Annual Report 2007

A n n u a l R e p o r t 2 0 0 7
6. Other assets
The breakdown of this account at the end of 2007 and 2006 was
as follows:
2007 2006
Sundry debtors 10,381 5,646
Deferred costs 4,023 2,049
Other assets 14,354 1,277
28,758 8,972
Provision for other risks (1,161) (686)
27,597 8,286
The amount recorded under Sundry Debtors consists of guarantees
or deposits made relating to services such as communications and
rentals and advances to staff.
Deferred costs comprise prepayments on account of rentals and insurance.
Other assets includes 445 thousand Meticais in respect to
the Western Union balance which represents the net amount due for
the money transfer operations performed by the Bank as a agent.
As at 31 December 2007 and 2006, this balance was composed of:
2007 2006
Bills and checks payable (1,421) (8,779)
Bills paid 1,866 7,024
445 (1,755)
The movements in the provision for other risks were as follows:
2007 2006
Opening balance 686 48
Charge for the year 651 640
Utilization (176) (2)
Closing balance 1,161 686
8. Loans
This account consists of loans received from:
Nederlandse Financierings Maatschappij
2007 2006
voor Ontwikkelingslanden NV. 4,104 12,312
USAID / Mozambican Government 24,000 48,000
Loans from Group companies: 50,022
ProCredit Holding 23,820 –
ProCredit Bank Congo 14,292 –
ProCredit Bank Bulgaria 11,910 –
78,126 60,312
The maturity dates of deposits can be analysed as follows:
2007 2006
Up to 1 month 11,910 –
From 1 to 3 months 38,292 4,104
From 3 months to 1 year 27,924 52,104
From 1 to 2 year – 4,104
78,126 60,312
The loan from FMO is unsecured and is denominated in Meticais.
The loan is repayable in eight half-yearly instalments of capital and
interest commencing April 2004 and ending April 2008. The loan
carries interest based on the 180-day lending rate set by the Mozambique
Central Bank. At the end of the year the interest rate was
11.5% (2006: 11.115%).
The Government of Mozambique together with USAID approved a
loan of USD 2,000,000 for a period of two years, repayable at maturity
date. The loan bears interest at a variable rate based on the
six-month lending rate set by the Mozambique Central Bank and a
spread of 2.77%. At the end of the year the interest rate was 15%
(2006: 10.28%). This loan was fully repaid in February 2008.
The amounts and conditions of the loans from Group Companies
are as follows:
Beginning date Ending date Entity Amount Interest rate
14.09.2007 13.12.2008 ProCredit Holding USD 1,000,000 6.50%
30.08.2007 26.02.2008 ProCredit Congo USD 600,000 6.00%
03.12.2007 03.01.2008 ProCredit Bulgaria USD 500,000 6.75%
7. Deposits from customers
The breakdown of deposits from customers is as follows:
2007 2006
Deposits on call 163,199 96,456
Term deposits 205,493 109,791
Other deposits – Thrift 7,604 2, 799
376,296 209,046
The maturity dates of deposits can be analysed as follows:
2007 2006
Up to 1 month 20,606 18,515
From 1 to 3 months 29,393 11,715
From 3 months to 1 year 155,494 79,561
205,493 109,791
9. Other liabilities
This balance is made up of:
2007 2006
Interest payable 14,775 7,231
Deferred income 62 215
Other accruals 6,473 1,766
State creditor 12,814 9,205
IPC 2,663 –
Western Union – 1,755
Short-term loans – overdrafts 110,469 28,871
Other liabilities 18,930 4,799
166,186 53,842
The amount of interest payable consists of: (i) interest payable on
the fixed-term deposits portfolio amounting to 3,740 thousand
Meticais; (ii) interest payable on loans amounting to 4,505 thousand
Meticais; (iii) arrangement fees for loans granted paid in advance
amounting to 6,257 thousand Meticais; and (iv) other inter-
ests amounting to 273 thousand Meticais.