kpmg moza top100_magazine_2014

The sixteenth edition / A dcima sexta edio / 12 / XV edio / edition

kpmg.co.mz

2 / A dcima sexta edio / The sixteenth edition The sixteenth edition / A dcima sexta edio / 3


ndice / Table of contentsPrefcio .................................................................................................................................................... 06Preface

KPMG Moambique, 25 Anos Agregando Valor e Excelncia ....................................................... 08KPMG Mozambique, 25 Years of Delivering Value and Excellence

Glossrio e Lista de Abreviaturas ................................................................................................. 12Glossary and Listo f Abbreviations

Introduo .................................................................................................................................... 14Introduction

As Melhores empresas de Moambique ............................................................................. 20The best companies of Mozambique

Anlise Macroeconmica (Internacional e Nacional) ..................................................... 28Macroeconomic Analysis (International and National)

Anlise Agregada ............................................................................................................ 44Aggregate Analysis

Ranking das 100 Maiores Empresas, Medias e Pequenas Empresas de Moambique em Meticais ........................................................................................ 60Ranking for the Top 100 Companies, Medium and Small Companies in Mozambique in Meticais

Ranking das 100 Maiores Empresas de Moambique em Dolares US ............ 68The Top 100 Companies in Mozambique in US Dollars

Anlise Sectorial ............................................................................................... 74Sector Analysis

Perfil dos Scio da KPMG em Moambique .......................................... 126Partners profiles, KPMG in Mozambique

Propriedade Ownnership:KPMG

Patrono Patron: Sua Excelncia Joaquim Alberto Chissano.

Scios da KPMG KPMG Partners: Filipe Mandlate;

Quintino Coto; Miguel Alvim; Abel Guaiaguaia; Andr Olivena;

Miesh Al-Gasant; Hendrik van Heerden e Yussuf Mohamed. Equipa

de Gesto Management Team: Binit Varajids e Praise Karuma. Direco

do Projecto Project Partner: Filipe Mandlate. Coordenao Logstica,

Imagem e Evento Logistic, Image and Event Coordinator: Praise Karuma, Malisa

Chutumia e DDB Moambique. Anlise dos Dados Data Analysis: Baptista Lalane.

Recolha de Dados da Pesquisa Data Collection: Drcio Maumana; Wendy Massavanhane

e Judy Jamine. Colaboradores da Pesquisa Survey Collaborators: Angelina Vaz; Asslam

Osman; Celso Tamele; Christelle Mupenda; Drcio Maumana; Hlio Macie; Iolanda Cal; Judy

Jamine; Juliana Penicela; Mrcia Zunguze; Naira Golam; Nelson Melo; Philip Mazengera; Sonali

Himatlal; Tendai Mukombiwa; Walter Mandlate; Wendy Massavanhane. Editor Publisher: KPMG

Moambique. Coordenao Comercial Commercial Coordination: DDB Moambique. Tradutora Externa

External Translator: Catharine Muhate. Tradutor Oficial da KPMG KPMG Sworn Translator: Jos Simes. Projecto

Grfico, Direco Grfica e de Arte Grafic Projec and Layout: Praise Karuma e DDB Moambique. N de Registo /

Registration Number: 020/Gabinfo-DE/03

Unico - 100 Maiores KPMG - 2014.indd 1 18-Nov-14 11:21:17


Prefcio Preface

Uma conquista ano aps ano com

sucesso!Conquering success,

year after year!

Dear readers,

On the occasion of the launch of the Top 100 Companies - XVI Edition in Mozambique, KPMG welcomes, with great regard, the readers of this report.

This edition analyses the behaviour of the main companies operating in the Mozambican market in 2013, a year in which much anticipation surrounded the business world and the nation with the main focus the General Elections.

This study reflects the efforts of the main economic operators, led by managers who believe in the growth of the country and motivated by the opportunities offered to them by the business environment and the desire to successfully achieve their goals.

Our research is not limited to promoting a transparent business development environment, it also promotes the image of the main companies operating in our country through the comparative analyses that have been performed in it.

KPMG in Mozambique prides itself on providing the public with this important tool for the analysis of the financial situation of companies and takes this opportunity to reiterate its commitment to transform knowledge into value for the benefit of society. We congratulate the managers of the companies participating in this survey for their enthusiasm and confidence in the future.

KPMG expresses thanks to all those who directly or indirectly contributed to the completion of the research.

The success of this survey is a tribute to KPMG employees, participating companies, sponsors, project partners and DDB Ltd for their business collaboration, graphics management and the coordination of the event, indeed their support and dedication are clearly evident and deserves appreciation.

Carssimos leitores,

Por ocasio do lanamento da XVI Edio da Pesquisa sobre as 100 Maiores Empresas de Moambique, a KPMG sada o pblico leitor desta revista com elevada estima.

A presente Edio analisa o comportamento das principais empresas que operam no Mercado Moambicano em 2013, ano que foi envolvido por muita expectativa na rea empresarial nacional e, que teve como principal destaque as Eleies Gerais.

Nesta pesquisa esto reflectidos os esforos dos principais operadores econmicos dirigidos por gestores que acreditam no crescimento do Pas, motivados pelo aproveitamento das oportunidades que lhes so oferecidas pelo ambiente de negcios e o desejo de atingir as suas metas com sucesso.

A nossa pesquisa no se limita apenas em promover um ambiente transparente de desenvolvimento de negcios, ela promove igualmente a imagem das principais empresas que operam no nosso pas, atravs das anlises comparativas que nela so feitas.

A KPMG em Moambique orgulha-se por fornecer ao pblico esta importante ferramenta de anlise da situao financeira das empresas e aproveita a oportunidade para reiterar o seu compromisso de transformar o conhecimento em valor em benefcio da sociedade. Felicitmos aos gestores das empresas participantes nesta pesquisa pelo seu entusiasmo e confiana no futuro.

A KPMG expressa agradecimentos a todos que directa ou indirectamente contriburam para que esta pesquisa seja realizada.

O sucesso desta pesquisa uma homenagem aos colaboradores da KPMG, empresas participantes, os patrocinadores, parceiros do projecto, a DDB, Lda pela sua colaborao comercial, gesto grfica bem como pela coordenao do evento, na verdade o seu apoio e dedicao so claramente observados e merecem apreciao.

Filipe MandlateDirector Geral | Country Managing Partner


KPMG has audited and continues to audit the leading companies in the Country including, being auditor to a majority of the companies listed on the Mozambican Stock Exchange. We have credibility in the market and prestige and as a result, have won awards every year as the best accounting and audit firm (PMR). To achieve these honours is no easy task and we are immensely proud of our achievements and of our staff that have worked tirelessly in order for us to achieve these noteworthy accolades.

We are immensely proud that we were the first of the traditional Big 4 firms to offer and continue to offer the full range of advisory services. Our advisory service line has four distinct silos within advisory which are Transactions and Restructuring, Management Consulting, Risk Consulting and International Development Advisory Services and our market edge is that we have all the relevant expertise in-house. We would definitely say that we have transformed and continue to transform ourselves to maintain leadership in the advisory sector by offering clients multidimensional solutions.

When we started out in 1990, our tax and legal compliance service line was definitely the backbone of our firm and constituted the majority of services that we provided. Today, this service line remains a significant contributor to our firm as a whole and we are proud to say that clients that were with us 25 years ago, are still with us today.

Our first 25 years has had many memorable moments but, undoubtedly the launch of the first annual edition of the Top 100 Companies in Mozambique Survey 16 years ago is a significant milestone. This annual survey continues to improve and to be a reference for decision makers both locally and internationally. Further, KPMG has also developed the Business Confidence Index and the Banking Survey again, both these publications have become the tools to have for decision makers. The quality and content of the aforementioned surveys reinforce KPMG in the Mozambican market as the business partner of choice.

At KPMG, Corporate Social Responsibility has always been and continues to be of utmost importance. We believe that client work and community service complement each other and whilst we have contributed much to the wider community over the past 25 years, we need to do and will do more for the next 25 years.

Many entities have been forced to rescale operations but, as KPMG turns 25, we see this as an opportunity to review our business operations in order to reposition ourselves and excel in the dynamic and competitive marketplace. With this challenge, we do not see ourselves as 25 years old but, as 25 and counting and continuing to be the standard setters in everything we do.

A KPMG auditou e continua a auditar as principais empresas lderes do Pas, auditando as principais empresas cotadas na Bolsa de Valores de Moambique. Temos credibilidade e prestgio no mercado e como resultado disso, temos vindo a ganhar prmios anualmente como a melhor firma de contabilidade e auditoria (PMR). Vencer estes prmios no tarefa fcil e estamos muito orgulhosos das nossas conquistas e de nossa equipa que tem trabalhado incansavelmente para vencer estes prestigiados prmios.

Temos imenso orgulho em ser a primeira firma das tradicionais Big 4 que oferece e continua a oferecer uma vasta gama completa de servios de consultoria. A nossa linha de servios de consultoria compreende quatro reas distintas, nomeadamente, Transaces e Reestruturaes, Consultoria de Gesto, Consultoria de Risco e Servios de Consultoria em Desenvolvimento Internacional, sendo a nossa principal vantagem no mercado o conjunto de conhecimentos relevantes que possumos a nvel interno. Podemos afirmar definitivamente que transformamos e continuamos a transformar-nos para manter a liderana no sector de consultoria, oferecendo solues multidimensionais aos nossos clientes

Quando iniciamos as nossas actividades em 1990, a linha de servios de fiscalidade e legal constitua a espinha dorsal da nossa firma e compreendia a maior parte dos servios que prestamos. Hoje, esta linha de servios continua a ser um contribuinte significativo para a nossa firma como um todo e temos o orgulho de afirmar que os clientes que iniciaram h 25 anos connosco continuam hoje em dia como nossos clientes.

Os nossos primeiros 25 anos foram marcados por muitos momentos memorveis, mas, sem dvida, o lanamento da primeira edio anual da pesquisa sobre as 100 Maiores Empresas de Moambique h 16 anos foi um marco significativo. Esta pesquisa anual continua a melhorar e uma referncia para os intervenientes a nvel local e internacional. Alm disso, a KPMG desenvolveu igualmente a pesquisa sobre o ndice de Ambiente de Negcios e ainda a Pesquisa sobre o Sector Bancrio, e estas pesquisas serviram e servem como ferramentas para vrios intervenientes. A qualidade e o contedo das pesquisas acima mencionadas reforam a posio da KPMG no mercado moambicano como o melhor parceiro de negcios.

Na KPMG, a Responsabilidade Social sempre foi e continua a ser de extrema importncia. Acreditamos que o trabalho do cliente e o servio comunitrio complementam-se reciprocamente e ao mesmo tempo temos contribudo consideravelmente para a comunidade em geral ao longo dos ltimos 25 anos, precisamos e faremos mais nos prximos 25 anos.

Muitas entidades foram obrigadas a redimensionar as suas operaes, mas tendo em conta o 25 aniversrio da KPMG, vemos este desafio como uma oportunidade para rever nossas operaes de negcios a fim de nos reposicionar e sobressair neste mercado cada vez mais dinmico e competitivo. Com este desafio, o nosso 25 aniversrio simboliza crescimento e muita experincia no que diz respeito aos servios prestados pela KPMG.

KPMG Moambique, 25 Anos Acrescentando Valor e ExcelnciaKPMG Mozambique, 25 Years Delivering Value and Excellence

Talking about the first 25 years at KPMG, is talking about 25 years of success, our growth is unmatched in the number of professionals, revenue, customer base and range of services.

KPMGs Mozambican journey began in Maputo in July 1990 with six employees but, has today grown to approximately 295 professionals and including being the first of the traditional Big 4 firms to establish offices in the provinces of Nampula, Cabo Delgado and Zambezia. Today, our staff compliment boasts a healthy balance between local and expat staff with the necessary international and local experience to add that KPMG touch to our diversified client base. Hence, we have in the past 25 years been blessed and continue to be blessed with skills that our staff possess and the value that they continuously bring to engagements.

Falar dos 25 anos da KPMG, falar de 25 anos de sucesso, pois o seu crescimento notvel no nmero de profissionais, volume de negcios, carteira de clientes e variedade de servios.

A KPMG Moambique iniciou as suas actividades em Maputo em Julho de 1990 com seis colaboradores, mas hoje conta com cerca de 295 profissionais e igualmente a primeira firma das tradicionais Big 4 a estabelecer escritrios nas provncias de Nampula, Cabo Delgado e Zambzia. Hoje, a nossa prestigiada equipa possui um equilbrio saudvel entre a equipa local e expatriados com experincia necessria internacional e local para acrescentar aquele toque especial da KPMG na nossa base de clientes diversificada. Por isso, nos ltimos 25 anos fomos e continuamos a ser abenoados com competncias que os nossos colaboradores possuem e o valor que demonstrado continuamente nos nossos trabalhos.

O ano de 2015 um marco significativo para KPMG em Moambique, que celebra o seu 25 aniversrio. Por isso, sem dvida, a KPMG a maior e mais antiga firma de contabilidade e auditoria das tradicionais Big 4 e com muito orgulhoso este sucesso foi alcanado conjuntamente com os nossos intervenientes ao longo dos ltimos 25 anos, mas continuando igualmente a trabalhar arduamente para alcanar e contribuir ainda mais para o futuro de Moambique.

The year 2015 marks a significant milestone for KPMG in Mozambique, being the firms 25th anniversary. Hence, without doubt, KPMG is the largest and longest established of the traditional Big 4 accounting firms and tremendously proud of what we have with our stakeholders achieved over the past 25 years but, also continuing to work hard to achieve and contribute even more to the future of Mozambique.


Pesquisa da KPMG sobre as 100 Maiores Empresas de MoambiqueKPMGs Top 100 Companies in Mozambique surveyGlossrioGlossary

IntroduoIntroduction

As Melhores empresas de Moambique The best companies of Mozambique

Anlise Macroeconmica Macroeconomic Analysis

Anlise Agregada Aggregate Analysis


Current Asset an asset is classified as current when:

It is held primarily for the purposes of being sold (merchandise)

It is expected to be realised within a maximum period of twelve months of the balance sheet date (clients and other debtors)

It is cash or cash equivalent for which use is unrestricted (cash and bank)

Total Net Assets the total value of current assets and fixed (non current) assets net of depreciation and provisions relating to the various asset headings in the balance sheet. Depreciation applies to the fixed assets while provisions apply to current (circulating) assets.

Average Equity Capital is the sum of the equity capital of the current year and the previous year, divided by two.

Operational Costs includes all the classes of costs in the General Accountancy Schedule with the exception of the Finance Charges and Cost of Sales. For banks, it is the sum of the costs of personnel, supplies and services from 3rd parties, depreciation and others. Insurance companies take into account re -insurance premiums given up, indemnities of insurance rights and reinsurances accepted, commissions and other running costs.

Shareholders capital constitutes the total of equity capital, premium issues, reserves brought forward and those resulting from the current years activities.

General Liquidity corresponds to the ratio of current assets over current liabilities.

Number of employees number of permanent employees

Current Liabilities Relates to the debts of a business that are due to be paid within 12 months of the date of the last balance sheet. For example loans payable within one year, bank overdrafts, suppliers, anticipated liabilities, State (taxes and others) and other debts resulting from the operational activities of the company.

Total Liabilities total of current and long term liabilities of the company

Small and Medium Enterprises (SMEs) uses the national criteria for

Lista de AbreviaturasList of AbbreviationsBM Banco de Moambique / Bank of Mozambique

BTs Bilhetes do Tesouro/Treasury Bonds

CEMPRE (2005) Censo de Empresas (2005) / Company Census (2005)

CPI Centro de Promoo de Investimentos / Investment Promotion Centre

EUA Estados Unidos da Amrica/United States of America

FMI Fundo Monetrio Internacional / IMF International Monetary Fund

FPA Facilidade Permanente de Absoro / Marginal Absorption Facility

FPC Facilidade Permanente de Cedncia/Marginal Lending Facility

IDE Investimento Directo Estrangeiro/Direct Foreign Investment

IDN Investimento Directo Nacional /Direct National Investment

INE Instituto Nacional de Estatstica/National Statistics Institute

IPC ndice de Preos ao Consumidor/Consumer price index

IRPC Imposto Sobre o Rendimento das Pessoas Colectivas/Corporation tax

M2 Massa Monetria/Money Supply

MAIBOR Maputo Interbank Offered Rate

MT Meticis / Metical

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) / 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. dado no disponvel / data not available

PES Plano Econmico e Social / Economic and Social Plan

PIB Produto Interno Bruto / GDP Gross Domestic Product

PMEs Pequenas e Mdias Empresas/SMEs - Small and Medium Enterprises

pp pontos percentuais / percentage points

PVDs Pases em Vias de Desenvolvimento / Developing countries

SADC Comunidade de Desenvolvimento da frica Austral/Southern African Development Community

TAMs Ttulos da Autoridade Monetria/Monetary Authority Bonds

USD Dlar Norte-americano / US Dollar

ZAR Rand

the classification of businesses as prescribed in decree no 44/2011:

Small Enterprise: from 5 to 49 employees; Revenues from MZN 1.200.000,00 to MZN 14.700.000,00

Medium Enterprises: from 50 to 100 Employees; Revenues from MZN 14.700.000,00 to MZN 29.970.000,00.

Return on Net Assets is the ratio of net results over net assets, as a percentage.

Revenues is the ratio of net results over business volume as a percentage.

Return on Equity Capital is the ratio of net profitability results over the average annual equity capital, as a percentage.

Net results corresponds to the profit or loss obtained by the company after the deduction of related taxes.

Results before Tax corresponds to the gross result obtained by the company before deduction of related taxes.

Exchange Rates as has been customarily practiced, for the calculation of the values in the table for ranking table in American Dollars the following rates were used for 2013:-

the volume of business, net results and operational costs were converted using the average annual exchange rate of USD/MZN 29.91 (Bank of Mozambique)

the current assets and the average equity capital were converted using the exchange rate at the end of the year USD/MZN 29.95 (Bank of Mozambique).

Revenue the total income for the year, for example all the income classes of the General Schedule of Accounting. For the banks it comprises the financial margin before provisions, net profits from financial operations and net income from commissions. For insurance companies it includes the premium on insurances, direct and accepted reinsurances, commissions, indemnities on reinsurance granted and other operating income.

Revenue per employee volume of business divided by the number of permanent employees.

Activo Corrente um activo classificado como corrente quando:

guardado primariamente com o propsito de ser comercializado (mercadorias).

Espera-se que seja realizado num perodo mximo de 12 meses aps o ltimo balano (clientes e outros devedores).

Trata-se 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 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. 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 corrente e no corrente da empresa.

Pequenas e Mdias Empresas (PMEs) foi utilizado o critrio nacional de

classificao das empresas prescrito no Decreto no. 44/2011:

Pequena Empresa: de 5 a 49 Trabalhadores; Volume de Negcios de MZN 1.200.000,00 a MZN 14.700.000,00

Mdia Empresa: de 50 a 100 Trabalhadores; Volume de Negcios de MZN 14.700.000,00 a MZN 29.970.000,00.

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.

Resultado 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 2013 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/MZN 29.91 (Banco de Moambique);

os activos lquidos e os capitas prprios mdios foram convertidos usando as taxas de cmbio do final do ano USD/MZN 29.95 (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 financeira antes das provises, lucros lquidos em operaes financeiras 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.

Glossrio Glossary


iniciado a sua actividade a pouco tempo, no terem produzido receitas, no julgam possuir um valor elegvel para participar, por ordens do grupo internacional, entre outros mais diversos motivos.

Contudo, apesar dos desafios, muitas so as empresas que aderem pesquisa demonstrado assim a sua transparncia na gesto dos seus processos de contas e credibilidade do mercado em que operam.

A presente pesquisa contm essencialmente dez seces, nomeadamente:

(i) Prefcio;

(ii) Entrevista com Dr. Filipe Mandlate;

(iii) Glossrio;

(iv) Introduo e Metodologia;

(v) As Melhores Empresas de Moambique;

(vi) Anlise Macroeconmica (internacional e nacional);

(vii) Anlise Agregada;

(viii) Ranking das 100 Maiores Empresas de Moambique;

(ix) Anlise Sectorial, e;

(x) Lista das Empresas Participantes.

A semelhana das edies passadas, alertamos que os dados financeiros e econmicos contidos no presente relatrio so da inteira responsabilidade das firmas participantes, no tendo a KPMG efectuado qualquer alterao aos mesmos, limitando-se apenas a analis-los.

Em termos de tiragem, esta edio conta com 5.000 exemplares em formato bilingue (Portugus e Ingls) de distribuio gratuita. Alternativamente, tambm pode ser consultada atravs da pgina da Internet da KPMG Moambique www.kpmg.co.mz.

KPMG continues to aim to provide the Mozambican business community with an analysis tool that supports their business decision-making, ensuring their survival in the increasingly competitive market, as well as to provide a basis for credible analysis.

It is with great pride that we recall that KPMG Mozambique was the first audit and consulting company to establish itself in the national market, providing a wide range of services including in particular consultancy, auditing, accounting and taxation and legal advice.

This year KPMG presents the XVI edition of the research on The 100 largest companies in Mozambique. This research serves as a guide not only to national companies but also to foreign investors, who through this instrument can have a very clear vision of our market, of the companies active within the market and of their behaviour in the various branches of activities carried out within our country.

Over the last sixteen years, since 1998, this research has proven to be an instrument that promotes the transparency of the companies who participate.

Because KPMG is committed to improving their contribution to society through this survey, a new category was introduced this year research on the biggest and best small and medium-sized companies in Mozambique, this uses the same data collection criteria.

This edition analyses the financial and economic results of the year 2013 compared to 2012, 182 companies participated in the research for this edition. Those who chose not to participate put forward various reasons including: they hadnt had an economically favourable year, they

started their activity recently, they hadnt produced revenue, they didnt consider they were eligible size wise to participate and they were subject to orders of their international group.

However, despite the challenges, many companies participated in the research demonstrating through this their transparency in the management of their accounts process and credibility in the market in which they operate.

The current document contains ten sections, namely:

(i) Foreword;

(ii) Interview with His Excellency, President of the Republic;

(iii) Glossary;

(iv) Introduction and Methodology;

(v) The Top Companies in Mozambique;

(vi) Macroeconomic Analysis (International and National);

(vii) Aggregate Analysis;

(viii) Ranking of the Top 100 companies in Mozambique;

(ix) Analysis by Sector, and;

(x) List of Participating Companies.

As in past editions, we advise you that the financial and economic data contained in the current report is the sole responsibility of the participating firms, KPMG having made no alterations to the data supplied limiting their activity to its analysis.

In terms of circulation, 5.000 copies of this edition in bilingual format (Portuguese and English) will be distributed free of charge. Alternatively it can be consulted via the KPMG Mozambique website www.kpmg.co.mz.

A KPMG continua a oferecer comunidade empresarial moambicana uma ferramenta de anlise que apoie na tomada de decises empresariais, assegurando a sua sobrevivncia num mercado cada vez mais competitivo, bem como fornecer uma base de anlise credvel.

com imenso orgulho que lembramos que a KPMG em Moambique foi a primeira empresa de Auditoria e Consultoria a firmar-se no mercado nacional, fornecendo uma vasta gama de servios destacando-se Consultoria, Auditoria, Contabilidade e, Assessoria Fiscal e Jurdica.

A KPMG apresenta este ano a XVI Edio da pesquisa sobre As 100 Maiores Empresas de Moambique. De lembrar que esta pesquisa no s serve de guia ao empresariado nacional, como tambm aos investidores estrangeiros que atravs deste instrumento, podero ter uma viso bastante clara do nosso mercado, das empresas que nela actuam e o comportamento das mesmas nos mais diversos ramos de actividades existente no nosso pas.

Ao longo dos ltimos dezasseis anos (desde 1998) esta pesquisa tem provado ser um instrumento que promove a transparncia das empresas que nela participam.

Porque a KPMG est empenhada em melhorar a sua contribuio sociedade atravs desta pesquisa, este ano foi introduzida uma nova categoria que a Pesquisa sobre as Maiores e Melhores Pequenas e Mdias Empresas de Moambique, que tambm utiliza os mesmos critrios de recolha de dados.

A presente edio analisa os resultados financeiros e econmicos do ano 2013 comparativamente de 2012. Participaram nesta edio 182 empresas e todas as que no participaram, alegam motivos tais como: no ter sido um ano economicamente favorvel, terem

Introduo Introduction


Componente AnalticaAnalytical Component

Componente TcnicaTechnical Component

ELABORAO DOS ARTIGOS PREPARATION OF THE ARTICLES Nesta fase realizado: (i) o

convite, seleco e atribuio dos artigos a cada elemento da equipa; (ii) denio da estrutura, contedo, prazos limites para entrega do primeiro draft dos artigos; (iii) fololw up para o esclarecimento de dvidas e ponto de situao do processo de elaborao dos artigos; (iv) recolha dos draft dos artigos; (v) reviso e correco dos artigos, e; (vi) aprovao nal.

During this phase the following takes place: (i) invitation and selection of team members and assignment of articles to each member; (ii) denition of the structure and content of the report and deadlines for the submission of the rst draft; (iii) follow up for the clarication of doubts and monitoring progress on the writing of the articles; (iv) collection of the article drafts; (v) revision and correction of the articles, and; (vi) nal approval.

TRADUO E CONTROLO DA QUALIDADE TRANSLATION AND QUALITY CONTROL Esta fase consiste no: (i)

envio dos artigos para a sua traduo ocial; (ii) controlo de qualidade da traduo; (iii) insero dos dados estatsticos e tabelas; (iv) vericao do relatrio nal nas duas lnguas e aprovao, e; (v) preparao dos resultados da pesquisa.

This phase consists of: (i) sending articles for their ofcial translation; (ii) quality control of the translation; (iii) insertion of statistical data and tables; (iv) verication and approval of the nal report in both languages, and; (v) preparation of the study results.

PAGINAO E IMPRESSO DA REVISTA / LAYOUT AND PRINTING OF THE PUBLICATION Nesta fase so feitos todos

os trabalhos que dizem respeito : (i) paginao da revista; (ii) reviso do relatrio aps paginao e correco de inconsistncias (caso existam), e; (iii) envio do relatrio para impresso.

This phase involves the activities relating to: (i) layout of the document; (ii) review of the report after layout and correction of inconsistencies (if they exist), and; (iii) issue of the report for printing.

LANAMENTO DA PESQUISA / LAUNCH OF THE STUDY Esta fase dedicada a

divulgao dos resultados da pesquisa

This phase is dedicated to the announcement of the results of the study.

PREPARAO DO PROJECTO E MOBILIZAO INTERNA PREPARATION OF THE PROJECT AND INTERNAL MOBILISATION Nesta fase, so realizadas todas actividades concernentes : (i) actualizao/reviso e aprovao do questionrio; (ii) actualizao

da base de dados; (iii) actualizao da base de contactos (telefones, fax, email, celular) das empresas; (iv) lanamento interno da pesquisa; (v) recrutamento, seleco e formao da equipa responsvel pela recolha de dados, e; (vi) lanamento ocial da pesquisa.

During this phase the following activities are carried out (i) update/revision and approval of the questionnaire; (ii) update of the database; (iii) update of company contacts (telephone, fax, email, mobile); (iv) internal launch of the study; (v) recruitment, selection and training of the team responsible for data collection and (vi) ofcial launch of the study.

COLECTA DE DADOS DATA COLLECTION As actividades inerentes a esta fase so: (i) envio de questionrios s empresas; (ii) vericao e correco dos erros/incon-

sistncias na base de contactos; (iii) telefonemas de follow up para empresas, e; (iv) recolha dos questionrios. The activities inherent to this phase are: (i) sending of questionnaires to companies; (ii) verication and correction of errors/inconsist-

encies in the contact data base; (iii) follow up calls to companies; (iv) collection of questionnaires.

CONTROLO DE QUALIDADE E LIMPEZA DE DADOS COLECTADOS QUALITY CONTROL AND DATA CLEANSING Esta fase dedicada : (i) anlise/auditoria e limpeza dos questionrios recebidos; (ii) insero dos questionrios na base de

dados, e; (iii) vericao nal e aprovao da base de dados. This phase is dedicated to: (i) analysis/audit of questionnaires and data cleansing; (ii) input of questionnaires into the database, e; (iii)

nal checking and approval of the database.

ANLISE DOS DADOS DATA ANALYSIS Nesta fase tm lugar as seguintes actividades: (i) anlise dos dados; (ii) produo das estatsticas/resultados, e; partilha das

mesmas estatsticas/resultados para a concluso do relatrio da pesquisa. In this phase the following activities take place: (i) analysis of the data; (ii) production of the statistics and results and (iii) sharing of

these statistics/results for the completion of the report.

de modo a encorajar a participao destas empresas, a pesquisa introduziu quatro novas categorias de premiaes designadas:

(i) Prmio Pequena empresa com maior volume de negcios;

(ii) Prmio Pequena melhor empresa;

(iii) Prmio Mdia empresa com maior volume de negcios, e;

(iv) Prmio a Mdia melhor empresa.

Esta pesquisa compreende fundamentalmente duas componentes, uma Tcnica (que diz respeito a todo processo desde a Mobilizao e Preparao do Projecto at a Anlise dos Dados) e outra Analtica (que diz respeito a Elaborao dos Artigos at ao Lanamento da Pesquisa). As duas componentes ilustradas na pgina seguinte no se encontram dissociadas, isto , ambas so realizadas em paralelo. Cada uma das componentes (Tcnica e Analtica) so, por sua vez subdivididas em quatro fases, ilustradas na pgina seguinte:

Metodologia da PesquisaA metodologia da pesquisa consiste na colecta e anlise de dados financeiros e econmicos das empresas participantes por via de um questionrio. Esta anlise visa subscrever os reconhecimentos no posicionamento no mercado e prmios de liderana em categorias e sectores especficos, dos diversos participantes da pesquisa 100 Maiores Empresas de Moambique. Assim, a publicao inclui os seguintes reconhecimentos e prmios:

(i) O tradicional ranking das 100 Maiores Empresas de Moambique com base no volume de negcios;

(ii) Prmio empresa com maior volume de negcios;

(iii) Prmio empresa com maior participao de capitais privados de origem nacional;

(iv) Prmio empresa com maior rentabilidade de capitais prprios;

(v) Prmio empresa com maior subida no ranking em relao a edio anterior;

(vi) Prmio empresa com maior entrada no ranking das 100 Maiores Empresas de Moambique;

(vii) Prmio melhor empresa de Moambique;

(viii) Reconhecimento das empresas que lideram os respectivos sectores de actividades de acordo com o volume de negcios, e;

(ix) Reconhecimento das melhores empresas por cada sector de actividade.

As Pequenas e Mdias Empresas (PME) desempenham um papel fundamental na economia nacional e,

Research MethodologyThe research methodology consists of the collection and analysis of financial and economic data received from participating companies via a questionnaire. This analysis aims to recognise market position and reward leadership from among the diverse participants of the Top 100 companies of Mozambique in specific categories and sectors. The publication includes the following awards and recognitions:

(i) The ranking of the Top 100 companies of Mozambique based on revenue

(ii) Award to the company with the highest revenue

(iii) Award to the company with the highest equity capital of Mozambican origin

(iv) Award to the company with the highest return on equity capital

(v) Award to the company with the highest climb in the ranking in relation to the previous year

(vi) Award to the company with the highest entry in the ranking of the Top 100 companies of Mozambique

(vii) Award to Mozambiques top company.

(viii) Recognition for the companies that led their sectors

(ix) Recognition for the best companies for each sector of activity.

Small and medium-sized enterprises (SMEs) play a key role in the national economy and in order to encourage the participation of these companies, the study has introduced four new categories of awards:

(i) Award for the Small company with the highest revenue;

(ii) Award for best Small company;

(iii) Award for the Medium-sized company with the highest revenue, and;

(iv) Award for the best Medium-sized company.

The methodology consists of two components, one technical (that relates to the process from mobilisation and preparation of the project to the analysis of the information) and the other analytical (from the writing of the articles to the launch of the study), these two components are not completely separated, as their activities are carried out in parallel. Each of the components (Technical and Analytical) are in turn subdivided in four phases as illustrated below:


Due to the reclassification of the sectors in line with the classification used by the National Institute of Statistics some companies are now in different sectors from those in which they appeared in previous editions.

Devido a esta reclassificao dos sectores, algumas empresas que nas edies passadas pertenciam a um determinado sector, na presente edio podem estar em um outro sector, estando assim alinhado a actual classificao em vigor no INE.

ACTUAL CLASSIFICAOCURRENT CLASSIFICATION

ANTERIOR CLASSIFICAOPREVIOUS CLASSIFICATION

TIPO DE EMPRESAS QUE CONGREGA O SECTOR (ACTUAL CLASSIFICAO)TYPE OF COMPANIES THAT MAKE UP THE SECTOR (CURRENT CLASSIFICATION)

OBSERVAOOBSERVATION(PARTICIPATION IN NEW SECTOR)

1. Agricultura e Pesca Agriculture and Fisheries

1. Agricultura Agriculture2. Pescas Fisheries

Agricultura, Produo Animal, Floresta e Pesca;Agriculture, Animal Production, Forestries and Fisheries;

Fazem parte deste sector todas empresas que estavam nos sectores de Agricultura e Sector das Pescas;All companies that were in the Agriculture Sector and Fisheries Sector;

2. Actividades financeiras e de seguros Financial Services and Insurance

3. Banca e Leasing Banking and Leasing4. Seguros Insurance

Banca, seguros e actividades auxiliares de intermediao financeira;Banking, Insurance and auxiliary activities of financial intermediation;

Fazem parte deste sector todas empresas que estavam nos sectores da Banca e Leasing e Sector de Seguros;All companies that were in the Banking and Leasing Sector and the Insurance Sector ;

3. Actividades de informao e de comunicao3. Information and Communication Activities

5. Comunicaes Comunications

Rdio, televiso, telecomunicaes, servios de informao, actividades de edio e actividades cinematogrficas, de vdeo, produo de programas de televiso, edio de msica e gravao de som.Radio, television, telecommunications, information services, cinematographic activities and editing services, video, television programme production, music editing and sound recording.

Fazem parte deste sector todas empresas que estavam nos sectores de Comunicaes;All companies that were in the communication sector;

4. Comrcio Commerce

6. Comrcio Commerce

Comrcio por grosso e a retalho; reparao de veculos automveis e motociclos;Wholesale and retail trade; repair of cars and motorcycles;

Fazem parte deste sector todas empresas que estavam no sector de Comrcio e parte de empresas que estavam no sector de Energia;All companies that were in the commerce sector and some companies that were in the energy sector;

5. Construo Construction


Desenvolvimento de projectos de edifcios, construo de edifcios, engenharia civil e actividades especializadas de construo;Development of building projects, construction of buildings, civil engineering and specialist construction activities;

Fazem parte deste sector todas empresas que estavam no sector de Construo;All companies that were in the construction sector

6. Alojamento, Restaurao e similares Accommodation, restaurants and similar actvities

8. Hotelaria e Turismo Hotels and Tourism

Hoteleiro, restaurao, casas de pasto, estabelecimentos de bebidas e similares em que a alimentao e bebidas so consumidas regra geral no prprio local, assim como cantinas e fornecimentos de refeies ao domiclio (catering);Hotels, restaurants, boarding houses, bars, similar locations such as canteens where alcohol and food are generally sold and eaten and supply of meals to private homes (catering);

Fazem parte deste sector todas empresas que estavam no sector de Hotelaria e Turismo;

All companies that were in the hotel and tourism sector;

7. Indstrias Extractivas e Indstria Transformadora (Indstria) Extractive industries and Transformation Industries (Industry)

9. Indstria Industry10. Alimentao e Bebidas Food and Drink11. Energia Energy

Indstria Extractiva Indstria Transformadora;Extractive Industry, Transformation Industry

Fazem parte deste sector empresas que estavam nos sectores da Indstria, Alimentao e Bebidas e parte das empresas que estavam no sector de Energia;All companies that were in the Industry and Food and Drink sectors and some of the companies that were in the Energy Sector;

8. Servios Services

12. Servios Services

Electricidade, gs, vapor, gua quente e fria e ar frio; Captao, tratamento e distribuio de gua; saneamento gesto de resduos e despoluio; Actividades Imobilirias; Outras actividades de servios; Actividades de consultoria, cientficas, tcnicas e similares;

Electricity, gas, steam, hot and cold water and cold air; Collection, treatment and distribution of water; Sanitation, waste management and pollution control;Real estate activities; other services; Scientific, Technical and other consultancy Services;

Fazem parte deste sector todas empresas que estavam no sector de Servios;All the companies that were in the Services sector;

9. Transportes e Armazenagem Transport and Warehousing

13. Transportes Transport

Transportes Terrestres, por Oleodutos ou Gasodutos, por gua, Areos, Armazenagem e actividades auxiliares dos transportes (manuseamento); Actividades dos Correios e postais independentes dos correios nacionais;Road transport, oil and gas pipelines, water and air transport, warehousing and handling activities National postal service and independent postal activities;

Fazem parte deste sector todas empresas que estavam no sector de Transportes;All companies that were in the transport sector;

















4. Comrcio Commerce

6. Comrcio Commerce
















8. Servios Services









Classification of the sectorsAs mentioned in the last edition, the classification of the sectors was revisited in order to improve comparability with macroeconomic data published at a national level. KPMG sought to align the classification used in this publication with that used by the National Institute of Statistics. As a result of this exercise the classification of the sectors in this edition is as follows:

Classificao dos sectoresComo referido na edio passada, a classificao dos sectores foi revisitada, com vista melhorar a comparabilidade com os dados macroeconmicos publicados a nvel nacional. Assim, a KPMG procurou revisitar de forma a alinhar a classificao dos sectores utilizados na publicao com a utilizada pelo Instituto Nacional de Estatstica. Como resultado deste exerccio a classificao dos sectores a seguinte:

















4. Comrcio Commerce

6. Comrcio Commerce
















8. Servios Services










Classification MethodologyThe ranking of the Top Company of Mozambique amongst the onies that are part of the top 100 Companies of Mozambique has the objective of featuring/outlining the company with the best economic-financial performance on the year in the analysis, based on the following indicators: (i) growth in revenue, (ii) financial independence, (iii) return on revenue, (iv) return on equity capital and (v) general liquidity.

For the classification of the top company, points varying from 1 (one) to 100 (a hundred) were attributed for each of the indicators, with 100 points being attributed to the top company and 1 point to the 100th company. The company with the highest score resulting from the sum of the points from the relevant indicators will receive the title of the KPMG Top Company 2012/13.

In the event of a tie, the criteria adopted to determine final placements in the classification was to make a new comparison between the companies with the same points based on their return on equity capital, recognising that this already reflects the independence of the company, the relationship between sales and the assets of the company and the return on revenue.

Selection of the Top Company, Medium and small CompanyAccording to the methodology referred above, Maputo Car Terminal, Lda was considered as the best company in 2013, with a growth revenue of approximately 78.33%. The rate of revenue and shareholder funds profitability of this company was of approximately 41.90% and 79.66%, respectively. With regard to the financial autonomy and overall liquidity, Maputo Car Terminal, Lda obtained the rates of 44.08% and 4.32%, respectively. The second and third positions in this ranking are occupied by Matola Cargo Terminal, SARL e pela Cornelder de Moambique, SA, respectively.

The individual analysis of some of these indicators reveals that the highest growth rate of revenue was obtained by Malala Investment

Group, Lda with a rate of 209.89%, followed by EMOCIL, Lda with 164.04%.

With regard to financial autonomy, Matola Cargo Terminal, SARL e a Construa, Lda are leading the ranking with 90.67% rate and 86.80%, respectively.

Terminal de Carvo da Matola, Lda with 49.0%, Maputo Car Terminal, Lda with 41.90% and Sasol Petroleum Temane, Lda with 41.24% are leading the ranking of the best companies with the highest rates of revenue. With regard to shareholder funds profitability, Cowi Moambique, Lda leads the ranking with a rate of 104%.

With regard to overall liquidity, the companies Seguradora Internacional de Moambique, SA and Construa, Lda are leading the ranking with 17.94% and rates of 17:38%, respectively.

Malala Investment Group, Lda leads the ranking of the best companies with a growth rate of revenue per employee of 164.98%, followed by CONSULTEC, Lda with 130.68% and EMOSE, SA with 127.64%.

The companies Incala, Lda and Carpintaria Mutende were considered the best Medium and Small companies in the Top 100 Companies in Mozambique for the 2013 edition. Incala, Lda registered a growth rate of its revenue of approximately 22.1%. In terms of revenue and shareholder funds profitability for the company amounted to 5.11% and 4:08%, respectively.

Regarding financial autonomy and overall liquidity, Incala, Lda obtained a rate of 99.04% and 58.13%. The Companies Frum Hotis e Turismo, Lda and PROMOTUR, are in the second and third positions regarding the ranking of best medium companies.

On the other hand, Carpintaria Mutende which leads the ranking of the best small companies registered a growth rate of revenue of 40.3%, and the financial autonomy with 81.01%. With regard to revenue and shareholder funds profitability, Carpintaria Mutende registered rates of 10.93% and 26.30%, respectively. In this ranking, Carpintaria Mutende is followed by Auto Rectificadora and Linkup Recruitment Services.

As Melhores Empresas de MoambiqueThe Top Companies in MozambiqueMetodologia para a ClassificaoO ranking da Melhor Empresa de Moambique das que constam do ranking das 100 Maiores Empresas de Moambique tem como principal objectivo destacar a empresa com melhor desempenho econmico-financeiro no ano em anlise. Para a classificao desta empresa, foram seleccionados os seguintes indicadores: (i) crescimento do volume de negcios, (ii) autonomia financeira, (iii) rentabilidade do volume de negcios, (iv) rentabilidade de capitais prprios e (v) liquidez geral.

Para a classificao da melhor empresa, foram atribudas pontuaes que variam de 1 (um) a 100 (cem), sendo atribudos 100 pontos primeira empresa e 1 ponto centsima empresa classificada para cada um dos indicadores analisados. A empresa que obtiver a maior pontuao, resultante do somatrio das pontuaes dos diversos indicadores, obter o ttulo da Melhor Empresa de Moambique no perodo 2012/2013, segundo a KPMG.

Como critrio adoptado para eventuais desempates na classificao, realizou-se um novo confronto apenas entre as empresas que estiverem empatadas, valorizando a rentabilidade de capitais prprios, j que esta engloba a autonomia da empresa, a relao entre as vendas e os activos da empresa e a rentabilidade do volume de negcios.

Seleco da Melhor Empresa, Melhor Mdia e Pequena Empresa De acordo com a metodologia acima exposta, a Maputo Car Terminal, Lda foi apurada como a melhor empresa de 2013, com um crescimento do volume de negcios na ordem dos 78.33%. A taxa de rentabilidade do volume de negcios e a rentabilidade de capitais prprios para esta empresa situaram-se ao nvel de 41.90% e 79.66%, respectivamente. No que concerne a autonomia financeira e a liquidez geral, a Maputo Car Terminal, Lda obteve as taxas de 44.08% e 4.32%, respectivamente. A segunda e terceira posies deste ranking so ocupadas pela Matola Cargo Terminal, SARL e pela Cornelder de Moambique,SA, respectivamente.

A anlise individualizada de alguns destes indicadores revela que a maior taxa de crescimento do volume de negcios foi obtida

pela Malala Investment Group, Lda com uma taxa de 209.89%, seguida pela EMOCIL, Lda com 164.04%.

No que toca autonomia financeira, a Matola Cargo Terminal, SARL e a Construa, Lda lideram o ranking com taxas de 90.67% e 86.80%, respectivamente.

A empresa Terminal de Carvao da Matola, Lda com 49.0%, a Maputo Car Terminal, Lda com 41.90% e a Sasol Petroleum Temane, Lda com 41.24% lideram o ranking das melhores empresas com as maiores taxas de rentabilidade do volume de negcios. Quanto Rentabilidade dos capitais prprios, a empresa Cowi Moambique, Lda lidera o ranking com uma taxa de 104%.

Em termos de liquidez geral, a empresa Seguradora Internacional de Moambique, SA e a Construa, Lda lideram o ranking com taxas de 17.94% e 17.38%, respectivamente.

A Malala Investment Group, Lda lidera o ranking das melhores empresas com uma taxa de crescimento do volume de negcios por trabalhador de 164.98%, seguido pela CONSULTEC, Lda com 130.68% e pela EMOSE, SA com 127.64%.

A Incala, Lda e a Carpintaria Mutende foram eleitas as melhores Mdia e Pequena empresas da pesquisa 100 Miores Empresas de Moambique para a edio 2013. A Incala, Lda registou uma taxa de crescimento do seu volume de negcios na ordem de 22.1%. A taxa de rentabilidade do volume de negcios e a rentabilidade de capitais prprios para esta empresa situaram-se ao nvel de 5.11% e 4.08%, respectivamente. No que diz respeito a autonomia financeira e liquidez geral, a Incala, Lda obteve taxas de 99.04% e 58.13%. As empresas Frum Hotis e Turismo, Lda e a PROMOTUR, ocupam a segunda e terceira posies no ranking da melhores mdias empresas. Por outro lado, a Auto Rectificadora e a Linkup Recruitment Services ocupam a segunda e terceiras posies do lado das melhores pequenas empresas. A Carpintaria Mutende teve uma taxa de crescimento do volume de negcios de 40.3%, quanto a autonomia financeira cifrou-se nos 81.01%. Quanto a taxa de rentabilidade do volume de negcios e a rentabilidade de capitais prprios, a Carpintaria Mutende registou taxas de 10.93% e 26.30%, respectivamente.


Rank Sector de ActividadeActivity

EmpresaCompany

VN por TrabalhadorRevenue per Employee

Rent VNProfits/Revenue

(%)

AutonomiaFinanceira

Rent. C. P.S/hs Funds

(%)

2013

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

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

Maputo Car Terminal, Lda

Matola Cargo Terminal, SARL

Cornelder de Moambique, SA

LETSHEGO - Financial Services Mozambique, SA

Cowi Moambique, Lda

Sasol Petroleum Temane, Lda

MPDC - Sociedade de Desenvolvimento do Porto de Maputo, SA

Grindrod Mozambique, Lda

Agrifocus, Lda.

CONSULTEC - Consultores Associados, Lda

Intermetal, SA

Seguradora Internacional de Moambique (SIM), SA

Teixeira Duarte Engenharia e Construes Moambique, Lda

Global Alliance Seguros, SA

Hidroelctrica de Cahora Bassa, SARL

Companhia Moambicana de Hidrocarbonetos, SA

Emose - Empresa Moambicana de Seguros, SA

CIMBETO - Cimpor Beto Moambique, SA

Hollard Moambique Companhia de Seguros , SARL

DHL Moambique, Lda

SAN - Sociedade Algodoeira do Niassa - JFS, SARL

Petrogal Moambique, Lda

ES Contact Center Moambique (ex.Select Vedior Moambique)

EMOCIL , Lda

CFM - Portos e Caminhos de Ferro de Moambique, E.P.

MAHS - Mozambique Airport Handling Services, Lda

Tecnel Service, Lda

Construa, Lda

Mozre - Moambique Resseguros, SA

Mozambique Leaf Tobacco, Lda

Moambique Car Rental, Lda

Somotor, SARL

Total Moambique, SARL

FNB - First National Bank Moambique, SA

MEX - Moambique Expresso, SARL

G4S Secure Solutions, Lda

Cervejas de Moambique, SARL

Toyota de Moambique, SA

Coca-Cola Sabco (Moambique), SA

TCNICA Industrial, SA

Televisa - Sociedade Tcnica de Obras e Projectos, Lda

Avenida - Empreendimentos Tursticos e Hoteleiros, Lda

Cimentos de Moambique, SA

Terminal de Carvo da Matola, Lda

Intelec Holdings, SA

Banco Comercial e de Investimentos (BCI), SA

Dataserv, Lda

Gespetro, SARL

BIM - Banco Internacional de Moambique, SA

Petromoc e Sasol, SA

Ferro Moambique, Lda

CETA - Engenharia e Construes, SA

MOTRACO, SARL

Socremo - Banco de Microfinanas, SA

Standard Bank, SARL

Vale Moambique, SA

African Petroleum, Lda

Moza Banco, SA

Medis Farmaceutica, Lda

Tropigalia, Lda

EDM - Electricidade de Moambique, E.P.

Unicomo Moambique, Lda

Lalgy Truck Sales, Lda

Malala Investment Group, Lda

Manica Freight Services (Mo), SA

Mota - Engil Eng. Construo frica, SA

Business Connexion Mozambique, Lda

Aeroportos de Moambique, E.P.

Premier Group, Lda

KPMG Auditores e Consultores, SA

Hoteis Polana, SA

BP Moambique, Lda

BancABC, SA

Hariche Group, Lda

Transportes Lalgy, Lda

LAM - Linhas Areas de Moambique, SA

Salvor Hoteis Moambique, SARL

Mega - Distribuio de Moambique, SA

Teledata de Moambique, Lda

Topack Moambique, SARL

CMA CGM Mozambique, Lda

Globe Musica, Lda

Mozal, SARL

Telecomunicaes de Moambique, SA

Ferpinta Moambique, SA

Entreposto Comercial de Moambique, SARL

Banco nico, SA

Corredor de Desenvolvimento do Norte (CDN), SARL

Portos do Norte, SA

Transportes Carlos Mesquita, Lda

Turvisa - Empreendimentos Tursticos, Lda

TV Cabo - Comunicao Multimdia, Lda

PETROMOC - Petrleos de Moambique, SA

Banco Procredit, SA

mCel - Moambique Celular, SA

C.M.C. Africa Austral, Lda

guas da Regio de Maputo, SA

Empresa Municipal de Transportes Pblicos de Maputo, E.P.

Servitrade Servios Investimentos e Trading, Lda

Barclays Bank Moambique, SA

Transportes e Armazenagem



Actividades Financeiras e de Seguros

Servios

Indstria


Servios

Comrcio

Servios

Comrcio


Construo


Indstria

Indstria


Indstria



Agricultura e Pescas

Comrcio

Servios

Construo



Servios

Comrcio


Agricultura e Pescas

Servios

Comrcio

Comrcio



Servios

Indstria

Comrcio

Indstria

Comrcio

Servios

Alojamento, Restaurao e Similares

Indstria


Servios


Comrcio

Comrcio


Comrcio

Comrcio

Construo

Servios



Indstria

Comrcio


Comrcio

Comrcio

Servios

Comrcio

Comrcio

Comrcio


Construo

Servios


Comrcio

Servios


Comrcio


Comrcio




Comrcio

Comunicaes

Indstria


Comrcio

Indstria

Comunicaes

Indstria

Comrcio



Servios



Comunicaes

Comrcio


Comunicaes

Construo

Servios


Construo


2012

221,910

310,309

3,266,935

246,752

169,807

5,769,993

2,308,068

899,657

538,000

202,959

199,667

1,986,000

1,257,087

1,800,450

8,629,212

1,968,365

1,951,000

544,575

807,429

361,906

402,953

4,646,508

206,863

257,420

6,649,948

232,258

385,580

1,542,872

412,102

5,868,252

465,470

357,997

4,723,996

512,402

565,552

1,252,573

9,062,322

2,417,651

3,895,490

631,461

774,269

262,828

4,050,438

1,228,988

5,853,024

4,371,027

334,969

1,143,261

7,459,047

2,609,342

695,508

1,495,107

9,205,023

372,957

4,325,977

8,068,955

916,017

599,795

310,253

396,412

8,723,552

977,416

365,369

100,981

2,835,826

7,282,728

298,256

1,045,097

692,969

439,619

416,784

5,824,766

599,213

754,724

1,541,742

4,678,313

252,542

632,145

299,561

257,793

1,400,970

2,865,570

34,640,000

3,239,631

437,543

1,552,200

241,333

1,186,642

-

386,788

479,003

532,504

16,801,308

435,592

9,014,153

3,658,150

1,124,317

951,703

1,153,647

1,294,584

%13/12

78.33

21.72

27.70

122.79

39.88

33.70

19.78

30.08

20.45

25.93

29.26

19.23

54.50

37.20

5.58

13.67

122.45

55.50

30.99

38.18

7.39

30.78

51.89

164.04

24.40

27.79

35.75

12.55

16.63

10.90

9.60

7.32

27.72

54.42

44.79

12.02

8.71

21.50

10.91

65.64

36.46

(9.08)

11.26

0.54

23.39

18.77

4.10

14.54

7.78

15.98

13.81

33.52

(6.49)

(0.09)

5.99

42.04

32.29

99.63

16.69

26.27

16.99

11.87

(25.51)

209.89

19.68

(8.01)

(5.74)

28.79

51.93

14.50

8.61

2.78

25.53

13.09

13.87

13.23

6.51

(32.46)

(4.07)

17.56

(24.29)

(15.35)

(6.87)

(3.05)

22.20

(3.53)

154.21

(36.42)

-

(0.33)

3.98

24.49

12.05

(3.61)

(9.11)

(0.68)

1.50

(48.44)

10.48

(7.76)

Pontuao

94

62

70

97

85

80

59

75

60

68

74

57

91

83

27

46

96

92

77

84

31

76

88

99

65

72

81

43

52

37

35

30

71

90

87

41

34

61

38

93

82

9

39

22

64

56

26

50

32

51

47

79

13

21

28

86

78

95

53

69

54

40

5

100

58

10

14

73

89

49

33

24

67

44

48

45

29

4

15

55

6

7

12

18

63

17

98

3

0

20

25

66

42

16

8

19

23

2

36

11

2013

395,736

377,694

4,171,989

549,750

237,520

7,714,506

2,764,549

1,170,254

648,000

255,581

258,089

2,368,000

1,942,184

2,470,202

9,110,774

2,237,464

4,340,000

846,819

1,057,622

500,078

432,714

6,076,548

314,201

679,686

8,272,802

296,799

523,411

1,736,554

480,632

6,508,039

510,157

384,218

6,033,647

791,262

818,864

1,403,117

9,851,983

2,937,366

4,320,590

1,045,921

1,056,556

238,970

4,506,316

1,235,604

7,222,024

5,191,286

348,717

1,309,503

8,039,551

3,026,391

791,529

1,996,310

8,607,617

372,623

4,585,240

11,460,892

1,211,762

1,197,345

362,041

500,544

10,205,956

1,093,426

272,181

312,928

3,393,796

6,699,685

281,151

1,346,020

1,052,802

503,374

452,651

5,986,465

752,176

853,546

1,755,563

5,297,078

268,990

426,967

287,355

303,065

1,060,638

2,425,746

32,261,000

3,140,772

534,663

1,497,376

613,488

754,490

898,924

385,525

498,045

662,931

18,826,026

419,880

8,192,669

3,633,430

1,141,140

490,743

1,274,567

1,194,130

2013

529,848

455,104

3,294,694

2,788,119

66,287

24,433,611

2,623,742

729,458

596,000

202,727

145,892

5,569,000

2,557,977

1,669,942

56,597,935

10,432,022

7,700,000

493,080

1,926,151

322,605

292,740

2,619,660

56,986

860,097

40,764,353

195,955

304,713

1,146,544

309,909

4,397,230

668,028

265,404

3,034,772

8,029,099

471,644

1,000,211

9,303,810

2,303,609

3,665,781

425,051

1,099,061

462,384

7,883,888

3,192,371

8,669,116

82,167,820

175,263

201,628

85,428,239

1,275,548

760,411

3,079,429

4,148,665

1,045,855

44,063,370

105,106,630

310,987

14,820,073

249,766

-

43,578,153

551,696

288,946

16,441

1,562,662

6,780,794

203,395

12,944,202

927,748

219,186

1,160,301

4,129,910

9,303,683

666,005

1,345,569

4,361,038

957,759

462,284

260,495

358,328

436,137

39,236

48,044,000

12,570,842

661,053

2,855,524

8,957,898

5,565,059

445,540

374,950

1,301,993

1,078,281

15,400,283

1,474,230

14,690,252

21,636,432

1,195,044

750,073

2,682,190

17,172,453

2012

308,328

332,143

2,561,332

1,570,868

47,718

21,364,186

2,144,856

509,629

486,000

169,841

114,354

5,145,000

2,679,158

1,066,572

58,044,628

8,612,283

5,484,000

340,105

1,295,917

188,734

286,818

1,827,560

48,940

360,757

37,947,610

244,471

160,616

1,093,880

372,108

3,510,401

705,848

310,254

3,087,913

5,807,154

102,143

896,411

7,754,453

2,185,715

2,694,567

209,302

1,067,023

444,963

6,403,338

2,370,365

7,163,468

68,094,227

137,227

197,250

70,646,624

873,970

519,389

2,302,178

4,112,463

967,491

42,400,315

81,101,999

151,005

8,689,027

215,527

178,084

38,516,805

409,103

265,757

5,705

1,578,077

4,381,177

204,295

11,717,338

766,778

196,770

1,184,827

3,938,809

6,284,852

449,467

1,199,755

4,273,113

989,381

448,978

255,640

361,199

418,964

28,351

46,400,000

11,088,572

706,764

2,791,309

6,879,165

1,174,528

-

430,775

1,169,333

766,326

12,267,660

1,491,749

12,571,621

22,874,155

1,048,667

928,227

2,320,801

16,156,608

%13/12

71.85

37.02

28.63

77.49

38.91

14.37

22.33

43.14

22.63

19.36

27.58

8.24

(4.52)

56.57

(2.49)

21.13

40.41

44.98

48.63

70.93

2.06

43.34

16.44

138.41

7.42

(19.85)

89.72

4.81

(16.72)

25.26

(5.36)

(14.46)

(1.72)

38.26

361.75

11.58

19.98

5.39

36.04

103.08

3.00

3.92

23.12

34.68

21.02

20.67

27.72

2.22

20.92

45.95

46.40

33.76

0.88

8.10

3.92

29.60

105.94

70.56

15.89

-

13.14

34.86

8.73

188.19

(0.98)

54.77

(0.44)

10.47

20.99

11.39

(2.07)

4.85

48.03

48.18

12.15

2.06

(3.20)

2.96

1.90

(0.79)

4.10

38.39

3.54

13.37

(6.47)

2.30

30.22

373.81

-

(12.96)

11.34

40.71

25.54

(1.17)

16.85

(5.41)

13.96

(19.19)

15.57

6.29

2013

233,568

412,654

2,269,913

464,070

37,660

11,893,454

1,391,598

544,752

385,000

55,569

90,767

1,567,000

900,387

456,213

43,239,608

4,966,981

2,098,000

132,758

376,230

78,008

185,711

847,656

24,008

46,278

26,992,028

125,654

115,231

995,204

62,659

1,118,539

316,001

83,981

1,319,596

887,127

78,071

206,192

5,590,971

616,677

2,012,190

100,888

77,451

206,035

2,815,250

1,209,423

5,328,052

6,209,921

43,124

42,760

14,238,022

331,867

265,547

297,069

2,248,586

282,353

6,779,501

(29,037,949)

97,720

1,351,355

39,472

65,880

18,532,151

84,850

109,996

(153)

184,503

729,449

109,381

774,332

87,794

40,434

134,975

2,293,422

721,142

187,502

190,560

905,620

566,039

337,045

64,818

11,566

37,670

6,718

38,077,000

5,197,695

4,539

849,813

935,841

(577,736)

96,723

58,176

342,732

105,512

1,525,267

201,456

5,285,030

996,831

(749,650)

458,706

n.d

1,691,111

2012

182,749

281,612

1,543,034

160,866

(1,183)

11,531,868

752,011

280,523

321,000

47,547

73,148

1,405,000

765,010

330,062

41,660,405

4,254,432

1,813,000

95,977

281,736

50,074

96,672

715,171

19,335

21,515

25,627,244

117,316

119,744

918,548

38,726

690,400

310,911

62,754

1,423,551

608,119

72,936

121,268

5,140,039

407,679

1,592,828

89,256

67,805

146,491

2,508,693

595,408

4,934,087

5,197,549

41,289

40,476

11,988,914

276,702

256,924

252,321

2,110,268

233,391

6,183,818

(17,420,705)

75,347

1,322,525

32,895

58,499

18,394,536

74,787

95,580

(577)

154,696

255,259

101,795

953,413

13,514

42,697

105,853

2,406,269

721,924

113,176

174,107

874,895

517,768

344,501

71,950

11,058

66,396

4,427

38,806,000

5,160,927

55,656

843,513

1,033,951

(577,736)

-

50,010

326,260

121,059

1,620,297

215,430

5,243,983

1,054,818

(569,709)

38,318

n.d

2,537,158

%13/12

27.81

46.53

47.11

188.48

3283.43

3.14

85.05

94.19

19.94

16.87

24.09

11.53

17.70

38.22

3.79

16.75

15.72

38.32

33.54

55.79

92.10

18.52

24.17

115.10

5.33

7.11

(3.77)

8.35

61.80

62.01

1.64

33.83

(7.30)

45.88

7.04

70.03

8.77

51.27

26.33

13.03

14.23

40.65

12.22

103.13

7.98

19.48

4.44

5.64

18.76

19.94

3.36

17.73

6.55

20.98

9.63

(66.69)

29.69

2.18

19.99

12.62

0.75

13.46

15.08

73.48

19.27

185.77

7.45

(18.78)

549.65

(5.30)

27.51

(4.69)

(0.11)

65.67

9.45

3.51

9.32

(2.16)

(9.91)

4.59

(43.26)

51.75

(1.88)

0.71

(91.85)

0.75

(9.49)

0.00

-

16.33

5.05

(12.84)

(5.86)

(6.49)

0.78

(5.50)

(31.58)

1097.10

-

(33.35)

2013

44.08

90.67

68.90

16.64

56.81

48.68

53.04

74.68

64.60

27.41

62.22

28.14

35.20

27.32

76.40

47.61

27.25

26.92

19.53

24.18

63.44

32.36

42.13

5.38

66.21

64.12

37.82

86.80

20.22

25.44

47.30

31.64

43.48

11.0