r r r r L(atu(l Q.<, 1\\ Garnbiaports Authority Annual report and ror the r";;;;h iit:,ffi';sff?f l(_t_ .-\-

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1 { Ganbiapos Auhoiy Annual epo and o he ";;;;H ii,ffi';sff?f L(au(l Q.<,.-\- l( 1\\ /A ['\

2 able of conens GENERAL NFORMAON DRECORS REPOR REPOR OF HE NDEPENDEN AUDORS NCOME SAEMEN BA,ANCE SHEE SAEMEN OF CHANGES N EQUY SAEMEN OF CASH FOW NOES (FORMNG PAR OF HE FNANCA SAEMENS) 'J". AccouNNGpolcEs 2. Rveuu 3. OHER operang NCoME 4. PRoF BEFoRE AX 5. Sn uunasrs AND cos 6. NERES RECEVABLE AND SMLAR NcoME 7. lnns pnyaele AND smlar charges 8. AXAoN 9. PRoPERY, PLAN AND EQUPMEN 10. NVESMENS NVENoRY 12. RADE AND oher RECEVABLES 13. RADE AND oher PAYABLES 14. Bonnowues 15. ANALYSS of HE BALANCES of CASH As shown N HE BALANCE shee 16. SHARE CAPAL 7. SAEMEN of MoVEMEN N RESERVES 18. EARNNGS PER SHARE 19. CoNNGEN LABulEs 20. RLaopARyRANSACoNS 2L. OHn Recilvael SUPPEMENARY NFoRMAoN 22. Chaiman'sSaemen 23. Managing Dieco's Repo 24. Managemen eam 25. Annexes - Cago Handling Analysis - Ship affic - Financial & Saisical - Updaes on PAC/PEC - Payoll Lis - aining Repo/Schedule - Saegic and Annual Wok plan LL LL L Annual Repo and Financial Saemens 2013 Page2

3 Geneal infomaion liecos M. MusaPha ColleY M. Muhammed L Gibba Pemanen Seceay 1 Offlce of he Pesiden Pemanen Seceay (MoFEA) M. Momodou B. Jagne M. Ousman Jobaeh M. Salifu Mboge M. Almamy aal (CEO GCC) (up o Sepembe 2013) M Alieu Secka (CEO GCC) (fom Ocobe 2013) M- Ousman Wadda (employees epesenaive) Chaian Managing Dieco Ex Officio Membe Ex Officio Membe Pivae Membe Depuy Managing Dieco Pivae Membe Membe Membe Membe Seceay Ms. Sia BegaY Kah Audios Bankes D Associaes - he Gambia Audi, ax, Advisoy 1 Paadise Beach Place, Kololi P.O Box 268 Banjul, he Gambia Sandad Chaleed Bank (Gambia) Limied B Ecowas Avenue Banjul, he Gambia us Bank Limied 3-4 Ecowas Avenue Banjul, he Gambia Bank PHB (Gambia) Limied 1 1a Libeaion Avenue Banjul, he Gambia Guaany us Bank (Gambia) Limied 56 Kaiaba Avenue he Gambia Zenih Bank (Ganba) l-imied 49 kaiaba Avenue Faaja he Gambia Royal Bank of Scoland 5-10 Gea owe See London, UK Fis lnenaional Bank (Gambia) Limied 2Kaiaba Avenue KSMD, he Ganbia Ecobank (Gambia) Limied 42Kaiaba Avenue he Gambia Pime Bank (Gambia) Limied 42kaiaba Avenue he Gambia Access Bank (Gambia) Limied 47 Kaiaba Avenue he Gambia lnenaional Commecial Bank (Gambia) Limied 48 Kaiaba Avenue he Gambia Aab Gambian lsiamic Bank Limied 7 Ecowas Avenue Banjul, he Gambia ii5ic (Gambia) Limied 52Kaiaba Avenue he Gambia Reliance Financial Sevices Limied 46aKaiaba Avenue he Gambia SkY Bank (Gambia) Limied Kaiaba Avenue he Gambia XUN AE** AND FNANCAL SAEMENS 2013 Page 3

4 Scl io Badou Coneh Lod Chambes KMC AoneY Geneal Chambos Maena Paade Banjul Regiseed cffice Gambia Pos AuhoiY Libeaion Avenue Banjul l l l l l MENS 2O13

5 Diecos' Repo he diecos pesen hei epo and he audied financial saemens of Gambia Pos Auhoiy (GPA) fo he yea ended 31 Decembe he Companies Ac 2013 and he Po Ac 1972 equie he diecos o pepae financial saemens which give a ue and iai view of he sae of affais of he company and of is pofi o loss fo ha peiod. ln pepaing hose flnancial saemens, he diecos ae equied o. Saemen of diecos' esponsibiliies selec suiable accouning policies and hen apply hem consisenly;, make judgmens and esimaes ha ae easonable and puden; sae whehe applicable accouning sandads have been followed, subjec o any maeial depaues disclosed and explained in he financial saemens; - pepae he financial saemens on he going concen basis unless i is inappopiae o pesume ha he company will coninue in business. he diecos ae esponsible fo keeping pope accouning ecods, which disclose wih easonable accuacy a any ime, he financial posiion of he company and o enable hem o ensue ha he financial saemens comply,.ih he elevan egulaions. hey ae also esponsible fo safeguading he asses of he company and hence io aking easonable seps fo he pevenion and deecion of faud and ohe iegulaiies. Pincipal aciviies he pincipal aciviy of he auhoiy is po opeaions in he Gambia. Resuls -he esuls fo he yea ae as shown in he accompanying financial saemens. he diecos do no popose ay dividend fo he yea. Popefi, plan and equipmen --e addiions and disposals ae as deailed in noe 9 of he financial saemens. hee has no been any ei-nanen diminuion in he value of he company's popey, plan and equipmen. i ecos and diecos' ineess diecos who held office duing he yea ae as deailed on page 3. None of he diecos whc held office had beneficial inees in he shaes of he company. Audios --e audios, D Associaes - he Gambia, havlng indicaed hei willingness, will coninue i office pusuan o - Scmpanies Ac ' Ode of he Boad of Diecos Secelay \\.ial REPOR AND FNANCAL SAEMENS 2013 Page 5

6 l L D Associlmes &, Repo of he ndependen Audios o he membes of Gambia Pos Auhoiy D Associaes - he Gambia Audi ax ladvisoy '1 Paadise Beach Place Beil Hading Highway Kololi P.O. Box 268 Banjul he Gambia el Fax' i nfo@dassociaesg m. com m. com We have audied he accompanying flnancial saemens of Gambia Pos Auhoiy, se ou on pages 7 lo 22, which compise he balance shee as a 31 Decembe 2013, he income saemen, saemens of cash flow and saemen of changes in equiy fo he yea hen ended, and significan accouning policies, financial summay and ohe explanaoy infomaion. Diecos' esponsibiliy fo he financial saemens he Diecos ae esponsible fo he pepaaion and fai pesenaion of hese financial saemens in accodance wih he Pos Ac 1972 and Companies Ac 2013, and fo such inenal conol as he Diecos deemine ae necessay o enable he pepaaion of financial saemens ha ae fee fom maeial missaemen, whehe due o faud o eo. Audios' esponsibiliy Ou esponsibiliy is o expess an opinion on hese financial saemens based on ou audi. We conduced ou audi in accodance wih lnenaional Sandads on Audiing. hose sandads equie ha we comply wih ehical equiemens and plan and pefom he audi o obaln easonable assuance as o whehe he financial saemens ae fee fom maeial missaemen. An audi involves pefoming pocedues o obain audi evidence abou he amouns and disclosues in ihe financial saemens. he pocedues seleced depend on he audios' judgmen, including he assessmen of he isks of maeial missaemen of he financial saemens, whehe due o faud o eo. ln maklng hose isk assessmens, he audios conside inenal conol elevan o he eniy's pepaaion and fai pesenaion of he financial saemens in ode o design audi pocedues ha ae appopiae in he cicumsances, bu no fo he pupose of expessing an opinion on he effeciveness of he eniy's inenal conol. An audi also includes evaluaing he appoplaeness of accouning policies used and he easonableness of accouning esimaes made by managemen, as well as evaluaing he oveall pesenaion of he financial saemens. We believe ha he audi evidence we have obained is sufficien and appopiae o povide a basis fo ou audi opinion. Opinion ln ou opinion, he financial saemens pesen faily, in all maeial especs, he financial posiion of Gambia Pos A;ihoiy as a 3'1 Decembe 2013, and of is financial pefomance and s cash flows fo he yea hen ended; he A-'hoily has kep pope books of accoun, which ae in ageemen wih he balance shee and income saemen, in -e manne equied by he Pos Acl 1972 and Companies Ac N /)Ssoc*a-z-- D Associaes C^aeed Accounans Re3seed Audios Dae 2l n C-*{lhn = =. ; e n Cci'espondence Fim of Deioiie'l-ouche lohmaisu Linied

7 ncome saemen c he yea ended 31 Decembe 2018 'ln housands of Gambian Dalasi) Noes 31-Dec-13,l Revenue Cos of sales 1.5,2 747, ,1 633, Goss pofi 551, ,439 Adminisaion coss Depeciaion chage Ohe opeaing income 1.3,9 3 (242,257) (100,465) (214,289) (e1,1 89) Ne opeaing expenses Opeaing pofi lnees eceivable and simila income lnees payable and simila chages Pofi befoe ax axaion Pofi fo he financial yea Basic eanings pe shae (Dalasi) Dividend pe shae (Dalasi) ,8 (334,138) 217,232 9,028 (86,498) 130,734 (62,710) ne noes on pages 11 o 22 fom an inegal pa of hese financial saemens , Ni (300,o03) 141,436 18,s90 (40,979) 100,457 (43,644) 56,813 ANNUAL REPOR AND FNANCAL SAEMENS 2013 Page Ni

8 Balance shee s ai 31 Decembe iousands of Gambian Dalasi).{sses \on cuen asses Noes 31-Dec-13 f,'ccey, plan and equipmen -', esmens Cuen asses ^ ''enioies -;ade and ohe eceivables lasn a bank and in hand olal asses Equiy and liabiliies Capial and eseves S ^=-e capial ie"'aluaion eseye 3e-eal eseve ia'ned eanings l,j on cuen liabiliies -..^,.,i-a- _, VJ Cuen liabiliies 3 -ci, ings -; acn -'e and ohe payables 1.3, ,11 12,1?.1 - ^es on pages 11 o22 fom an ineeal pa of hese financial saemens ,699, ,282 1,875,584 55, , ,093,646?pqg&0 16,342 1,437, , ,284, ,236 42, ,405 69, ,338 2,959,230 p u &&i, 2014, and wee 1,771, ,944,461 33, , ,613 2,811,O74 16,342 1,437, , ,216, ,278 62,178 79, ,811,O7i \\UAL REPOR AND FNANCAL SAENJE},S 2013 Page 8

9 Saemen of changes in equiy b UE yea ended 31 Decembe 2013 { lu.sads of Gambian Dalasi) Shae capial Pofi & Revaluaion loss eseve Geneal eseve oal Bdance as a 1 Januay ,342 42,117 1,437, ,882 2,216,632 Mfohe yea 68,O24 68,O24 ansfu (50,000) 50,000 Balance as a 31 Decembe ,882 2,284,656 Gepal neseve Secbn 20(1) 3(d) of he GPA Ac equies he Auhoiy o mainain a geneal eseve accoun o fund he pos egansion, by ansfeing funds fom annual pofis based on managemen decision as he Ac did no es'ablish lhe amoun o be ansfeed. Fo he yea unde eview managemen esablished a ansfe o Geneal Reseve c{ 5O million (2012 D40 million). he noes on pages 11 o 2Z_lom an inegal pa of hese financial saemens. ANNUAL REPOR AND FNANCAL SAEJENS 2013 Page 9

10 !! Cash flow saemens -i.b3'ended 31 Decembe sands of Gambian Dalasl) asl flows fom opeaing aciviies e'3iing pofi -,>.,J 'ciaion chage fo he yea -i. loss on disposal of flxed asses ovemens in woking capial -'.ase in ade eceivables -ease) decease in invenoies =ease) incease in ade payables Noes 3'l-Dec-l3 217, , , ,436 91,'189 (e1)"" 232,534 (81,592) (33,492) (21,95',11 (8,025) 40,194 (79,035) - -s- geneaed fom opeaions l-;oaion ax paid \e cash geneaed fom opeaing aciviies Cash flows fom invesing aciviies i mens fo popey, plan and equipmen =-cceeds fom disposal of fixed asses ^ees eceived quisiion of equiy invesmens!'le cash used by invesing aciviies Cash flows fom financing aciviies 3 onolving ees paid Ne cash geneaed fom financing aciviies Ne incease in cash and cash equivalens Cash and cash equivalens a he beginning of he pelod Cash and cash equivalens a he end of he yea 1 5 ne noes on pages 11 lo 22 fom an inegal pa of hese financial saemens. 254, ,982 (34,552) (20,282) 2',19,796 91,700 (28,617l_ 9,028 (22,560) (83,746) 113,490 (63,127) ,590 (75,975) (24,810) 59, (84,37e) (68,654) 160, , , ANNUAL REPOR AND FNANCAL SAEMENS 2013 Page 10

11 NOeS (fbming pa of he linancial saemens) 1. Accouning policies he following aceouning policies have been applied consisenly in dealing wih iems, which ae consideed maeial o he Auhoiy's financial saemens' 1.1. Accouning convenion he financial saemens have been pepaed in accodance wih geneally acceped accouning pinciples and equiemens of he Companies Ac 2013 unde he hisoical cos convenion as modi{ied o include he evaluaion of ceain land and buildings' 1.2. lnvenoies lnvenoies ae saed a he lowe of cos and ne ealisable value whee cos is puchase cos ogehe vih he elaed duy, feigh and ohe diecly aibuable coss, on a fis in, fis ou basis. Ne ealisable value is based on esimaed selling pice less cos o be incued in makeing and selling. Slow moving sock is povided fo as follows 1 yea old sock 20% 2 yeas old sock 50% 3 yeas old sock 75% 4 yeas and above 100% 1.3. Popey, plan and equipmen popely, plan and equipmen ae saed a cos less accumulaed depeciaion. Cos includes all coss incued in acquiing he asse plus all diecly aibuable coss incued in blnging he asse o is pesen locaion and condiion fo he asse o become opeaional. Depeciaion ls povided on popey, 1ia and equipmen, excluding land, a annual aes o.ic.liaed o wie off he cos of each asse ove is esimaed useful life on a saigh line basis as follows Building appoaches and whaves Vessels, lighs and buoys Plan, machiney and equipmen Funiue and office equipmen Compue equipmen Moo vehicles 2.Sok lo 10% 10% 10%1o20% 10% 25% 25o/o A\NUAL REPOR AND FNANCAL SAEMENS 2013 Page 11

12 1.4. Subsequenoxpendlue lxcendiue incued o eplace a componon of an iom of popey, plan and equipmen ha l$ accouned fo sepaaoly, including majo ovohauled oxpendlue, is capialised, Ohe subsequen expendiue is capialised only when i inceases ha fuuo economic bonofis embodied in he ien of popey, plan and equipmen. All ohe expendiue is ecognlsed in ho income saemen as an exdense as incued, 1.5. Revenueecognlion Revenue epesens he invoiced amoun of po opeaions and sevices povided duing he yea, excluding sales ax. he cos o he Auhoiy of dockwokes bonuses and oveime is invoiced in full o cusomes and is heefoe shown in evenue and expenses Foeigncuencies Moneay asses and liabiliies denominaed in foeign cuencies ae conveed a he ae of exchange uling a he balance shee dae. ansacions in foeign cuencies ae ecoded a he ae uling a he dae of he ansacion. Gains and losses on exchange ae ansfeed o he income saemen in ho peiod in which hey aise Pension scheme he Auhoiy is egiseed wih he Social Secuiy and Housing Finance Copoaion and conibues 15% of he employees' goss salaies o he Fedeaed Pension Scheme. Unde his scheme, employees ae eniled o lump sum paymens in addiion o monhly pension upon aaining he eiemen age of 60. Unde he Poviden Fund Scheme, he Auhoiy conibues 10% of he goss wages of he Dockwokes and he Dockwokes' conibuions ae 5% of hei wages which ae deduced befoe aiving a hei ne wages Povisions A povision is ecognised in he balance shee when he Auhoiy has a legal o consucive obligaion as a esul of pas evens; i is pobable ha an ouflow of economic benefis will be equied o sele he obligaion ade and ohe eceivables ade and ohe eceivables ae saed a hei cos less povision fo doubful debs. he povisioning fo bad and doubful debs adoped is as follows Shipplng agencies Up o 12 monhs 13 o 24 monhs Above 24 monhs Pivae companies and consignees Up lo 12 monhs 13 lo 24 monhs Above 24 monhs Govenmen of he Gambia and elaed agencies Up o 12 monhs 13 o 24 monhs Above 24 monhs 25% 50% 100% 2s% 50% 100% 50% 75% 1A0% ANNUAL REPOR AND FNANCAL SAEJENS 2013 Page 12

13 1.10. axaion axchagedinheincomesaemeniscalculaedlnaccodance Gambia,ahehigheofl,So/oofunoveandS2o/oofaxablepofis. wih he income ax laws of he 2. Revenue f F All evenue aose in he Gambia fom he following aciviies Habou and Po dues Cago handling 3. Ohe opeaing income Popey enal income Sundy income Dec,13 255, ,416 D'O00 196, , , ,434 j 31-Dec-13 3,641 4,943 D'O00 4, , Popey enal income elaes o en eceived fom he invesmen popeies owned by he Auhoiy locaed wihin he Bonded waehouse aea and also fou ohe waehouses locaed a he Old Govenmen whaf, which was acquied fom he fome Gambia Poduce Makeing Boad as pa of Govenmen of he Gambia's divesiue pogam' 3.2 Sundy income elaes o inees eaned on loans fo building, vehicle and ohes given o employeesaspaofemployeeconacsofemploymenandheauhoiy,sseviceules. 4. Pofi befoe ax he pofi fo he yea befoe ax is saed' afe chaging Audios emuneaion Depeciaion Diecos emuneaion ANNUAL REPOR AND FNANCAL SAEMENS Dec-13 D' , D', ,1 89 o19 Page 13

14 5. Saff numbee and cou he aveage numbe of saff employed (including dieeo ) duing ho yoa as as follows 31 -Dec-{ 3 llanagemen saff Geneal saff he aggegae payoll coss wee as follows 31-Dec-13 D',000 D',O00 Wages and salaies Allowances Pension 37,119 35,670 1l,764 35,324 23,458 9,506 84,553 68, lnees eceivable and simila income 31-Dec-l3 D',000 lnees eceivable on deposi accouns 6.1 9,028 18, his elaes o inees income ealised on he Auhoiy's fixed deposi invesmens which ae denominaed in boh local and foeign cuencies!n he Gambia and oveseas. 7. lnees payable and simila chages 31 -Dec-13 D',000 Loan inees plus bank chages Exchange loss on exenal loans ,567 68,959 33,505 26, , his elaes o inees payable and exchange losses on exenal loans eceived fom he Afican Developmen Bank duing he hid po developmen pojec, he SSHFC loan and ohe local banks as explained in moe deail in noes 14. A}NUAL REPOR AND FNANCAL SAEMENS 2013 Page 14

15 l=!! B. axaion lncome saemen ax chage al32% %l of pofi befoe ax Balance shee A beginning of he Yea Chage fo he Yea Cash Paid duing he Yea A end of he Yea 8,1. ax compuaion Accouning pofi Add back Disallowed expenses Depeciaion Donaions Eneainmen Diecos siing allowance Naional Educaion levy Penalies Adjused pofi befoe allowable deducions Less Allowable deducions Capial allowance oal assessable pofi fo he yea ax ae ax chage fo he yea of assessmen 31-Dec.13 62,710 79,247 62,7'.io (34,552) 107, Dec , ,465 5, , ,049 (42,080) 195,969 32% -lll...< 31-Dec*12 D',O00 43,644 55,885 $,e,44 (20,282 -**-**-19e41 D'O00 100,467 91, ,926 (55,538) 136,388 32% 62, ! A;XUA REPOR AND FNANCAL SAEMENS 2013 Page i5

16 9" Popey, plan and equipmen Cos / Revalualon A'1 Januay 2013 Addiions A31 Decembe20l3 Depeclalon A 1 Januay 2013 Chage fo he yea A 31 Decembe2Ol3 Ne book value A 31 Decembe2013 A31 Decembe2012 Asses Land, building unde and consucion lnfasucue D',000-1,392,238-11,476 Vessols, Machinoy lighs and equipmen buoys and funiue D', , ,900-9,128 Moo vehicle 23,606 8,013 oal 1,962,339 28,617 1,403, , ,088 q1,91,9_ 1,990,066 (25,409) (26,635) (19,264' (19,253) (40,624) (5,902) (91,189) (48,272) (6 305) (100,466) $2,0441 (38,607) (88,896) (12,207) '.351, , ,192 19,412 1,366, ,28',1 213,336 17,704 1u4$L ---1,699199?- 1,77'1, he Auhoiy's popey, plan and equipmen ae saed a evalued balances. he evaluaion was caied ou in Decembe 2011 by Fancis Jones Associaes, a Chaeed Quaniy Suveyo egiseed in he Gambia. 10. lnvesmens Noes 31-Dec-13 us Bank Limied 10.1 Gam Peoleum 10.2 Gallia Holding - Mashall lslands 10.3 NaionalWae & Eleciciy Company (NAWEC) , ,500 i 59,292 1,000 16, , , , ,711 ANNUAL Less Povision fo impaimen in invesmen value (116,500) 176,2E2 (92,400L 173,311 REPOR AND FNANCAL SAEMENS 2013 Page 16

17 h l E E l s F! 10.1.lnvesmen in fus Bank (G) Ld his epesens invesmen in Odinay shass of us Bank (G) Limied afe is pivaizaion. he 1,673,476 odinay shaes held by ho Auhoiy ove he yeas, was doubled o 3,346,952 following a 100% incease in he numbe of shaes hough a 11 bonus shae issue following he annual geneal meeing of us Bank Limied fo he yea ended 31 s Decemb e he Auhoiy's cuen holdlng epesens a 5.58% sake in us Bank nvesmen in Gam Peoleum his epesens he invesmen in he Gam Peoleum Soage Faciliy following a Govenmen diecive hough he Depamen of Sae fo Finance and Economic Affais ef ADM/265/ (155) daled 22nd Apil2008 as pa of Govenmen of he Gambia's peoleum saegic iniiaives. he Auhoiy's invesmen epesens a 10% sake ino Gam Peoleum Limied. As pa of he Auhoiy's impaimen eview, a oal povision of D million has been made agains his invesmen lnvesmen in GALLA HOLDNGS A Join Venue ageemen was signed beween Gallia Holdings- Mashall lslands and Govenmen of he Gambia daed Sh Mach o esablish, develop, manage and opeae wo fey boas o be employed in he wo majo fey cossing poins acoss he Gambia, as well as he exising flee of feies deployed houghou he Gambia, which ae of naional and inenaional impoance as hey fom pa of he egional anspo newok. he ageemen specified owneship of 55% Gallia Holdings wih Govenmen of he Gambia 45%, whose owneships have now been aken ove by Social Secuiy and Housing Finance Copoaion and he Auhoiy lnvesmen in Naional Wae & Eleciciy Company (NAWEC) his epesens he Auhoiy's holding of 1% shae of he Naional Wae and Eleciciy Company (NAWEC). 11. lnvenoy lnvenoy compises Maine spaes ools & plan Geneal maeial Buoys & ligh Oil/Lubicans Engineeing mae Mafi spaes Obsolee socks Less geneal povision on maeial spaes Fuel Medical Sock ANNUAL REPOR AND FNANCAL SAEMENS Dec-13 D',000 44,030 23,711 7, , ,779 10, ,886 (70,623) 51,263 3, ,439 27,252 7,O ,728 24s 17,428 1,170 98,296 (66,507) , Page 17

18 12. ade and ohe ecelvables ade debos Less; povision fo doubful debs 120,781 (91,909) 154,192 (84,741) No6s 3{.Dec"13 D'O00 28,822 69,451 Ohe eceivables Saff debos Advances o elaed pay eniies , , ,958 94,297 71, , , gg_ 12.'l.Advances o elaed pay eniies Noes 3'l -Dec'13 D',000 NAWEC BanjulShipyad GRS Sene-Gambia Maiime Gambia Maiime Adminisaion (GMA) Gambia Feies Sevices Qaai join venue Banjul Fisheies Jey ,211 7, , ,M7 41,485 2,377 1,000 59,651 7, , ,508 39,571 Less povision fo impaimenl 899, ,780 (433,126) (373,274) 465, , Advances o NAWEC Folowing allocaion of 1% shaes of NAWEC o he Auhoiy duing he yea in elaion o his advance, he balance has now been eclassified as lnvesmens in NAWEC undei Ncie 10, he D'1.0 million deposied by he Auhoiy o he Cenal Bank had been povided in full as pa of he Auhoiy's impaimen eview Advances o Banjul Shipyad Co. Ld his epesens advances elaing o consulancy sevices fo concepual design, ouline specificalons, deailed design and engineeing o pepaaion of ende documens, pocuemei of capial equipmen, salaies of saff and oihe opeaional expendiues of he Banjul Shipyac. hese expendiues wee made duing he peiod following e-possession of he Shipyad fom Mass Sosseh and Sons in he ealy 1990s and subsequen e-pivaizaion o B.F.Maine and Consucion Company, l4alaysia (in 20C5 o 2006). Following he eminaion of he B.F.Maine aangemen he Auhoiy was enused o fund he shipyads opeaions following Govenmen diecives o ha effec. As pa of he Auhoiy's annual A\NUAL REPOR AND FNANC,AL SAEENS 2013

19 ,l eview fo impaimen, a povision of D51 mlllion (2011 D43.5 million) has been made agains oal advances made o he Banjul Shipyad, 12.4.Advances o GRS his epesens subvenions made ove he yeas o fund he opeaions of he Gambia Radio and V $evices following Govenmen diecives o suppo he Naional Radio and elevision Sevices' hls amoun which has been ousanding fo seveal yeas is fully povided in hese flnancial saemens' Advances o Sene Gambia Maiime Co' his epesens advances made owads he fomaion of Senegambia Maiime which was pomoed by Sahel lnves Managemen Company, aimed a foming a maiime shipping company inended o faciliae egional ade duing he ealy 2000s. Howeve, his pojec has neve aken off he gound and he amoun is fully Povided Advances o Gambia Maiime Adminisaion (GMA) his epesens expendiue incued in seing up he Gambia Maiime Adminisaion elaing o saff expenses and woking capial suppo following Govenmen diecives issued via he Depamen of Sae fo Woks and Communicaions in A oal of D26.9 million (2012 D36.8 million) has been povided as pa of he impaimen eview ove he yeas' 12.7.Advances o Fey Sevices hls epesens he invesmen made in he upgading of infasucue faciliies a he Fey sevices, consulancy sevices and consucion cos of new feies pocued, pocuemen of capial equipmen, and subsidising ohe opeaional expendiues of he Fey sevices' hese expendiues wee incued duing he peiod 1s July 2001 o dae, following a Gambia Govenmen diecive o manage he opeaions of he naional fey sevices. Ou of he oal advances amouning lo D739'4 million, a povision of D442.9 million has been made ove he yeas' Qaai Join Venue he join venue beween Govenmen of he Gambia and PEARL is o inves in lndusial, commecial and Agiculue pojecs and o idenify, build, own and manage Agiculue elaed pojecs' invesmens' including Rice pocessing plans and Feed mills' 13. ade and ohe PaYables Noes 31-Dec-13 ade payables Dividends payable Accuals Bank ovedaf lank loans 24,512 1,000 14,736 1,041 28, Dec-i2 D',000 13,065 1,0c0 13,O02 2,672 69, NNXUAL REPOR AND FNANCAL SAEMENS 2013 Page 19

20 14. Boowings ADB SSHFC loan o GPAJFeies Ecobank Damen Pilo Boa loan Dec , , Dec'12 D',O00 325, ,o00 1 0, , ,456 Less Due wihin 1 Yea Due afe moe han 'l Yea (42,000) (62,178) 455, Due afe moe han one Yea Loan epaymen schedule oal 1 yea D', yeas 5 yeas ol" moe D',O00 ADB SSHFC loan o GPAJFeies Ecobank Damen Pilo Boa Loan 372, ,000 22,000 20,000 88,000 80, ,236 25,O00 14.i.ADB cedi no. Gam/POR/94-19 (UA 16,000'000) A subsidiay loan ageemen was dawn on 19h Apil ''1996 beween he Govenmen of he Ganbia and he Gambia Pos Auhoiy fo he Dalasi equivalen of UA 16'000,000 unde he hid Banjul Po Pojec. Repaymen is ald22,000,000 pe annum payable semi-annually' 14.3, Ecobank Damen Pilo Boa Loan ln Januay 201 1, GPA signed a medium em loan of l.lmillion Euos wih Ecobank Gambia Ld o finance he acquislion of a pilo boa (LADY ZNEB). he funds wee disbused fom Ecobank o he supplie (Damen shipyad) in wo insallmens. he loan is epayable by GPA in 20 monhs effecive he fls dae of disbusemen and aacs an inees ae of 1 1%. he loan was fully epaid duing he yea' SSHFC loan o GPAJFeies A loan amouning o D150 million was obained fom SSHFC in May 2010 fo financing he acquisiion of new feies. As his loan was obained befoe he invesmen peiod' he mo;ey was invesed wih local banksinfixeddeposis.repaymenofheloancommencedinealy20l3. 4W,36 4', ,000 '?81'3 ANNUAL REPOR AND FNANCAL SAEMENS 2013 Page 20

21 Analysis of he baances of cash ae shown ln he balanco shee Cash a bank and in hand Fixed em deposi 31-Dsc-l3 218,430 55,806 D', ,225 48,521 ChangeB D',O00 106,205 7,29$ 274, ,7=46_ 113, Shae Capial No of shaes 31-Dec-13 D',000 D'O00 Auhoised A he beginning of he yea Odinay shaes a D10 each 1,634,200_ 16,342 16,342 A he end ofhe yea 1.634,200 16,342 16,342 A he end of he yea Owneship,'\ Januay 2013 Pofi fo he financial Yea ansfes A Decembe E.inings pe shae Basic eanings pe shae (Dalasi) Weighed aveage numbe of shaes Pofi fo he financial yea (Dalasis) 1.634,200 he Gambia Pos Auhoiy (GPA) is 100% owned by he Gambia Govenmen. 17. Saemen of movemen in eseves ANNUAL REPOR AND FNANCAL SAEMENS 2013 P&L eseve D',000 42,117 68,O24 (50,000) Revaluaion eseve 1,437,291 16,342 Geneal eseve 720,882 50,000 oal 2,200,29 68,024 6A141 1,437, ,882-2,268, Dec ,634,200 1,631,20_0_ 68,024,000 56,8',3,000 Pagc 21 lssued and fully paid No of shaes D',000 Odinay shaes a D''10 each 1,634,200 16,342 16,342

22 Eanings pe shae was aived a by dividing pofi afe ax wih he weighed aveage numbe of shaes Dividends he esuls of he company ae as deailed in he accompanying financial saemens. popo*ed dividend fo he yea was nil nil 19. Coningen Liabiliies Pending GpA cou cases ally cleks Associaion Vs Gambia Pos Auhoiy; No quanifiable amoun bu plainiffs ae claiming o be eniled o he same seveance benefi ealie paid o Dockwokes. 20. Relaed pay ansacions lncluded in elaed pay eceivables in noe 12.1 is a ne oal of D465.g million (2012 D437,6 million) elaing o advances made o elaed pay eniies which ae diecfly o indiecly owned and conolled by he Govenmen of he Gambia. 21. Ohe eceivables lncluded in ohe eceivables in noe 12 is a oal amoun of D5g.5 million (2012 D7g.6 million) which elaes o loans ganed o Public enepises namely Gambia Civil Aviaion Auhoiy DZb million; Gambia lnenaional Ai Lines D2.6 million ou of which GA claimed o have paid in 2o1z D1.6 million o he ask Foce Fund accoun se up by office of he Pesiden hus emaining Dl.0 million; office of he Pesiden DB.4 million; sshf/gallia Feies D3 million and MoFEu Gallia Feles D1g.5 million. D36 mi[ion of hese amouns have been povided o dae. ANNUAL REPOR AND FNANCAL SAEMENS 2013 Page 22

23 S upp eme nay n fomai on Cos of sales by caegoy lasuals.'/ages lvedime 3onus (dockwokes) Subsisence allowance iloage allowance uel -lbicans Soae pas l,lainenance maeial )ovision fo ohe eceivables )ovision fo ade eceivables Ad minisaion expenses aining Salaies elephone allowance Vehicle allowance House en allowance Residenial allowance Boad membe siing allowance Responsibiliy allowance Oveime allowance Qualificaion allowance Ohe allowances lnjuies compensaion Expense Pensions Eleciciy Wae Sewage Pains Mainenance labou Ohe epais & mainenance Saniay & cleaning mae Rags 31-Dec-13 D',000 1,149 2,157 13,375 6,103 2,564 1,888 36,473 5,458 24,425 7,307 88,069 7,167 D',O ,555 14,246 5,993 2, ,862 8,213 26,O29 11,741 55,694 29,334 *_199J!!_ 191,995 3{-Dec-f 3 18,283 37,144 2,082 8,234 3,543 9, ,8'14 4,746 1,954 1, ,764 9, {58 1B '134 1,239 1, ,473 35,524 1,149 4,827 3,324 4, ,566 4,162 1, ,506 8,496 1,254 4B 6'X ,277 5.J4 ANNUAL REPOR AND FNANCAL SAEMENS 2013 Page 23

24 J ifoms 3eveages Sundy consumables Smallools -elephone elex/elefax Posage Dining Compue saioney Ohe saioney Adveising & PubliciY - Peiodicals & publicaion P ocuemen handling chages avelling Eneainmen Donaions Medicals Subscipion & subvenion Mainenance conacs Sundy ohe expenses nepo co-opeaion Consulancy Legal Fees Audi Fees GPA fooball eam expense Raes Naional educaion levy Medical insuance Vehicle flee insuance Maine nsuance P & L lnsuance FielBuglay insuance Public liabiliy Ohe insuance anspo expenses - Fuel & Lubs Repai and Mainenance Ren LicenseslRoad ax Hied anspo Faes/Claims Ohe anspo expenses 4, , ,861 B4'l { ,707 1, , ,159 14,526 10,422 5,161 1, ,894 1, , , ,203 1,017 8,562 2, , ,868 1, ,420 1,615 1,Q ,433 1,686 36,294 e,067 1,505 5,079 6, , ,804 1, , ,675 1, ,458 BB7 1, , ,289 nf.'f.af- nepor AND FNANCAL SAEMENS 2013 Page 24

25 h e Cluiman's Saemen, am pleased o epo ha he Gambia Pos Auhoiy has ealised anohe success in pefomance fo he yea ended 31' Decembe 2013, achieving an annual Revenue of D147m. his epesens an incease of 18% in he Auhoiy's annual Revenue beu,een 2Ol2 (D633m) and 2013 (D733m). affic houghpu deceased fom 1.615,328onnes (201.2)o 1,590,070 onnes in2ol3 epesening a decease of 2Yu his is mainly as a esul of decease in expo of agiculual poducs such as imbe' soundnu, and lae sa of he sand (zicon) expo' hese houghpu flgues also eclude liquid bulk (peoleum poducs) of 232,473 onnes ha was handled by Gam Peoleum Limied a is soage faciliies a Mandinay' he Auhoiy coninues o mainain a dedicaed wok foce and a Managemen eam ha is esponsive and commied o poviding a high-level cusome sevice' As a muli-pupose po caeing fo conain eized, beak bulk, liquid and dy bulk as well as neo-bulk cagoes and eminal faciliies, he Po povides is cusomes wih accepable, expediious and value fo money sevices on a24 hou, all yea ound' he Gambia Pos Auhoiy, having ealized' he impoance of a well educaed' ained, skilled and healhy populaion, coninues o conibue emendously in he socio-economic developmen of he Gambia hough sponsoships poglammes and inevenions in he vial secos of he economy such as healh, educaion and agiculue. he po coninues o upgade and expand is faciliies and infasucue and o modenise is opeaions wih a view o enhancing is poduciviy even whee capaciy is consained by he non-implemenaion of mos of he Auhoiy's developmen pojecs due o he geneal squeeze in financing. On behalf of he Boad of Diecos, wish o hank he Managemen and Saff of he Gambia Pos Auhoiy fo an impovemen in po pefomance and fo meeing he Auhoiy's financial obligaions, especially o he Gambia Govenmen and inenaional financial insiuions. CHARMAN ANNUAL REPOR AND FNANCAL SAEMENS Page 25

26 he Managing Dieco's RePo he Po of Banjul seves as an eny and exi poin fo almos 80% of he couny's impo and expul ade. n esponding o he needs of ou cusomes' he Po is coninuously invesing in esouces boh human and capial as evidenced by boh long and sho em couses, local and oveseas couses especially a he lowe cade and also he pocuemen of cago handling equipmen and is associaed spae-pas' n ou dive o mee he ages of he Auhoiy's developmen objecives, he Gambia Pos Auhoiy' will coninue o endeavou o adhee o e ecommendaions of he Po Mase Plan updae (200s). n ode o addess some of he developmen challenges of he Po, he Auhoiy has a seies of upgading and ehabiliaion pojecs. he objecive is o impove he Po's opeaional sandads' cusome sevice delivey and o cae fo he pesen and anicipaed incease in cago houghpu and vessels in he yeas ahead' pusuan o impoving he po's opeaions and houghpu capaciy, aacing new shipping lines and impoving ships unaound ime, he Po also coninues o upgade is faciiiies and infasucue and he pocuemen of cago handling equipmen. o his end, he Auhoiy puchased one each sacke (in 2009) followed by ohes in 2010 a a oal cos of ove D45 million wihou ecouse o loans' n 20lZ also,he Auhoiy pocued wo each sackes, one empy conaine handle' fou ug mases and fou aco ailes a a oal cos of D63m' n a bid o enhance efficiency and poduciviy levels, he Managemen is also esponsive and commied o suppoing he geneal welfae of all membes of saff' he financial pefomance of he GPA in he yea unde eview has been saisfacoy' Despie he pefomance of he poducive base of ou economy' economic shocks including inceasing fuel pices, he fiece ine-po compeiion wihin he sub egion and he ends in he global ading envionmen, he Auhoiy's oveall financial posiion coninues o be sound and healhy' heauhoiyealisedaninceaseinrevenueby18%fomd633min20112o D747m in Revenue inceased o D747 '5m in 2ol3 fom D633 '4m in 2012 epesening an incea se of 2Yo.Also Goss Pofi inceased o D551'4m (2013) fom D441..4m (2}L2)epesening an incease of 25o/o' ANNUAL REPOR AND FNANCAL SAEMENS Page 26

27 \e pofi befbe ax inceased o D130.7m in 2ol3 fom D100'4m i2012 epesening an incease of 30%, whils Ne pofi afa'5- ax also inceased by 2O% om D56.8m in 2012 o D68.0m in2ol3, despie he incease in copoaion ax chages by 44%fom D43.6m in 2012 od62'7min20l3' houghpu declined fom 1,615,328 Meic 'fonnes in 2al2 o 1'590'070 Meic onnes duing he yea ended 3l' Decemb e 2ll3,epesening a deceas e of 2%u he impo affc, which consiues abou 79o/o of houghpu' is dominaed by adiional commodiies such as sugai, ice, flou, cemen and liquid bulk podcs' RoRo vessels also compise a significan pecenage of he impo figue Conaineised cago, which accouns fo appoximaely 68% of he yealy impo affic, has egiseed a ise by 1% when compaed o Duing he yea unde eview, EUS handled deceased fom72,637 (202) o 67,181(2013) indicaing an decease of '/o.he numbe of vessel cails inceased by lyo fom 364 in 2012 o 367 in Ne Regiseed onnage inceased by 3oYo fom 1,635,857 in 2012 o 2,130,170 in he Goss Regiseed onnage also inceased by 42oh fom 3,409,095 in 2012 o 4,830,766 in he above figues indicae a coninuing change in aveage vessel size and load faco Despie he advesiies in ohe opeaional vaiables ha ae beyond he Auhoiy's conol, he Po will sive o coninue o impove on is oveall pefomance especially in ship opeaions, cago houghpu, handling poduciviy and ship umaound ime. is pleasing o noe ha ou human esouces have conibued immensely owads he achievemen of he Auhoiy's success in he yea unde eview hough he ealisaion of ou copoae mission' ANNUAL REPOR AND FNANCAL SAEMENS Page 127