Moldova Transport Sector Reviewdocuments.worldbank.org/curated/en/780111468775525313/pdf/multi-page.pdfTable 5.1 Traffic Flows on Selected Roads Road 1989 1990 1991 1992 1993 Chisinau

Report No. 13891 -MD

MoldovaTransport Sector ReviewStatistical Appendix

November 16, 1995

Country DepaIrtnite IVEuropc, and Central Asia Reqion

Document of the World Bank

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Table 2.1

REPUBLIC OF MOLDOVA BALANCE OF PAYMENTS (min US$)

1992 1993 1994*

CURRENT ACCOUNT -153 -122 -191

Trade Balance -154 -122 -165Exports 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 151Direct 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


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


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 FatalitiesAccidents

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 60.7 121.4Average Trip (km) 22.0 24.2 29.5 25.3 25.3Fleet, of which: 9,528 7,183 6,316

New trucks 329 168 0Utilization 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 7,600,000Social Allocation 4,355,500 3,447,600 2,656,850 660,000 2,910,000Fuel 8,851,500 12,740,000 14,434,000 5,730,000 9,800,000Lubricants 463,650 529,880 387,100 260,000 450,000Repair and Maintenance (includes Tires) 10,368,900 4,167,800 3,783,500 1,434,000 2,600,000Depreciation 3,076,950 465,400 800,450 210,000 485,000Other (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 PoorCondition 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 arebased on very low wage rates obtaining in Moldova - public sector mechanics and drivers receive lessthan US$80 (equivalent) per month - and the very low costs of Russian produced equipment. Estimatedunit costs in Moldova are given in the following table but should be used with care and need furtheranalysis.

Table 5.5b Estimated Unit Costs of Vehicles

Input Car Pick-up Bus* Truck Truck Truck5-10 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 500T y res _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Price litre of 0.9/1.25 0.88 0.88 0.88 0.88 0.88petrol/diesel

Mechanic labour 85 400 200 600 600 600cost per month

Annual Cost of 780 700 200 1,000 2,000 2,500spare parts

Price of Lubricating 5 6 8 6 8 8Oil/Litre

Source: Transport Department*new imported vehicleAll prices in Lei.

Table 5.6

MINISTRY OF TRANSPORT -- BUS TRANSPORTATION

ANALYSIS OF OPERATIONS AND FINANCIAL ACTIVITY(1994 Lei)

1991 1992 1993 1994* 1994**


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 2,541New 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 3,360,000Depreciation 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


Table 5.7

MINISTRY OF TRANSPORT -- TAXIS

ANALYSIS OF OPERATIONS AND FINANCIAL ACTIVITY

(1994 Lei)

1991 1992 1993 1994* 1994*


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/AUtilization 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


Table 5.8

City of Chisinau - Urban Transport Department

Urgent Investments (Spare Parts) and Electricity Arrears

Type Specification Quantity Supplier Country Price (approx.) in LeiTires, of which: 1,500,000

Trolley Tires 320x508,18 cm 1500 Belaia Tsereovi Ukraine 1,000,000Bus Tires 300x508,16 cm 500 Belaia Tsereovi Ukraine 500,000

Spare Parts for Trolley, of which: 2,517,500

Gears 100 Novomoseovsc Russia 300,000Compressors 80 Pervomaisk Russia 187,500

Electrical Devices 60 Noberejniiechelut Russia 400,000Traction 130 Moscow Russia 1,100,000Electric Traction 100 Suobodinsk Russia 300,000Accumulators 100 Saratov Russia 30,000Generators 60 Samora Russia 200,000

Spare Parts for Buses, of which: 1,731,000Traction 10 Hungary 400,000

Generators 50 Hungary 280,000Starting Devices 120 Hungary 40,000

Engine Devices 50 Hungary 440,000Heating Devices 1,000 Hungary 7,000

Compressors 70 Hungary 157,000Pump Devices 70 Hungary 70,000Oil Pumps 70 Hungary 70,000Tire Elements 900 Hungary 11,000

Transmission Belts 5,000 Hungary 1,000Rings 100 Hungary 200,000Others 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 16,860,600Passengerc-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

EXPENSESTROLLEY

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 4,620,000Maitenance 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 281,000 338,000 521,500 960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000 960,000Deprecation 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 72,423,000Net 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 1,871,799Interest 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 0Other (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 76,620,247Capital 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 2,333,048Accounts 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, 1994Yearly 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


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 6.3MOLDOVAN 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 EXPENSESSalary 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 EXPENSESSaary 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


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


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| 152,9 9 2,6 7 4 176,083,493 207,137,350

* 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


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 6.7MOLDOVAN RAILWAY- RATIO ANALYSIS

Ratio 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002Labor 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 0.52Rate 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 6,212Total 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 80,172,872Fixed 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


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 1994km 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

OtherSIsrael 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%

PassengerTrafflcScheduled 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 flightScheduled 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 accountingOperations 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

28Source: Alr Moldova

(Figures in italic are number of employees)

Table 7.4: Moldova Registered Fleet

Number Aircraft Vintage Fuelof 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 1255 An-24 2 x Al -24 1969-74 MOL 40 0.408 8723 An-26B 2xAl-24VT 1981-85 MOL - 0.408 1 087

1 An-32 2 x Al -20 1992 ITL - 0.326 na1 An-72 2 x D-36 1991 TAV - 0.340 na10 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% RevenuesFeb 1 479 1 531 + 3.5% En-route 977 000Mar 1 775 1 618 - 8.8% Take off 530 000Apr 2 031 2 022 - 0.4% Commercial Telecom 130 000May 2 567 2 031 - 20.9% Total 1 637 000Jun 2 425 2 206 - 9.0%Jul 2964 2394 - 19.2% ExpensesAug 2 537 2 935 + 15.7% Salaries 295 000Sep 2 136 2 707 + 26.7% Social cost 112 000Oct 1 789 Material 1 277 000Nov 1 835 Total 1 684 000Dec 1 952

Employees 235Total 24892 of which controllers 98(9 months) 19316 18936 - 2.0% Number of flights 25 000

Flights per employee 106Flights per controller 255

First Half, 1994

Table 7.6

AIR MOLDOVABALANCE 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, 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 7,394,252Accounts 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/ASalaries, 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, 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 7.0AJRl 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 2002RKVKNUK5ThlAj 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 2,194,166othet 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 0ch"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 0Oiheht 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°

Ndifiry ilhd Wgggh O*N/A #N/A 3,585,400 3,423,600 3,626,510 3,796,201 3,511,050 2,767,0565 3,212,75a 3,212,766 3,212,756 3,212,756Socrial IibUilal1Cf htfflhaaen #N/A *N/A 1,543,150 1,279,950 1,0t6,996 643,614 630,032 4106,50 416,550 416,b50 416,560 416,560NiO ld i,ubhthilA *N/A *N/A 14,733,250 12,696,150 12,050,073 13,200,074 13,473,256 14,214,286 14,909,071 15,6820,8655 16,691,002 17,809,0073epmotiaoII #N/A *N/A 579,200 53,850 4,000,000 4,000,000 4,000,000 4,000,000 10,666,667 10,666,66t 10,666,067 10,668,667

M91"WHAInin #*N/A #N/A 3,637,66t0 2,771900 2,627,338 2,863,665 2,941,662 3,103,346 3,274,033 3,464,104 3,644,080 3,844,504vewhtare 0 0 0 0 2,1908,568 2,663,20 3,569,064 4,254,346 0 0 0 0

otJiets iotideg hlMudldll #N/A *N/A 171,650 9068,300 906,300 906,300 906,300 906,300 906,300 006,300 9008,300 905,300

Tc\ il FMWI t3eA g tft 20,069,522 17,342,532 24,650,400 21,631,950 27,607,773 26,624,795 29,031,2s4 20,661,567 33,472,376 34,477,232 35,537,354 35,655,784

AIKPOKT EXPENYEE (ineluded ATl)

138lkOE 0SPIAATION

14alatyand Wapk hioluded II AflrneI Hxidd

Socidl Ia Indtanhe chdt I"dlhlutded in Aittine ERpltoi tepniat<3iHun *N/A *N/A 463,000 1,296,800Maintnanut *N/A #N/A 3,794,000 4,970,350Ttwip ftotd sipechia Mavthines *N/A *N/A 404,600 1,697,400Pbod hst P |t and Ovw *N/A *N/A 639,000 2,271,060Radio C"tutfmmiw on *N/A #N/A 160,300 424,000ot3*temi *N/A *N/A 4,296,000 2,202,150

Art0ft 90PAKATIO~N (NH Ahilm Inalmd Sthidllenth) 12,174,219 13,460,266 14,626,416 16,346,434 17,245,486 18,193,990 19,194,659 20,250,355

ToW Akport llkpmvis ~3,`195,25`1 3,59,494 9,676,900 13,072,450 '12,174,219 13,460,256 14,626,416 16,346,434 17,246,465 '16,193,990 19,194,659 20.250,306

Atididl Leuie 9,600,000 9,600,000 9,600,000 9,000,o 9,600,000 9,600,000otbi Rs"eit 11,445,000 11,445,000 11,446,000

Thiiil bpw.m 23,264,6331 20,r02,32 34,229,300 34,704,4001 39,741,092 41,965,052 153,267,700 5,606,321 0031 7,se4 73,710.221 75m1b,03 77,961,149- h y y yi~,;, - ----- - - - -

PRo nP RPVORK tAX 3,029,160 254,904 =175,000 2,7719 0w -1,796,512 2,126,696 =2,720,80, 4,056,567 9,333,469 269,065 1,633,637 3,689,275VALUE ADORD TAX 9693361 t61,669 0 6e67,006 0o 01,247 0 1,296,741 2,966,710 0 622,764 1,148,5e88PKorrr ArrTh TAX 2069,64P 173,335 -175,000 1,664,692 *1 rsIPJ 1,447,649 -2,r20,80e 2.759.62 6,346,751s -289065 1,11, 873 2 440 707N*" It" t irA*dov and Minim fittim I I

bfldfUtidd 10taf0149W mAc IYY..... t0- @- ,#P@'

Table 7.10

AIR MOLDOVA SOURCES AND APPLICATIONS OF FUNDS - PROJECTIONS (1994-2002)(JULY 1994 LEI)

1994k 1995 1996 1997 1998 1999 2000 2001 2002

SOURCES

Accumulated Reserve 0 89,966 3,039,013 4,730,758 10,181,358 395,863 9,647,073 19,698,947

Profit before Tax -1,798,512 2,128,896 -2,720,808 4,058,567 9,333,469 -289,065 1,633,637 3,589,275

Payment of Receivables 1,993,229 1,993,229 1,993,229 0 0 0 0 0


Interests 0 0 4,498 151,951 236,538 509,068 19,793 482,354

Long Term Debt 0 0 0 0 54,500,000 0 0 0


Total Sources 4,194,718 8,212,092 6,315,933 12,941,276 84,918,032 11,282,532 21,967,169 34,437,241

APPLICATIONS

Payment of Accumulated Arrears 2,500,000 2,858,798 0 0 0 0 0

Flect Renewal 0 0 0 0 80,000,000 0 0 0

Other Investments** 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,100,000 1,210,000 1,331,000

Pension Fund and other Social Benefits*** 604,752 633,034 585,175 461,176 535,459 535,459 535,459 535,459

Tax 0 681,247 0 1,298,741 2,986,710 0 522,764 1,148,568

Allocation to Reserves**"* 89,966 3,039,013 4,730,758 10,181,358 395,863 9,647,073 19,698,947 31,422,214

Total Applications 4,194,718 8,212,092 6,315,933 12,941,276 84,918,032 11,282,532 21,967,169 34,437,241

* All parameters = 0 in 1994

** 1,000,000 per year till 1999for other investments; 10% increase thereafter

*** Allocation is 2 months of salary per employee peryear

**** Minimum allocation to reserves in 1999 is 350,000

Table 7.11

AIR MOLDOVA BALANCE SHEET PROJECTIONS (1994-2002)

(JULY 1994 LEI)

1994* 1995 1996 1997 1993 1999 2000 2001 2002

ASSETS

Fixed Assets, of which 20,228,086 36,854,681 33,854,681 30,854,681 27,854,681 18,188,014 88,621,348 79,164,681 69,829,014Gross Fixed Assets 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

Less Accumulated Depreciation 243,409 4,243,409 8,243,409 12,243,409 16,243,409 26,910,076 37,576,742 48,243,409 58,910.076

Net Fixed Assets 20,129,996 35.756,591 31,756,591 27,756,591 23,756,591 13,089,924 82,423,258 71,756,591 61,089,924

Other Fixed Assets 98,090 1,098,090 2,098,090 3,098,090 4,098,090 5,098,090 6,198,090 7,408,090 8,739,090

Long-Teren Investments 0 0 0 0 0 80,000,000 0 0 0

Current Assets, ofwhuch 9,131,135 7,550,167 8,771,017 8,808,040 14,703,367 3,751,962 18,765,331 23,895,366 30,734,943

Reserves, of which 1,600,495 1,990,154 5,181,180 7,187,917 13,017,285 1,996,293 16,936,247 21,988,831 28,746,696

CashandBankNotes #NfA 497,539 1,295,295 1,796,979 3,254,321 499,073 4,234,062 5,497,208 7,186,674

Interest Bearing Deposits #N/A 597,046 1,554,354 2,156,375 3,905,186 598,888 5,080,874 6,596,649 8,624,009

Secunties #N/A 199.015 518,118 718,792 1,301,729 199,629 1,693,625 2,198,883 2,874,670

Other Investments #N/A 696,554 1,813,413 2,515,771 4,556,050 698,703 5,927,687 7,696,091 10,061,343

Settlements with Debtors 5,979,688 3,986,459 1,993,229 0 0 0 0 0 0

Short-Term Investments 39,340 39,340 39,340 39,340 39,340 39,340 39,340 39,340 39,340

lnventones (Fuel, etc) 1,130.090 1,152,692 1,175,746 1,199,261 1,265,220 1,334,807 1,408,221 1,485,674 1,567,386

Other 381,522 381,522 381,522 381,522 381,522 381,522 381,522 381,522 381,522

Total Assets 29,359,221 44,404,848 42,625,698 39,662,721 42,558,048 101,939,977 107,386,678 103,060,047 100,563,958

EQUITY AND LIABIIIMES

Equity, of which. 21,524,969 38,982,185 40,083,832 37,309,150 40,179,354 46,499,705 46,813,001 47,873,086 50,757,003

Paid Capital 67,669 67,669 67,669 67,669 67,669 67,669 67,669 67,669 67,669

Generated Equity 19,678.390 39,304,985 39,304,985 39.304,985 39,304,985 39,304,985 39,304,985 39,304,985 39,304,985

Retauned Eammgs and Reserves 0 -2,722.199 -2,128,373 -5,365,874 -2,913,490 3,134,039 2,118,016 1,990,631 3,827,112

Provision for Inflation Losses** 390,686 943,506 1,451,326 1,914,147 2,331,967 2,604,787 3,934,107 5,121,578 6,169,013

Special Purpose Fund 1,345,944 1,345,944 1,345,944 1,345,944 1,345,944 ,345,944 1.345,944 1,345,944 1,345,944

Other 42,280 42,280 42,280 42,280 42,280 42,280 42,280 42,280 42,280

Long-Tern Debt 440,000 330,000 220,000 110,000 0 52,800,000 58,080,000 52,536,000 46,992,000

Current Liabilities, of whch 7,394,252 5,092,663 2,321,866 2,243,570 2,378,694 2,640,272 2,493,677 2,650,961 2,814,954

Accounts Payable to Suppliers-" 2,900,853 3,125,281 1,609,296 1,641,482 1,731,763 1,827,010 1,927,496 2,033,508 2,145,351

Accounts Payable to Other Creditors 2,457,945 1,311,258 0 0 0 0 0 0 0

Advances 13,610 13,610 13,610 13,610 13,610 13,610 13,610 13,610 13,610

Short-Tenm Loans 0 0 0 0 0 0 0 0 0

Salaries, Wages and BenefitsC* 258,729 379,463 369,260 325,428 247,968 280,776 280,776 280,776 280,776

Taxes, State Obligations 1,500,065 0 66.650 0 122,303 255,826 8,745 60,017 112,167

Other Liabilities 263,050 263,050 263,050 263,050 263,050 263,050 263,050 263,050 263,050


Source: AirMoldova and Mission Estimates

As of July , 1994

Equals 1.5 % of Net Asset Value

*'' Equals 5 % of total Fuel and Maintenance expenses

'* ' Equals I month of total Salanes, Wages and Benefits

Table 7.12

CHISINAU AIRPORT

ACTIVITY and INCOME STATEMENTS PROJECTIONS (1995-2002)

(July 1994 Lei)

1995 1996 1997 1998 1999 2000 2001 2002

ACTIVITY

Air Moldova Landings (average per week) 42.8 43.7 44.6 47.0 49.6 52.3 55.2 58.3

Other Airline Landings (average per week)- 8.6 12.1 15.6 16.5 17.4 18.3 19.3 20.4

Landing Charge (Lei per ton) 26 31 35 40 40 40 40 40

Passenger Tax (Lei per passenger) 44 44 44 44 44 44 44 44

Staff 300 300 300 300 300 300 300 300

Average \Vage (Lei)* 170.2 223.3 276.4 329.4 382.5 382.5 382.5 382.5

REVENUES

FROM AIR MOLDOVA

Landing(Charges 5,678,400 6,834,522 7,868,166 9,216,480 9,723,386 10,258,173 10,822,372 11,417,603

Food for Passenger and Crew 2,316,471 2,362,800 2,410,056 2,542,610 2,682,453 2,829,988 2,985,637 3,149,847

Handling 1,935,348 1,974,055 2,013,536 2,124,281 2,241,116 2,364,377 2,494,418 2,631,611

Pa-senger Ta 2,244,000 2,288,880 2,334,658 2,463,064 2,598,532 2,741,452 2,892,231 3,051,304

Total Revenues frost Ac Moldava 12,174,219 13,460,258 14,626,416 16,346,434 17,245,488 18,193,990 19,194,659 20,250,365

FROM OTHER AIRLINES

Landing Charges 1,158,394 1,927,814 2,865,114 3,423,211 3,611,487 3,810,119 4,019,676 4,240,758

Food for Passenger and Crew 463,294 649,770 843,520 889,913 938,859 990,496 1,044,973 1,102,447

Handling 387,070 394,811 402,707 424,856 448,223 472,875 498,884 526,322

Passenger Tax 448,800 457,776 466,932 492,613 519,706 548,290 578,446 610,261

TotalReven-esft.mOtherArrlates 2,457,557 3,430,171 4,578,272 5,230,593 5,518,276 5,821,781 6,141,979 6,479,788

Total Revenues 14,631,776 16,890,428 19,204,688 21,577,027 22,763,763 24,015,770 25,336,638 26,730,153

EXPENSES

Salaryand Wago, 612,838 803,852 994,867 1,185,881 1,376,895 1,376,895 1,376,895 1,376,895

So-ial Insurance Charges 178,500 178,500 178,500 178,500 178,500 178 ,500 178,500 178,500

Deprec-atio--' 1,298.500 2,063,666 2,990,837 3,180,629 3,378,758 3,547,481 3,725,483 3,913,275

Maintenr.ce'.. 4,979,350 5,402,885 5,828,080 6,148,625 6,486,799 6,843,573 7,219,969 7,617,068

tlandtmg (Transport and Speial Machines).... 1,897,400 2,058,790 2,220,812 2,342,956 2,471,819 2,607,769 2,751,196 2,902,512

Catering.... 2,271,050 2,464,222 2,658,150 2,804,o49 2,958,588 3,121,310 3,292,982 3,474,096

Oth-er(inclndingpaym-enttoAirTraffCaontrol).... 2,626,150 2,849,526 3,073,777 3,242,835 3,421,191 3,609,356 3,807,871 4,017,304

Total Expenses 13,863,788 15,821,441 17,945,024 19,083,775 20,272,551 21,284,885 22,352,897 23,479,651. - - - w ....-......-. -

PROFIT BEFORE TAX 767,989 1,068,987 1 259,665 2,493,252 2,491,213 2,730,885 2,983,740 3,250,502

VALUE ADDED TAX 245,756| 342,076 403,093 797,841 797,188 873,683 954,797 1,040,161

PROFrI AFTER TAX 522,232 726,911 856,572 1,695,411 1,694,025 1,857,002 2,028,943 2,210,341

Source: Air Moldova and Mission Estimates

* Other airlines share of total landings in Chisinau is expected to increasefro. current 20%' to 35% by 1997: constant thenafter

- Same a-erage wages asforAirAfoldova

'Deprecition's share oftotal expenses increasesfrom current 10% to 20% by 1997; constnt thenafter

'.'' Expenses increase with traffic growth

Table 9.1

TRANSPORT SECTOR

PUBLIC REVENUES and EXPENDITURES UNDER RESTRUCTURING

(July 1994 Lei)

1991 1992 1993 1994' 1995 1996 1997 1998 1999 2000 2001 2002

REVENUES

Budget Allocation for Roads and Road Taxcs" 307,300,000 96,000,000 41,760,000 66,600,000 111,000,000 155,400,000 199,800,000 199,800,000 199,800,000 199,500,000 199,800,000 199,800,000

lirban 1'ransport (City ofChisinau)** 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 58,572,600 58,572,600 58,572,600

Railway**** 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

Air Moldova+**' 26,294,013 20,757,230 34,054,300 37,476,300 37,943,481 44,113,949 50,536,892 59,666,887 69,651,333 73,427,156 77,410,650 81,540,424

Chisinau Airport**"* 0 0 0 0 14,631,776 16,890,428 19,204,688 21,577,027 22,763,763 24,015,770 25,336,638 26,730,153

Total Revenues 428,934,784 228,271,854 290,080,604 329,596,300 512,390,528 622,747,308 738,865,113 827,778,787 867.020,950 893,424,453 921,280,148 950,595,095

EXPENSES

Road Constniction and Rehabilitation 79,600,000 21,500,000 4,560,000 9,600,000 16,000,000 22,400,000 28,800,000 28,800,000 28,800,000 28,800,000 28,800,000 28,800,000

Road Maintenance and Repair 227,700,000 74,500,000 37,200,000 57,000,000 95,000,000 133,000,000 171,000,000 171,000,000 171,000,000 171,000,000 171,000,000 171,000,000

UJrban Transport (City of Chisinau)'" 13,488,000 13,702,000 17,181,500 27,593,000 36.366,941 38,164,283 41,128,673 43,536,780 41,009,337 42,634,337 44,259,337 45,884,337

Railway 93,858,777 118,971,164 223,193,128 208,185,000 410,237,813 443,683,727 474,118,891 484,747,332 498,405,208 467,422,599 485,199,946 503,779,047

Air Moldova'*-+' 23,264,833 20,502,326 34,229,300 34,704,400 39,741,992 41,985,052 53,257,700 55,608,321 60,317,864 73,716,221 75,777,013 77,951,149

Chisinau Airport"" 0 0 0 0 13,863,788 15,821,441 17,945,024 19,083,775 20,272,551 21,284,885 22,352,897 23,479,651

Total Expenses 437,911,610 249,175,490 316,363,928 337,082,400 611,210,534 695,054.503 786,250,288 802,776,208 819,804,959 804,858,042 827,389,194 850,894,184... . . ........ .... .... . ...... .~~~~~~~~~~~~~~~~~. .. . . :.:. , , . .. -, .. :.::...... : . '' .. , .. ....... ... ..... .. . .. ... . . ' . . . .. .. . ."""'''''"

Gross Profit -8,976,826 -20,903,6361 -26,283,3241 -7,486,1001 -98,820,0061 -72,307,1941 -47,385,175 25,002,579 47,215,9901 88,566,4111 93,890,9551 99,700,911

Sources: Minzstry of Transport, Urban Transport Department, City ofChisinau and Mission Estimates

Indicative Inflations: 1991-1994: 28,000%; 1992-1994: .2,500% 1993-1994: 250%

*Estimates. 1994

" 'Road User = Road Tax Payer" policy is implemented in 1995 Revenues triple by 1997 and remain constant thenafter

** Urban Transport Operations in the City ofBelti are not included in this table.

' Does not include Non-Transport Operations

* * * * * Separation of the Chisinau A irportfrom Air Moldova is effective in 1995 Other airport operations in Moldova not included

Table 9.2

TRANSPORT SECTOR

PUBLIC REVENUES and EXPENDITURES WITHOUT RESTRUCTURING*

(July 1994 Lei)

1991 1992 1993 1994' 1995 1996 1997 1998 1999 2000 2001 2002

REVENUES

Budget Allocabion for Roads and Road Taxes 307,300,000 96,000,000 41,760,000 66,600,000 66,600,000 66,600,000 66,600,000 66,600,000 66,600,000 66,600,000 66,600,000 66,600,000

iJrban Transport (City ofChisinau)**- 14,612,000 15,860,000 19,320,000 32,150,000 20,912,600 10,937,600 10,937,600 10,937,600 10,937,600 10,937,600 10,937,600 10,937,600

Railwa,y"" 80, 728,771 95,654,624 194,946,304 193,370,000 196,049,961 198,788,418 201,586,541 210,122,107 219,127,130 228,627,429 238,650,244 249,224,315

Air Moldova 26,294,013 20,757,230 34,054,300 37,476,300 43,902,381 50,573,699 57,497,492 66,627,487 76,611,933 80,387,756 84,371,250 88,501,024

Chisinau Airport Included in Air Moldova Revenues

Total Revenues 428,934,784 228,271,854 290,080,604 329,596,300 327,464,941 326,899,716 336,621,633 354,287,195 373,276,663 386,552,785 400,559,094 415,262,938

EXPENSES

Road Construction and Rehabilitation 79,600,000 21,500,000 4,560,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000 9,600,000

Road Maintenance and Repair 227,700,000 74,500,000 37,200,000 57,000,000 57,000,000 57,000,000 57,000,000 57,000,000 57,000,000 57,000,000 57,000,000 57,000,000

Urban Transport (Citv of Chisinau)"*' 13,488,000 13,702,000 17,181,500 27,593,000 32,501,000 33,367,667 36,019,333 37,621,000 39,246,000 40,871,000 42,496,000 44,121,000

Railway''' 93,858,777 118,971,164 223,193,128 208,185,000 394,196,785 434,109,758 470,127,595 489,727,911 508,504,744 477,395,302 495,038,842 513,476,776

Air Moldova 23,264,833 20,502,326 34,229,300 34,704,400 25,387,461 25,703,009 35,624,868 36,527,683 44,146,820 56,596,676 57,656,798 58,775,228

Chisinau Airport Included in Air Moldova Expenses

Total Expenses 437,911,6101 249,175,4901 316,363,928| 337,082,400 518,685,246 559,780,434 608,371,797 630,476,594 658,497,563 641,462,978 661,791,640 682,973,003

'X' !X;!i!!T 'igES';i",;,;iE,iE':'i',:,V,':E:::'L.:f::t'S:'::-:,,:ES:ti: t!;!:fiiEEEEEEE:!..!!': :': .... _.,'... .. ..'' ..... ':...........':

Gross Profit -8,976,826 -20,903,6361 -26,283,3241 -7,486,100| -191,220,3051 -232,880,7181 -271,750,1641 -276,189,3991 -285,220,901| -254,910,1931 -261,232,5461 -267,710,065

Sources: Minisiry of Transport, Clrban Transporl Department, City of Chisinau and Mission Estimates

Indicatise Inflations: 1991-1994: 28, 000% ; 1992-1 994: 2,500% ; 1993-1994: 250%

* Including accurate provisionsfor deprecialion and same investments as under restructuring

-*Estimates, 1994

* Urban Transport Operations in the City of Belti are not included in this table

** Does not include Non-Transport Operations

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Documents

Moldova Transport Sector Reviewdocuments.worldbank.org/curated/en/780111468775525313/pdf/multi-page.pdfTable 5.1 Traffic Flows on Selected Roads Road 1989 1990 1991 1992 1993 Chisinau