THE WORLD BANK

NIGERIA EROSION AND WATERSHED MANAGEMENTPROJECT (NEWMAP)

(FEDERAL MINISTRY OF ENVIRONMENT)

CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 3 1 ST DECEMBER, 2018

AUDITED BY

OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATIONPlot 273, Samuel Ademulegun Street,

Central Business District,Abuja.

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Table of Contents

CONTENTS Page

Corporate Information 2-3

FPMU Management Report 4-5

Management Committee's Responsibility Statement 6

Report of the Independent Auditors 7-9

Statement of Financial Position 10

Statement of Financial Performance 11

Statement of Changes in Net Assets/Equity 12

Statement of Cash Flow 13

Notes to the Financial Statements 14-23

Corporate Information

FPMU Management CommitteeMembers of the Management Committee of the Federal Management Unit for theyear ended 3 1st December, 2018 are as follows:-

* Salisu Mohammed Dahiru - National Project Coordinator (NPC)

* Ejembi Josuha - Procurement Specialist

* Mshelia Ruth (Mrs.) - Social & Livelihood Specialist

* Mukhtar Y. Tanko - Monitoring & Evaluation Specialist

* Idoko, A. A. - Project Engineer

* Alhassan Nyazi (Mrs.) - Climate Change

* Mrs. Theresa Ajiboye Olayinka - Environmental Safeguard Specialist* Thomas Adebayo L. - Communication Specialist

* John Akubo - Natural Resources Specialist

* Anda Ayuba Y. - Water Resources Specialist

* Abubakar Abdulaziz - Project Accountant

* Dufegha Imomotimi J. - Head (Admin)

* Olowu Sunday - Internal Auditor

EPMU Office Address:No. 56 Mamman Nasir StreetOff TY Danjuma Street AsokoroAbuja.Tel: +234 (0) 706 898 6980E-mail: newmapfpmu_gmail.com

Auditors:Office of the Auditor-General for the Federation (OAuGF),Plot 279 Samuel Ademulegun Street.Central Business District (CBD),p.m.b. 128, Garki,Abuja.E-mail: info@oaugf.r19Website: www.oaugf.ng

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Bankers:The FPMU was migrated to and has been with the Treasury Single Account(TSA) as required by the FGN in September, 2015.

The State Offices however, are still engaging commercial banks, which include:

Zenith Bank, Plc.Keystone Bank Plc.Fidelity BankFirst Bank of NigeriaEco Bank Plc.

FPMU Management Committee's ReportThe FPMU submits their report together with the audited financial statements forthe year ended 3 1 st December, 2018, which discloses the state of affairs of theProject.

Project DescriptionNigeria Erosion and Watershed Management Project (NEWMAP) is an eight (8)year multi-sectoral and multi-scale project designed to initially address acutegully erosion problems in seven south eastern states - Abia, Anambra, CrossRiver, Ebonyi, Edo, Enugu and Imo while creating the necessary enablingenvironment and laying the foundation for scaling out to northern states andadditional southern states. The following states then joined the NEWMAP in mid-2005 to bring the total number of participating states to fourteen (14) as at end2018 - Akwa lbom, Delta, Kogi, Plateau, Gombe, Kano and Sokoto.

The project also focuses on improving livelihoods in these and additional statesthrough sustainable management of natural resources.

Objectives of the Project.The Project Development Objective (PDO) is to reduce vulnerability to soilerosion in targeted sub-catchments. The project is aimed at improved erosionmanagement and gully rehabilitation which will provide for:

* Reduced loss of infrastructure including roads, houses, markets, etc.

* Reduced loss of agriculture land and productivity from soil loss caused bysurface erosion.

* Reduced risks of floods in rural areas and reduced impacts on villages and

agricultural areas.

* Improved access to economic activities, social services, communicationand road networks.

* To achieve greater environmental and economic security.* Progressively restored vegetative cover, improved environmental

conditions and more humid local climates which results in increasedvegetation cover for wildlife and carbon sequestration.

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* Utilize Global Environment Facility (GEF) and Special Climate ChangeFund (SCCF) support with fully blended IDA resources to fund locallydriven planning and replicable, innovative actions for protective tree coverand biodiversity, urban storm water management and water harvesting.

The total targeted population at the beginning of the project is about 2.2millionprimary/direct beneficiaries which are expected to gradually increase to about2.6million beneficiaries at the close of the project in year 2020. Majority of thepopulation of the participating states - estimated at 30 million in 2013, rising to33 million in 2020 are also to benefit from this project.

Effective DateThe project was approved on 8 th May, 2012 by the Federal Executive Councilwith the financing and grant agreements signed on April 16,2013 by both theFGN and the IDA. The project became effective on 16 th September, 2013.

Key Project InformationProject Name: Nigeria Erosion and Watershed Management Project

(NEWMAP)Project ID: P124905IDA Credit: 51050Lead Implementing Agency: Federal Ministry of EnvironmentEffective Date: 16 th September, 2013Expected Closing Date: 3 0 th June, 2020Credit Amount: USD500,000,000.00Project Duration: 8 YearsProject Components: 1-Erosion and Watershed Management

Infrastructure Investments.2-Erosion and Watershed ManagementInstitution and Information Services3-Climate Change Response4- Project Management

NEWMAPConsolidated Financial Statements for the Year Ended 31" December 2018

Statement of Management Committee's Responsibility on the Financial

Statements

The Financial Management Arrangements (Manual No. 3) of the NEWMAP requires the Management

Committees of the Federal Project Management Unit (FPMU) and the Project Financial Management

Units (PFMUs) at the states, to prepare financial statements which give a true and fair view of the

project as at the end of the financial year. The financial statements must be prepared on a going

concern basis unless it is inappropriate to presume that the project will continue in business.

The Management Committee members have the responsibility for ensuring that the project keeps

accounting records which disclose with reasonable accuracy, the financial position of the project and

which enables them to ensure that the financial statements comply with requirements of the Financial

Management Arrangements.

The members also have a general responsibility of taking such steps as reasonably open to them to

safeguard the assets of the project and to prevent and detect fraud and other irregularities. Members of

the Management Unit consider that in preparing the financial statements on pages 8 - 11, they have

used appropriate accounting policies, consistently applied and supported by reasonable and prudent

iudgments and estimates, and that all applicable accounting standards have been followed.

Nothing has come to the attention of the Committee to indicate that the project will not remain a going

concern for at least twelve months from the date of this statement.

SALISU DAHIRU ABDULA IZ ABUBAKAR

National Project Coordinator NATIONAL PROJECT ACCOUNT

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THE AUDITOR-GENERAL FOR THE FEDERATIONAudit House, Plot 273, Samuel Ademulegun Street, Central Business District,

PM.B. I28, Garki - Abuja, Nigeria.

The Project Coordinator,Nigeria Erosion and Watershed Management Project (NEWMAP),Federal Ministry of Environment,Apo, Abuja

AUDIT OF THE NIGERIA EROSION AND WATERSHED MANAGEMENT PROJECT(NEWMAP) PERFORMED BY THE AUDITOR GENERAL FOR THE EDERATION

AUDITOR'S REPORT

OpinionI have audited the financial statements of Nigeria Erosion and Watershed ManagementProject (NEWMAP) for the year ended 3 1st December, 2018. These financial statementscomprise the Statement of Financial Position, Statement of Financial performance,Cashflow Statement and Statement of Net Assets/Equity for the year then ended, and asummary of significant accounting policies and other explanatory information.

In my opinion, the accompanying financial statements present fairly, in all materialrespects, the financial position of the Entity as at 3 1st December, 2018, and of itsfinancial performance and its cash flows for the year then ended in accordance withInternational Public Sector Accounting Standards (IPSAS).

Basis for OpinionI conducted the audit in accordance with International Standards for Supreme AuditInstitutions (ISSAls). My responsibilities under those standards are further described inthe Auditor's Responsibilities for the Audit of the Financial Statements Section of myreport. I am independent of the entity in accordance with the Code of Ethics forSupreme Audit Institutions together with the ethical requirements that are relevant to myaudit of the financial statements and I have fulfilled my other ethical responsibilities inaccordance with these requirements and the Code of Ethics.

I believe that the audit evidences obtained are sufficient and appropriate to provide abasis for my opinion.

Responsibilities of Manaqement and Those Charged with Governance for theFinancial StatementsManagement is responsible for the preparation and fair presentation of these financialstatements in accordance with IPSAS, and for such internal control as managementdetermines is necessary to enable the preparation of financial statements that are freefrom material misstatement, whether due to fraud or error.

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In preparing the financial statements, management is responsible for assessing theEntity's_ability to continue as a going concern, disclosing, as applicable, matters relatedto going concern and using the going concern basis of accounting unless managementeither intends to liquidate the project or to cease operations, or has no realisticalternative but to do so.

Those charged with governance are responsible for overseeing the entity's financialreporting process.

Auditor's Responsibility for the Audit of the Financial StatementsMy objectives is to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement, whether due to fraud or error, and toissue an auditor's report that includes my opinion. Reasonable assurance is a high levelof assurance, but is not a guarantee that an audit conducted in accordance with(ISSAls), will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if, individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users takenon the basis of these financial statements.

As part of an audit in accordance with Financial Audit Methodology (FAM), which isconsistent with the Fundamental Auditing Principles (ISSAls 100-999) of theInternational Standards for Supreme Audit Institutions, I exercise professionalscepticism throughout the audit. I also:

* Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error, design and perform audit procedures responsive tothose risks, and obtain audit evidence that is sufficient and appropriate to providea basis for my opinion. The risk of not detecting a material misstatement resultingfrom fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override ofinternal controls.

* Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectiveness of the Entity's internalcontrol.

* Evaluate the appropriateness of accounting policies uses and thereasonableness of accounting estimates and related disclosures made bymanagement.

* Conclude on the appropriateness of management's use of the going concernbasis of accounting and, based on the audit evidence, obtained, whether amaterial uncertainty exists related to events or conditions that may castsignificant doubt on the Entity's ability to continue as a going concern. If Iconclude that a material uncertainty exists, I am required to draw attention in myauditor's report to the related disclosures in the financial statements or, if such

8

disclosures are inadequate, to modify my opinion. My conclusions are based onthe audit evidence obtained up to the date of my auditor's report. However, futureevents or conditions may cause the Entity to cease to continue as a goingconcern.

Evaluate the overall presentation, structure and content of the financialstatements, including the disclosures, and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

I communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit and significant audit findings, including anysignificant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied withrelevant ethical requirements regarding independence, and to communicate with themall relationships and other matters that may reasonably be brought to bear on myindependence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, I determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. I describe these matters in myauditor's report unless law or regulation precludes public disclosure about the matter or,when, in extremely rare circumstances, I determine that a matter should not becommunicated in my report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

A. M. AYINE, FCA

Auditor-General for the FederationJune 17, 2019

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NIGERIA EROSION AND WATERSHED MANAGEMENT PROJECT

(NEWMAP) (INTERNATIONAL DEVELOPMENT ASSOCIATION - IDA - ASSISTED

PROJECT) CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 31 DECEMBER, 2018

2 0 1 8 2 0 1 7Notes N N

ASSFTSCurrent assCtsCash and bank halances 3 61,795,827,544 45,708,892,833Rcceivables 4 46,417,315 32,513,378

Total current assets 61,842,244,859 45,741,406,21

Non current assetsGoods and Service 5 4,369,831,451 3,821,130,132

Civil Works 6 39,387,201,950 25,850,891,187Consultancy 7 11,435,124,914 8,806,156,662

Total non current assets 55,192,158,315 38,478,177,981

Total Assets 117,034,403,174 84,219,584,193

L I A I I'I' u' T sCurrent liabilities

'a.vables 8 (25,258,104) 69,877,085

Total current liabilities (25,258,104) 69,877,085

Total liabilities (25,258,104) 69,877,085Net Assets 117.059.661.278 84.149,707.107

NET ASSETS/EQUITYInternational Development Association 114,311,545,138 81,727,553,415Federal Government Contribution 903,430,402 569,680,402State Government Contribution 9,361,143,747 5,703,236,058Global Environment Facility 232,222,083 82,151,543AccumulatCd Find (7,748,680,092) (3,932,914,311)Total Net Ass t. uity 117,059.661.278 84,149.707.10

......... .. ............4 .. ..........SALISU DAHt ABDULAZ ZAB BAKARNATIONAL RIOJE ORDINATOR NATIONAL PROJECT ACCOUNTANT

DATE:... ... DATE: ....

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NIGERIA EROSION AND WATERSHED MANAGEMENT PROJECT (NEWMAP)(INTERNATIONAL DEVELOPMENT ASSOCIATION - IDA - ASSISTED PROJECT)

CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCEFOR THE YEAR ENDED 31 DECEMBER, 2018

2 0 1 8 2 0 1 7

Notes N N

REVENUESales of tender documents 3,590,000 8,202,000Interest received (Dollar Acct) 71,019,174 19,178,633Interest received (Naira Acct) 3,018,279 72,959Miscellaneous receipts 492,850 6,275,453

TOTAL REVENUE 78,120,303 33,729,045

EXPENDITURESFederal Project Management - Operating Costs 1,222,018,406 786,038,822

State Project Management 2,668,908,552 1,370,441,606

Provision for difference on trial balance 9 2,959,125

TOTAL EXPENDITURES 3,893,886,083 2,156,480,428

Surplus / (Deficit) for the year (3,815,765,780) (2,122,751,383)

11

NIGERIA EROSION AND WATERSHED MANAGEMENT PROJECT

(NEWMAP) (INTERNATIONAL DEVELOPMENT ASSOCIATION - IDA - ASSISTEDPROJECT)

STATEMENT OF CHANGES IN NET ASSETS/EQUITYFOR THE YEAR ENDED 31 DECEMBER, 2018

IDA COUNTERPART ACCUMULATED GEF TOTALFUNDING DEFICITN N N N

N

Balance at 81,727,553,415 6,272,916,460 (3,932,914,311) 82,151,543 84,149,707,1061s" January 2018

AdditionDuring the 32,583,991,723 3,991,657,689 (3,815,765,780) 150,070,540 32,909,954,172

year114,311,545,138 10,264,574,149 (7,748,680,091) 232,222,083 117,059,661,278

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NIGERIA EROSION AND WATERSHED MANAGEMENT PROJECT (NEWMAP)(INTERNATIONAL DEVELOPMENT ASSOCIATION - IDA - ASSISTED PROJECT)

CONSOLIDATED STATEMENT OF CASHFLOWFOR THE YEAR ENDED 31 DECEMBER, 2018

2018 2017

Notes N NOPERATING ACTIVITIESSurplus/deficit for the year 10 (3,815,765,780) (2,122,751,383)Changes in operating assets 11 (109,039,125) (103,245,857)

Net cash outflows from operating activities (3,924,804,906) (2,225,997,240)

INVESTING ACTIVITIESGood and services (548,701,318) (1,214,707,565)Civil work (13,536,310,763) (7,184,401,687)Consultancy (2,628,968,252) (3,510,739,105)

Net cash outflows from investing activities (16,713,980,334) (11,909,848,357)

FINANCING ACTIVITIESIDA 32,583,991,723 49,884,526,136Global Environment Facility 150,070,540 82,151,543Federal Government Contribution 333,750,000 22,500,000State Government Contribution 3,657,907,689 2,384,486,946

Net cash outflows from financing activities 36,725,719,952 52,373,664,625

Net increase/(decrease) in cash and cash equivalents 16,086,934,711 (14,135,845,597)

Cash and cash equivalents at 1 January 45,708,892,833 7,471,073,805

Cash and cash equivalent at 31 December 61,795,827,544 45,708,892,833

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NOTES TO THE FINANCIAL STATEMENTS

Note 1: Statement of Compliance with IPSASThe financial statements set out above were in compliance with the

requirements of the international Public Sector Accounting (IPSAS) Accrual

where applicable subject to the statement of accounting policies disclosed

below

Note 2: Statement of Accounting PoliciesThe following are the significant accounting policies adopted in the

preparation and fair presentation of the financial statements

* Basis of accountingThe accounts have been prepared under the historical cost convention.

* Foreign Exchange RateForeign currencies are converted at the rate ruling at the time of the

transaction

* Fixed Asset CostThese are stated at historical cost

* Fixed assets and civil works were not depreciated in line with the

project's policy

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NIGERIA EROSION AND WATERSHED MANAGEMENT PROJECT (NEWMAP)

(INTERNATIONAL DEVELOPMENT ASSOCIATION - IDA - ASSISTED PROJECT)

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER, 2018

2018 2018 2017 2017

N N N N

3. CASH AND BANKBALANCE

Naira Draw Down (32303 - Federal, 32202

& 32301 - StateFPMU 297,924,962

223,281,322Abia (1,784,635)

(4,192,908)Anambra 3,773,950

3,389,962Borno -

4,154Cross River 12,848,016

157,499,111Ebonyi - 4,785,826

2,805,556Edo 8,070,622

(4,807,991)Enugu - (1,704,824)

1,087,365I-mo 947,994

1,156,445Delta 5,369,464

3,389,685Kogi 3,922,047

581,819.04Gombe 4,285,905

4,165,709Kano 13,898,634

13,448,260Katsina -

(1,493,387)

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Niger11,383,629

Sokoto 777,594251,730.32

Plateau 4,038,3422,918,898

Akwa lbon 407,074,330 (9,187) 357,144,710(9,187)

Special Account (32101)FPMU 126,610,980 126,610,980Abia 16,126,761,678 16,127,030,277

Anambra 7,324,340,120 3,620,685,513Borno 706,306,679 -

Cross River 7,935,520,120 678,340,632Ebonyi 3,276,741,225 4,736,998,973

Edo 8,760,083,962 3,946,773,139

Enugu 8,619,873,267 5,258,124,341Imo 142,975,548 282,515,635

Delta 752,489,086 892,646,719Kogi 580,861,759 280,788,466

Gombe 1,314,339,118 1,485,989,981Kano (27,305,936) 220,699,562

Katsina 19,321,898 -

Nassarawa 706,861,247

Niger 562,129,900 -

Sokoto 96,747,417 97,745,327Plateau 699,178,269 545,675,968

Akwa lbon 524,340,167 58,248,176,503 550,705,641 38,851,331,154

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER, 2018

2018 2018 2017 2017

Special Account - TSA(32102)

FPMU 628,145,518.5 2,844,505,252

Abia (3,695,853,98) (3,067,708,47) - 2,844,505,252

Counter-Part FundAccount (32202 -

Federal, 32201- State)

FPMU 109,100,745 143,035,312

Abia 133,886,426 225,431,041

Anambra 48,599,835 334,245,777

Borno 994,854,451 -

Cross River 83,313,608 138,053,086

Ebonyi 175,830,527 266,935,749

Edo 371,795,861 591,109,851

Enugu 129,419,425 406,885

Imo 11,098,486 39,793,135

Delta 266,995,151 372,525,096

Kogi 806,284,269 30,113,781

Gombe 98,572,590 98,802,944

Kano 249,728,253 274,864,803

Katsina 469,129,636 -

Nassarawa 529,093,191

Niger 294,461,800

Sokoto 1,021,244,530 1,021,244,530

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Plateau 344,570 21,276,165

Akwa Ibon 362,536,461 6,156,289,815 7,780,402 3,655,618,557

Interest (Naira) BankAccount - 32401 &

32402, Interest (Dom)Bank Account - 32501

& 32502

Abia 17,753,275 -

Anambra (305,576)

Cross River 1,494,716 -

Ebonyi

Edo 29,325,396 -

Enugu 2,642,547

Imo 481,402 -

Akwa lbon 310,447 51,702,206 --

Petty Cash 293,160 293,160.00 293,160 293,160

Total Cash and bank 61,795,827,544 45.708.892.

balance

2018 2017

4. RECEIVABLE - STAFF ADVANCES N N

FPMU 933,083 810,138

Abia(3,137,797) (3,137,797)

Anambra 1,000 1,000

Borno2,273,013

Cross River 3,137,7973,137,797

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Ebonyi 9,299,0382,204,005

Edo 498,670498,670

Enugu 19,136,08719,136,087

li-no 611,315611,315

Kano3,759,380

Nassarawa 5,277,089 -

Plateau 11,750,173 2,183,630

Sokoto (14,000)(14,000)

Delta (12,500)(12,500)

46,417,315 32,513,378

5. Goods and Services

FPMU 1,931,440,399 1,718,389,752

Abia 349,190,251 237,129,200

Anambra 204,554,139 173,395,672

Cross River 108,224,514 87,363,329

Ebonyi 94,109,126 94,109,126

Edo 302,802,773 302,802,773

Enugu 188,866,286 144,273,199

Imno 88,241,327 87,112,727

Delta 311,915,118 301,734,227

Kogi 177,654,789 164,310,660

Kano 63,130,440

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63,130,440

Katsina 102,323,262

Sokoto 154,023,750 154,023,750

Gombe 121,640,815 121,640,815

Plateau 171,714,463 171,714,463

4,369,831,451 3,821,130,132

These represent accumulated expenditures on both Federal and

State Project Management - Goods and Services

2018 2017

6. Civil Works

Opening balance 25,850,891,187

FPMU 618,862,16720,989,838.00

Abia 3,352,825,139 1,352,963,047

Anambra 1,842,386,990 1,700,586,888

Borno

Cross River 910,069,342 4,299,393,273

Ebonyi 3,183,587,310 326,705,530

Edo 2,330,788,268 15,529,927,863

Enugu 103,584,141 747,771,093

Kogi 128,204,485 5,273,948

Gombe 138,710,562 64,149,231

Kano 229,765,341 100,189,526

Katsina 492,475,490

Nassarawa 567,658

Niger

Sokoto 55,377,646 8,431,515

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Plateau

Akwa Ibon 72,596,914 45,972,512

39,387,201,950 25,850,891,187

These represent expenditures on prevention and management

of erosion, construction works, sensitization, training, capacitybuildings and others on erosion by Federal and State

Governments.

7. CONSULTANCY

Opening balance 8,806,156,662

FPMU 1,131,081,565 3,620,996,764

Abia 225,566,241 451,309,437

Anambra 79,502,634 500,299,813

Plateau - 63,236,541

Cross River 219,553,175 675,287,140

Ebonyi 41,776,327 336,074,293

Edo 380,023,803 1380808373

Enugu 66,245,833 461009794

Imo 26,656,861 175494958

Delta 207,078,895 212477348

Kogi 130,026,346 277145069

Gombe - 192421788

Kano 121,456,572 53454725

11,435,124,914 8,806,156,662

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER, 2018

2018 2017

N N

8. PAYABLES

VAT 36,355,171 (5,400,369)

Local payables (24,418,005) 98,486,828

Foreign payables (73,185,552) -1,840,478

Unclaimed allowance 74,245 578,530

(25,258,104) 69,877,085

9. PROVISION FOR DIFFERENCES ON TRIALBALANCE

Anambra - GEF trial balance not agreed 1,783 -

Kano - Difference on trial balance resulted from stamp duty

not added up to the total expenses on state project management (3,759,380) -and coordination

Delta - IDA trial balance not agreed (10,000) -

Imo - IDA trial balance not agreed 6,726,718 -

Enugu - Difference on trial balance 5

2,959,125 -

10. CASHFLOWS FROM OPERATINGACTIVITIES

Deficit for the year (3,815,765,780) (2,122,751,383)

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11. CHANGES IN OPERATING ASSETS

Receivables (13,903,936)

Payables (95,135,189)

Inventories

(109,039,125)

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