 31,740 86,375 86,009 54,000 26,700 35,000 65,196 17,388 31,530 39,000 8,240 12,000 31,000 3,327 2,063 4,205 Capitais Prprios > Shareholders Funds (103 Meticais) 2008 234,000 539,000 305,168 35,910 85,000 44,595 22,191 18,915 12,440 68,396 78,943 97,804 42,413 6,000 37,288 (3,025) 2,762 6,699 19,865 13,833 58,000 11,900 41,072 27,255 26,000 9,000 2,600 24,135 3,140 924 32,000 640 8,000 27,000 110 58 3,247 > Custos Operacionais Operating Costs (103 Meticais) 2008 1,035,000 852,000 774,503 783,030 539,000 548,542 547,448 456,035 432,000 352,681 348,707 320,367 227,065 190,000 152,948 149,055 139,718 129,239 121,725 112,034 127,000 107,840 80,104 80,045 81,000 82,000 83,000 80,750 61,732 58,310 46,000 39,000 21,000 15,000 9,123 8,788 5,873 N Trabalhadores > N of Employees 2008 335 301 343 101 174 180 287 122 106 20 74 48 17 164 46 129 40 39 65 102 99 227 141 33 38 15 28 68 n.d 30 130 0 10 48 15 28 16 VN por Trabalhador > Revenue per Employee 2008 3,401 3,005 2,735 8,289 3,232 2,179 1,875 4,247 4,293 21,339 5,483 6,855 15,961 1,359 3,305 1,134 3,774 3,530 2,334 1,166 719 483 665 2,741 2,351 5,862 3,269 1,115 2,315 424 3,333 2,200 408 614 344 381

96

100 Empresas de Moambique

Comunicaes
Por: Clia Chachine

Moambique ainda est muito atrs da maioria dos seus vizinhos em termos de licenas atribudas e taxas de penetrao no que diz respeito a servios de comunicao. Segundo o Plano Econmico-social, durante o exerccio econmico de 2008, o desempenho do sector foi positivo, registando um crescimento na ordem dos 31,4% no referente aos servios de comunicao. Este crescimento deveu-se em grande parte expanso dos servios de telefonia mvel que se tem vindo a acentuar cada vez mais na ordem dos 43% e xa na ordem dos 0.41%. Na presente edio da revista este sector contou com a participao de 11 empresas, das quais 7 constam no ranking das 100 Maiores Empresas. O sector conta com um volume de negcios de cerca de 11,190 milhes de MT, dos quais 97.48% so absorvidos pelas empresas que cosntam no ranking das 100 Maiores Empresas. De salientar ainda que, do total de empresas participantes neste sector, 82% opera em todo o pas. O ranking sectorial liderado pela Moambique Celulares (Mcel), SARL com um volume de negcios de 7,086 milhes de MT, um aumento de cerca de 22% em relao ao volume de negcios registado no ano de 2007, seguida pelas TDM, E.P com um volume de negcio de cerca de 2,791 milhes de MT e nalmente em terceiro lugar a TV Cabo, Lda com um volume de

negcios de cerca de 318 milhes de MT. O resultado lquido do sector perfaz cerca de 772 milhes de MT, enquanto que as empresas que constam no ranking das 100 Maiores Empresas perfazem cerca de 780 milhes de MT. O decrscimo dos resultados agregados do sector explicado pelos prejuzos apresentados pela Teledata Moambique, Lda na ordem dos 9 milhes de MT. Analisando a componente do volume de negcios por trabalhador, o destaque vai mais uma vez para a Mcel, SARL, seguida das Listas Telefnicas de Moambique, Lda e da TV Cabo, Lda, com 10, 3 e 2.5 milhes de MT respectivamente. No que concerne rentabilidade dos capitais prprios, o destaque vai para a STV, Lda, que lidera o ranking da rentabilidade dos capitais prprios com 63%, seguida das Listas Telefnicas de Moambique, Lda e da TV Cabo, Lda com 54% e 39% respectivamente. No respeitante ao nmero de trabalhadores, as TDM, E.P, continuam a lidar o sector com 1,607 colaboradores, seguidas da Mcel, Lda. e a TVM, E.P, com 732 e 375 trabalhadores, respectivamente. De um total de 3,665 trabalhadores empregados pelo sector em 2008, 93.48% so absorvidos pelas empresas que constam no ranking as 100 Maiores Empresas de Moambique.

sector da comunicao tem estado a testemunhar, nos ltimos anos,

uma expanso signicativa em todos os segmentos e tecnologias, ou seja, operadores de telefonia xa e mvel, transmisso de dados, internet, radiocomunicaes, radiodifuso sonora, radiodifuso televisiva, televiso por cabo e servios postais. Este crescimento tem exigido uma nova postura e dinmica por parte dos intervenientes no sector como a criao de instrumentos legais, capacitao do capital humano e reforo de infra-estruturas com vista melhoria na prestao dos servios. Sendo as zonas rurais as menos favorecidas pelo acesso aos servios de comunicao, ainda se torna importante o acesso e a disposio de servios postais cada vez mais rpidos e ecientes. de salientar a contribuio dos servios postais para o crescimento do sector da comunicao, atravs de receitas provenientes da venda de selos, de valores latlicos, das taxas de mquinas de franquear, dos servios de correio azul e de encomendas postais. Segundo o Relatrio da OCDE 2009 (Perspectivas Econmicas na frica), actualmente 13.3% da populao de Moambique dispe de acesso a algum tipo de dispositivo de telecomunicao. No entanto, segundo o mesmo documento,

100

100 Empresas de Moambique

Communications
By: Clia Chachine

that Mozambique is still behind most of its neighbors in terms of licensing and operation rates with regard to communication services. Based on the Economic and Social Plan, over the economic year 2008, the sector performance improved in 31,4% with regard to communication services. This growth was largely due to the expansion of mobile telephony and land line services which recorded a growth of about 43% and 0.41%, respectively.

companies ranking in the top 100 Largest Companies total 780 million Meticais. The decrease of the sector aggregate prot is justied by the losses presented by Teledata Moambique, Lda of about 9 million Meticais. Reviewing the business volume per employee, the highlight goes to Mcel, SARL, followed by Listas Telefnicas de Moambique, Lda and TV Cabo, Lda, with 10.3 and 2.5 million Meticais, respectively. With regard to return on equity, STV, Lda

signicant expansion in all segments and technologies, in other words, land line and mobile operators, data transmission, internet, radio-communication, radiobroadcasting, television-broadcasting, cable television and postal services. This growth has called upon new positioning and efciency from sector stakeholders, a case in point being the creation of legal instruments, training of human capital and strengthening of infrastructures with a view to improving service delivery. As rural areas are underprivileged in terms of Access to communication services, access and availability of more efcient postal services are still required. It should be noted that the contribution of postal services to the growth of the communication sector by revenue generated in the sale of stamps, philatelic values, goffering machines, correio azul blue courier services and parcels. According to OCDE 2009 Report (Economic Prospects in Africa), 13.3% of the Mozambican population have access to some kind of telecommunication device. Meanwhile, the same document reports The net prot of the sector make up about 772 million Meticais turnover, while those The sector ranking is headed by Moambique Celulares (Mcel), SARL with a turnover of around 7,086 million Meticais, a 22% increase as compared to 2007, followed by TDM, E.P with a 2,791 million Meticais turnover and nally, in third place, is TV Cabo, Lda with about 318 million Meticais turnover. In this edition this sector has participated with 11 companies of which 7 are among the top 100 Largest Companies. The sector volume of business is 11,190 million Meticais of which 97.48% are absorbed by companies ranking in the top 100 Largest Companies. It should be noted that of the total participating companies in the sector, 82% operate throughout the country.

ver the past years, the communication sector has been experiencing a

stands out, leading the ranking of return on equity by 63%, followed by Listas Telefnicas de Moambique, Lda and TV Cabo, Lda by 54% and 39% respectively. As far as the number of employees is concerned, TDM, E.P, is still in the lead with 1,607 collaborators, followed by Mcel, Lda. and TVM, E.P, with 732 and 375 employees, respectively. Out of a total of 3,665 workers employed in the sector in 2008, 93.48% are absorbed by companies ranking in the top 100 Largest Companies in Mozambique.

Tabela 6 / Table 6: Comunicaes / Communications

Rank Empresa > Company Vol. de Neg. > Revenues (103 Meticais) 2008 Moambique Celular, SARL TDM-Telecomunicaes de Moambique, E.P. TV CABO - Comunicaes Multimdia, Lda TVM-Televiso de Moambique, E.P. Sociedade do Notcias, SARL Listas Telefnicas de Moambique, Lda STV - Soico Televiso, Lda Teledata de Moambique, Lda TVSD - Telecomunicaes e Electrnica, Lda. Telescan, Lda S - Imprensa, Lda 7,085,653 2,790,634 317,524 231,000 192,000 153,499 137,510 110,795 104,320 49,000 17,630 Resultados Lquidos > Net Prots (103 Meticais) 2008 548,208 138,791 9,093 2,000 15,000 64,839 1,640 (8,449) 64 0 710 Activo Liquido > Net Assets (103 Meticais) 2008 10,392,565 7,671,276 385,547 168,000 118,000 285,731 119,670 181,967 47,520 67,000 20,680 Capitais Prprios > Shareholders Funds (103 Meticais) 2008 3,850,052 3,651,612 24,693 30,000 53,000 127,955 3,820 (1,985) 19,080 3,000 20 Custos Operacionais > Operating Costs (103 Meticais) 2008 6,386,219 2,610,383 285,712 239,000 166,000 n.d 134,920 120,781 95,240 49,000 16,610 N Trabalhadores > N of Employees 2008 732 1,607 120 375 364 51 177 84 71 22 62 VN por Trabalhador > Revenue per Employee 2008 10,115 1,709 2,510 653 527 3,040 911 1,420 1,557 2,227 464

2008 1 2 3 4 5 6 7 8 9 10 11

2007 1 2 3 4 6 7 9 8 10 11 n.a

101

100 Empresas de Moambique

Construo
Por: Baptista Lalane e Joo Srgio Cossa

como a ponte sobre o Rio Zambeze, a ponte Chueza na provncia de Tete; e Abastecimento de gua e saneamento, com a concluso de construo e reabilitao de 2.581 fontes dispersas de gua, beneciando cerca de 1,302,000 pessoas adicionais nas zonas rurais. Quanto s zonas urbanas, foram feitas 33,032 novas ligaes domicilirias e construdos 599 fontenrios, beneciando aproximadamente a 2,150,000 pessoas; importante realar que, no mbito da integrao das economias ao nvel da regio Austral, deveras crucial que o pas esteja equipado de infra-estruturas como forma de facilitar o escoamento de produtos at aos mercados (a nvel nacional ou regional) e de reduzir os custos de transaco das importaes e exportaes. No que diz respeito a novos investimentos, foram aprovados para este sector 19 projectos no valor total de 43,138,693 USD, mais cinco acima dos aprovados em 2007 e geraram 1,092 novos postos de trabalho. A presente edio contou com a participao de 10 empresas das quais trs so novas participantes nomeadamente Conduril, SA, ENOP, Lda e a Geomoc, SARL, indo o destaque para C.M.C. frica Austral, Lda que uma vez mais ocupa a primeira posio no ranking sectorial detendo um volume de negcios de cerca de 2,372 milhes de Meticais. Das empresas participantes no sector, seis constam no ranking das 100 Maiores Empresas de Moambique.

nuenciado pela construo empresarial com a execuo de investimentos pblicos e privados, o sector da construo tem um papel importante no processo de desenvolvimento de um pas, pois um dos responsveis pela criao das bases da sociedade industrial moderna, assumindo a funo de montagem da infraestrutura econmica e social indispensvel ao prosseguimento do processo de industrializao e diminuio do desemprego dada a sua capacidade de gerar vagas directas e indirectas no mercado de trabalho. Em 2008, este sector teve um crescimento de 18% em termos globais , representando um aumento de 10 pp em comparao com o crescimento vericado em 2007. Este crescimento deveu-se principalmente : Construo, expanso e reabilitao dos sistemas de abastecimento de gua; Reabilitao de estradas nacionais e regionais; Manuteno peridica e de rotina; Reabilitao e montagem de pontes, onde se vericou a concluso da construo da ponte Meluli, ponte de Lugela, ponte de Moamba e at Dezembro de 2008, estavam em curso vrias obras de construo e manuteno de pontes,

Os resultados da pesquisa apontam, para um volume de negcios sectorial na ordem dos 5,376 milhes de Meticais, dos quais 96.65% constituem o volume de negcio das empresas que constam no ranking das 100 Maiores Empresas de Moambique. No que se refere aos resultados lquidos do sector, estes apresentam um prejuzo na ordem de 69 milhes de Meticais, depois dos resultados positivos na ordem dos 27 milhes de Meticais em 2007. Aqui, o destaque vai para ECOB, Lda que saiu de uma situao de prejuzo na ordem de 4 milhes de Meticais em 2007, para lucros de 0.6 milhes de Meticais em 2008. Relativamente rentabilidade de capitais prprios, a Tedeco, Lda liderou o sector com uma taxa na ordem dos 526 %, seguida da Emocil, Lda com 55%. A maior empregadora do sector a CETA, SARL que absorveu 2.980 trabalhadores, seguida da C.M.C. frica Austral, Lda com 2.658 trabalhadores. As empresas participantes na presente edio empregaram cerca de 8.076 trabalhadores dos quais 89% so absorvidos pelas empresas que constam no ranking das 100 Maiores Empresas de Moambique. Quanto ao volume de negcio por trabalhador, o destaque vai para Conduril, SA com cerca de 10.5 milhes de Meticais por trabalhador, seguido da Sulbrita, Lda e ENOP, Lda com aproximadamente 1.4 e 0.9 milhes de Meticais por trabalhador, respectivamente.

Tabela 7 / Table 7: Construo / Construction

Rank Empresa > Company Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 C.M.C. Africa Austral, Lda CETA - Construes e Servios, SARL Conduril-Construtora Durience Delegao de Moambique,SA ENOP-Engenheria de Obras Pblicas, Lda Sulbrita, Lda Emocil, Lda ECOB - Empresa Construtora da Beira, Lda TEDECO, Lda CONSTRUTORES CHEMANE Geomoc, S.AR.L. Construo Construo Construo 2,371,518 1,005,943 841,837 2007 2,124,812 771,397 405,735 %08/07 12 30 107 Resultados Lquidos > Net Prots (103 Meticais) 2008 (143,713) 37,226 11,382 2007 (16,098) 34,130 3,431 %08/07 (793) 9 232 Resultados Antes dos Inpostos (103 Meticais) 2008 (143,713) 45,388 11,382 2007 (13,007) 40,631 8,427 %08/07 (1,005) 12 35 Activo Liquido > Net Assets (103 Meticais) 2008 17,414,836 924,841 1,293,803 2007 15,463,246 655,920 788,953 %08/07 13 41 64 Activo Corrente > Current Assets (103 Meticais) 2008 8,830,130 663,754 1,283,776 2007 4,654,491 508,195 784,467 %08/07 90 31 64

2008 1 2 3

2007 1 2 n.a

4 5 6 7 8 9 10

n.a 5 4 7 8 9 n.a

Construo Construo Construo Construo Construo Construo Construo

401,660 302,665 272,443 88,203 42,062 33,510 16,140

394,169 179,830 217,886 80,955 25,492 28,503 24,935

2 68 25 9 65 18 (35)

11,466 (1,752) 19,466 610 (2,050) 69 (1,895)

18,501 (21,950) 6,902 (4,230) 8,374 132 (2,255)

(38) 92 182 114 (124) (48) 16

12,042 (1,752) 24,836 2,144 (2,050) 1,830 (1,895)

23,538 (21,950) 9,854 (3,705) 8,724 1,646 (2,253)

(49) 92 152 158 (123) 11 16

781,947 1,064,853 229,692 52,725 16,168 83,863 26,505

486,850 755,563 291,630 23,815 12,405 82,301 63,759

61 41 (21) 121 30 2 (58)

691,368 1,660 208,078 40,637 9,745 7,095 22,275

411,789 3,450 267,373 19,412 6,067 6,206 53,746

68 (52) (22) 109 61 14 (59)

102

100 Empresas de Moambique

Construction
By: Baptista Lalane and Joo Srgio Cossa

over Zambeze river, the bridge Chueza in Tete province; and Water supply and sanitation, with construction conclusion and rehabilitation of 2.581 scattered water fountains, benetting about 1,302,000 more people in the rural areas. As for the urban areas, 33,032 new house connections were made and 599 fountains were built, benetting approximately 2,150,000 people; It is important to enhance that, within Southern Africa area economies integration process, it is really crucial that Mozambique is equipped with infrastructures, as a way of facilitating products transit to the markets (at national or regional level) and of reducing imports and exports transaction costs. In what concerns new investments, 19 projects were approved for this sector in the total value of 43,138,693 USD, ve more than the ones approved in 2007 and generating 1,092 new jobs. In the present edition 10 companies have participated, being three of them new participants, namely, Conduril, , SA, ENOP, Lda, and Geomoc, SARL, with prominence to C.M.C. frica Austral, Lda that once again occupies the rst position in the sector ranking having a business volume of about 2,372 million Meticais. Of the participating companies of the construction sector, six are listed on the ranking of the 100 Larger Companies of Mozambique.

nuenced by entrepreneurial construction with execution of public and private investments, the sector of construction has an important role in the development process of a country, since it is one of the responsible for the creation of bases of the modern industrial society. This sector assumes the function of putting together the economic and social infrastructure, indispensable to pursuit the industrialization process and decrease unemployment, given its capacity to generate direct and indirect vacancies in the job market. In 2008, this sector had global a growth of 18%, representing an increase of 10 pp when compared to the growth veried in 2007. This growth was mainly due to: Construction, expansion and rehabilitation of water supply systems; Rehabilitation of national and regional highways; Periodic and routine maintenance; Bridges rehabilitation and building, with conclusion of the construction of the bridges over the rivers Meluli, Lugela and Moamba. Up to December 2008, several construction and bridges maintenance works were in course, as are the bridges

The research results show, a sector business volume of around 5,376 million Meticais, of which 96.65% constitute the business volume of the companies that are in the ranking of the 100 Larger Companies of Mozambique. In what concerns the sectors net prots, there is a loss in the order of 69 million Meticais, after positive results in the order of the 27 million Meticais in 2007. Here, the prominence goes to ECOB, Lda that after a loss situation in the order of 4 million Meticais in 2007, achieved prots of 0.6 million Meticais in 2008. Relatively to shareholders funds protability, Tedeco, Lda led the sector with a rate in the order of the 526%, followed by Emocil, Lda with 55%. The largest employer of the sector is CETA, SARL that absorbed 2.980 workers, following C.M.C. frica Austral, Lda with 2.658 workers. The companies participating in the present edition employed about 8.076 workers of the which 89% were absorbed by the companies that in the ranking of the 100 Larger Companies of Mozambique. As for business volume per worker, the prominence goes to Conduril, SA with about 10.5 million Meticais per worker, following Sulbrita, Lda and ENOP, Lda with approximately 1.4 and 0.9 million of Meticais per worker, respectively.

Passivo Total> Total Liabilities (103 Meticais) 2008 17,223,137 820,158 1,297,689 2007 15,127,833 564,559 804,121 %08/07 14 45 61

Passivo Corrente> Current Liabilities (103 Meticais) 2008 3,809,802 638,182 1,071,162 2007 2,915,517 500,139 652,058 %08/07 31 28 64

Capitais Prprios > Shareholders Funds (103 Meticais) 2008 191,686 104,683 (3,786) 2007 335,413 91,361 (15,169) %08/07 (43) 15 75

>

Custos Operacionais Operating Costs (103 Meticais) 2008 2007 2,156,182 730,424 402,784 %08/07 9 26 108

Rent. VN > Prot/Revenue (%) 2008 (6) 4 1 2007 (1) 4 0

Rent. A. Liq > Rent. Net Asset (%) 2008 (1) 4 1 2007 (0) 5 0

Rent. C.P. > S/hs Funds (%) 2008 (55) 38 (120) 2007 (5) 45 0

Liquidez Geral > Current Ratio 2008 2 1 1 2007 2 1 0

N Trabalhadores > N of Employees 2008 2,658 2,980 70 2007 2,355 3,231 91 %08/07 13 (8) (23)

VN por Trabalhador > Revenue per Employee 2008 946 324 10,458 2007 832 290 0 %08/07 14 12 -

2,345,706 920,791 838,100

708,440 993,820 186,366 45,112 12,370 8,431 23,781

412,329 739,322 264,589 17,547 7,827 6,939 59,140

72 34 (30) 157 58 22 (60)

688,846 993,820 186,366 45,112 12,370 8,431 n.d

412,284 739,322 264,589 17,547 7,827 6,939 n.d

67 34 (30) 157 58 22 -

73,507 17,540 43,327 6,268 3,799 75,431 2,724

73,924 19,292 27,061 10,498 (4,578) 75,362 4,619

(1) (9) 60 (40) 183 0 (41)

381,954 333,152 253,524 86,058 27,384 31,679 18,036

363,299 195,322 203,268 84,660 33,338 26,858 27,189

5 71 25 2 (18) 18 (34)

3 (1) 7 1 (5) 0 (12)

0 (12) 3 (5) 33 0 (9)

1 (0) 8 1 (13) 0 (7)

0 (3) 2 (18) 68 0 (4)

16 (10) 55 7 526 0 (52)

0 (68) 29 (40) 0 (39)

1 0 1 1 1 1 -

0 0 1 1 1 1 -

460 238 779 427 133 193 138

367 195 693 494 81 169 149

25 22 12 (14) 64 14 (7)

971 1,398 370 192 393 185 112

0 906 315 264 144 176

54 17 (27) 29 (36)

103

100 Empresas de Moambique

Energia e Recursos Minerais

Por: Maurcio Malate

radicionalmente Moambique tem uma economia com um forte peso dos sectores da agricultura e dos transportes. Entretanto, nos ltimos anos, vai gradualmente tomando forma uma transformao estrutural, no sentido de uma maior preponderncia do sector da energia e recursos naturais, o que se reecte a nvel da produo e da exportao. O sector da energia e recursos naturais vem tendo cada vez um maior papel impulsionador do desenvolvimento econmico, crescendo tambm o seu papel na produo interna e nas exportaes. A ilustrar o facto, a energia elctrica e o gs natural foram os dois principais produtos de exportao do pas perodo de 2005 a 2008 (excluindo a produo da Mozal), conforme refere o Governo no Balano do Plano Econmico e Social (PES) de 2008. Este papel crescente no desenvolvimento do pas tambm reectido no facto de (i) entre as principais matrias-primas e produtos intermdios importados por Moambique gurarem os combustveis e a energia elctrica e (ii) a importao de bens de capital ter aumentado 19%, principalmente pelas necessidades dos sectores de construo, indstria e energia. Entre 2007 e 2008, em Moambique: Aumentaram as exportaes dos principais recursos naturais, nomeadamente gs (as receitas cresceram 29%) e ilmenite (cuja exportao iniciou em 2007), bem como a reexportao de combustveis (onde as receitas cresceram 35%), com uma quase estagnao no valor das exportaes de energia elctrica; custa da reduo de alguns produtos do sector agro-orestal, como a madeira (cuja receita baixou 23%, devido fraca capacidade de explorao e escoamento deste produto). De 2007 para 2008, a produo total de energia em Moambique quase que se manteve estvel (decresceu 6%, de 15.075.430 MWh para 16,075,430 MWh), essencialmente devido s restries de recebimento de energia elctrica da Hidroelctrica de Cabora Bassa

pela frica do Sul, com a reabilitao da Subestao Apollo(Nov.2007 Jun.2008), bem como com a interrupo programada de alguns grupos geradores em 2008, para trabalhos relacionados com a da Central Sul. A exportao de energia elctrica tem estado tendencialmente a crescer em Moambique e o valor das exportaes de energia elctrica aumentou ligeiramente (2%) de 2007 para 2008 atingindo 244.037.116 USD. Em termos de acesso energia e seu impacto nas condies de vida dos moambicanos, foram principais intervenes em 2008: Na Rede Nacional de Energia Elctrica, foram importantes: (i) na regio norte, a electricao de 12 sedes de distrito, a construo da subestao de Pemba e a construo das linhas MetoroAncuabe e Metoro-Chire-Namapa; (ii) no Centro, a electricao de 14 sedes de distrito, da mina de Morrua e de 24 farmas em Bru, a construo das Subestaes de Alto Molcu e Uap, e das linhas Uap-Gil, Uap-Murrua, Manje-Chifunde, Manje-Furancungo, Manje-Fngo, Songo-Chitima e UlnguDmu e para Marromeu; e (iii) no Sul, a electricao de trs sedes distritais, a montagem de duas redes de mdia tenso, a instalao de 6.000 baixadas, a construo do edifcio do Centro Nacional de Despacho e a ligao de RTUs nas subestaes, para alm da a reabilitao da Subestao do Infulene e da linha DL5; Quanto electricao com grupos geradores, foram realizados: (i) no Norte, a electricao de Muaguide, Mazeze, Chire-Velho, Matchedje e Chala; (ii) no Centro, a electricao de Dere e Dacata, o restabelecimento do fornecimento de energia vila sede de Machanga, atravs da transferncia do gerador de Caia; e (iii) no Sul, lanado o concurso para a electricao de quatro postos administrativos e localidades; No que se refere electricao com base em energias novas e renovveis: Sistemas fotovoltaicos: no Norte, foram electricadas 65 escolas, 78 centros e postos de sade e instalados cerca

de 50 kits em residncias e lojas; no Centro, electricadas 64 escolas, 77 centros/postos de sade e mais de 50 residncias e lojas; e no Sul, electricadas 5 escolas e cerca de 20 residncias e lojas; Mini hdricas: foi inaugurada a MicroBarragem Hidroelctrica de Honde, (80 kW), em Bru e realizados estudos de viabilidade para a instalao de mini hdricas em Milange, Lugela, Marvia, Angnia e Chita; Energia elica: foi concludo o Estudo do Potencial Elico de Inhambane e Maputo, o qual indica um potencial para instalao de um parque elico de 100MW; Energia de biomassa: foi impulsionada a promoo do uso sustentvel de recursos energticos atravs da diversicao de fontes de energia com base na biomassa. Quanto aos combustveis lquidos, foram emitidas 13 licenas de distribuio de combustveis e para promover o consumo de gs natural no pas, foram construdos dois postos de abastecimento de gs natural comprimido (GNC), foram convertidas 40 viaturas para o uso do GNC e foi

realizado o estudo de mercado de gs natural na Cidade de Maputo. No que tange aos recursos minerais, importa referir que Moambique tem como principais recursos minerais: carvo, sal, grate, bauxite, ouro, pedras preciosas e semi-preciosas. Tem igualmente reservas de gs natural e mrmore.

104

100 Empresas de Moambique

Energy and Mineral Resources

By: Maurcio Malate

ozambique has, traditionally, an economy with a strong emphasis in the agriculture and transports sectors. Over the last years, however, a structural transformation is gradually taking place, resulting in greater preponderance of energy and natural resources sectors, which is reected in production and exports. Energy and natural resources sectors are having a more and more signicant role in economic development, while their effect on local production and exports increases, as well. To illustrate this, electricity and natural gas were the two main Mozambique export products from 2005 to 2008 (excluding Mozal production), as refers the Government, on the Plano Econmico e Social -PES (2008 Economic and Social Planning) assessment report. This growing role in the country development is also reected in the following aspects (i) fuels and electricity are among the main raw materials and intermediate products imported by Mozambique and (ii) the import of capital goods has increased by 19%, mainly due to the needs of construction, industry and energy sectors. Between 2007 and 2008, in Mozambique: Exports of the main natural resources, namely gas (income increased by 29%) and ilmenite (whose export began in 2007) have increased, as well as the re-export of fuels (where income increased by 35%), with an almost stagnation in the value of electricity exports; At the expense of reduction of some products of the agriculture-forest sector, as is the case of wood (whose income decreased by 23%, due to weak exploration and transportation capacity of this product). From 2007 to 2008, total energy production in Mozambique remained almost stable (it actually decreased 6%, from 15.075.430 MWh to 16.075.430 MWh), essentially due to Cabora Bassas electricity reception restrictions by South Africa, caused by rehabilitation of Apollo electricity plant (Nov.2007 - Jun.2008), as well as by programmed interruption of some generators sets in 2008, due to works related with the South power plant.

As for electrication with generator sets, the following was accomplished: (i) in the North, electrication of Muaguide, Mazeze, Chire-old, Matchedje and Chala; (ii) in the Center, electrication of Dere and Dacata, the re-establishment of energy supply to the town headquarters of Machanga, by moving a generator from Caia; and (iii) in the South, launching of tender for electrication of four administrative ofces and towns; In what concerns electrication based on new and renewable energies: photovoltaic systems: in the North, 65 schools, 78 clinics and health centers were electried and about 50 kits were installed in residences and stores; in the Center, 64 schools, 77 clinics and health centers more than 50 residences and stores were electried; and in the South, 5 schools and about 20 residences and stores were electried;

Electricity export displays a growing trend in Mozambique and the electricity exports value increased slightly (2%) from 2007 to 2008, reaching the amount of 244.037.116 USD. In what concerns accessibility to electricity and its impact on the life conditions of the Mozambicans, the main interventions in 2008 were: The following aspects were important on National Electricity Network (Rede Nacional de Energia Elctrica): (i) in the North area, electrication of 12 district headquarters, construction of Pemba power plant and construction of the Metoro-Ancuabe and MetoroChire-Namapa distribution lines; (ii) in the Center, electrication of 14 district headquarters, of Morrua mine and of 24 farms in Bru, construction of Alto Molcu and Uap power plants, and of Uap-Gil, Uap-Murrua, Manje-Chifunde, Manje-Furancungo, Manje-Fngo, Songo-Chitima and Ulngu-Dmu and Marromeu electricity distribution lines; and (iii) in the South, electrication of three district headquarters, connection of two medium voltage networks, the installation of 6.000 aerial harnesses, construction of the building for Centro Nacional de Despacho and the connection of RTUs in the power plants, besides the rehabilitation of the Infulene power plant and of DL5 distribution line;

Small scale hydro-power generators: the micro hydro-power dam (80 kW) of Honde was launched and, in Bru, feasibility studies for the installation of small scale hydro-power dams in Milange, Lugela, Marvia, Angnia and Chita were carried out;

Aeolian energy: a study of the aeolian potential of Inhambane and Maputo (Estudo do Potencial Elico de Inhambane e Maputo), indicating a potential for the installation of an aeolian park of 100MW, was carried out; Biomass energy: the promotion of sustainable usage of energy resources was bolstered through diversication of biomass based energy sources. As for liquid fuels, 13 fuel distribution licenses were issued and, as a way of promoting consumption of natural gas in the country, two compressed natural gas (CNG) lling stations were built, 40 vehicles were converted for use of CNG and a study of natural gas market was accomplished in Maputo City. In what concerns mineral resources, it

105

100 Empresas de Moambique

De 2007 para 2008, a produo de minerais em Moambique cresceu 12%, marcada por: Grande produo de pedras semipreciosas e o aumento em 134% na produo de ilmenite; Reduo em 75% na produo de zirco, em parte devido fraca produo das areias pesadas de Moma e a paralisao da produo na zona Norte, em resultado de ms condies climatricas; Um aumento de 213% na produo de ouro, comparativamente ao ano de 2007; e No ter arrancado a produo de carvo na mina de Moatize, conforme planicado, por se ter estado a aguardar a emisso da licena ambiental. Assim, at Setembro de 2008 foram produzidas apenas 37.700 toneladas (mais 60% que em 2007); Em 2008, foram principais actividades com impacto sobre o desenvolvimento do sector, de acordo com o Balano do PES: Na rea mineira: foram realizadas prospeco e pesquisa de ouro e metais bsicos em Manica, Tete, Niassa, Cabo Delgado e Zambzia e a pesquisa de diamantes em Gaza e Maputo e foi identicada a existncia (em nveis baixos) de nquel, cobre, platina, paldio e ouro em Cabo Delgado.

Nos hidrocarbonetos, prosseguiram as actividades de pesquisa: (i) na bacia de Moambique, foi feita a pesquisa nos blocos Sofala, M-10, Zambeze Onshore e Zambeze Offshore; apresentado o potencial de parte dos blocos Inhaminga, 16 e 19; foram feitos testes para melhorar a produtividade dos furos e iniciada a conexo dos furos e estudos para aumentar a produo e transporte de gs natural no bloco de Pande/Temane; foi assinado o Contrato Concesso de Pesquisa e Produo de Hidrocarbonetos com a ENH para avaliar as reservas de gs existentes e pesquisar o potencial remanescente do Bloco do Bzi e, (ii) na bacia do Rovuma, foram adquiridos dados ssmicos 2D de partes das reas de concesso Onshore, 1 e 4; processada a ssmica 2D das reas 2 e 5; elaborado o modelo geolgico da rea 1; e assinado o Contrato de Concesso de Pesquisa e Produo das reas 3 e 6. Na presente edio das 100 Maiores Empresas de Moambique participam 12 empresas do sector da energia e recursos naturais, das quais 11 fazem parte das 100 maiores empresas do pas, facto que conrma a importncia do sector. Oito destas empresas so tradicionais participantes na pesquisa (participaram nas dez edies passadas), havendo a entrada de uma nova empresa. Em termos de composio do seu capital social, dois teros destas empresas tm capitais mistos, nacionais e estrangeiros. Igualmente, oito das 12 empresas operam em Maputo e demais provncias do pas.

Em 2008, estas empresas tiveram um volume de negcios agregado de 35,159 milhes de MT, 20% mais que no exerccio anterior, numa lista liderada pela Petrleos de Moambique SARL (Petromoc), a qual foi responsvel pela realizao de 20% do volume de negcios agregado, seguida da HCB, SARL (HCB; 17%). Em termos de resultados lquidos, no seu global estas empresas tiveram lucros de 5,095 milhes de MT (15% do volume de negcios), reectindo um aumento de ecincia, quando comparados aos 1,678 milhes de MT (6% do volume de negcios) do ano anterior. Demonstraram maior rcio de rentabilidade sobre o volume de negcios a HCB, SARL (66%) e a Companhia Moambicana de Hidrocarbonetos, SA (CMH, SA; 40%). Analisadas na perspectiva da rentabilidade dos capitais prprios, em mdia, as empresas do sector participantes na pesquisa apresentam um rcio de 9% de lucros sobre capitais prprios, sendo este rcio mais acentuado nos casos da CMH, SA (39%) e da Petromoc, SARL (25%). As grandes empregadoras do sector so a Electricidade de Moambique, EP, com cerca de 3,532 trabalhadores e a Intelec Holdings, Lda com 2,218 trabalhadores. Em mdia, cada um dos trabalhadores destas empresas gerou em 2008, 4.7 milhes de MT, sendo os mais produtivos os da Motraco, SARL (594 milhes de MT/ trabalhador) e os CMH, SA (87 milhes de MT/trabalhador).

Tabela 8 / Table 8: Energia e Recursos Minerais / Energy and Mineral Resources

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 2007 2 1 4 3 5 6 7 9 8 10 11 n.a Petromoc-Petrleos de Moambique, SARL Hidroelctrica de Cahora Bassa, SARL BP Moambique, Lda EDM-Electricidade de Moambique E.P. Motraco, SARL Sasol Petroleum Temane, Lda Petrogal Moambique, Lda Companhia Moambicana de Hidrocarbonetos, S.A Petromoc e Sasol, SARL Intelec Holdings, Lda Electrotec, SA Eta Star Moambique, SA Energia Energia Energia Energia Energia Energia Energia Energia Energia Energia Energia Energia Empresa > Company Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 7,064,480 6,095,000 4,752,000 4,593,030 4,158,000 3,309,924 1,751,000 1,349,588 1,283,808 644,000 157,887 2007 5,406,840 6,687,000 3,699,000 3,992,640 3,349,000 3,213,103 1,278,000 551,942 693,013 488,000 49,273 %08/07 31 (9) 28 15 24 3 37 145 85 32 220 Resultados Lquidos > Net Prots (103 Meticais) 2008 69,700 3,998,000 299,000 27,780 129,000 n.d 65,000 546,343 15,007 (30,000) 4,261 (29,011) 2007 46,280 1,011,000 297,000 4,390 115,000 n.d 54,000 151,377 (32,993) 40,000 (1,754) (6,355) %08/07 51 295 1 533 12 20 261 145 (175) 343 (357) Resultados Antes dos Inpostos (103 Meticais) 2008 114,080 3,998,000 458,000 27,780 144,000 n.d 101,000 601,777 (32,993) (18,000) 6,197 (29,011) 2007 46,280 1,011,000 433,000 27,770 123,000 n.d 81,000 151,377 (28,954) n.d (1,754) (6,355) %08/07 146 295 6 0 17 25 298 (14) 453 (357) Activo Liquido > Net Assets (103 Meticais) 2008 4,610,250 55,531,000 2,633,000 16,948,280 4,301,000 11,125,767 848,000 3,465,436 493,736 732,000 169,987 66,501 2007 3,504,870 62,404,000 2,249,000 14,715,860 7,805,000 9,968,963 653,000 3,163,264 502,966 731,000 48,942 41,140 %08/07 32 (11) 17 15 (45) 12 30 10 (2) 0 247 62 Activo Corrente > Current Assets (103 Meticais) 2008 3,537,330 3,483,000 1,921,000 3,717,410 1,008,000 1,950,316 581,000 1,134,281 281,233 n.d 143,645 4,466 2007 2,489,430 4,050,000 1,578,000 3,116,760 1,239,000 2,235,383 397,000 1,236,910 286,280 n.d 41,657 8,958 %08/07 42 (14) 22 19 (19) (13) 46 (8) (2) 245 (50)

106

100 Empresas de Moambique

matters to refer that Mozambique has as main mineral resources: coal, salt, lead, bauxite, gold and precious and semi-precious gems. Mozambique has, equally, natural gas and marble reserves. From 2007 for 2008, production of minerals in Mozambique had an increment of 12%, marked by: Huge production of precious gems and increase, by 134%, of ilmenite production; Reduction, by 75%, of zircon production, partly due to low yield of Moma heavy sands and to production stoppage in the North area, as a result of bad weather conditions; An increase, by 213%, in gold production, compared to year 2007; and Failure to launch coal production in the Moatize mine, as was previously planned, due to late issue of the environmental license. Thus, up to September 2008 only 37.700 tons had been produced (60% more that in 2007); Main activities with impact on the sector development, in 2008, according to Plano Econmico e Social -PES (2008 Economic and Social Planning) assessment report were: In the mining area: prospection and survey of gold and basic metals were carried out in Manica, Tete, Niassa, Cabo Delgado and Zambzia as well as prospection of diamonds in Gaza and Maputo; the

existence (in low levels) of nickel, copper, platinum, palladium and gold in Cabo Delgado was conrmed. In the hydrocarbons area, survey activities went on: (i) in Mozambique basin, survey was carried out in Sofala, M-10, Zambeze Onshore and Zambeze Offshore blocks; the potential of part of Inhaminga, 16 and 19 blocks was presented; tests were carried out to improve yield of the boreholes and their connection and studies to increase yield and natural gas transmission in Pande/Temane block were initiated; the Hydrocarbons Survey and Production Concession Contract was signed with ENH (Empresa Nacional de Hidrocarbonetos) to evaluate the existing gas reserves and to survey the remaining potential of the Bzi Block, (ii) in the Rovuma basin, seismic 2D data of parts of the concession areas Onshore, 1 and 4 were acquired; seismic 2D data of areas 2 and 5 were processed; geological model of the area 1 was elaborated; and a Survey and Production Concession Contract for areas 3 and 6 was signed. In the present issue of the 100 Larger Companies of Mozambique 12 companies of the energy and natural resources sector have participated, 11 of them belonging to the 100 larger energy companies of the country, which conrms the importance of the sector. Eight of these companies are traditional participants in the survey (they have participated in the ten last issues), and one company is a newcomer. In what concerns composition of their share capital, two thirds of these companies have mixed

capitals, national and foreign. Equally, eight out of these 12 companies operate in Maputo and other provinces of the country. In 2008, these companies had a joint businesses volume of 35,159 million MT, 20% more than in the previous exercise, on a list led by Petrleos de Moambique SARL (Petromoc), that was responsible for the accomplishment of 20% of the joint businesses volume, followed by HCB, SARL (HCB; 17%). In what concerns net results, these companies had global prots of 5,095 million MT (15% of businesses volume), reecting an efciency increase, when compared to the 1,678 million MT (6% of businesses volume) of the previous year. HCB, SARL (66%) and the Companhia Moambicana de Hidrocarbonetos, SA (CMH, SA; 40%) have demonstrated larger protability ratio over businesses volume. Analysis from protability perspective of the equity capital, reveals that on average, the participant companies of the sector display a ratio of 9% of prots over equity capital, being this ratio more accentuated in the cases of CMH, SA (39%) and of Petromoc, SARL (25%). The great employers of the sector are Electricidade de Moambique, EP, with around 3,532 workers and Intelec Holdings, Lda with 2,218 workers. On average, each worker of these companies generated, in 2008, 4.7 million MT, being the Motraco, SARL (594 million MT/worker) and CMH, SA (87 million MT/ worker) workers the most productive.

Passivo Total> Total Liabilities (103 Meticais) 2008 4,457,000 17,487,000 1,055,000 11,117,430 2,931,000 5,332,262 487,000 1,738,205 509,129 467,000 159,178 65,251 2007 3,414,000 22,593,000 970,000 10,314,670 6,340,000 3,965,986 357,000 2,079,376 533,366 441,000 43,580 39,890 %08/07 31 (23) 9 8 (54) 34 36 (16) (5) 6 265 64

Passivo Corrente> Current Liabilities (103 Meticais) 2008 3,566,890 655,000 1,055,000 2,934,100 918,000 1,021,232 450,000 482,684 384,282 n.d 143,167 162 2007 2,489,430 1,137,000 970,000 2,718,700 104,000 745,971 320,000 452,590 391,689 n.d 40,986 59 %08/07 43 (42) 9 8 783 37 41 7 (2) 249 175

Capitais Prprios > Shareholders Funds (103 Meticais) 2008 308,810 38,044,000 1,578,000 5,830,850 1,370,000 5,793,504 361,000 1,727,231 (15,393) 254,000 10,809 1,250 2007 239,110 39,811,000 1,279,000 4,401,190 1,465,000 6,002,977 295,000 1,083,888 (30,400) 290,000 5,362 1,250 %08/07 29 (4) 23 32 (6) (3) 22 59 49 (12) 102 0

Custos Operacionais > Operating Costs (103 Meticais) 2008 6,309,650 3,021,000 4,308,000 4,437,730 3,587,000 n.d 1,660,000 747,811 1,214,352 621,000 148,375 29,028 2007 5,079,850 3,706,000 3,130,000 3,808,800 2,865,000 n.d 1,195,000 400,565 672,476 402,000 47,130 6,355 %08/07 24 (18) 38 17 25 39 87 81 54 215 357

Rent. VN > Prot/Revenue (%) 2008 1 66 6 1 3 4 40 1 (5) 3 2007 1 15 8 0 3 4 27 (5) 8 (4) -

Rent. A. Liq > Rent. Net Asset (%) 2008 2 7 11 0 3 8 16 3 (4) 3 (44) 2007 1 2 13 0 1 8 5 (7) 5 (4) (15)

Rent. C.P. > S/hs Funds (%) 2008 25 10 21 1 9 20 39 (66) (11) 53 (2,321) 2007 16 7 26 0 8 19 15 237 24 (53) (1,017)

Liquidez Geral > Current Ratio 2008 1 5 2 1 1 2 1 2 1 1 28 2007 1 4 2 1 12 3 1 3 1 1 152

N Trabalhadores > of Employees 2008 674 671 150 3,532 7 151 156 17 29 2,218 50 38 2007 651 635 152 3,323 7 160 130 14 142 1,918 64 5 %08/07 4 6 (1) 6 0 (6) 20 21 (80) 16 (22) 660

VN por Trabalhador >Revenue per Employee 2008 10,663 9,334 31,470 1,340 594,000 21,286 12,245 87,070 15,015 311 2,770 2007 8,305 10,556 24,098 1,282 478,429 21,279 10,306 44,155 5,727 268 782 %08/07 28 (12) 31 5 24 0 19 97 162 16 254 -

107

100 Empresas de Moambique

Hotelaria e Turismo
Por:Ricardo Adamo, Vilma Gumancanze e Malisa Chutumia

e hotelaria, seguido de bancos e seguradoras e, por ltimo, pela indstria. O valor de investimentos em 2008 foi de 739 milhes de dlares americanos, que podero criar acima de 5 mil novos postos de trabalho, ou seja, cerca de 14.2%, com 19% de projectos aprovados. Merece ainda destaque a franca expanso do sector que se reecte no bom desempenho dos restaurantes, hotis e similares. De acordo com o balano do PES 2008, o sector do turismo cresceu mais do que o esperado. De notar que se estimava um crescimento de 9.4%, tendo-se porm registado um crescimento de 13.5%. J em 2007, observouse um crescimento de 8.5%, o que signica que o turismo est em franco crescimento. De um modo geral, nos ltimos anos temse registado um crescimento signicativo fundamentado pelo aumento nas receitas do turismo, que atingiu os 185 milhes de dlares, pelos investimentos em curso no sector. Estima-se que em 2008, tenham entrado no Pas cerca de 1,5 milhes de visitantes, dos quais 1 milho so turistas, enquanto que 771 mil turistas entraram em 2007, o que corresponde a um aumento de 29.7% em 2008. Participaram na edio das 100 Maiores Empresas de Moambique 11 empresas que se enquadram no sector do turismo, das quais 4 quatro constam do ranking das 100 maiores Empresas, sendo que 3 so novas entradas na pesquisa. Entre as novas entradas para o sector, o destaque vai para a Polana Serena Hotel Lda, que ocupou a primeira posio no ranking sectorial, com um volume de negcios de cerca de 229 milhes de Meticais. O volume de negcio das empresas deste

om a melhoria dos meios de transporte e as vias de acesso, os continentes Africano, Sul Americano e Asitico so hoje destinos tursticos em crescimento fazendo frente aos destinos mais tradicionais como a Europa e a Amrica do Norte. Embora o mundo esteja a viver um momento crtico com a crise nanceira, dados de 2008 mostram que as regies da frica, Amrica do Sul e sia comparativamente Europa e Amrica do Norte tm registado um crescimento no nmero de turistas e o mesmo tende a ser mais elevado 5%, comparado com o ano de 2007. Moambique o pas da marrabenta, da massala, do Arquiplago de Bazaruto, das Quirimbas, do maconde, da terra da boa gente, da prola do ndico, um pas africano com enorme variedade cultural. O sector do turismo tem-se destacado dentre as actividades que mais cresce no pas, resultado das inmeras riquezas que podem ser desfrutadas do Rovuma ao Maputo e que s podem ser apreciadas in loco, tornando esta, uma indstria lucrativa. Este facto temse vericado devido entrada de turistas e, por conseguinte, das divisas provenientes dos gastos efectuados por estes, incluindo os investimentos estrangeiros. No que se refere ao Investimento Directo Estrangeiro (IDE), denota-se maior concentrao de projectos nos sectores do turismo e hotelaria, seguido da agricultura e agro-indstria e, por ltimo, transportes e comunicaes. O mesmo reecte-se no IDN, onde o maior peso vai para o sector de turismo

sector alcanou cerca de 984 milhes de Meticais dos quais 80.70% constituem o volume de negcio das empresas que constam no ranking das 100 Maiores Empresas de Moambique, representando um crescimento de 4.75% em relao edio de 2007. Em termos de resultados lquidos, o sector apresenta lucros que se cifram na ordem dos 79 milhes de Meticais, representando uma queda de 15.68% comparativamente a 2007. Neste critrio, a AVIS, Lda lidera o sector, com lucro na ordem dos 50 milhes de Meticais aproximadamente. Em segundo lugar cou a Turvisa, Lda com lucros de 13 milhes de MT. Duas empresas das onze participantes deste sector apresentaram resultados lquidos negativos e cerca de 54.55% tiveram uma variao negativa dos resultados face a 2007, o que reecte que a crise nanceira foi transversal ao sector. Com a crise nanceira, muitas empresas despediram colectivamente o seu pessoal, no entanto, a pesquisa deste ano relevou que o sector do turismo conseguiu empregar 1,081 colaboradores, representando um crescimento de 7.24% face edio anterior. Neste critrio, destacou-se a Salvador Hotis de Moambique, Lda, que emprega 281 trabalhadores, registando desta forma um crescimento de 13% face a 2007. Em termos de volume de negcio por trabalhador destacam-se a Golden Travel, Lda e a AVIS,Lda, com cerca de 5 milhes de Meticais.

Tabela 9 / Table 9: Hotelaria e Turismo / Hotel Industry and Tourism

Rank 2008 1 2 3 4 5 6 7 8 9 10 11 2007 n.a 1 2 3 n.a 4 5 9 7 10 n.a Polana Serena Hotel, Lda Salvor Hotis Moambique, SARL AVIS-Moambique Car Rental, Lda Turvisa- Empreendimentos Tursticos, Lda Golden Travel, Lda Bazaruto, Lda Hotel Santa Cruz Cotur, Lda. Mextur-Moambique Expresso Turismo e Viagens, Lda Complexo SHEIK M3 Bar Hotelaria e Turismo Hotelaria e turismo Hotelaria e turismo Hotelaria e turismo Hotelaria e Turismo Hotelaria e turismo Hotelaria e turismo Hotelaria e turismo Hotelaria e turismo Hotelaria e turismo Hotelaria e Turismo Empresa > Company Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 228,605 193,000 192,317 179,869 84,960 59,000 17,315 13,220 9,205 5,176 920 2007 218,230 214,000 181,577 132,026 86,468 63,000 17,685 9,277 11,761 4,242 675 %08/07 5 (10) 6 36 (2) (6) (2) 43 (22) 22 36 Resultados Lquidos > Net Prots (103 Meticais) 2008 12,545 3,000 49,562 13,138 627 (3,000) 1,008 692 1,424 33 (222) 2007 15,639 58,000 2,866 4,859 189 7,000 1,174 220 3,595 (16) (63) %08/07 (20) (95) 1,629 170 232 (143) (14) 215 (60) 306 (251) Resultados Antes dos Inpostos (103 Meticais) 2008 17,660 3,000 36,440 15,005 922 (3,000) 546 1,162 4,538 35 (222) 2007 15,639 58,000 4,141 8,913 279 8,000 1,822 302 2,429 34 (63) %08/07 13 (95) 780 68 230 (138) (70) 285 87 3 (251) Activo Liquido > Net Assets (103 Meticais) 2008 277,029 733,000 306,670 859,585 15,455 164,000 9,867 10,450 36,933 2,774 489 2007 250,011 669,000 254,182 551,593 20,499 148,000 7,533 10,926 28,949 2,890 444 %08/07 11 10 21 56 (25) 11 31 (4) 28 (4) 10 Activo Corrente > Current Assets (103 Meticais) 2008 100,665 159,000 52,799 112,527 14,454 46,000 8,520 8,439 27,354 2,268 96 2007 85,996 77,000 31,113 72,349 16,934 46,000 6,351 8,895 19,523 2,595 115 %08/07 17 106 70 56 (15) 0 34 (5) 40 (13) (16) Passivo Total> Total Liabilities (103 Meticais) 2008 252,944 750,000 144,884 583,530 12,536 155,000 4,556 6,624 35,509 4,407 779 2007 238,472 655,000 169,230 407,321 18,360 129,000 3,230 7,570 25,354 4,546 512 %08/07 6 15 (14) 43 (32) 20 41 (12) 40 (3) 52

108

100 Empresas de Moambique

Hotel Industry and Tourism

By: Ricardo Adamo, Vilma Gumancanze e Malisa Chutumia

ith the improvement of transportation means and roads access, the African, South American and Asian continents are, now, growing tourist destinations competing with more traditional destinations as are Europe and North America. Although the world is living a critical moment with the nancial crisis, 2008 data show that Africa, South America and Asia regions, comparatively to Europe and North America have registered a growth in the number of tourists being, this number, 5% higher, when compared to year 2007. Mozambique is the country of the marrabenta, of the massala, of the Bazaruto Archipelago, of the Quirimbas, of the maconde, of the good peoples land, of the Indian Pearl: it is an African country with huge cultural variety. Tourism sector is outstanding among the activities of fastest growth in the country, as result of countless wealth that may be enjoyed from Rovuma to Maputo. This wealth may only be appreciated in loco, making tourism a lucrative industry. This has been happening as tourists enter the country, bringing with them currency to spend locally and to make investments. In what concerns Direct Foreign Investment (Investimento Directo Estrangeiro -IDE), larger projects concentration is seen in the sectors of the tourism and hotel industry, following agriculture and agro-industry and, lastly, transports and communications. The same situation is reected in National Direct

Investment (Investimento Directo Nacional IDN), whose largest share goes to tourism and hotel industry sector, following banks and insurance companies and, lastly, industry at large. The investments value in 2008 was of 739 million USD, with a potential of creating more than 5,000 new jobs, in other words, about 14.2%, with 19% of approved projects. The broad expansion of the sector still deserves prominence, which is reected in the good performance of restaurants, hotels and similar establishments. As refers the Government, on the Plano Econmico e Social -PES (2008 Economic and Social Planning) assessment report, tourism sector grew more than what was expected. It is noteworthy that a growth of 9.4%, had been foreseen being the actual growth 13.5%. In 2007, already, a growth of 8.5%, was veried meaning that tourism is in open growth. In general, during the last years, signicant growth is being observed, considering the increase of tourism incomes, reaching 185 million dollars, derived from investments in course in the sector. It is estimated that in 2008, about 1,5 million visitors have entered the Country, of which 1 million were tourists, while in 2007, 771 thousand tourists entrances were recorded, which denotes an increase of 29.7% in 2008. In the present edition of the 100 Larger Companies of Mozambique 11 companies of the tourism sector have participated, of which four are in the ranking of the 100 Larger Companies, and 3 are new entrances in the research. Among the new entrances, the prominence goes to Polana Serena Hotel Lda, that occupied the rst position in the

sector ranking, with a business volume of about 229 million Meticais. The business volume of the companies of this sector reached about 984 million Meticais with 80.70% of this value being the business volume of the companies that are in the ranking of the 100 Larger Companies of Mozambique, representing a growth of 4.75% in relation to the 2007edition. In what concerns net prots, the sector presents values that are in the magnitude of 79 million Meticais, representing a fall of 15.68% when compared to 2007. In this criterion, AVIS, Lda leads the sector, with prots in the order of approximately 50 million Meticais. In second place is Turvisa, Lda, with prots of 13 million Meticais. Two out of the eleven participating companies of this sector presented negative net results and about 54.55% had negative variation in the results when compared to 2007, which reects that the nancial crisis was traverse to the sector. With the nancial crisis, a lot of companies have collectively dismissed their personnel, however, this years research emphasized that tourism sector managed to employ 1,081 collaborators, representing a growth of 7.24% face to the previous edition. In this criterion, Salvador Hotis de Moambique, Lda, stood out employing 281 workers, registering thus a growth of 13% compared to 2007. In terms of business volume per worker, Golden Travel, Lda and AVIS,Lda stand out, with about 5 million Meticais per worker.

Passivo Corrente> Current Liabilities (103 Meticais) 2008 145,002 207,000 54,555 323,388 12,536 42,000 4,556 3,827 30,440 4,407 779 2007 118,593 150,000 139,773 292,384 18,360 71,000 3,230 3,356 22,393 4,546 4 %08/07 22 38 (61) 11 (32) (41) 41 14 36 (3) 22,120

Capitais Prprios > Shareholders Funds (103 Meticais) 2008 24,085 (17,000) 161,786 276,055 2,919 9,000 5,311 3,827 5,069 (1,633) (290) 2007 11,540 14,000 84,952 144,272 2,140 19,000 4,303 3,356 2,960 (1,656) (68) %08/07 109 (221) 90 91 36 (53) 23 14 71 1 (326)

Custos Operacionais > Operating Costs (103 Meticais) 2008 187,562 190,000 155,877 158,818 84,038 62,000 16,769 12,081 5,482 5,140 1,141 2007 192,691 156,000 177,436 125,852 86,189 55,000 15,863 8,976 8,391 4,208 738 %08/07 (3) 22 (12) 26 (2) 13 6 35 (35) 22 55

Rent. VN > Prot/ Revenue (%) 2008 5 2 26 7 1 (5) 6 5 15 1 (24) 2007 0 27 2 4 0 11 7 2 31 (0) 0

Rent. A. Liq > Rent. Net Asset (%) 2008 5 0 16 2 4 (2) 10 7 4 1 (45) 2007 0 9 1 1 0 5 16 2 12 (1) 0

Rent. C.P. > S/hs Funds (%) 2008 70 (200) 40 6 25 (21) 21 19 35 (2) 124 2007 0 1,657 3 4 0 45 31 7 104 1 0

Liquidez Geral > Current Ratio 2008 1 1 1 0 1 1 2 2 1 1 0 2007 0 1 0 0 0 1 2 3 1 1 0

N Trabalhadores > N of Employees 2008 281 281 37 255 17 61 65 30 11 25 18 2007 283 249 40 234 17 46 66 30 9 22 12 %08/07 (1) 13 (8) 9 0 33 (2) 0 22 14 50

VN por Trabalhador > Revenue per Employee 2008 811 728 4,995 736 4,998 1,103 264 441 921 220 61 2007 0 812 4,539 563 0 1,370 407 314 1,120 181 0 %08/07 (10) 10 31 (19) (35) 40 (18) 22 0

109

100 Empresas de Moambique

Indstria
Por: Anissa Mahomed e Momed Jam

do pas ainda consiste no facto de o crescimento econmico continuar a ser suportado por actividades de exportao, dominadas por mega projectos de capital intensivo, sendo assim a sua capacidade para gerao emprego limitada, o que impede um crescimento mais slido e a diversicao econmica. Na presente edio da pesquisa, o sector

da Mozal, na ordem de 11%, esta empresa continua a liderar o sector e absorve 84.76% do total do volume de negcios das do sector. A entrada de maior destaque neste sector foi do Grupo Madal, SARL ao posicionar-se no nono lugar do ranking sectorial com um volume de negcios de 169 milhes de Meticais. Em termos de resultados lquidos, o sector totaliza lucros na ordem dos 11,236 milhes de Meticais, dos quais 99.71% so gerados pelas empresas do sector que contam no ranking das 100 Maiores Empresas de Moambique. O destaque nesta categoria vai para a Ferpinta Moambique, SARL, ao sair de uma situao de prejuzo de 35 milhes de Meticais em 2007, para uma situao de lucros na ordem dos 67 milhes de Meticais em 2008. No que concerne aos capitais prprios destaca-se a Mozal, a Cimentos de Mocambique e a British American Tobacco, com 30,665 milhes de Meticais, 1,461 milhes de Meticais e 185 milhes de Meticais, respectivamente.

indstria constitui um importante motor para o crescimento econmico,

na medida em que possibilita a transformao de matrias primas em outros produtos com um maior valor acrescentado. A nvel nacional, este sector de actividade, foi fundamentalmente dinamizado pelas indstrias de minerais e transformadora, tendo-se registado uma tendncia crescente na sua produo em relao a 2007, isto , uma taxa de crescimento acumulada de 13.1% para indstria extractiva e um decrscimo de 1.6% para indstria transformadora. De acordo com os dados do BAfD e OCDE a contribuio da indstria no PIB foi aproximadamente igual a 55%. O essencial dessa produo provm dos mega projectos de capitais estrangeiros, sendo o mais importante a fundio de alumnio Mozal. Em 2008 a produo e as exportaes do Alumnio para a Mozal decresceram devido a: (i) falhas no fornecimento de energia causadas pelos trabalhos de manuteno da central elctrica sul-africana Eskom e (ii) a baixa dos preos e da procura durante o ltimo trimestre. A falta de energia afectou tambm o sector manufactureiro e, por conseguinte, a produo deste tipo de indstria decresceu. Uma das caractersticas da economia

conta com a participao de 24 empresas (contra 28 da edio de 2007), estando 11 na lista das 100 Maiores Empresas de Moambique. No que concerne longevidade das empresas do sector em apreo constata-se que 17 destas operam no mercado h mais de 10 anos. Relativamente origem e composio do capital nestas empresas, sete operam com capital privado estrangeiro, quatro com capital privado nacional, uma com capital pblico nacional e as restantes 12 com capital misto. Na sua maioria, as empresas participantes na pesquisa pertencentes a este sector, tendem a concentrar-se na provncia de Maputo, o que reecte uma caracterstica endgena da economia nacional. O total do volume de negcios registado pelas empresas participantes neste sector foi de 40,732 milhes de Meticais em 2008, sendo 98.30% do mesmo absorvido pelas empresas presentes no ranking das 100 Maiores Empresas de Moambique. Apesar de se ter registado um abrandamento no volume de negcios O sector emprega 9,260 trabalhadores, o que representa uma reduo de 3.33% em relao a 2007, dos quais 4,584 e 1,220 trabalhadores esto empregados no Grupo Madal, SARL e Miranda Industrial, Lda respectivamente.

By Anissa Mahomed e Momed Jam

Industry

an accumulated growth rate of 13.1% for extractive industry and a 1.6% decrease in transforming industry. According to BAfD and OCDE data, the industry contribution to GDP was approximately equal to 55%. Most production derived from mega projects with foreign capitals, the most important of which is the aluminum smelter Mozal.

In 2008 production and exports of aluminum to Mozal decreased due to: (i) failure in power supply as caused by maintenance works in the South African power plant Eskom and (ii) price and demand reduction over the last quarter. Shortage of power supply also affected the manufacture sector and hence the production of this type of industry also dropped.

ndustry is an important driver for economic growth as it allows the

transformation of raw material into other products with added value. Nationally industry sector was boosted mainly by mineral and transforming industries with a growing trend in its production as compared to 2007, that is,

110

100 Empresas de Moambique

One of the features of national economy still consists of the fact that economic growth is supported by exports that hinge on mega projects with intensive capital, thus, its job creating capacity is restricted, which prevents more solid growth and economic diversity. In this survey, industry presents 24 participating companies (against 28 in 2007 edition), of which 11 rank among the Top 100 Largest Companies in Mozambique. With regard to these companies longevity, 17 of these companies have been operating in the market for over 10 years. As for the origin and composition of their capitals, 7 operate under private foreign capital, 4 with private national capital and 1 with public national capital and the remaining 12 with mixed capital. The majority of the participating companies concentrate in Maputo province, which reects an endogenous feature of national economy.

The total turnoverrevenue recorded by the participating companies in the sector was 40,732 million Meticais in 2008, of which 98.30% was absorbed by those companies ranking in the Top 100 Largest Companies in Mozambique. Despite the slowing down in Mozal revenue for about 11%, this company is still in the lead and absorb 84.76% of total turnoverrevenue in the sector. The outstanding new entry is Grupo Madal, SARL ranking ninth place in the sector with revenue of about 169 million Meticais. In terms of net prots, the sector accrued about 11,236 million Meticais, of which 99.71% were generated by companies ranking in the Top 100 Largest Companies in Mozambique. In this category Ferpinta Moambique, SARL, should be highlighted by rising from a loss situation of 35 million

Meticais in 2007, to a prot scenario of 67 million Meticais in 2008. With regard to equity Mozal, Cimentos de Mocambique and the British American Tobacco should be highlighted with 30,665 million Meticais, 1,461 million Meticais and 185 million Meticais, respectively. The industry sector employs 9,260 workers, which represents a reduction of 3.33% as compared to 2007, of which 4,584 and 1,220 workers are in the employ of Grupo Madal, SARL and Miranda Industrial, Lda, respectively.

Tabela 10 / Table 10: Industria / Industry

Rank Empresa > Company Vol. de Neg. > Revenues (103 Meticais) 2008 Mozal, SARL Cimentos de Moambique, SARL BAT-British American Tobacco Mozambique, Lda Ferpinta Moambique - IBPS, SARL Higest Moambique, Lda Acadmica, Lda. CIMBETO-Cimpor Beto Moambique, SARL Aberdare Intelec (Mo), Lda. Grupo Madal, SARL Alif Qumica Industrial, Lda. Topack Moambique, SARL Agro Alfa, SARL. Celmoque, SARL Miranda Industrial, Lda Fosforeira de Moambique, Lda Embalagens Mondipak, Lda CAPAFRICA, Lda BEIRANAVE - Estaleiros Navais da Beira, SARL Crown Cork Company, Lda Padaria da Munhava, Lda PINTEX - Fbrica de Tintas, SARL EDIMETAL, Lda MODET - Sociedade Moambicana de Detergentes, Lda Siesta, Lda. 34,526,000 2,618,263 1,124,000 319,860 305,689 248,000 240,543 182,980 169,000 166,421 137,940 109,783 100,662 92,287 75,052 64,471 61,644 59,097 47,000 23,440 19,500 19,460 17,392 3,351 Resultados Lquidos > Net Prots (103 Meticais) 2008 10,668,000 215,180 160,000 67,190 7,166 17,000 11,327 41,073 14,000 2,050 163 1,092 2,211 n.d 13,180 7,706 2,583 4,778 3,000 1,201 (300) (2,788) 25 (273) Activo Liquido >Net Assets (103 Meticais) 2008 48,351,000 2,384,908 349,000 547,430 185,965 101,000 87,933 154,468 381,000 128,801 301,212 83,969 116,052 273,538 55,607 57,197 36,155 118,043 23,000 27,979 61,600 19,032 24,377 2,314 Capitais Prprios > Shareholders Funds (103 Meticais) 2008 30,665,000 1,460,633 185,000 78,990 15,420 90,000 37,872 94,557 139,000 115,630 11,029 49,693 11,583 (61,451) 37,916 47,367 8,131 49,400 13,000 14,299 5,700 1,872 1,663 (7,760) Custos Operacionais > Operating Costs (103 Meticais) 2008 22,294,000 2,282,407 884,000 244,000 282,589 225,000 224,350 150,178 155,000 171,149 127,006 104,746 95,690 87,142 57,650 48,931 58,688 39,983 43,000 21,418 19,600 22,631 29,760 5,298 N Trabalhadores > N of Employees 2008 1,153 449 131 70 133 150 32 34 4,584 284 158 257 24 1,220 56 42 28 173 20 69 54 40 76 23 VN por Trabalhador > zRevenue per Employee 2008 29,957 6,117 8,204 5,118 2,516 1,653 8,154 5,545 35 586 1,086 431 3,471 76 1,352 1,535 2,283 346 2,350 361 475 262 156

2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

2007 1 2 3 7 6 5 9 4 n.a 11 8 14 12 n.a 17 13 15 16 18 n.a 20 21 22 26

111

100 Empresas de Moambique

Pescas
Por: Hugo Ribeiro, Maurcio Malate e Yolanda Mongo

sector pesqueiro em Moambique composto por trs subsectores: pesca

qual reduziu os rendimentos mdios dirios da actividade, devido ao esforo excessivo de pesca sobre alguns recursos, particularmente o camaro (e, para contrapor este efeito, mais recentemente o perodo de veda foi alargado de 3 para 5 meses); A elevao dos padres de controle de qualidade praticados pelos principais mercados de exportao do pescado (Unio Europeia e Estados Unidos de Amrica), o que diculta o acesso de alguns produtos (gamba, camaro e outros) a estes mercados; Reduo de preos no mercado internacional devido a uma forte concorrncia de produtos de outras origens (camaro de aquacultura em relao ao camaro selvagem, exportado pelos produtores nacionais, dado que o camaro de aquacultura mais barato em comparao ao camaro selvagem, o que desvia a procura dos consumidores a favor do camaro de aquacultura). De 2007 para 2008, a pesca artesanal foi o nico subsector que viu crescer os volumes de produo e consequentemente as receitas de vendas: a produo aumentou 30,470 toneladas, e as receitas aumentaram 85 milhes de USD. A produo em 2008 foi de 250 milhes de USD, nos quais o peixe foi responsvel por 75 milhes de USD. O aumento nas receitas foi originado por: Melhoramento da cobertura do sistema estatstico da pesca artesanal que incluiu

a implementao da imputao que toma em conta uma re-estraticao ecossistematico-geogrco e a melhoria na captao da informao (atribuio de valores mais is para as reas onde o sistema de amostragem no cobre); e Medidas para a melhoria do desempenho do subsector, nomeadamente a criao de infra-estruturas e mecanismos adequados de conservao e comercializao do pescado, ampliao da rede rural de distribuio e comercializao de aprestos e materiais de pescas e a modernizao das tcnicas de pesca e diversicao da produo pesqueira. A produo do aquacultura teve uma retraco de 669 mil USD em 2008, comparativamente a 2007. Essa diminuio no valor de produo com particular destaque no camaro, deveu-se a: Constrangimentos do mercado de exportao (alta concorrncia mundial) associados a elevados custos de produo, que ditaram a reduo dos ciclos de produo (de 2 para 1) de algumas empresas; e Factores internos como o encerramento de uma empresa e a interdio de exportao de uma rma por auditores da Unio Europeia. Na presente edio das 100 Maiores Empresas de Moambique participam sete empresas do sector de pescas, das quais duas contam no ranking das 100 maiores empresas do pas. Cinco destas empresas participam na pesquisa desde o incio da mesma. Caracterizando a estrutura do seu capital social, quatro destas empresas so detidas exclusivamente por capitais privados nacionais, tendo as restantes trs, capitais mistos, nacionais e estrangeiros. Todas as empresas do sector participantes na pesquisa operam em Maputo e em outras provncias do pas. Em 2008, estas empresas tiveram um volume de negcios agregado de 926 milhes de MT, representando uma queda

industrial e semi-industrial; pesca artesanal e produo de aquacultura. Em 2008, o sector produziu 321 milhes de USD, mais 29% que os 249 milhes de USD no ano anterior. A pesca artesanal foi a principal impulsionadora deste crescimento, na medida em que o subsector registou um aumento no volume de produo (mais 30,470 toneladas), que se traduziu num crescimento de 85 milhes de USD nas suas receitas, comparativamente a 2007 . O subsector da pesca industrial e semiindustrial vericou uma contraco em 2008 (as suas receitas baixaram 13 milhes de USD), quando comparado ao ano anterior. No ltimo ano, este contribuiu com 66 milhes de USD no valor total de produo do sector, particularmente o camaro (43 milhes de USD), a kapenta (12 milhes de USD) e a gamba (7 milhes de USD). A contraco foi devida a vrios factores entre os quais: A descapitalizao das empresas; A operao com frotas pesqueiras obsoletas (uso de embarcaes no adequadas); A no aplicao dos procedimentos scais de reteno (na fonte) de impostos sobre os rendimentos pagos a no-residentes, o que originou casos de disputas entre algumas empresas e as autoridades scais relativamente aos pagamentos pelo afretamento de embarcaes estrangeiras; Os altos preos de combustveis (componente responsvel por mais de 50% dos custos operacionais); O curto perodo de veda (3 meses), o

112

100 Empresas de Moambique

Fisheries
By: Hugo Ribeiro, Maurcio Malate and Yolanda Mongo

he shery sector in Moambique comprises three subsectors: industrial

The tightening of quality control standards by sh export markets (European Union, United States of America), which makes Access for some products more difcult (gamba, shrimp and others) to these markets; Price reduction in international market due to a strong competitiveness of products from other origins (aquaculture shrimp compared to wild shrimp, exported by nationals, since aquaculture shrimp is cheaper than wild shrimp which shifts the consumers demand for aquaculture shrimp). From 2007 to 2008, artisan shing was the sole subsector with increased production volume and subsequently increased sale revenues: production improved 30,470 tons, and revenues increased in USD 85 million. In 2008 production was USD250 million, in which sh was responsible for USD75 million. Revenue increased was due to: Improved coverage of statistics system for artisan shing which included the implementation of reecosystematic and geographic re-stratication and improved data collection (assignment of more reliable data to those areas where the system sample fails to cover); and Measures for improved performance of the subsector, namely, new facilities and appropriate mechanisms for conservation and commercialization of the catch, extension of the rural distribution network and sale of inputs and shing supplies, including the modernization of shing techniques and shing diversication. A drop was recorded in aquaculture production of around USD 669.000 in 2008, as compared to 2007. This reduction in production, especially in shrimp was due to: Constraints in export market (high competition worldwide) associated to high production costs which led to reduction in production cycles (from 2 to 1) of some companies; and Internal factors such as the closing up

of a company and the prevention of a company from exporting by a European Union auditing rm.

In this edition seven shery companies participated in the survey of which two rank in the top 100 largest companies in Mozambique. Five of the participating companies have been in the survey from inset. The share capitals of these companies are exclusively private-owned by nationals, while the remaining three are mixed capitals, local and foreign. All participating companies operate in Maputo and other provinces of Mozambique. In 2008, these companies had an aggregate revenue of 926 million Meticais, representing a drop of 13% as compared to prior year. Among these companies Pescamar, Lda made signicant revenue (with 43% of the aggregate revenue), followed by Efripel, Lda (with 28% of the aggregate revenue), standing among the top 100 largest companies making up 71% of the sector revenue. In terms of net prot, by and large, in 2008 these companies made a 190 million Meticais loss, 12 million Meticais more than prior year, which demonstrates the difculties encountered by these companies, with special impact on exporting companies. When weighted their loss was higher comparatively to companies Pescas do Norte, Lda (with 316% loss of its revenues) and Mavimbi, Lda (Mavimbi; with 86% loss); the single company that made prots was ndico Pesca, Lda (with 8% prot over its revenues). On return on equity, on average sector companies in the survey depict a 89% loss ratio on equity. From the shareholders perspective and based on this ratio, the worse case scenario was with Efripel, Lda (-341%) and SIP, Lda (-256%), respectively.

and semi-industrial; artisan shing and

aquaculture. In 2008, Fishery yielded USD 321 million, 29% more than USD 249 million prior year. Artisan shing was the main booster for this growth since this subsector had an increase in production volume (more than 30,470 tons), which translated into growth of USD85 million in revenue as compared to 2007 . The industrial and semi-industrial shing subsector dropped in 2008 (it revenues dropped in USD 13 million), as compared to prior year. Last year, the whole sector contribution was of about USD 66 million, especially shrimps (USD43 million), kapenta (USD12 million USD) and gamba (USD7 million). The drop in revenue was due to the following factors: Company decapitalization; Operation with obsolete shing eet (use of inappropriate boats); Non-application of tax procedures (retention at source) on revenues paid to non-residents, which gave room to disputes among some companies and tax authorities with regard to payment of foreign boat freights; High fuel prices (this component is responsible for more than 50% of operating costs); The cost of the close season (3 months), which reduced average revenues of day-to-day activities, due to excessive shing effort for other species, especially shrimp (and to counteract this effect the close season has been extended from 3 to 5 months);

113

100 Empresas de Moambique

Tabela 11 / Table 11: Pescas / Fisheries

Rank 2008 1 2 3 4 5 6 7 2007 1 2 3 4 5 7 8 Pescamar, Lda Efripel - Entreposto Frigorco de Moambique, Lda SIP-Sociedade Industrial de Pesca, Lda Pescabom, Lda Mavimbi, Lda Indicopesca, Lda Pesca do Norte, Lda Pescas Pescas Pescas Pescas Pescas Pescas Pescas Empresa > Company Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 395,856 258,393 93,227 89,038 43,474 38,137 7,819 2007 394,882 327,666 101,110 95,756 67,593 49,389 22,448 %08/07 0 (21) (8) (7) (36) (23) (65) Resultados Lquidos > Net Prots (103 Meticais) 2008 (50,900) (44,823) (13,596) (21,337) (37,236) 3,110 (24,724) 2007 6,885 (18,837) 402 1,365 1,158 1,817 (4,428) %08/07 (839) (138) (3,482) (1,663) (3,316) 71 (458) Resultados Antes dos Inpostos(103 Meticais) 2008 (50,900) (44,823) (13,596) (21,337) (37,236) 3,110 (24,724) 2007 10,126 (18,837) 402 2,007 1,703 1,817 (4,428) %08/07 (603) (138) (3,482) (1,163) (2,286) 71 (458) Activo Liquido > Net Assets (103 Meticais) 2008 989,378 243,170 55,596 220,208 134,315 22,791 99,203 2007 924,288 499,978 72,969 218,646 142,185 19,259 103,848 %08/07 7 (51) (24) 1 (6) 18 (4) Activo Corrente > Current Assets (103 Meticais) 2008 469,420 149,928 n.d 109,139 96,924 22,761 37,730 2007 473,396 472,068 n.d 114,236 94,741 19,196 40,124 %08/07 (1) (68) (4) 2 19 (6) Passivo Total> Total Liabilities (103 Meticais) 2008 799,604 230,007 57,160 211,586 172,073 33,183 128,382 2007 683,613 486,815 60,869 188,688 140,351 22,359 107,595 %08/07 17 (53) (6) 12 23 48 19

de 13% em relao ao exerccio anterior. Entre as mesmas, tiveram maiores receitas a Pescamar, Lda (com 43% do volume de negcios agregado), seguida da Efripel, Lda (com 28% do volume de negcios agregado), que constam no ranking das 100 maiores Empresas e que perfazem 71% do volume de negcios do sector. Em termos de resultados lquidos, no seu global, no exerccio de 2008 estas empresas tiveram prejuzos de 190 milhes de MT, maiores que os prejuzos de 12 milhes de MT registados no ano anterior, o que demonstra as diculdades enfrentadas acima listadas, com particular

impacto sobre as produtoras para o mercado de exportao. Ponderado ao seu volume de negcios, tiveram maiores prejuzos, em termos relativos, as empresas Pescas do Norte, Lda (com prejuzos de 316% das suas receitas) e a Mavimbi, Lda (Mavimbi; com prejuzos de 86% das receitas); a nica empresa que obteve lucros foi a ndicoPesca, Lda (com 8% de lucros sobre as suas receitas). Na ptica da rentabilidade dos capitais prprios, em mdia as empresas do sector que participaram na pesquisa demonstraram um rcio de 89% de prejuzos sobre os capitais prprios. Na

ptica dos scios e accionistas e com base neste rcio foram mais graves os casos das empresas Efripel, Lda (-341%) e SIP, Lda (-256%). Entre as empresas participantes do sector, as grandes empregadoras so a Pescamar, Lda com cerca 694 trabalhadores e a Efripel com 221 trabalhadores. Em mdia, cada trabalhador das empresas do sector que constam da presente pesquisa em 2008 gerou em 670 MT, sendo os mais produtivos, os da Mavimbi, Lda (1.035 MT/ trabalhador) e os da Pescabom, Lda (629 MT/trabalhador)

114

100 Empresas de Moambique

Passivo Corrente> Current Liabilities (103 Meticais) 2008 657,450 218,342 n.d 167,904 172,073 33,183 128,382 2007 647,701 424,247 n.d 136,548 140,351 22,359 107,595 %08/07 2 (49) 23 23 48 19

Capitais Prprios > Shareholders Funds (103 Meticais) 2008 189,775 13,163 (1,496) 8,622 (37,758) (10,392) (29,178) 2007 240,675 13,163 12,100 29,959 1,834 (3,100) (3,748) %08/07 (21) 0 (112) (71) (2,159) (235) (679)

Custos Operacionais > Operating Costs (103 Meticais) 2008 413,644 289,936 106,863 96,752 80,710 35,027 32,542 2007 376,734 356,228 100,708 85,914 61,312 46,170 26,107 %08/07 10 (19) 6 13 32 (24) 25

Rent. VN > Prot/ Revenue (%) 2008 (13) (17) (15) (24) (86) 8 (316) 2007 2 (6) 0 1 2 4 (20)

Rent. A. Liq > Rent. Net Asset (%) 2008 (5) (18) (24) (10) (28) 14 (25) 2007 1 (4) 1 1 1 9 (4)

Rent. C.P. > S/hs Funds (%) 2008 (24) (341) (256) (111) 207 (46) 150 2007 3 30 3 5 92 (45) -

Liquidez Geral > Current Ratio 2008 1 1 1 1 1 0 2007 1 1 1 1 1 0

N Trabalhadores > N of Employees 2008 694 221 196 158 42 77 83 2007 770 n.d 196 125 42 79 82 %08/07 (10) 0 26 0 (3) 1

VN por Trabalhador > Revenue per Employee 2008 541 476 629 1,035 489 95 2007 513 819 1,733 637 %08/07 5 (42) (40) (23) -

Among the participating companies, the sweeping company was Pescamar, Lda with 694 workers and Efripel with 221 employees. On average, each employee generated 670 Meticais of which the most productive were from Mavimbi, Lda (1.035 Meticais/employee) and from Pescabom, Lda (629 Meticais/employee).

115

100 Empresas de Moambique

Servios
Por: Iolanda Lopes, Jos Malia e Anissa Mahomed

os dados da ADP Employer Services revelam uma perda de cerca de 250 mil postos de emprego no sector privado, com as mdias empresas a serem responsveis por mais de metade dos cortes (136 mil). Na presente edio, o sector dos servios contou com a participao de 38 empresas, das quais 10 constituem novas entradas e cinco constam no ranking das 100 Maiores Empresas de Moambique. O ranking para o sector dos servios em 2008 liderado pela Televisa, Lda com um volume de negcio de 356 milhes de Meticais, seguido da Tecnel Service, Lda com 203 milhes de Meticais e pela KPMG Moambique, SA com 176 milhes de Meticais. O maior crescimento do volume de negcios entre 2007 e 2008 foi notado pela GOLO, Lda (117%) e pela Navemar, Lda (114%). O total de volume de negcios apresentado por empresas deste sector para 2008 foi de 2,205 milhes de Meticais. A Servitrade, Lda destacou-se com a maior entrada em termos de volume de negcios.

Em termos de activos lquidos, a primeira posio ocupada pela Televisa, Lda nalizando o seu exerccio econmico com 617 milhes de Meticais seguida pela Imovisa, Lda e pela Sal & Caldeira, Lda com 185 e 157 milhes de Meticais, respectivamente. No que concerne aos capitais prprios destaca-se a Imovisa, Lda com 52 milhes de Meticais. Ainda neste indicador, podemos destacar a Alexander Forbes, Lda com uma taxa de crescimento de 464%, seguida da Mozlimpa, Lda com 322%. A Navemar, Lda lidera em termos de rentabilidade de Capitais Prprios, seguida da Change,Lda e da Alexander Forbes de Moc, Lda . As empresas deste sector empregaram 2,960 trabalhadores em 2008, sendo que a Imovisa, Lda lidera com 442 trabalhadores, seguida pela Televisa, Lda com 305 trabalhadores e pela Profuro Internacional, Lda com 180 trabalhadores.

sector dos servios envolve um diversicado conjunto de

actividades para alm de ser de grande relevo na formao e emprego da populao economicamente activa. Essa diversicao, aliada ao crescimento contnuo da actividade, favoreceu ao longo dos anos uma expanso econmica que resultou num grande dinamismo antes da crise nanceira. Actualmente, este sector emprega mais de 60% da populao moambicana e em 2008 teve um contributo para o Produto Interno Bruto (PIB) na ordem de 40% (2007: 40%). De acordo com o Banco Mundial (2008) e devido crise nanceira e econmica internacional, prev-se em 2009 uma crise de emprego. O sector tercirio, bem como os outros sectores de actividade, podero ser afectados, uma vez que o desemprego tende a aumentar no s em Moambique, como nos restantes continentes, no geral, e em frica em particular. Neste contexto,

116

100 Empresas de Moambique

Services
By Iolanda Lopes, Jos Malia and Anissa Mahomed

view, ADP Employer Services data indicate a loss of about 250 thousand jobs in the private sector with mid-sized companies account for more than half of the job losses (136 thousand). In this edition, service sector participants were 38 in number of which 10 are new entrants and ve are among the top 100 Largest Companies in Mozambique. The ranking for the service sector in 2008

In terms of net assets, the top position goes to Televisa, Lda ending its economic year with 617 million Meticais followed by Imovisa, Lda and by Sal & Caldeira, Lda with 185 and 157 million Meticais, respectively. With regard to shareholders funds, Imovisa, Lda stands out with 52 million Meticais. Further in this indicator, Alexander Forbes, Lda should be singled out with a growth rate of 464%, followed by Mozlimpa, Lda with 322%. Navemar, Lda takes the lead on Return on Equity, followed by Change, Lda and Alexander Forbes Moc, Lda. In 2008, sector companies employed 2,960 workers, while Imovisa, Lda takes the lead with 442 employees, followed by Televisa, Lda with 305 workers and by Profuro Internacional, Lda with 180 employees.

ervices involve a number of activities in addition to being one of the main

targets for training and employment for economically active people. This diversication, coupled with the continued activity growth, has facilitated an economic expansion over the years which ended up in a signicant boost prior to nancial crisis. Currently, Services employ over 60% of the Mozambican population and in 2008 contributed 40% to Gross Domestic Product (GDP) (2007:40%). According to the World Bank (2008) and due to international nancial and economic crisis, an employment crisis for 2009 is expected. Private service providers and other activity sectors may also be affected once unemployment tends to increase not only in Mozambique, but also in other continents in general and in Africa in particular. In this The total revenue presented by the sector companies for 2008 was 2,205 million Meticais. Servitrade, Lda stands out with the largest business volume entrance. is headed by Televisa, Lda with revenue of 356 million Meticais, followed by Tecnel Service, Lda with 203 million Meticais and by KPMG Moambique, SA with 176 million Meticais. The largest growth of revenue between 2007 and 2008 was made by GOLO, Lda (117%) and by Navemar, Lda (114%).

117

100 Empresas de Moambique

Tabela 12 / Table 12: Servios / Services

Rank Empresa > Company Vol. de Neg. > Revenues (103 Meticais) 2008 Televisa-Sociedade Tcnica de Obras e Projectos, Lda Tecnel Service, Lda. KPMG Moambique, SA GOLO - Agncia de Publicidade, Lda Hidrofrica - Indstria Comrcio, SARL AUSTRAL COWI, Lda Servitrade, Lda Sal & Caldeira - Advogados e Consultores, Lda SMS Catering, SARL IMOVISA - Imobiliria de Moambique, Lda Consultec - Consultores Associados, Lda DOMUS-Sociedade de Gesto Imobiliria, SARL Seed, Lda Danmo, Lda PROFURO Internacional, Lda Gondwana, Lda Somonav, Lda PLM - Facilities Management, Lda Alexander Forbes Moc, Lda Select Vedior Moambique Conser, Lda ARIES Consulting AIA-Agro Indstrias Associadas, Lda Ferro & Ferro - Agncia de Publicidade, Lda Tecnel Elevadores CLEAN Africa, Lda Auto Recticadora NAVEMAR-Agncia de Representaes Martimas, Lda MOZAFRICON Engenheiros Consultores, Lda. Escola de Conduo Internacional Electrobeira EGF-Neoqumica F.M. Simes, SARL Zambujo & Associados, Lda MOZLIMPA - Servios de Limpeza, Lda Change, Lda Lavandaria Imperial TECNINFO, LDA 356,417 202,634 175,957 141,957 130,882 123,000 119,000 96,020 92,170 91,907 78,884 66,000 56,000 50,386 49,567 46,849 44,000 39,400 33,914 31,818 30,449 19,094 16,809 16,534 14,420 14,282 9,469 7,277 7,063 6,236 5,585 5,304 5,303 5,300 5,000 4,202 2,847 2,702 Resultados Lquidos > Net Prots (103 Meticais) 2008 3,073 11,023 686 2,754 2,834 1,000 4,000 485 3,420 (1,049) n.d 5,000 0 2,815 3,769 12,076 400 (100) 7,594 939 464 1,395 150 469 480 312 n.d 52,792 35 (423) 17 (2,472) 18 400 207 344 163 85 > Activo Liquido Net Assets (103 Meticais) 2008 617,123 111,745 102,114 38,025 116,051 83,000 157,000 157,331 61,510 185,831 84,053 55,000 51,000 43,522 83,358 28,931 57,000 34,800 27,877 8,289 31,034 15,639 44,040 3,434 22,340 10,444 11,529 4,297 5,661 3,528 7,475 3,050 2,007 3,600 3,000 1,583 3,244 587 Capitais Prprios > Shareholders Funds (103 Meticais) 2008 27,059 37,652 9,338 4,584 10,120 11,000 42,000 2,133 19,970 51,514 8,442 35,000 14,000 16,799 (1,761) 22,837 5,870 30 5,957 (4,385) 12,559 3,007 973 2,140 3,510 (343) 10,102 2,096 415 (1,631) 7,402 n.d 461 1,100 1,000 222 961 289 Custos Operacionais >Operating Costs (103 Meticais) 2008 322,232 182,905 167,869 137,924 125,301 121,000 178,000 94,982 87,280 84,917 70,881 59,000 55,000 44,385 45,001 34,990 43,000 38,300 24,712 30,780 28,358 17,329 16,340 16,076 13,940 13,861 7,015 7,199 6,838 6,650 5,585 7,776 5,176 4,600 5,000 3,578 2,684 2,577 N Trabalhadores > N of Employees 2008 305 55 170 27 73 78 170 50 162 442 113 118 53 137 180 n.d 101 70 18 142 22 26 8 11 22 150 13 22 7 31 11 34 5 80 5 38 11 VN por Trabalhador > Revenue per Employee 2008 1,165 3,752 1,107 5,258 1,757 1,464 744 2,158 569 218 857 555 1,067 364 381 456 563 1,785 263 1,384 707 2,101 1,272 641 124 371 316 942 195 508 154 1,060 63 764 64 246

2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38

2007 n.a n.a 2 10 8 3 n.a 7 4 5 6 9 15 13 12 n.a 17 16 n.a 20 11 27 n.a 25 n.a 29 31 39 37 n.a n.a n.a 33 n.a 35 34 38 n.a

118

100 Empresas de Moambique

Transportes, Terminais e Servios Ans

Por: urea Lalgy e Baptista Lalane

da abilidade, segurana, comodidade e expanso dos servios de transporte prestados populao nas reas urbanas e rurais; (ii) participao mais eciente do empresariado nacional no controlo, operao e investimento nos subsectores; (iii) desenvolvimento rpido do sector, atravs da actualizao da legislao, adaptando-a s mudanas/exigncias que ocorrem e tornando-a mais abrangente e dinmica.

O volume de negcio das empresas participantes neste sector foi de 14,063 milhes de Meticais, dos quais 13,671 milhes de Meticais constituem o volume de negcio das empresas que constam no ranking das 100 Maiores Empresas de Moambique. Neste contexto, o volume de negcios das empresas participantes registou um crescimento na ordem de 21.24% em relao edio anterior. Em termos de resultados lquidos, o

provimento de uma rede bem estruturada de transporte de

importncia vital para o desenvolvimento de qualquer economia, pois permite que sejam criadas as ligaes intersectoriais e regionais em toda a estrutura produtiva fundamentada nos ganhos de competitividade da decorrente. O sistema de transportes em Moambique serve como meio de ligao com os pases do Interland, pois beneciado pela localizao geogrca do pas, sua condies naturais, a extensa linha da costa e pelo facto de fazer fronteira com pases como a Tanznia, Zmbia, Zimbabwe, Malawi e frica do Sul. Estes aspectos colocam o pas numa situao privilegiada em termos de ligaes comerciais. De acordo com o Balano do PES 2009, o sector dos Transportes e Comunicaes registou um crescimento global de cerca de 12.3% em 2008, resultante do contributo dos transportes rodovirio, transportes areos e os servios de comunicaes. Os factores que contriburam positivamente para o crescimento observado neste sector foram: (i) a expanso dos negcios para zonas do interior atravs do melhoramento das vias de acesso; (ii) a facilitao das operaes de desembargo fronteirio, que se reectiu no aumento da frequncia de e para o exterior e (iii) o bom desempenho da empresa de transporte areo LAM. As medidas de polticas adoptadas pelo governo para dinamizar este sector passam pela: (i) continuao da melhoria gradual

fundamental investir na construo e reabilitao de infra-estruturas de transportes, na medida em que estas contribuem para facilitar e fortalecer as relaes comerciais entre os pases, criando mais oportunidades de comrcio entre diferentes pontos do pas, o que ir permite o escoamento de produtos das zonas de produo at aos principais mercados com reduzidos custos. O investimento neste sector, permitir igualmente remover as distores de preos no mercado, melhorar o desempenho do sector pblico e adoptar os mecanismos mais ecientes institucionais para a actividade. Como forma de dinamizar ainda mais este sector, h uma grande necessidade de introduzir melhorias nos eixos ferrovirios, criar alteraes estruturais nos principais portos, por forma a possibilitar a sua utilizao por navios de grande porte, criar articulao com os eixos ferrovirios, criar terminais logsticos, entre outras melhorias necessrias. Na presente edio da revista, este sector conta com a participao de 22 empresas das quais 15 constam no ranking das 100 Maiores Empresas de Moambique.

sector apresenta lucros que cifram na ordem dos 354 milhes de Meticais, representando um crescimento de cerca de 375% comparativamente a 2007. Nesta componente, a empresa Cornelder de Moambique, SARL lidera o sector, apresentando lucros na ordem dos 296 milhes de Meticais. Destaca-se igualmente o contributo das empresas MIPS, SARL e MPDC,SARL com lucros de aproximadamente 115 e 60 milhes de Meticais respectivamente. A maior empregadora neste sector a empresa CFM, E.P. com cerca de 2.450 trabalhadores, seguido das empresas TPM, E.P e LAM, com 810 e 684 trabalhadores respectivamente. No entanto, o sector como um todo empregou 8,298 trabalhadores dos quais cerca de 7,933 esto empregados pelas empresas que constam no ranking das 100 Maiores Empresas de Moambique. No que respeita ao volume de negcio por trabalhador o destaque vai para as empresas Mozline SARL, Mocargo, SARL e Freight Produce Terminal Mozambique, com cerca de 7.985, 7.558 e 7.228 milhes de Meticais por trabalhador respectivamente.

120

100 Empresas de Moambique

Transport, Terminals and Connected Services

By: urea Lalgy and Baptista Lalane

control, operation and investment in the subsectors; (iii)fast development of the sector, through legislation updating, adapting it to the upcoming demands that make it more inclusive and dynamic. Investment in construction and rehabilitation of transport infrastructures is fundamental, since these contribute to facilitate and strengthen commercial relationships among the countries, creating more trade opportunities among different points of the country, that will allow the ow of goods from the production areas to the main markets at reduced costs. Investment in this sector, will equally allow the elimination of prices distortions in the market, as a way to improve performance of the public sector and to adopt most efcient institutional activity mechanisms. As a way to revamp even more this sector, there remains still a great need to introduce improvements in the railways, to create structural alterations in the main ports, allowing its use by great load ships, to create articulation with the railways, to create logistic terminals, among other necessary improvements. In the present edition of this magazine, this sector has 22 participating companies of which 15 are in the ranking of the 100 Larger Companies of Mozambique. The business volume of the participating companies in this sector was of 14,063 million meticais, of which 13,671 million

meticais constitute the business volume of the companies that are in the ranking of the 100 Larger Companies of Mozambique. In this context, the volume of businesses of the participating companies underwent a growth of around 21.24% compared to the previous edition. In what concerns net prots, the sector display prots of around 354 million meticais, representing a growth of about 375% when compared to 2007. In this component, the company Cornelder de Mozambique, SARL leads the sector, showing prots in the order of the 296 million meticais. Contribution of the companies MIPS, SARL and MPDC, SARL equally, stand out with prots of, approximately, 115 and 60 million of meticais, respectively. The largest employer in this sector is the company CFM, E.P. with about 2.450 workers, following the companies TPM, E.P and LAM, with 810 and 684 workers, respectively. The sector, however, as a whole employed 8,298 workers among which about 7,933 are employed by the companies that are in the ranking of the 100 Larger Companies of Mozambique. In what concerns business volume per worker, the prominence is for the companies Mozline SARL, Mocargo, SARL and Freight Produce Terminal Mozambique, with about 7.985, 7.558 and 7.228 million of meticais per worker, respectively.

he provision of a well structured transport network is of vital importance

for the development of any economy, since it allows for the creation of intersector and regional connections in the whole productive structure that stands on the resulting competitiveness gains. The system of transports in Mozambique serves as connection with the interland countries, since it benets from the geographical location of the country, from its natural conditions, from the extensive coastal line and from the fact of bordering countries like Tanzania, Zambia, Zimbabwe, Malawi and South Africa. These aspects put the country in a privileged situation in terms of commercial connections. According to the Plano Econmico e Social - PES 2009 (2009 Economic and Social Planning) assessment report, the Transports and Communications sector has registered a global growth of about 12.3% in 2008, resulting from the contribution of the road transports, aerial transports and communications services. The factors that have positively contributed to the observed growth in this sector were: (i) businesses expansion to areas of the inland through improvement of roads access; (ii)facilitation of border clearing operations, that had as a reex the increase of frequency of ow to and from abroad (iii)the good performance of the aerial transport company LAM. The policy measures adopted by the government to improve this sector include: (i)continuation of gradual improvement of reliability, safety, comfort and expansion of transport services rendered to the population in the urban and rural areas; (ii)more efcient participation of the national business community in the

121

100 Empresas de Moambique

Tabela 13 / Table 13: Transportes, Terminais e Servicos Ans / Transport, Terminals and Related Services
Rank 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2007 1 2 4 3 5 6 9 7 8 10 11 17 14 12 13 15 16 19 21 22 24 26 LAM-Linhas Areas de Moambique, CFM-Portos e Caminhos de Ferro de Moambique E.P. Mocargo - Empresa Moambicana de Cargas, SARL Manica Freight Services, SARL Cornelder de Moambique, SARL MPDC- Sociedade de Desenvolvimento do Porto de Maputo, SARL MIPS-Servio Internacional de Portos de Moambique, SARL CDN-Corredor de Desenvolvimento do Norte, SARL Aeroportos de Moambique, E.P. Transportes Lalgy, Lda MEX - Moambique Expresso, SARL Transportes Carlos Mesquita, Lda DHL Moambique, Lda TPM - Transportes Pblicos de Maputo, E.P. Matola Cargo Terminal, SARL Mozambique Airport Handling Services, , Lda FPT-Freight Produce Terminal Mozambique Mozline, SARL Kuehne & Nagel, Lda Skynet Worlwide Express, Lda PERMAR-Peritagens e Conferncias Martimas, SARL Aero-Servios, SARL Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Transportes Empresa > Company Sector de Actividade > Activity Vol. de Neg. > Revenues (103 Meticais) 2008 2,690,044 2,229,000 1,829,000 1,787,792 1,150,826 899,107 615,500 609,355 525,000 452,765 256,130 167,767 160,000 154,151 145,000 126,000 75,892 55,898 55,400 46,450 20,528 11,237 2007 2,054,174 1,986,000 1,341,000 1,673,163 904,944 749,352 385,377 558,580 516,000 354,270 221,480 77,188 122,000 150,846 132,000 113,000 73,763 59,380 51,200 35,449 27,147 12,619 %08/07 31 12 36 7 27 20 60 9 2 28 16 117 31 2 10 12 3 (6) 8 31 (24) (11) Resultados Lquidos > Net Prots (103 Meticais) 2008 36,524 39,000 1,640 (82,383) 296,049 59,556 115,497 (125,529) 6,700 3,137 (1,550) 1,835 11,000 (67,217) 36,000 11,000 1,473 10,692 (500) 2,693 (1,100) (457) 2007 (56,176) 122,000 280 22,075 136,547 (395,184) 64,039 (88,678) 36,900 12,710 (830) 6,915 8,000 (54,039) 20,000 18,000 4,094 9,532 400 4,070 (140) 581 %08/07 165 (68) 486 (473) 117 115 80 (42) (82) (75) (87) (73) 38 (24) 80 (39) (64) 12 (225) (34) (686) (179) Resultados Antes dos Inpostos (103 Meticais) 2008 36,524 110,000 5,620 (82,383) 398,907 59,556 147,463 (125,529) 6,700 4,613 (930) 10,801 16,000 (67,217) 47,000 20,000 2,274 10,692 (600) 2,693 (1,100) (457) 2007 (56,176) 191,000 1,940 22,464 162,590 (395,184) 94,221 (88,678) 59,300 18,690 350 8,318 12,000 (54,039) 29,000 23,000 6,213 9,532 200 4,186 (93) 885 %08/07 165 (42) 190 (467) 145 115 57 (42) (89) (75) (366) 30 33 (24) 62 (13) (63) 12 (400) (36) (1,083) (152) Activo Liquido >Assets (103 Meticais) 2008 1,724,440 25,523,000 324,000 698,400 732,760 1,031,152 630,652 575,229 1,387,900 540,866 89,750 187,961 85,000 613,896 105,000 127,500 58,820 12,649 10,600 25,433 12,629 10,976 2007 714,610 25,041,000 340,000 679,573 520,384 977,668 326,527 414,456 780,900 272,820 78,150 54,483 61,000 175,388 106,000 112,000 65,446 12,449 10,000 17,404 9,729 12,365 %08/07 141 2 (5) 3 41 5 93 39 78 98 15 245 39 250 (1) 14 (10) 2 6 46 30 (11) Activo Corrente > Current Assets (103 Meticais) 2008 560,894 3,613,000 250,000 539,704 466,904 333,022 227,252 416,822 298,300 180,687 77,370 18,233 61,000 7,125 63,000 86,000 37,039 11,711 10,600 24,298 4,224 10,976 2007 505,627 3,355,000 276,000 480,076 280,497 285,601 202,185 278,853 412,600 68,740 73,280 18,067 41,000 1,967 61,000 90,000 45,831 11,104 10,000 16,959 5,384 n.d %08/07 11 8 (9) 12 66 17 12 49 (28) 163 6 1 49 262 3 (4) (19) 5 6 43 (22) Passivo Total> Total Liabilities (103 Meticais) 2008 1,857,586 3,229,000 321,960 714,444 251,244 1,708,643 376,267 1,055,046 1,249,100 420,403 23,640 156,024 31,000 627,581 20,000 54,000 12,249 23,780 8,200 16,739 5,882 7,744 2007 892,869 3,066,000 330,600 613,365 214,952 1,714,715 149,216 768,833 669,100 204,420 75,030 24,381 17,000 121,857 37,000 42,000 20,348 33,690 7,100 10,028 7,092 8,654 %08/07 108 5 (3) 16 17 (0) 152 37 87 106 (68) 540 82 415 (46) 29 (40) (29) 15 67 (17) (11)

122

100 Empresas de Moambique

Tabela 13 / Table 13: Transportes, Terminais e Servicos Ans / Transport, Terminals and Related Services
Passivo Corrente> Current Liabilities (103 Meticais) 2008 940,905 1,103,000 285,000 662,710 230,270 713,937 364,601 687,298 566,400 420,403 23,640 31,678 31,000 206,151 20,000 44,500 12,249 8,115 8,200 16,011 4,862 7,744 2007 681,701 1,132,000 319,000 562,750 145,877 53,503 132,013 725,507 298,900 183,400 71,300 23,029 17,000 121,480 37,000 27,000 20,348 19,788 7,100 10,028 5,149 n.d %08/07 38 (3) (11) 18 58 1,234 176 (5) 89 129 (67) 38 82 70 (46) 65 (40) (59) 15 60 (6) Capitais Prprios > Shareholders Funds (103 Meticais) 2008 (133,145) 22,294,000 11,040 (16,044) 481,516 (677,491) 254,385 (479,816) 138,800 117,326 66,110 31,937 53,000 (13,687) 85,000 74,000 46,571 (11,153) 2,400 8,694 6,740 3,233 2007 (178,259) 21,975,000 9,400 66,208 305,431 (737,047) 177,311 (354,287) 113,500 68,400 3,120 30,102 43,000 53,586 69,000 70,000 45,098 (21,845) 2,900 7,377 2,637 3,712 %08/07 25 1 17 (124) 58 8 43 (35) 22 72 2,019 6 23 (126) 23 6 3 49 (17) 18 156 (13) Custos Operacionais > Operating Costs (103 Meticais) 2008 2,518,824 2,386,000 1,819,000 427,230 755,020 767,902 442,474 703,051 583,400 452,582 258,180 156,966 145,000 219,586 100,000 101,500 77,605 45,185 56,000 44,069 23,841 11,694 2007 1,954,708 1,986,000 1,329,000 425,352 737,891 994,942 281,684 658,661 456,700 329,310 216,210 68,870 110,000 160,791 97,000 87,000 71,605 50,982 51,000 30,828 28,778 11,733 %08/07 29 20 37 0 2 (23) 57 7 28 37 19 128 32 37 3 17 8 (11) 10 43 (17) (0) Rent. VN > Prot/ Revenue (%) 2008 1 2 0 (5) 26 7 19 (21) 1 1 (1) 1 7 (44) 25 9 2 19 (1) 6 (5) (4) 2007 (3) 6 0 1 15 (53) 17 (16) 7 4 (0) 9 7 (36) 15 16 0 16 1 11 (1) 5 Rent. A. Liq > Rent. Net Asset (%) 2008 2 0 1 (12) 40 6 18 (22) 0 1 (2) 1 13 (11) 34 9 3 85 (5) 11 (9) (4) 2007 (8) 0 0 3 26 (40) 20 (21) 5 5 (1) 13 13 (31) 19 16 0 77 4 23 (1) 5 Rent. C.P. > S/hs Funds (%) 2008 (23) 0 16 (328) 75 (8) 54 30 5 3 (4) 6 23 (337) 47 15 3 (65) (19) 34 (23) (13) 2007 39 1 3 37 45 73 40 28 39 20 (28) 25 20 (101) 29 30 0 (36) (8) 66 (5) Liquidez Geral > Current Ratio 2008 1 3 1 1 2 0 1 1 1 0 3 1 2 0 3 2 3 1 1 2 1 1 2007 1 3 1 1 2 5 2 0 1 0 1 1 2 0 2 3 0 1 1 2 1 N Trabalhadores > N of Employees 2008 684 2,450 244 423 407 450 247 612 674 403 92 222 66 810 149 217 13 7 13 30 72 13 2007 658 1,637 240 310 412 461 224 529 629 180 85 n.d 65 545 186 259 8 7 13 15 77 12 %08/07 4 50 2 36 (1) (2) 10 16 7 124 8 2 49 (20) (16) 63 0 0 100 (6) 8 VN por Trabalhador > Revenue per Employee 2008 4,009 1,091 7,558 4,878 2,810 1,974 2,614 1,068 806 1,553 2,894 2,443 228 866 529 7,228 7,985 4,262 2,064 276 899 2007 3,240 1,203 5,731 5,871 2,274 1,649 1,927 1,055 835 1,968 2,621 1,877 272 763 430 0 8,483 3,938 2,363 337 %08/07 24 (9) 32 (17) 24 20 36 1 (3) (21) 10 30 (16) 13 23 (6) 8 (13) (18) -

123