FINANCIAL SCHEDULES Moldova Energy Sector Reform and Efficiency Improvements Project

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1 Public Disclosure Authorized Energy Sector Reform and Efficiency Improvements (ESREI) Project Grant No. TF Public Disclosure Authorized Public Disclosure Authorized FINANCIAL SCHEDULES Moldova Energy Sector Reform and Efficiency Improvements Project financed under SIDA Contribution TF no as of and for the period from 1 January 2014 to 30 June 2015 Public Disclosure Authorized prepared in accordance with cash receipts and disbursements basis of accounting

2 For the period from I January 2014 to 30 June 2015 CONTENTS: Independent Auditors' Report Summary of Sources and Uses Funds by Category as of 30 June Uses Funds by Project Activities as of 30 June Designated Account Statement 5 Statement of Expenditure ("SoE") Withdrawal schedule for the year ended 30 6 June 2015 Explanatory Notes to the Financial Schedules of Moldova Energy Sector Reform and Efficiency Improvements Project as of and for the period from 1 7 January 2014 to 30 June 2015 gentru i(j(, I ~~ 0 2. DEC Z 0'o~ 0d

3 KPMG Moldova SRL Tel: +373 (22) /1 Stefan cel Mare Bd. Fax: +373 (22) th floor, MD Chisinau Moldova Independent Auditors' Report To: The Management of Moldova Energy Sector Reform and Efficiency Improvements Project Copy to: International Development Association ("IDA") We have audited the accompanying financial schedules of Moldova Energy Sector Reform and Efficiency Improvements Project, financed under Sida Contribution TF no which comprise the Summary of Sources and Uses Funds by Category, Uses Funds by Project Activities, Designated Account Statement and SOE Withdrawal schedule as at 30 June 2015 and for the period from 1 January 2014 to 30 June 2015 (together referred to as "the Project Financial Statements"). The Project Financial Statements have been prepared by the management using the cash receipts and disbursements basis of accounting described in Note 1 to the Project Financial Statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation of these Project Financial Statements in accordance with the cash receipts and disbursements basis of accounting described in explanatory notes to the Project Financial Statements as at 30 June 2015 and for the period from 1 January 2014 to 30 June 2015, for determining the acceptability of the basis of accounting, and for such internal control as management determines is necessary to enable the preparation of the Project Financial Statements that is free from material misstatement, whether due to fraud or error. Auditors'Responsibility Our responsibility is to express an opinion on the Project Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Project Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Project Financial Statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the Project Financial Statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation of the Project Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, if any, made by management, as well as evaluating the overall presentation of the Project Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Page 1 of KPMG Moldova SRL, a Moldovan limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ('KPMG International'), a Swiss entity. All rights reserved. IDNO:

4 Opinion In our opinion the Project Financial Statements as at 30 June 2015 and for the period from 1 January 2014 to 30 June 2015, have been prepared, in all material respects, in accordance with the cash receipts and disbursements basis of accounting described in Note 1 to Project Financial Statements. Basis ofaccounting and Restriction on Use and Distribution Without modifying our opinion, we draw attention to Note 1 to the Project Financial Statements as at 30 June 2015 and for the period from 1 January 2014 to 30 June 2015 which describes the basis of accounting. These Project Financial Statements are prepared solely for the purpose of complying with the terms of the Grant Agreement No. TF between the Ministry of Finance ("the Ministry") on one side and International Bank for Reconstruction and Development and the International Development Association (together "World Bank") acting as administrator of grant funds provided by Sweden and represented by the Swedish International Development Cooperation Agency ("Sida") under the Administration Agreement for the Swedish Trust Fund for the project, on the other side, signed on 29 June As a result, Project Financial Statements may not be suitable for another purpose. Our report is intended solely for the Management of Moldova Energy Sector Reform and Efficiency Improvements Project, World Bank, Sida and the Ministry. Our report should not be used by or distributed to other parties other than Management of Moldova Energy Sector Reform and Efficiency Improvements Project, World Bank, Sida and the Ministry. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Moldova Energy Sector Reform and Efficiency Improvements Project, for our audit work, for this report, or for the opinion we have formed. KPMG Moldova SRL Chisinau, Moldova 2 December 2015 Ref.: Page 2 of 2

5 1 Summary of Sources and Uses of Funds by Category as of 30 June 2015 Actual Period-To Date Cumulative To-date Opening cash balance(s): TF ,870 Local currency Account Amount in Designated Account 24,870 Sources of funds, including: 371,517 1,842,628 SOE Procedures 27, ,883 F Direct Payments 344,444 1,619,745 SA Advance payment 100,000 Closing cash balance(s): TF ,725 8,725 Local currency Account Amount in Designated Account 8,725 8,725 Uses of Funds, including : TF ,662 1,833,903 Goods (supply and installation) under Part 1 of the Project - 825,264 Consultants services 383, ,026 Operating costs 3,704 18,613 The financial statements and accompanying notes on pages 7-8 were signed and approved on behalf of the Project's management on 20 November Ms. Aurelia Samson Project Director 4t Ms. Ina Balan Project Accountant etu' 02. DEC _Cl o r id e 3

6 2 Uses Funds by Project Activities as of 30 June 2015 Actual Period-To Cumulative Date To-date Rehabilitation of the heating engineering system of the Center for Mother and Child - 825,264 Technical study to identify urgent priority rehabilitation and investments in Chisinau district heating system 110, ,086 Implementation Support for Corporate Restructuring of Termocom, CHP 1 and CHP 2 233, ,475 Project Management and Administration 43, ,078 jtotal 387,662 1,833,903 The financial statements and accompanying notes on pages 7-8 were signed and approved on behalf of the Project's management on 20 November 2015 b Ms. Aurelia Samson Project Director Ms. Ina Balan Project Accountant eru ido M 14 for idke

7 3 Designated Account Statement Grant No. TF Period ended 30 June 2015 EUR Opening balance, 1 January ,870 Add: Sources of funds 27,073 DA-24 15,768 DA-27 11,305 DA-29 DA-34 DA-36 Less: Uses of funds 43,218 DA-27 11,305 DA-29 12,737 DA-34 11,269 DA-36 7,907 Closing balance, 30 June ,725 The financial statements and accompanying notes on pages 7-8 were signed and approved on behalf of the Project's management on 20 November 2015 by- Ms. Aurelia Samson Project Director Ms. Balan Ina n1ru I Project Accountant 1 5 DEC. N5 _ Jfor ide \ 5

8 4 SOE Withdrawal Schedule Disbursement Category 1 W/D TN Goods Consultants services Operating costs Number Disbursement Category 2 W/D TN Goods Consultants services Operating costs Number DA-24 TN ,494 - DA-27 TN ,138 - DA-29 TN ,998 - DA-34 TN ,439 - DA-36 TN , ,008 - Disbursement Category 3 W/D TN Goods Consultants services Operating costs Number DA-24 TN ,274 DA-27 TN ,167 DA-29 TN DA-34 TN DA-36 TN ,978 The financial statements and accompanying notes on pages 7-8 were signed and approved on behalf of the Project's management on 20 November 2015 b Ms. Aurelia Samson Project Director tru id Ms. Balan Ina Project Accountant oo2 dforik 6

9 Explanatory Notes to the Financial Schedules of Moldova Energy Sector Reform and Efficiency Improvements Project as of and for the period from 1 January 2014 to 30 June BASIS OF ACCOUNTING These Project Financial Statements are prepared solely for the purpose of complying with the terms of the Financing Grant Agreement TF signed between the Republic of Moldova and International Bank for Reconstruction and Development and the International Development Association ("World Bank"), acting as administrator of grant funds provided by Sweden ("Donor"), represented by the Swedish International Development Cooperation Agency under the Administration Agreement for the Swedish Trust Fund for the Energy Sector Reform and Efficiency Improvements (ESREI) Project on 29 June The Project Financial Statements have been prepared in accordance with the basis of preparation and significant accounting policies described below. (a) Basis of preparation The Project Financial Statements have been prepared in accordance with the cash receipts and disbursements basis of accounting. On this basis sources of funds are recognized when received rather than when earned and funds used are recognized when paid rather than when incurred. The amounts are expressed in EUR and are prepared for the period from 1 January 2014 to 30 June (b) Exchange rates The Exchange rate used to convert the EUR amounts in MDL is the official exchange rate of National Bank of Moldova on the date of payment. (c) Designated Account (DA) The Designated Account, opened by the State Treasury in a commercial bank, is the account through which the replenishments are drawn. All payments for eligible expenses are made from this DA and if the payment is in local currency it is made through transitory account. (d) Transitory accounts The transitory accounts are held at State Treasury for the converted amount in MDL, since the payments within the country can be done only in the local currency (MDL). (e) Sources of funds The sources of funds are the amounts transferred by the World Bank, to the Designated Account of the Project. (f) Uses of funds tru / The uses of funds are the amounts spent for covering eligible expenditures for the needs of the Project. 0 O2.DEC Cfor io 7

10 2. EVENTS SUBSEQUENT TO 30 JUNE 2015 Subsequent to 30 June 2015 till the date of this Project Financial Statements, Moldova Energy Sector Reform and Efficiency Improvements Project has performed the following payments: (a) Return of unused balance from DA to World Bank account amounting to EUR 8,725. The payment was performed on 26 August 2015; (b) Direct payments made by World Bank as specified below: ii. iii. i. EUR 12,000 dated 8 September 2015 made to "PWC" SRL according to invoice number BUH dated 17 December 2014 for consulting services; EUR 24,300 dated 20 November 2015 made to "PWC" SRL according to invoice number BUH dated 10 June 2015 for consulting services; EUR 2,100 dated 13 November 2015 made to "KPMG Moldova" SRL according to invoice number 120/15 dated 29 October 2015 for audit services. I8.11tru iey 02. DEC ~~~r ide~

GOVERNANCE e-transformation PROJECT

Public Disclosure Authorized Public Disclosure Authorized GOVERNANCE e-transformation PROJECT IDA CREDIT NO. 5000-MD Public Disclosure Authorized Public Disclosure Authorized CONTENTS: Independent Auditors'