Moldova - Transport sector review (Vol. 2 of 3) : Statistical appendix

Report No. 13891 -MD Moldova Transport Sector Review Statistical Appendix November 16, 1995 Country DepaIrtnite IV Europc, and Central Asia Reqion Document of the World Bank  I  Table 2.1 REPUBLIC OF MOLDOVA BALANCE OF PAYMENTS (min US$) 1992 1993 1994* CURRENT ACCOUNT -153 -122 -191 Trade Balance -154 -122 -165 Exports of Goods and Non-factor Services 381 473 Merchandise (FOB) 368 449 360 Non-factor Services 13 23 Imports of Goods and Non-factor Services -535 -595 Merchandise (FOB) -506 -547 -513 Non-factor Services -30 -47 Net Factor Income 0 -3 -3 Net Current Transfers 1 3 22 Official Capital Grants 0 19 CAPITAL AND FINANCIAL ACCOUNT 34 151 97 Long-Term Capital Inflows 33 151 Direct Investment 17 0 Net Long-Term Borrowing 16 151 Adjustments 0 0 Other Items 1 0 Errors and Omissions 0 0 81 BALANCE OF PAYMENTS -119 29 -13 Sources: For 1992, 1993: Statistical Handbook 1994, States of the Former USSR. The World Bank For 1994: IMFMoldova *Asof July 7, 1994 Rigures might not exactly add-up because of rounding  Table 4.1 Moldovan Traffic at Customs Points FLOW OF TRAFFIC FOR THE MONTH OF JULY (Peak Month), 1994 Cars Buses Trucks Passengers Basarabeasca 1,598 301 1,117 17,808 Balti 4,737 214 3,818 1,612 Bender (Tighina) 19,348 2,004 621 64,218 Briceni 7,134 648 1,342 40,051 Gahul 11,716 1,787 508 57,008 Chisinau na na na 19,490 Costesti na na na 16,918 Giurgiulesti 4,308 459 229 18,735 Leuseni 11,726 2,348 4,111 81,733 Ocnita 8,004 1,071 3,298 90,104 Ribnita na na na na Sculeni 17,386 1,375 3,186 136,894 Ungheni na na na 17,361 Source: Moldova Customs Deparlmenl FLOW OF TRAFFIC FOR THE WEEK BEGINNING AUGUST 22-28, 1994 Cars Buses Trucks Passengers Basarabeasca 351 51 247 4,140 Balti 890 39 896 3,218 Bender (Tighina) 408 256 171 15,829 Briceni 1,184 195 318 9,737 Cahul 2,081 483 112 1,193 Chisinau na na na 4,938 Costesti na na na 4,108 Giurgiulesti 918 112 63 3,939 Leuseni 2,766 584 903 2,104 Ocnita 1,611 243 804 1,978 Ribnita na na na na Sculeni 4,168 305 734 3,217 Ungheni: na na na 4,103 Source: Moldova Customs Department FLOW OF TRAFFIC FOR MAY 27, 1994 Cars Buses Trucks Passengers Basarabeasca 49 8 33 501 Balti 151 6 120 490 Bender (Tighina) 610 31 24 2,118 Briceni 212 21 41 1,343 Cahul 330 61 18 1,813 Chisinau na na na 680 Costesti na na na 526 Giurgiulesti 123 18 8 591 Leuseni 398 63 140 2,818 Ocnita 281 31 111 2,908 Ribnita na na na na Sculeni 589 41 85 4,106 Ungheni na na na 502 Source: Moldova Customs Department  Table 5.1 Traffic Flows on Selected Roads Road 1989 1990 1991 1992 1993 Chisinau - Leusheni 4,321 4,618 4,742 3,615 2,936 Chisinau - Ungeni 3,369 3,681 3,901 3,683 1,869 Chisinau - Bricheni 6,749 6,913 7,100 6,821 3,240 Orhei - Rezina 2,916 2,977 3,153 2,128 1,536 Chisinau - Hincesti 9,961 10,580 11,200 10,615 6,386 Hincesti - Leovo 3,284 3,367 3,728 3,127 1,543 Kahul - Georgilesti 2,156 2,243 2,677 1,646 794 Chimnishlia - Vulcanesti 4,713 5,113 4,648 1,598 1,231 Vulcanesti - Slobozia 1,576 1,610 1,639 648 384 Saratjeni - Gura Camenchi 3,713 4,138 4,396 3,861 2,169 Baltsi - Sculeni 1,839 2,196 2,400 2,216 1,342 Aneni Nei - Kausheni 1,673 1,938 2,084 1,916 1,127 Source: Roads Department Table 5.2 Moldovan Road Accidents Year No. of Reported Injuries Fatalities Accidents 1989 6,434 7,220 1,147 1990 6,049 6,687 1,127 1991 5,052 5,554 968 1992 3,739 4,198 655 1993 2,436 2,704 422 Source: Ministry of the Interior, Traffic Police.  Table 5.3 ROADS INCOME STATEMENT (mln 1994 Lei) 1989 1990 1991 1992 1993 1994 | 1994*l I INCOME Budget Allocation and Road Taxes 218.3 220.7 172.1 69.1 8.7 #N/A Other Sources (Collective Farms, Ministry of Agriculture, ...) 103.7 109.9 135.2 26.9 33.1 #N/A Total Income 322.0 330.6 307.3 96.0 41.8 66.6 Total Ministry of Finance Tax Collection for Roads: 33.9 Total Funds Received by the Ministry of Transport 32.8 from the Ministry of Finance: Delta: -1.1 11 EXPENDITURE Construction and Rehabilitation, of which: 90.2 78.6 79.6 21.5 4.6 9.6 From Budget Allocation 86.8 70.6 22.5 10.1 3.0 0.4 From Other Sources 3.4 8.0 57.1 11.4 1.6 9.2 Repair and Maintenance, of which: 231.8 252.0 227.7 74.5 37.2 57.0 From Road Taxes 131.5 150.1 149.6 59.0 5.7 #N/A From Other Sources 100.3 101.9 78.1 15.5 31.5 #N/A Total Expense 322.0 330.6 307.3 96.0 41.8 66.6 Lenght of Repaired Roads (kIn) 1967 1994 1299 382 207 545 Lenght of Roads to be Repaired (km) 2600 2600 2600 2600 2600 2600 (according to existing requirements) % of repaired roads to required repairs 76% 77% 50% 15% 8% 21% Source: Ministry of Transport * Projecled, 1994 ** As of October 1, 1994  Table 5.4 MINISTRY OF TRANSPORT -- TRUCKING ANALYSIS OF OPERATIONS AND FINANCIAL ACTIVITY (1994 Lei) 1991 1992 1993 1994' 1994*' I ACTIVITY and REVENUES Average Tariff (per t.km) * 0.03 - 0.16 0.08 - 0.26 0.18 - 0.56 0.25 - 0.90 Freight Volume (min t) 66.7 20.5 7.8 2.4 4.8 Freight Turnover (mln t.km) 1465.3 496.4 230.1 60.7 121.4 Average Trip (km) 22.0 24.2 29.5 25.3 25.3 Fleet, of which: 9,528 7,183 6,316 New trucks 329 168 0 Utilization Coefficient (% of operating trucks to total fleet) 52.0% 31.7% 23.1% 15.2% 15.0% Revenues 63,168,800 41,275,000 39,778,900 14,600,000 31,600,000 11 EXPENSES Wages and Salaries 15,736,000 7,074,600 5,941,250 1,790,000 7,600,000 Social Allocation 4,355,500 3,447,600 2,656,850 660,000 2,910,000 Fuel 8,851,500 12,740,000 14,434,000 5,730,000 9,800,000 Lubricants 463,650 529,880 387,100 260,000 450,000 Repair and Maintenance (includes Tires) 10,368,900 4,167,800 3,783,500 1,434,000 2,600,000 Depreciation 3,076,950 465,400 800,450 210,000 485,000 Other (misc, taxes ..) 11,324,300 7,192,120 8,097,250 3,586,000 4,855,000 Expenses 54,176,800 35,617,400 36,100,400 13,670,000 28,700,000 Profit 8,992,000 5,657,6001 3,678,500 930,0001 2,900,0001 Source: Ministry of Transport and Mission Estimates Indicative Inflations: 1991-1994: 28,000%; 1992-1994: 2,500%; 1993-1994: 250% * First Half 1994 ** Projected, 1994 *** Tariffs are indicative full-fare tariffs  Table 5.5a Estimated Vehicle Operating Costs (US$ per Vehicle Km) Vehicle Type Road in Good Road in Fair Road in Poor Condition Condition Condition Cars 0.066 0.072 0.079 Light Trucks/Pick-ups 0.138 0.150 0.164 Medium and Heavy Trucks 0.152 0.166 0.186 Buses 0.375 0.417 0.466 Light Trucks with Trailers 0.138 0.150 0.164 Source: Consultant's Report 1994 based on use of HDM III It is to be. noticed that these prices are low. However, they do not include crew costs and are based on very low wage rates obtaining in Moldova - public sector mechanics and drivers receive less than US$80 (equivalent) per month - and the very low costs of Russian produced equipment. Estimated unit costs in Moldova are given in the following table but should be used with care and need further analysis. Table 5.5b Estimated Unit Costs of Vehicles Input Car Pick-up Bus* Truck Truck Truck 5-10 tons 10-15 > 15 tons tons Price of Vehicle 30,000 17,000 500,000 29,000 74,000 220,000 Number & Price of 4x 250 4x 400 6x 520 6x 500 lOx 500 22x 500 T y res _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Price litre of 0.9/1.25 0.88 0.88 0.88 0.88 0.88 petrol/diesel Mechanic labour 85 400 200 600 600 600 cost per month Annual Cost of 780 700 200 1,000 2,000 2,500 spare parts Price of Lubricating 5 6 8 6 8 8 Oil/Litre Source: Transport Department *new imported vehicle All prices in Lei.  Table 5.6 MINISTRY OF TRANSPORT -- BUS TRANSPORTATION ANALYSIS OF OPERATIONS AND FINANCIAL ACTIVITY (1994 Lei) 1991 1992 1993 1994* 1994** I ACTIVITY and REVENUES Average Tariff (per passenger.km) *** 0.011 - 0.017 0.026 - 0.032 0.032 - 0.105 0.050 - 0.060 Transported Passengers (mln) 273.9 173.4 71.0 19.2 38.4 Passenger Turnover (mln passenger.kmn) 4370.8 2065.0 862.4 330.8 661.6 Average Trip (kin) 16.0 11.9 12.1 17.2 17.2 Fleet, of which: 3,238 2,856 2,623 2,541 New buses 121 26 0 Utilization Coefficient (% of operating buses to total fleet) 59.7% 38.5% 26.0% 30.4% 30.0% Revenues 35,209,300 14,151,800 15,656,550 11,780,000 24,900,000 II EXPENSES Wages and Salaries 9,919,300 4,105,400 3,376,800 1,576,000 6,600,000 Social Allocation 3,456,300 1,976,000 1,451,800 575,000 2,600,000 Fuel 4,889,400 7,701,200 9,807,000 5,304,000 8,490,000 Lubricants 2,529,000 278,200 343,700 337,000 510,000 Repair and Maintenance (includes Tires) 6,266,300 3,023,800 2,324,000 1,458,000 3,360,000 Depreciation 2,641,400 273,000 1,424,500 122,000 290,000 Other (mnisc, taxes ...) 4,383,600 4,274,400 4,936,400 2,485,000 3,050,000 Expenses . . 34,085,300 21,632,000 23,664,200 11,857,000 24,900,000 ...... ...:..::..::..:x:*~......... . ............... .... . Profit 1,124,0001 -7,480,2001 -8.007,650 -77,0001 ol Source. Ministy of Transport and Mission Estimates IndicaliveInflations: 1991-1994: 28,000%; 1992-1994: 2,500%; 1993-1994: 250% * First Half 1994 ** Projected, 1994 *** Tariffs are indicative full-fare tariffs  Table 5.7 MINISTRY OF TRANSPORT -- TAXIS ANALYSIS OF OPERATIONS AND FINANCIAL ACTIVITY (1994 Lei) 1991 1992 1993 1994* 1994* I ACTIVITY and REVENUES Average Tariff (per passenger.km) *** 0.11 0.52 0.35 - 0.70 1.00 - 2.00 Transported Passengers (mln passenger) #N/A #N/A #N/A #N/A #N/A Passenger Turnover (mln passenger.km) #N/A #N/A #N/A #N/A #N/A Fleet, of which: 1,100 900 732 #N/A New taxis 136 0 0 Average Trip (kin) #N/A #N/A #N/A #N/A #N/A Utilization Coefficient (% of operating taxis to total fleet) 76.5% 63.3% 57.2% 80.6% 80.6% Revenues 6,800,200 3,679,000 4,050,900 1,670,000 4,300,000 I EXPENSES Wages and Salaries 1,893,940 868,400 749,350 275,000 1,680,000 Social Allocation 694,070 444,600 338,100 104,000 580,000 Fuel 727,790 1,032,200 1,726,200 570,000 850,000 Lubricants 36,530 46,280 31,360 10,000 20,000 Repair and Maintenance (includes Tires) 983,500 543,400 407,050 225,000 380,000 Depreciation 272,570 241,800 62,265 10,000 25,000 Other (misc, taxes ...) 1,405,000 551,720 868,175 460,000 570,000 Expenses 6,013,400 3,728,400 4,182,500 1,654,000 4,105,000 Profit 786,800 -49,400 -131,600 16,0001 195,000 Source: Ministry of Transport and Mission Estimates Indicative Inflations. 1991-1994: 28, 000%; 1992-1994. 2,500%; 1993-1994: 250% * First Half 1994 ** Projected, 1994 *** Tariffs are indicative full-fare tariffs  Table 5.8 City of Chisinau - Urban Transport Department Urgent Investments (Spare Parts) and Electricity Arrears Type Specification Quantity Supplier Country Price (approx.) in Lei Tires, of which: 1,500,000 Trolley Tires 320x508,18 cm 1500 Belaia Tsereovi Ukraine 1,000,000 Bus Tires 300x508,16 cm 500 Belaia Tsereovi Ukraine 500,000 Spare Parts for Trolley, of which: 2,517,500 Gears 100 Novomoseovsc Russia 300,000 Compressors 80 Pervomaisk Russia 187,500 Electrical Devices 60 Noberejniiechelut Russia 400,000 Traction 130 Moscow Russia 1,100,000 Electric Traction 100 Suobodinsk Russia 300,000 Accumulators 100 Saratov Russia 30,000 Generators 60 Samora Russia 200,000 Spare Parts for Buses, of which: 1,731,000 Traction 10 Hungary 400,000 Generators 50 Hungary 280,000 Starting Devices 120 Hungary 40,000 Engine Devices 50 Hungary 440,000 Heating Devices 1,000 Hungary 7,000 Compressors 70 Hungary 157,000 Pump Devices 70 Hungary 70,000 Oil Pumps 70 Hungary 70,000 Tire Elements 900 Hungary 11,000 Transmission Belts 5,000 Hungary 1,000 Rings 100 Hungary 200,000 Others Hungary 55,000 Contact Lines and Trolley Wires 1,500,000 Total Equipment 7,248,500 Arrears on Electric Energy, as of October, 1994 3,300,000 Source: Urban Transport Department, City of Chisinau  Table 5.9 CITY OF CHISINAU - URBAN TRANSPORTATION ASSETS, INVESTMENTS AND ACTIVITY PROJECTIONS (1991-2002) (July 1994 Lei) 1991* 1992** 1993* 1994** 1995 1996 1997 1998 1999 2000 2001 2002 GROSS FIXED ASSETS, Total 4,128,000 50,000,000 50,000,000 58,666,667 67,333,333 76,000,000 92,250,000 108,500,000 124,750,000 Yearly Depreciation 5,000,000 5,866,667 6,733,333 7.600,000 9,225,000 10,850,000 12,475,000 14,100,000 Investments and Renewal 8,666,667 8,666,667 8,666,667 16,250,000 16,250,000 16,250,000 16,250,000 Long Term Loans needed for investments 0 8,500,000 3,500,000 0 0 0 0 0 ACTIVITY Number of Trolley Buses 459 461 457 440 Number of Buses 403 361 337 334 Passengers transported (min pass), of which: 365 417 294 249 249 249 249 249 249 249 249 249 paying passengers (Trolley) 205 221 164 124 172 220 220 220 220 220 220 220 non-paying passengers (Trolley) 30 96 96 96 48 . 0 0 0 0 0 0 0 paying passengers (Bus) 126 87 21 16 23 29 29 29 29 29 29 29 non-paying passengers (Bus) 4 13 13 13 7 0 0 0 0 0 0 0 Passenger Tumover (min pass.km) 1,321 1,200 689 521 521 521 521 521 521 521 521 521 Trolley 699 754 559 423 423 423 423 423 423 423 423 423 Bus 622 446 130 98 98 98 98 98 98 98 98 98 Average Trip - Trolley (km) 2.97 2.38 2.15 1.92 1.92 1.92 1.92 1.92 1.92 1.92 1.92 1.92 Average Trip - Bus (km) 4.78 4.46 3.82 3.38 3.38 3.38 3.38 3.38 3.38 3.38 3.38 3.38 Utilization Coefficient - Trolley (%) 79 77 74 65 Utilization Coefficient - Bus (YO) 62 55 40 40 Total Staff, of which: 3,408 3,471 3,516 3,320 2,990 2,660 2,330 2,000 2,000 2,000 2,000 2,000 In Trolley Transportation 2,100 2.200 2,370 2,500 2,252 2,003 1,755 1,506 1,506 1,506 1,506 1,506 In Bus Transportation 1,308 1,271 1,146 820 738 657 575 494 494 494 494 494 Average Wage - Trolley (Lei) 141 130 130 200 280 360 440 520 600 600 600 600 Average Wage - Bus (Lei) 141 94 81 180 252 324 396 468 540 540 540 540 Average Tariff per Passenger - Trolley 0.022 0.008 0.017 0.063 0.088 0.114 0.139 0.164 0.190 0.190 0.190 0.190 Average Tariff per Passenger - Bus 0.028 0.013 0.056 0194 0.271 0.349 0.426 0.504 0.581 0.581 0.581 0.581 Source: Urban Transport Department, City of Chisinau and Mission Estimates * indicative 1991-1994 Inflation: 28,000% IndIcative 1992-1994 Inflatlon: 2,500% Indicative 1993-1994 InflatIon: 250% **'* Estimates, 1994  Table 5. 10 CITY OF CHISINAU - URBAN TRANSPORTATION INCOME STATEMENT PROJECTIONS (1991-2002) (JULY 1994 LEI) I9P l * I SS2- ' 93N& "9*I.. 1995 1990 1SS7 1990 19S 2000 2001 2002 REVENUES TROLLEY RE VENUES, of which 7,868,000 8,580,000 12,775,000 21.900,000 21,868,560 25,027.200 30,588,800 36,150,400 41,712,000 41,712,000 41,712,000 41,712,000 Passenger-Ticket Revenues .' 4,215,000 1,560,000 2,800,000 8,600,000 15,218,560 25,027,200 30,588,800 36,150,400 41,712,000 41,712,000 41,712,000 41,712,000 Budget Allocaton 3,653,000 7,020,000 9,975,000 13,300,000 6,650,000 0 0 0 0 0 0 0 BUS REVENUES, of which 6,744,000 7,280,000 6,545,000 10,250,000 9,429,700 10,116,360 12,364,440 14,612,520 16,860,600 16,860,600 16,860,600 16,860,600 Passengerc-Tket Revenue.." 3,653,000 1,196,000 1,190,000 3,600,000 6,104,700 10,116,360 12,364,440 14,612,520 16,860,600 116860,600 16,860,600 16,860,600 Budget Allocaton 3,091,000 6,084,000 5,355,000 6 650,000 3,325,000 0 0 0 0 0 0 Total Rrvesues 14,612,000 15,860,000 19,320,000 32,150,000 31.298,260 35,143,560 42,953,240 50,762.920 58,572,600 058,572,600 58,572,600, 600 EXPENSES TROLLEY Salary ad Wages 3.934.000 3,484,000 3,717,000 6,000,000 7,565,060 8,653,012 9,263,855 9,397.590 10,843,373 10,843,373 10,843,373 10,843,373 Socal Secunty 1,405,000 1,300,000 1,673,000 2,220,000 2,003,840 1,782,681 1,561,521 1,340,361 1,340,361 1,340,361 1,340,361 1,340,361 Elctic Energy 843,000 546,000 2,782,500 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 Maitenance 281,000 1,300.000 1.487,500 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 Toes 281,000 338,000 521,500 960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000 Deprecation 562,000 52,000 294,000 84,000 3.333,333 3,911,111 4,488,889 5,066,667 6,150,000 7,233,333 8,316,667 9,400,000 Others (mcl Conununal Services, Stff THo.seg, 281,000 572,000 1,071,000 2,135,000 1,423,333 711,667 0 0 0 0 0 0 Severntce 0 0 0 0 2,504,819 3,220,482 3,936,145 4,651,807 0 0 0 0 Toal Trdbsy E.p..s. 7,587,000 7,592,000 11,5468500 18,779,000 25,170,387 26,618,952 27,590,410 28,796,426 26,673,735 27,757,068 28,840,402 29,923,735 Saluy and Wages 2,248,000 1,404,000 1,060,500 1.800,000 2.233,206 2,554,369 2,734,690 2,774,169 3,200,964 3,200,964 3,200,964 3,200,964 Socil Secunty 843,000 520,000 483,000 666.000 657,260 584,719 512,179 439,639 439,639 439,639 439,639 439,639 Fuel 843,000 2,496,000 2,439,500 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 Maitenance 562,000 494,000 1,036,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Ties 281,000 156,000 73,500 900,000 900.000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 Depreciaton 562,000 104,000 168,000 48,000 1,666,667 1,955,556 2,244,444 2,533,333 3,075,000 3,616,667 4,158,333 4,700,000 Others (mcl Conununal Services, Stff Hou.uig, 562,000 936,000 374,500 1,200,000 800,000 400,000 0 0 0 0 0 0 Severance 0 0 0 0 739,423 950,686 1,161,950 1,373,213 0 0 0 0 Td;i Bus Eapons- 5,901,000 6,110,000 5,635,000 8,814,000 11,196,555 11,545,330 11,753,263 12,220,354 11,815,602 12,357,269 12,898,936 13,440,602 Debt Repayment 1,785,000 2,520,000 2,520,000 2, 520, 000 2,520,000 2,520,000 Toli Urban Transpowl Expenses 13,488,000 13,702,000 17,181,500 7,593,000 36,366,941 38,164,283 41,128,673 43,536,780 41,009,337142,634,337 44,259,337 45,884,337 .~~~~~. . -..-... ProdltlWore,TJX.o fwtjich 1,124,000 2,158,000 2,138,500 4,557,000 -5,068,681 -3,020,723 1,824,587 7,226,140 17,563,263 15,938,263 14,313,263 12,688,263 Troly 281,000 988,000 1,228,500 3,121,000 -3,301,827 -1,591,752 1,983,661 5,921,416 13,605,707 12,522,374 11,439,040 10,355,707 Bus 843,000 1,170,000 910,000 1,436,000 -1,766,855 -1,428,970 -159,095 1,304,724 3,957,556 3,415,869 2,874,222 2,332,556 Taeos, of mEt: ...... 1,124,000 2,002,000 2,103,500 4,516,000 0 0 634,772 2,312,365 5,620,244 5,100,244 4,580.244 4,060,244 Trolky 281,000 910,000 1,228,500 3,100,000 0 0 634,772 1,894,853 4,353,826 4,007,160 3,660,493 3,313.826 Bus 843,000 1,092,000 875,000 1,416,000 0 0 0 417,512 1,266,418 1,093,085 919,751 746,418 Proh reToax,owbikh: 0 156,000 35,000 41,000 -5,068,681 -3,020,723 1,189,795 4,913,775 11,943,019 10,838,019 9,733,019 8,628,019 Trolly 0 78,000 0 21,000 -3,301,827 -1,591,752 1,348,1890 4,026,563 9,251,881 8,515,214 7,778,547 7,041,881 Bus 0 78,000 35,000 20,000 -1,768,855 -1,428,970 -159,095 867,212 2,691,1381 2,322,805 1,954,471 1,586,138 Soure,- Urban Tranepert Dpe-roe.., City fChisinaa and M-inoe Eatieatea ' ndi-clive 1991-1994 inflation: 28,000X a- idicaein- 1992-1994 iqflatIon 2,500X *--iedica,ce 1993-1994injttiee 250% '-' Epected - ofSqep,ebor, 1994 .-. The equation P-aenger-T1c1.tRe-emea = Number ofefpyingpeagera x A.rage Tarrifmight nut be ,outyveriedbecause ofruuding, errora andomiaainr .- .T-ofeor 1991-1994siere c-o-radbyludgetAll-cation  Table 5.11 CITY OF CHISINAU URBAN TRANSPORTATION SOURCES AND APPLICATIONS OF FUNDS - PROJECTIONS (1994-2002) (July 1994 Lei) 1994* 1995 1996 1997 1998 1999 2000 2001 2002 SOURCES Accumulated Reserve 0 1,068,941 650,988 131,806 982,838 2,466,724 4,403,161 6,812,793 Profit before Tax -5,068,681 -3,020,723 1,824,567 7,226,140 17,563,263 15,938,263 14,313,263 12,688,263 Payment of Receivables 567,333 567,333 567,333 0 0 0 0 0 Depreciation Fund 5,000,000 5,866,667 6,733,333 7,600,000 9,225,000 10,850,000 12,475,000 14,100,000 Interests 0 0 53,447 32,549 6,590 49,142 123,336 220,158 Long Term Debt 0 8,500,000 3,500,000 0 0 0 0 0 Short Term Debt 0 0 0 0 0 0 0 0 Restructuring Allocation from Budget 4,000,000 0 0 0 0 0 0 0 Total Sources 4,498,652 12,982,218 13,329,668 14,990,496 27,777,690 29,304,128 31,314,760 33,821,214 APPLICATIONS Payment of Arrears 1,296,667 1,296,667 1,296,667 0 0 0 0 0 Fleet Renewal 0 8,666,667 8,666,667 8,666,667 16,250,000 16,250,000 16,250,000 16,250,000 Other Investments 500,000 500,000 600,000 1,000,000 1,100,000 1,210,000 1,331,000 1,464,100 Pension Fund and other Social Benefits ** 1,633,044 1,867,897 1,999,758 2,028,627 2,340,723 2,340,723 2,340,723 2,340,723 Tax 0 0 634,772 2,312,365 5,620,244 5,100,244 4,580,244 4,060,244 Allocation to Reserves*** 1,068,941 650,988 131,806 982,838 2,466,724 4,403,161 6,812,793 9,706,147 Total Applications 4,498,652 12,982,218 13,329,668 14,990,496 27,777,690 29,304,128 31,314,760 33,821,214 * All parameters 0 O in 1994 ** Allocation is 2 months of salary per employee per year *** Minimum allocation to reserves is 100,000  Table S.12 CITY OF CHISINAU - TROLLEYBUSES and BUSES BALANCE SHEET PROJECTIONS (July 1994 Lei) 1994^ 1995 1996 1997 1998 1999 2000 2001 2002 ASSETS Fixed Assets, of which 3,555,000 44,927,000 39,560,333 42,093,667 44,160,333 44,702,000 51,312,000 56,418,000 60,032,100 Gross Fixed Assets 4,128,000 50,000,000 50,000,000 58,666,667 67,333,333 76,000,000 92,250,000 108,500,000 124,750.000 Less: Accumulated Depreciation 573.000 5,573,000 11,439,667 18,173,000 25,773,000 34,998,000 45,848,000 58,323,000 72,423,000 Net Fixed Assets 3,555,000 44,427,000 38,560,333 40,493,667 41,560,333 41,002,000 46,402,000 50,177,000 52,327,000 Other Fixed Assets 0 500,000 1,000,000 1,600,000 2,600,000 3,700,000 4,910,000 6,241,000 7,705,100 Long-Term Investments' 0 0 8,666,667 8,666,667 8,666,667 16,250,000 16,250,000 16,250,000 16,250,000 Curent Assets, of which: 5,082,000 6,549,888 6,236,553 6,673,391 5,911,181 6,506,772 7,079,876 8,126,175 9,656,195 Reserves, of which: 1,211,000 3,246,222 3,500,220 4,504,391 3.742,181 4,337,772 4,910,876 5,957,175 7,487,195 Cash and Bank Notes 578,000 811,555 875,055 1,126,098 935,545 1,084,443 1,227,719 1,489,294 1,871,799 Interest Bearing Deposits #N/A 973.866 1,050,066 1,351,317 1,122,654 1,301,332 1,473,263 1,787,152 2,246,159 Securities #N/A 324,622 350,022 450,439 374,218 433,777 491,088 595,717 748,720 Other Investrnents 633,000 1,136,178 1,225,077 1,576,537 1,309,763 1,518,220 1,718,807 2,085,011 2,620,518 Settlcmcnts with Debtors 1,702,000 1,134,667 567,333 0 0 0 0 0 0 Other (includes inventories) 2,169,000 2,169,000 2,169, 000 2,169,000 2,169,000 2,169,000 2,169,000 2,169,000 2,169,000 Total Assets 8,637,000 51,476,888 54,463,553 57,433,724 58,738,181 67,458,772 74,641,876 80,794,175 85,938,295 EQtUITY AND LIABILITIES Equity, of which: 3,999,000 47,169,274 42,280,655 41,524,139 44,441,838 54,050,724 62,597,161 70,112,793 76,620,247 Capital and Generated Equity 3,979,000 49,851,000 49,851,000 49,851,000 49,851,000 49,851,000 49,851,000 49,851,000 49,851,000 Retained Earnings and Reserves 0 -3,375,631 -8,857,655 -10,245,576 -7,990,282 948,074 8,724,831 15,394,193 21,001,165 Provision for Inflation Losses 0 673,905 1,267,310 1,898,715 2,561,120 3,231,650 4,001,330 4,847,600 5,748,082 Special Purpose Fund 20,000 20,000 20,000 20,000 20,000 20, u0 20,000 20,000 20,000 Long-Termn Debt 0 0 8,500,000 12,850,000 12,265,000 10,945,000 9,625,000 8,305,000 6,985,000 Current Liabilities, of which: 4,638,000 4,307,614 3,682,898 3,059,585 2,031,344 2,463,048 2,419,715 2,376,382 2,333,048 Accounts Payable for Spare Parts/Materials'" 607,000 536,000 565,000 594,000 198,000 198,000 198,000 198,000 198,000 Accounts Payable for Energy .... 3,383,000 2,636,333 1,889,667 1,143,000 381,000 381,000 381,000 381,000 381,000 Short-Tern Loans 0 0 0 0 0 0 0 0 0 Salaries, Wages and Benefits'** 373,000 1,038,281 1,131,232 1,172,687 1,162,647 1,318,695 1,318,695 1,318,695 1,318,695 Taxes, State Obligations 278,000 0 0 52,898 192,697 468,354 425,020 381,687 338,354 Other Liabilities 97,000 97,000 97,000 97,000 97,000 97,000 97,000 97,000 97,000 Total Equity and Liabilities 8,637,000 51,476,888 54,463,553 57,433,724 58,738,181 67,458,772 74,641,876 80,794,175 85,938,295 Source: Urban Transportation Department, Ctay of Chisinau and Mission Estimates * As ofOctober 1, 1994 Yearly renewal investments * Includes 5% of total maintenance expenses * Includes 5% of total energy expenses -- Equals I month of total Salaries, Wages and Benefits  Table 6.1 MOLDOVAN RAILWAYS STAFF in OPERATIONAL ACTIVITIES, 1993 Activity Number of Staff Administration 492 Locomotive Depo 2,425 Electrification Service 351 Car Depo Service 3,374 Transportation Service 2,262 Marketing and Container Transportation Service 1,313 Passenger Service 1,770 Railroad Service 2,689 Civil Building Service 105 Signalization and Communications 963 Computer Center 101 Train Restoration 65 Railroad Technical School 71 Militarized Guard 601 Total 16,582 Source: Railways Department, Ministry of Transport  Table 6.2 MOLDOVAN RAILWAYS NON-TRANSPORT ACTIVITY PROFITS (1994 Lei) Profits 1991 1992 1993* 1994** 1994*** Industrial Production 580,827 865,774 1,087,562 1,500,000 1,600,000 Maintenance of Passenger Trains -42,431 111,852 146,993 250,000 300,000 Loading and Reloading Works 1,559,550 1,355,484 696,178 1,200,000 1,300,000 Passenger Service Office 118,582 406,822 1,115,643 900,000 1,200,000 Transport and Expedition Operations 165,509 32,266 2,856 100,000 150,000 Works on Capital Maintenance 307,133 62,140 68,166 #N/A 300,000 Services to Population 165,790 61,802 16,562 #N/A 25,000 Sale of Materials -584,199 -660,192 1,404,781 600,000 3,000,000 Sale of Consumption Goods 24,166 12,766 12,663 #N/A 3,000 Fines 3,634,735 2,665,104 2,372,052 #N/A 500,000 Other 7,099,184 18,402,722 21,323,369 8,950,000 6,437,000 Total 13,028,846 23,316,540 28,246,824 13,500,000 14,815,000 Source: Railways Department, Ministry of Transport Indicative Inflations: 1991-1994: 28,000%; 1992-1994: 2,500%; 1993-1994: 250% * In 1993, total non-transport activities revenues were of 15,432,279; expenses amounted to 7,361,758 **Planned, 1994 *** Expected as of September, 1994  Table 6.3 MOLDOVAN RAILWAY ASSETS, INVESTMENTS AND ACTIVITY PROJECTIONS (1991-2002) (Where applicable, in July 1994 Lei) 1991t 1992| 19931 1994| 1995 1996 1997 1998 1999 2000 2001 2002 GROSS FIXED ASSETS. Total 226,151,138 720,000,000 720,000,000 720,000,000 800,000,000 880,000,000 960,000,000 1,040.000,000 1,120,000,000 Yearly Depreciation 94,000,000 94,000,000 97,200,000 100,400,000 103,600,000 58,800,000 62,000,000 65,200,000 Investments and Renewal 80,000,000 80,000,000 80,000,000 80,000.000 80,000,000 80,000,000 Long Term Debt 20,500,000 13,000,000 ACTIVITY Passengers (mln) 16.5 19.0 18.2 15.2 15.1 15.0 15.0 15.0 15.0 15.0 15.0 15.0 Passengers-kilometer (min pass.km) 1,524 1,718 1,660 1,219 1,213 1,206 1,200 1,200 1,200 1,200 1,200 1,200 Freight (net, min t) 52.9 35.0 22.1 20.1 20.5 20.9 21.3 22.5 23.7 25.0 26.4 27.9 Freight (min t.km) 11,810 7,678 4,861 3,614 3,686 3,760 3,835 4,046 4,269 4,503 4,751 5,012 Staff In Transportation Activities 16,371 16,810 16,580 16,200 15,150 14,100 13,050 12,000 12,000 12,000 12,000 12,000 Staff in Non-Transportation Activities 6,907 5,223 4,853 4,696 3,131 1,565 0 0 0 0 0 0 Total Staff 23,278 22,033 21,433 20,896 18,281 15,665 13,050 12,000 12,000 12,000 12,000 12,000 Average Wage (Lei) 129.26 120.90 136.85 128.79 180.31 231.82 283.34 334.85 386.37 386.37 386.37 386.37 Average Tariff (Freight) Lei per t.km 0.0060 0.0117 0.0370 0.0405 0.0607 0.0708 0.0809 0.0910 0.0910 0.0910 0.0910 0.0910 Average Cost (Freight) Lei per t.km 0.0060 0.0105 0.0245 0.0410 0.0633 0.0664 0.0693 0.0685 0.0685 0.0601 0.0593 0.0585 Average Tariff (Passenger) Lei per pass.km 0.0065 0.0036 0.0092 0.0387 0.0773 0.0870 0.0967 0.1063 0.1063 0.1063 0.1063 0.1063 Average Cost (Passenger) Lei per pass.km 0.0100 0.0123 0.0289 0.0491 0.0854 0.0946 0.1035 0.1083 0.1144 0.1053 0.1097 0.1143 Source: Railway Department, Ministry of Transport and Mission Estimates ' indicative 1991-1994 inflation: 28,000% ** indicative 1992-1994 inflation: 2,500% ' indicative 1993-1994 inflation: 250% :::' Estimates, 1994  Table 6.4 MOLDOVAN RAILWAYS INCOME STATEMENTS PROJECTIONS (IN JULY 1994 LEE) 1991' 1992' 1993.' 1994 1995 1996 1997 1998 1999 2009 2001 2002 TRANSPORT OPERATIONS REVENUES Total Passenge T-annpor Revenues 9,954,706 6,122,376 15,268,999 47,129,000 93,766,281 104,938,382 115,986,054 127,584,660 127,584,660 127,584,660 127,584,660 127,584,660 Total Freight Revenues 70,774,065 89,532,248 179, 677 ,306 146, 241, 000 223,748,730 266,260,989 310,384,238 368,387,293 388,648,594 410,024,267 432,575,601 456,367,259 Total Tra-sport Operation. Revene.. 80,728,771 95,654,624 194,946,304 193,370,000 317,517,011 371,199,371 426,370,292 495,971,952 516,233,253 537,608,926 560,160,261 583,951,919 TRANSPORT OPERATIONS EXPENSES PASSENGERTRANSPURT EXPENSES Salary and Wages 4,238,323 5,891,912 7,679,966 9,579,746 13.184,456 14,526,276 14,790,244 16,072,992 18,545,760 18,545,760 18,545,760 18,545,760 Soct Insarauce Chargns 1,792,626 2,989,604 5,112,212 3,561,823 3,899,876 3,341,938 2,784,000 2,560,000 2,560,000 2,560,000 2,560,000 2,560,000 Fuel 1,034,080 4,864,782 13,998,912 17,461,798 24,066,091 30,670,383 37,274,676 39,324,783 41,487,646 43,769,467 46,176,787 48,716,511 Depreciaton 2,293,105 522,722 3,293,002 1,177,699 31,333,333 31,333,333 32,400,000 33,466,667 34,533,333 19,600,000 20,666,667 21,733,333 Maitenance 3,375,960 2,861,216 7,345,927 13,787,700 18,525,134 23,262,567 28,000,000 29,540,000 31,164,700 32,878,759 34,687,090 36,594,880 others 2,521,958 4,025,964 10,593,481 14,334,223 12,500,000 11,000.000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 Tot Passenger Tnrnspo-t Expenses 15,256,052 21,156,200 48,023,500 59,902,990 103,508,889 114,134,497 124,248,919 129,964,442 137,291,439 126,353,985 131,636.304 137,150,484 FREIGHTTRANSPORT EXPENSES Saary and Wages 21,157,052 19,315,452 20,474,794 18,585,254 26,368,911 29,052,551 29,580,487 32,145,984 37,091,520 37,091,520 37,091,520 37,091,520 Socin- Insurance Cherges 7,588,559 8,872,855 7,408,797 7,170,873 7,799,751 6,683,876 5,568,000 5,120,000 5,120,000 5,120,000 5,120,000 5,120,000 Fuel 7,510,849 29,039,920 56,818,234 49,331,202 59,451,538 69,571,873 79,692,209 84,075,280 88,699,421 93,577,889 98,724,673 104,154.530 Deprecat-on 9,707,192 1,551,389 4,772,333 2,371,015 62,666,667 62,666,667 64,800,000 66,933,333 69,066,667 39,200,000 41,333.333 43,466,667 Maintenance 14,291,144 8,491,812 10,645,974 27,758,220 37,172,146 46,566,073 56,000,000 59,080,000 62,329,400 65,757,517 69,374,180 73,189,760 Others 11,068,343 13,117,063 18,755,756 43,065,447 40,000,000 35,000,000 30,000,000 30,000,000 30,000,000 30,000.000 30,000,000 30,000,000 Total Freight Enpensos 71,323,139 80,388,490 118,875,887 148,282,010 233,459,013 249,561,040 265,640,696 277,354,598 292,307,007 270,746,926 281,643,706 293,022,477 OTHER EXPENSES 7,279,586 17,426,474 56,293,741 #N/A 73,269,912 79,988,190 84,229,276 77,428,293 68,806,761 70,321,688 71,919,935 73,606,086 Tanes (other than Value-Added Tan) 2,137,286 7,911,930 22,502,914 #N/A 22,502,914 26,307,465 30,217,512 35,150,287 36,586,237 38,101,163 39,699,411 41,385,562 Soc-i Development Fnd 1,261,409 3,160,222 6,015,713 #N/A 6,015,713 5,608,189 4,671,900 4,296,000 4,296,000 4,296,000 4,296,000 4,296,000 1ncetive-Bonas Fund 2,918,185 1,583,842 22,990,590 #N/A 22,990.590 21,461,507 17,878,500 16,440,000 16,440,000 16,440,000 16,440,000 16,440,000 Paodncion-Development Fund 740,997 3,929,224 3,805,057 #N/A 3,805,057 3,805,057 3,805,057 3,805,057 3,805,057 3,805,057 3,805,057 3,805,057 Other Actnaties 221,709 841,256 243,282 SN/A 243,282 243,282 243,282 243,282 243,282 243,282 243,282 243,282 Charity #N/A #N/A 736,187 #N/A 736,187 736,187 736,187 730. .87 736,187 736,187 736.187 736,187 Se-e-nces 0 0 0 0 16,976,171 21,826,505 26,676,839 12,657,481 0 0 0 0 Debt Repayment 4 ,100, 000 6,700,000 6,700,000 6,700,000 6,700,000 Tolu Trmn.pot Opedon. Expenses 93,858,777 118,971,164 223,193,1281 208,185,000 410, 237 813 443,683,727 474 118 891 484, 747 332 498 ,405, 208 467,422,599 485,199,946 503,779,047 Prnflon Transport Operstion. -13,130,006 -23,316,540 -28,246,824 -14,815,000 -92,720,802 -72,484,355 -47,748,599 11,224,620 17,828.046 70,186,328 74,960,315 80,172,872 Non-Tran-port Operatin.- Pr,oft 13,028,846 23,316,540 28,246,824 14,815,000 9,876,667 4,938,333 0 0 0 0 0 0 Profit Wore Tax -101,160 0 0 0 -82,844,135 -67,546,022 -47,748,599 11,224,620 17,828,046 70,186,328 74,960,315 80,172,872 Value Added Tax #N/A #N/A #N/A 0 0 0 0 3,591,878 5,704,975 22,459,625 23,987,301 25,655,319 Proftta,erTax #N/A #N/A #N/A 0 -82,844,135 -67,546,022 -47,748,599 7,632,742 12,123,071 47,726,703 50,973,014 54,517,553 Sour-ee Railr-y Depar-mena, Mi-i"ry of Tra.npo-n and M--ein Eslei-te- *idi-a,ee-1991-1994 iflalion 28,000% n -dica-le 1992-1994 iflaien- 2,500X *''indiaai 1993-1994iefllon- 250% ''' Epe.ied aJ of Sepe-bhe, 1994; Erie.reofor OthierpE-ee ..wereno- aaila.ble  Table 6.5 MOLDOVAN RAILWAY SOURCES AND APPLICATIONS OF FUNDS - PROJECTIONS (1994-2002) (JULY 1994 LEI) 1994' 1995 1996 1997 1998 1999 2000 2001 2002 SOURCES Accumulated Reserve 0 3,201,039 19,689,334 367,483 393,330 22,863,187 37,260,170 58,823,312 Profit Before Tax -82,844,135 -67,546,022 -47,748,599 11,224,620 17,828,046 70,186,328 74,960,315 80,172,872 Payment of Receivables 28,626,175 28,626,175 28,626,175 0 0 0 0 0 Depreciation Fund 94,000,000 94,000,000 97,200,000 100,400,000 103,600,000 58,800,000 62,000,000 65,200,000 Interests 0 160,052 984,467 18,374 19,666 1,143,159 1,863,008 2,941,166 Long Term Debt 0 0 20,500,000 13,000,000 0 0 0 0 Short Term Debt 0 0 0 0 0 0 0 0 Total Sources 39,782,039 58,441,244 119,251,377 125,010,477 121,841,042 152,992,674 176,083,493 207,137,350 APPLICATIONS Payment of Arrears 28,988,772 28,988,772 28,988,772 28,988, 72 0 0 0 0 Rolling Stock and Track Renewal 0 0 80,000,000 80,000,000 80,000,000 80,000,000 80,000,000 80,000,000 Other Investments (Short Term) 1,000,000 2,500,000 2,500,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 Pension Fund and other Social Benefits ** 6,592,228 7,263,138 7,395,122 8,036,496 9,272,880 9,272,880 9,272,880 9,272,880 Tax 0 0 0 3,591,878 5,704,975 22,459,625 23,987,301 25,655,319 Allocation to Reserves *** 3,201,039 19,689,334 367,483 393,330 22,863,187 37,260,170 58,823,312 88,209,151 Total Applications 39,782,039 58,441,244 119,251,377 125,010,477 12 1,841,042| 152,992,674 176,083,493 207,137,350 * All parameters = 0 in 1994 ** Allocation is 2 months of salary per employee per year * Minimum allocation to reserves in 1999 is 350,000  Table 6.6 MOLDOVAN RAILWAY BALANCE SHEET PROJECTIONS (1994-2002) (JULY 1994 IN LEI) 1994* 1995' 1996 1997 1998 1999 2000 2001 2002 ASSETS Fixed Assets, of which: 116,327,775 631,788,364 540,288,364 445,588,364 429,188,364 409,588,364 434,788,364 456,788,384 475,588,384 Gross Fixed Assets 226,151,138 720,471,486 720,471,486 720,471,486 800,471,486 880,471,486 960,471,486 1,040,471,486 1,120,471,486 Less: Accumulated Depreciation 114,140,241 94,000,000 188,000,000 285,200,000 385,600,000 489,200,000 548,000,000 610,000,000 675,200,000 Net Fixed Assets 112,010,897 626,471,486 532,471,486 435,271,486 414,871,486 391,271,486 412,471,486 430,471,486 445,271,486 OtherFixed Assets 4,316,878 5,316,878 7,816,878 10,316,878 14,316,878 18,316,878 22,316,878 26,316,878 30,316,878 Long-Term Investments 471,486 0 0 80,000,000 80,000,000 80,000,000 80,000,000 80,000,000 80,000,000 Current Assets, of which: 142,843,934 136,108,139 132,670,774 94,697.600 107,938,461 141,431,660 165,339,044 195,792,630 234,765,254 Reserves, of which: 28,982,599 35,112,628 59,730,589 49,801,323 61,408,927 93,179,040 115,268,568 143,804,316 180,753,621 Cash and Bank Notes 118,171 8,778,157 14,932,647 12,450,331 15,352,232 23,294,760 28,817,142 35,951,079 45,188,405 Interest Bearing Deposits #N/A 10,533,789 17,919,177 14,940,397 18,422,678 27,953,712 34,580,571 43,141,295 54,226,086 Securities # N/A 3,511,263 5,973,059 4,980.132 6.140,893 9,317,904 11,526,857 14,380,432 18,075,362 Other Investments 28,864,428 12,289,420 20,905,706 17,430,463 21,493,124 32,612,664 40,343,999 50,331,511 63,263.767 Inventories (Fuel, etc) 27,982,811 28,542,467 29,113,317 29,695.583 31,328,840 33,051,926 34,869,782 36,787,620 38,810.939 Other (including Receivables)'* 85,878,524 72,453,043 43,826,869 15,200,694 15,200,694 15,200,694 15,200,694 15,200,694 15,200,694 Errors and Omissions 15,200,694 0 0 0 0 0 0 0 0 Total Asset 274,843,889 767,896.503 672,959.138 620,285.964 617,126,825 631,020,024 680,127,408 732,580,994 790,353,618 EQUtITY AND LIABILITIES Equity, of which: 109,194,283 627,747,023 553,097,915 498,938,661 498,553,281 501,423,138 541,020,121 584,583,263 632,769,102 Paid Capital 1,398,498 1,398,498 1,398,498 1,398,498 1,398,498 1,398,498 1,398.498 1,398,498 1.398,498 Generated Equity 104,338,987 712,328,070 712,328,070 712,328,070 712,328,070 712,328,070 712,328,070 712,328,070 712,328,070 Retained Earnings and Reserves 53,372 -98,859,816 -181,613,250 -242,456,329 -249,279,535 -252,553,503 -219,478,346 -182,767,029 -141,715,016 Provision for Inflaton Losses' 3,403,446 12,880.271 20,984,597 27,668,422 34,106,248 40,250,073 46,771,899 53,623,724 60,757,550 Long-Termn Debt 0 0 0 20,500,000 35,550,000 34,595,000 30,910,000 27,225,000 23,540,000 Current Liabilities, of which: 165,649,606 140,149,480 119,861,223 100,847,303 83,023,544 95,001,886 108,197,288 120,772,731 134,044,516 Accounts Payable to Suppliers'- * 115,955,089 93,927,062 73,442,835 54,502,407 36,114,638 47,298,696 59,097,878 71,546,014 84,678.798 Shorn-Term Loans 6,356,000 6,356,000 6,356,000 6,356,000 6,356,000 6,356,000 6,356,000 6,356,000 6,356,000 Salaries, Wages and Benefits*'* 2,881,331 4,271,083 4,467,053 4,393,561 4,658,248 5,276,440 5,276,440 5,276,440 5,276,440 Taxes, State Obligations 4,861,851 0 0 0 299,323 475,415 1,871,635 1,998,942 2,137,943 Other Liabilities 35,595.335 35,595,335 35,595,335 35,595,335 35,595,335 35,595,335 35,595,335 35,595,335 35,595,335 Total Equity and Liabilities 274,843,889 767,896,503 672,959,138 620,285,964 617,126,825 631,020,024 680,127,408 732,580,994 790,353,618 Source: Ralhway Department, Ministry ofTransport andMission Estimates * As ofJulv 1. 1994 1* 1995 Figure Includes 1994 Errors and Omissions " Starting 1995, equals 1.5 % of NetAsset Value Equals 5 % of total Fuel and Matntenance expenses *4*5 Equals I month of total Salaries, Wages and Benefits  Table 6.7 MOLDOVAN RAILWAY- RATIO ANALYSIS Ratio 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Labor Productivity (ratio of output to number of employees) 0.57 0.43 0.30 0.23 0.27 0.32 0.39 0.44 0.46 0.48 0.50 0.52 Rate of Return (ratio of profit to net assets) -11.70% -20.78% -25.18% -12.74% -14.68% -13.42% -10.72% 2.62% 4.35% 16.14% 16.41% 16.66 Output (in adjusted tkrn) (min) 13,334 9,396 6,521 4,833 4,899 4,966 5,035 5,246 5,469 5,703 5,951 6,212 Total Staff 23,278 22,033 21,433 20,896 18,281 15,665 13,050 12,000 12,000 12,000 12,000 12,000 Trarisport Activity Profit (I1994 Lei) -13,130,006 -23,316.540 -28,246,824 -14,815,000 -92,720,802 -72,484,355 -47,748,599 11,224,620 17,828.046 70,186,328 74,960,315 80,172,872 Fixed Assets (1994 Lei; value is unchanged for 1991-1993) 112,186,617 112,186,617 112,186,617 116,327,775 631.788,364 540,288,364 445,588,364 429,188,364 409,588.364 434,788,364 456,788,364 475,588.364  Table 6.8 MOLDOVAN RAILWAYS BALANCE SHEET (Current Lei) 1991 1992 1993 1994' ASSETS Fixed Assets, of which: 1,384,010 1,495,675 112,186,617 116,327,775 Gross Fixed Assets 2,338,484 #N/A 222,403,706 226,151,138 Less: Accumulated Depreciation 954,787 1,025,310 110,480,341 114,140,241 Net Fixed Assets 1,383,697 #N/A 111,923,365 112,010,897 Unfinished Capital Investments 193 1,130 5,832 320,011 Other Fixed Assets 120 #N/A 257,420 3,996,867 Long-Term Investments 1,580 76,235 215,729 471,486 Current Assets, of which: 133,183 3,026,332 71,372,023 142,843,934 Working Capital, of which: 38,516 419,831 10,620,291 28,982,599 Cash and Bank Notes #N/A #N/A 45,733 118,171 Pre-payments #N/A #N/A 8,375,661 13,144,098 Other Working Capital #N/A #N/A 2,198,897 15,720,330 Inventories (Fuel, etc) #N/A #N/A #N/A 27,982,811 Other 94,667 2,606,501 60,751,732 85,878,524 Errors and Omissions -428,910 -669,944 6,835,889 15,200,694 Total Assets 1,089,863 3,928,298 190,610,258 274,843,889 EQUITY AND LIABILITIES Equity, of which: 993,002 1,757,364 126,019,243 109,194,283 Capital 961,569 1,086,128 1,086,487 1,086,487 Capital Reserve 4,672 987 3,691 312,011 Revaluation Reserve #N/A #N/A 106,943,387 104,338,967 Revaluation of Depreciation #N/A #N/A 1,901,752 3,403,446 Retained Earnings and Reserves 26,761 670,249 16,083,926 53,372 Long-Term Debt #N/A #N/A #N/A #N/A Current Liabilities, of which: 96,861 2,170,934 64,591,015 165,649,606 Accounts Payable to Suppliers 10,503 1,063,286 52,544,856 115,955,089 Advances #N/A #N/A 1,116 48 Short-Term Loans 6,000 190,408 #N/A 6,356,000 Salaries, Wages and Benefits 19,219 22,300 2,152,543 2,881,331 Taxes, State Obligations 5,991 404,172 7,184,974 4,861,851 Other Liabilities 55,148 490,768 2,707,526 35,595,287 Total Equity and Liabilities 1,089,863 3,928,298 190,610,258 274,843,889 Source. Railways Department, Ministry of Transport High and inaccuratelv accounted inflation is responsiblefor discrepanciesfrom year toyear * As of JUly 1, 1994  Table 6.9 MOLDOVAN RAILWAYS NET FIXED ASSETS BREAKDOWN (as of July 1, 1994) Lei Transport Activity and Other Production Assets 110,038,100 including: Buildings 4,709,600 Installations 38,840,800 Transmission Installations 2,532,900 Machines and Equipment, of which: 6,509,200 Force Machines and Equipment 766,900 Working Machines and Equipment 3,062,400 Measuring and Regulating Devices 1,482,900 Computers 962,900 Transportation Means, of which: 56,376,500 Cars 41,963,500 Tools, Instruments and Other Fixed Assets 448,600 Other Production Activity Assets 1,069,100 Non-Production Fixed Assets 1,699,800 including: Housing 1,026,100 Communal Services 145,900 Education 26,600 Culture and Art 333,100 Health Care and Other Social Purposes 168,100 Other Assets 272,997 Net Fixed Assets, Total 112,010,897 Source: Railways Department, Ministry of Transport  Table 6.10 MOLDOVAN RAILWAYS RECENT TARIFF INCREASES (base 1 in 1990) (End of Year) 1990 1991 1992 1993 1994 Freight Tariffs 1.00 1.88 132.60 4,900.00 4,900.00 PassengerTariffs 1.00 1.00 9.00 207.90 1,758.83 Indicative Inflation 1.00 1.95 21.08 156.56 547.95 Real Freight Tariffs 1.00 0.96 6.29 31.30 8.94 Real Passenger Tariffs 1.00 0.51 0.43 1.33 3.21 Source: Railway Department, Ministry of Transport and Mission Estimates for Indicative Inflation  Table 6.11 MOLDOVAN RAILWAYS CURRENT FREIGHT TARIFFS Ungheni - Cuciurgan 225 km Local CIS Export Import Coal (70 t car) 206.61 475.30 1,099.56 1,374.45 Ore 242.82 558.60 1,099.56 1,374.45 Oil Products 223.65 514.50 900.90 1,125.30 Vegetable Conserves (4,000 cans car) 189.57 436.10 864.60 1,079.76 Fresh Apples (25 t, refrigerated car) 924.42 2,126.60 1,636.80 2,046.00 Timber (44 t car) 191.70 441.00 951.06 1,187.74 Gram (70 t car) 242.82 558.60 1,099.56 1,374.45 Source: Railway Department, Ministry of Transport  Table 6.12 MOLDOVAN RAILWAYS CURRENT PASSENGER TARIFFS Distance Price per passenger Price per passenger.km (kin) (Lei) (Lei) International Transportation Chisinau to Ungheni (for Moscow to Bucarest trains) 107 26.70 0.250 CIS Transportation Chisinau to Cuciurgan (for Moscow "Moldova" trains) 102 6.61 0.065 Chisinau to Ocnita (for Moscow trains) 320 11.38 0.036 Local Transportation Chisinau to Ocnita 320 7.90 0.025 Suburban Transportation Chisinau to Ungheni 107 0.90 0.008 Indicative Interurban Bus Fare 0.05 to 0.06 Source: Railway Department, amd Road 7ransport Department, Ministry of Transport  Table 6.13 MOLDOVAN RAILWAYS RAILWAY ALLOCATIONS vs. BUDGET ALLOCATIONS Hospitals and Education (Current Lei) 1991 1992 1993 1994* 1994** Budget Allocation for Railway Hospitals 15,350 170,914 157,423 5,819,800 912,070 Budget Allocation for Railway Education Establishments 2,630 110,357 849,160 1,924,300 4,212,000 TOTAL BUDGET ALLOCATION 17,980 281,271 1,006,583 7,744,100 5,124,070 TOTAL RAILWAY ALLOCATION 0 6,463 45,608 1,742,600 2,000,000 TOTAL ALLOCATION 17,980 287,734 1,052,191 9,486,700 7,124,070 Percentage of Budget Allocation to Total Allocation 100% 98% 96% 82% 72% Percentage of Railway Allocation to Total Allocation 0% 2% 4% 18% 28% Source: Railway Department, Ministry of Transport *Plan, 1994 **Actual Estimate, 1994  Table 6.14a Freight Traffic (mln tons) Net in Million tons 1989 1990 1991 1992 1993 1994 Projected Local 8.5 8.8 7.9 4.2 3.6 2.5 Import 31.5 29.4 25.5 17.0 11.4 7.5 Export 9.4 8.7 7.5 5.7 3.1 5.6 Transit 18.7 18.5 12.0 8.1 4.4 4.5 Total 68.1 65.4 52.9 35.0 22.5 20.1 Table 6.14b Freight Traffic (bin ton.km) Net in bin ton.km 1989 1990 1991 1992 1993 1994 Projected Local 2.2 2.4 2.1 0.9 0.7 0.7 Import 5.9 5.4 3.2 2.1 1.1 1.0 Export 1.7 1.6 1.4 1.0 0.5 0.5 Transit 5.5 5.4 3.7 2.4 1.4 1.2 Total 15.3 14.8 10.4 6.4 3.7 3.4 Table 6.15a Passenger Traffic (min pass.) Million of Passengers 1989 1990 1991 1992 1993 1994 _________ _________ ~~~~~~~Projected Suburban 15.0 13.5 9.3 10.5 8.5 8.1 Local 2.2 2.1 2.0 2.4 2.8 2.5 Incoming 1.8 2.0 1.8 2.3 2.4 1.3 Going out 1.9 1.9 1.7 1.8 2.1 1.0 Transit 1.4 1.5 1.7 2.0 2.4 2.3 Total Passengers 22.3 21.0 16.5 19.0 18.2 15.2 Table 6.15b Passenger Traffic (min pass.km) Million of Passenger- 1989 1990 1991 1992 1993 1994 km Projected Suburban 562.6 486.3 447.1 524.2 425.8 412.8 Local 287.1 227.7 278.6 301.7 369.1 295.5 Incoming 261.2 262.0 226.6 278.0 260.7 139.2 Going out 254.4 254.9 219.6 242.5 249.6 153.3 Transit 332.3 340.8 343.1 382.8 361.8 | 267.5 || Total Passengers 1697.6 1621.7 1515.0 1729.2 1667.0 1268.3  Table 6.16 MOLDOVAN RAILWAYS SUMMARY of PROJECTED CAPITAL INVESTMENTS (1994 US$) Item 1997 1998 1999 2000 2001 2002 2003 TOTAL New Freight Cars 1.0 1.0 1.0 1.0 1.0 1.0 0I 7.0 New Passenger Coaches 2.0 2.0 2.0 2.0 3.0 3.0 14.0 New Locomotives 5.0 5.0 5.0 5.0 7.0 27.0 Passenger Equipment 4.0 4.0 4.0 4.0 5.0 5.0 5.0 31.0 Capital Repairs Cars and Locos 2.0 2.0 2.0 2.0 2.0 2.0 12.0 Car and Loco Shops 3.0 3.0 4.0 10.0 Track Material 2.0 2.0 2.0 2.0 2.0 2.0 2.0 14.0 Mechanized Track Equipment 3.0 3.0 3.0 3.0 3.0 3.0 18.0 Computer Hardware and Software 3.0 3.0 3.0 3.0 3.0 3.0 18.0 TOTAL 7.0 20.0 25.0 26.0 23.0 24.0 26.0 151.0 The financial projections used in this report reflect a constant investment rate of USS 20 mln /year, beginning in 1997  Table 7.1: Air Services to and from Chisinau (Summer 1994) Airline Weekly Type of Fares Distance Fares Country / City Rights Aircraft (US$) (km) U Scent/km (1) (2) (3) IATA Modovans IATA Modovans Moldova No domestic scheduled flights Former Soviet Union Russia Moscow 9U 11 /7 TU3/TU5 115 58 1223 9.40 4.76 Moscow MA 7 /7 YK4 125 55 1223 10.22 4.50 Krasnodar 9U 2/7 AN4 107 61 1087 9.84 5.59 Min. Body 9U 2 /7 AN4 122 56 1385 8.81 4.03 Samara 9U 2/7 TU3 146 93 1989 7.34 4.69 Simferopol 9U 2/7 AN4 81 na 549 14.75 St Petersburg 9U 1 /7 TU3 134 76 1723 7.78 4.40 St Petersburg PS 1 /7 TU3 Central and Westem Europe Austria Vienna 9U 2 /7 AN4 541 250 1144 47.29 21.85 Germany Frankfurt 9U 2 /7 TU3 599 275 1698 35.28 16.20 Greece Athens 9U 2 /7 AN4 210 200 1202 17.47 16.64 Romania Bucarest 9U 3/7 AN4 99 40 358 27.65 11.17 Bucarest RO 3 /7 AN4 99 40 358 27.65 11.17 OtherS Israel Tel Aviv 9U 1/7 TU5 1750 450 1700 102.94 26.47 (regular charter) I I I _ (approx) I Notes: (1) Destinations in bold indicate airlines by other operators. (2) Airlines: MA Moldovian Airilnes RO TAROM, Romanian Airlines PS Pukovo airlines (3) Type of aircraft: AN4 Antonov 24 TU3 TUPOLEV Tu-134 TU5 TUPOLEV Tu-154 YK4 YAKOVLEV 42 Source: Air Moldova  Table 7.2: Airline Activity / Traffic 1990 1991 1992 1993 1991/90 1992/91 1993/92 Number of Destinations 62 62 45 19 + 0% - 27% - 58% of which intemational 0 1 2 4 Number of flights ......................................................................................... .... .....................I............................................................. ................................... Scheduled Domestic and CIS 19970 17724 7586 2832 11% - 57% - 63% Scheduled International 44 44 226 620 + 0% + 414% + 174% Non-Scheduled 1 196 826 142 88 - 31% - 83% - 38% Total 21 210 18594 7954 3 540 -12% -57% -55% PassengerTrafflc Scheduled Domestic and CIS 919 494 837 100 285 300 139 00o 9% - 66% - 51% Scheduled Intemational 6 1 500 7 400 18 800 + 393% + 154% ........................................................................................... ........................................................................... Total 919 500 838600 292 700 157 800 - 9% - 65% - 46% Frelght Traffic (in tons) 18 738 18 347 6693 1 871 - 2% - 64% - 72% Passenger.Kilometers (xl 000 000) ............................................................................................. ................................................................ ........................................... Scheduled Domestic and CIS 2 351 700 2 362 600 749 500 350 500 + 0% - 68% - 53% Scheduled International 100 3 500 17 200 46 100 + 3400% + 391% + 168% Total 2 351 800 2 366100 766 700 396 600 + 1% - 68% - 48% ............................................................................................. ........................................................................... Average Stage Length (km) Scheduled Domestic and CIS 2 558 2822 2627 2 522 + 10% - 7% - 4% Scheduled International 16 667 2 333 2 324 2 452 - 86% + 0% + 5% Average 2558 2821 2619 2513 + 10% - 7% - 4% Average number of passenger per flight Scheduled Domestic and CIS 46 47 38 49 + 3% - 20% + 31% Source: hr Moldova  Table 7.3 Air Moldova Organizational Chart Air Moldova Group (Total employees: 1976) Board of Directors Transport Depariment ....Finance.and........... ~~~~~~~~~~~~~~~~~~. . . . . . . . . . .. . . . .. .... ...................................... ............................. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . .. . . . . . . . . . . . . . .. . . . . . . . (Total: 314) an d accounting Operations Department Economy and Planning Dpt Airports (mainly Chisinau) Aviation Safety and Security (Total 835) (Total: 35) (Total: 631) (Total: 108) General administration * * . .. .... ... ... .......... ...... ............ .. ......... . * General administration.. ..... ..... ..... ..... iseto,and auditing Maintenance . Commercial General Power Investments Equipment | i Aircraft 15 Center Flight 24 32 10 .J6 | Passenger 450 |Preparation| . Airside power Maintenance Handling 150 48 International Planning and 34 30 .. Cnacts Commercial Economics Runway Administration . 2 Agencies 60 Scheduling 11 15 23 . Fire and . Ground Transport Housing . T Medical Center Rescue service 50 Cockpit CIS 160 66 55 Computer Crew 250 Reservation Technical Hotel Center 35 System Handling 30 Fuel Civil Training 22 21 Staff resort station 32 . Defense 2 Cabin Crew 10+ temp Securntyof 65 Staff Cafeteria Labor 2 32 Kindergarten 55 Kahul Airport 28 Source: Alr Moldova (Figures in italic are number of employees)  Table 7.4: Moldova Registered Fleet Number Aircraft Vintage Fuel of Type Engine (Year of Owner* Seat Consumption Aircraft fabrication) Capacity kg/T.Km Kg/Hour 6 Tu 154 B 3 x NK8-2U 1975-82 MOL 160 0.400 6 372 8 Tu 134A 2 x D-30 1975-80 MOL 76 0.500 3 125 5 An-24 2 x Al -24 1969-74 MOL 40 0.408 872 3 An-26B 2xAl-24VT 1981-85 MOL - 0.408 1 087 1 An-32 2 x Al -20 1992 ITL - 0.326 na 1 An-72 2 x D-36 1991 TAV - 0.340 na 10 An-2** 1 xAsh-621R 1970-89 MOL 12 0.549 na 45 Ka-26 2 x M14-V26 1972-75 MOL - 1.510 na 1 11-18 4xAl-20 1967 MOL - na na 30 Mi-2** 2 x GTD-350 1974-87 MOL 6 to 8 2.730 233 Source: Moldova CMA Notes: * MOL: Republic of Moldova; ITL: Private Airline; TAV:TRANS-AIR-VALEOLOGIA * for aerial work and sanitary flights helicopters na: not available  Table 7.5: MOLDATSA (Air Traffic Control) ACTIVITY EXPENDITURE & REVENUES* Traffic 1993 1994 % Jan 1 402 1 492 + 6.4% Revenues Feb 1 479 1 531 + 3.5% En-route 977 000 Mar 1 775 1 618 - 8.8% Take off 530 000 Apr 2 031 2 022 - 0.4% Commercial Telecom 130 000 May 2 567 2 031 - 20.9% Total 1 637 000 Jun 2 425 2 206 - 9.0% Jul 2964 2394 - 19.2% Expenses Aug 2 537 2 935 + 15.7% Salaries 295 000 Sep 2 136 2 707 + 26.7% Social cost 112 000 Oct 1 789 Material 1 277 000 Nov 1 835 Total 1 684 000 Dec 1 952 Employees 235 Total 24892 of which controllers 98 (9 months) 19316 18936 - 2.0% Number of flights 25 000 Flights per employee 106 Flights per controller 255 First Half, 1994  Table 7.6 AIR MOLDOVA BALANCE SHIEET (Current Lei) 1990 1991 1992 1993 1994* ASSETS Fixed Assets, of which: 63,184 58,695 75,164 19,839,702 20,228,086 Gross Fixed Assets 179,401 181,984 198,103 20,042,038 20,373,405 Less: Accumulated Depreciation 117,724 127,531 136,050 252,250 243,409 Net Fixed Assets 61,677 54,453 62,053 19,789,788 20,129,996 Unfinished Capital Investments 1,507 4,242 10,536 40,933 89,120 Other Fixed Assets #N/A #N/A 2,575 8,981 8,970 Long-Term Investments #N/A #N/A #N/A #N/A #N/A Current Assets, of which: 25,757 48,513 885,404 4,810,942 9,131,135 Cash and Bank Notes, of which: 8,118 11,802 689,833 2,180,017 1,586,885 Cash 46 184 59,156 68,860 242,915 Bank Settlement Account 2,596 10,152 62,595 575,695 566,794 Foreign Exchange Account 22 20 116,534 1,439,988 532,950 Other Money 5,454 1,446 451,548 95,474 244,226 Settlements with Debtors for Service 1,857 3,429 107,206 1,455,160 2,222,153 Settlements with Other Debtors 157 15,657 #N/A 381,144 3,757,535 Advances 279 334 #N/A 13,610 13,610 Short-Term Investments 7,000 6,500 6,300 11,300 39,340 Inventories (Fuel, etc) 6,104 5,895 39,436 638,341 1,130,090 Other 2,242 4,896 42,629 131,370 381,522 Total Assets 88,941 107,208 960,568 24,650,644 29,359,221 EQUITY AND LIABILITIES Equity, of which: 82,460 85,494 77,168 21,041,029 21,524,969 Capital 69,179 66,484 67,669 67,669 67,669 Property Indexation Fund #N/A #N/A #N/A 19,676,912 19,678,390 Depreciation Indexation Fund #N/A #N/A #N/A 195,173 390,686 Special Purpose Fund 13,281 19,010 9,499 1,078,446 1,345,944 Other #N/A #N/A #N/A 22,829 42,280 Long-Term Debt #N/A #N/A 500,000 490,000 440,000 Current Liabilities, of which: 6,481 21,714 383,400 3,119,615 7,394,252 Accounts Payable to Suppliers 1,555 2,221 310,054 2,204,164 2,900,853 Accounts Payable to Other Creditors 626 793 40,520 149,036 2,457,945 Short-Term Loans #N/A #N/A #N/A #N/A #N/A Salaries, Wages and Benefits 637 1,787 17,835 138,350 258,729 Taxes, State Obligations 2 4,920 8,465 503,996 1,500,065 Other Liabilities 3,661 11,993 6,526 124,069 276,660 Total Equity and Liabilities 88,941 107,208 960,568 24,650,644 29,359,221 Source: Air Moldova Accounting rules changed in 1993; discrepancies mainly concern accumulated depreciation and capital * AsofJuly1, 1994  Table 7.7 AIR MOLDOVA BALANCE SHEET (1994 Lei) 1990 1991 1992 1993 1994* ASSETS Fixed Assets, of which: 17,754,704 16,493,295 19,542.640 19.839,702 20,228,086 Gross Fixed Assets 50,411,681 51,137,504 51,506,780 20,042,038 20,373,405 Less: Accumulated Depreciation 33,080,444 35,836,211 35,373,000 252,250 243,409 Net Fixed Assets 17,331,237 15,301,293 16,133,780 19,789,788 20,129,996 Unfinished Capital Investments 423,467 1,192,002 2,739,360 40,933 89,120 Other Fixed Assets #N/A #N/A 669,500 8,981 8,970 Long-Term Investments # N/A #N/A #N/A #N/A #N/A Current Assets, of which: 7,237,717 13,632,153 2.302,050 4,810,942 9,131,135 Cash and Bank Notes, of vhich: 2,281,158 3,316,362 1,793,566 2,180,017 1,586,885 Cash 12,926 51,704 15. 806 68,860 242,915 Bank Settlement Account 729,476 2,852,712 162,747 575,695 566,794 Foreign Exchange Account 6,182 5,620 302,988 1.439,988 532,950 Other Money 1,532,574 406,326 1,174,025 95,474 244,226 Settlements with Debtors for Services 521,817 963,549 278,736 1,455,160 2,222,153 Settlements with Other Debtors 44,117 4,399,617 #N/A 381,144 3,757,535 Advances 78,399 93,854 #N/A 13,610 13,610 Short-Term Investments 1,967,000 1,826,500 16,380 11,300 39,340 Inventories (Fuel, etc) 1,715,224 1,656,495 102,534 638,341 1,130,090 Other 630,002 1,375,776 110,835 131,370 381,522 Total Assets 24,992,421 30,125,448 21,844,690 24,650,644 29,359,221 EQUITY AND LIABILITIES Equity, of which: 23,171,260 24,023,814 20,063,680 21,041 ,029 21,524,969 Capital 67,669 67,669 67,669 67,669 67.669 Property Indexation Fund 19,371,630 18,614,335 17,526.271 19,676,912 19,678,390 Depreciation Indexation Fund #N/A #N/A #N/A 195,173 390,686 Special Purpose Fund 3,731,961 5,341,810 2,469,740 1,078,446 1,345,944 Other #N/A #N/A #N/A 22,829 42,280 Long-Term Debt #N/A #N/A 500,000 490,000 440,000 Current Liabilities, of which: 1,821,161 6,101,634 1,281,010 3,119,615 7,394,252 Accounts Payable to Suppliers 436,955 624,101 806,140 2,204,164 2,900,853 Accounts Payable to Other Creditors 175,906 222,833 105,352 149,036 2,457,945 Short-Term Loans #N/A #N/A #N/A #N/A #N/A Salaries, Wages and Benefits 178,997 502,147 46,371 138,350 258,729 Taxes, State Obligations 562 1,382,520 22,009 503,996 1,500,065 Other Liabilities 1,028.741 3,370,033 301,138 124,069 276,660 Total Equity and Liabilities 24,992,421 30,125,448 21,844,690 24,650,644 29,359,221 Source: AirAfoldova and Mission Estimates * As of July 1, 1994 Notes: 1. Accounting rules changed in 1993; discrepancies mainly concerned accumulated depreciation and capital Estimates of updated values are included in this tablefor 1990-1992 2. Indicative Inflations: 1991-1994: 28, 000%; 1992-1994: 2,500%; 1993-1994: 250%  Table 7.8 AIR MOLDOVA ASSETS, INVESTMENTS AND ACTIVITY PROJECTIONS (1 991-2002) (Where applicable, in July 1994 Lei) 1991 1992- 1993-- 1994 * 1995 1996 1997 1998 1999 2000 2001 2002 GROSS FIXED ASSETS, Total 20,373,405 40,000,000 40,000,000 40,000,000 40,000,000 40.000,000 120,000,000 120,000,000 120,000,000 Yearly Depreciation 4,000,000 4,000,000 4,000,000 4,000,000 10,666,667 10,666,667 10,666,667 10,666,667 Investments and Renewal 80,000,000 0 Long Term Debt 54.500,000 0 ACTIVITY Passengers 857,000 305,500 161,400 100,000 102,000 104,040 106,121 111,957 118,115 124,611 131,465 138,696 Passengers-kilometer (pass.km) 213,160,000 69,288,000 35,072,000 22,700,000 23,154,000 23,617,080 24,089,422 25,414,340 26,812,128 28,286,796 29,842,569 31,483,911 Freight (t) 9,090 2,370 1,510 1,500 1,530 1,561 1,592 1,679 1,772 1,869 1,972 2,080 Freight (t.km) 18,347,000 6,643,000 1,871,000 1,600,000 1,632,000 1,664,640 1,697,933 1,791,319 1,889,842 1,993,783 2,103,441 2,219,130 Total Staff 3,129 3,055 2,996 2,435 1,776 1,418 1,059 700 700 700 700 700 Average Wage (Lel) #N/A #N/A 99.7 127.5 170.2 223.3 276.4 329.4 382.5 382.5 382.5 382.5 Average Tariff (Passenger) Lei per pass.km 0.073 0.160 0.730 1.223 1.468 1.712 1.957 2.202 2.446 2.446 2.446 2.446 Average Tarlif (Freight) Lei per t.km 0.080 0.069 0.537 0.464 0.569 0.674 0.779 0.884 0.989 0.989 0.989 0.989 --- -- - ~~~~~ ~~~~~~~~~~~~--- k -------- Source: Alr Moldova and Mission Estimates indicative 1991-1994 inflation: 28,000% indicative 1992-1994 inflation: 2,500% ' indicative 1993-1994 Inflation: 250% **- Estimates, 1994  Tabit 7.0 AJRl MOLDOVA INCOME 8TATEMENT8 PtOJFCTIONS (901-0 0W) Includte Airpoll and Air Tmfflc Control toi 1M01 i1104 (Jul 1904 Lel) __________________________________________ 199P 1992_ 1993"' 19946'" 1995 1996 ' 997 1999 1999 2000 2001 2002 RKVKNUK5 ThlAj Phalm"3en T wpet eveu 1 15,664,45 11,0979070 25,612,300 2at776,700 33,086,441 40,443660 47,145,991 55,956,396 06,b59J,3J33 69200,968 73,007,019 77,022,405 ToW Pmot KowtAtiet ~~1,462,886 461,398 1,004,500 742,000 926,200 1,121,551 1,322,265 1,583,0v8 1,6685,61 1,971,353 2,079,777 2,194,166 othet lRswnwea of which 0,156,782 0,107,654 7,437,5DO 5,967,600 3,0286,40 2,546,533 2,066,036 2,127,411 2,169,419 2,254,637 2,323,853 2,323,863 HatidlDIg *N/A *N/A 1,275,750 1,272,000 0 0 0 0 0 0 0 0 ch"t 1,1011 Ktwttugh #N/A #N/A 2,994,950 1,007,000 1,027,140 1,047,663 1,066,636 1,127,411 1,169,419 1,254,637 1,323,663 1,396,665 Alie U3d dpOiitowWdhid Ielated *N/A # N/A 1,960,000 1,502,550 1,001,700 UsOcas 0 0 0 0 0 0 Oiheht iludi AMptoii dud ATC) *N/A *N/A 1,206,8600 ,168,050 1,000,000 1000,000 1,000,000 1,000,000 1,000 000 1,000,000 1,000,000 1,000,000o total kIev"eni 26,294,013 20,767,230 34,054,300 37,476,300 37,943.461 4411 1,949 50,536,692 605,866,86 69,es6,333 73,427,156 77,410o,50 81,540,424 PAN1N08N.t dnd FlvItljHTtXPENYE