Special purpose financial statements of the "Road Upgrading and Modernization Project" # for the year ended 31 December 2012
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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Special purpose financial statements of the "Road Upgrading and Modernization Project" # for the year ended 31 December 2012 Public Disclosure Authorized
2 Contents: INDEPENDENT AUDITORS' REPORT ON SPECIAL PURPOSE FINANCIAL STATEMENTS 3 FINANCIAL STETEMENTS OF THE PROJECT "ROAD UPGRADING AND MODERNIZATION PROJECT" # PROJECT SOURCES AND USES OF FUNDS STATEMENT FOR THE YEAR ENDED 31 DECEMBER DESIGNATED ACCOUNT STATEMENT 6 TRANSIT ACCOUNT STATEMENT 7 USES OF FUNDS STATEMENT 8 NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 11 WORLD BANK AUDIT DOCUMENTATION CHECKLIST 14 2
3 KPMG, Limited liability company 5 Dimitrova str. Office Minsk. Belarus Telephone Fax Mob Internet Independent Auditors' Report on Special Purpose Financial Statements To: Mrs. V.S. Grechishkina Chief accountant RUE "Minskavtodor-Center" Minsk 37 Kalvariiskaya str. In accordance with Contract No dated 21 January 2013 we have audited the accompanying special purpose financial statements of the "Road Upgrading and Modernization Project" # (hereinafter- Project) prepared by RUE "Minskavtodor-Center" (hereinafter- the Company) for the year ended 31 December 2012 as set on pages from 5 to 13. Management's Responsibility for the Special Purpose Financial Statements The Management of the Company is responsible for the preparation and fair presentation of these special purpose financial statements, which have been prepared on the cash basis accounting and in accordance with the relevant guidance of the World Bank, as well as for such internal control as management determines necessary to enable the preparation of special purpose financial statements that are free from material misstatement, whether due to fraud or error. These special purpose financial statements have been prepared solely to enable a reporting to the World Bank. Auditors' Responsibility Our responsibility is to express an opinion on these special purpose financial statements based on our audit. We conducted our audit in accordance with Terms of Reference for the audit of the Grant and International Standards on Auditing. Those standards and respective requirements require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the special purpose financial statements are prepared in accordance with the requirements of the accounting system of the project. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the special purpose financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the special purpose financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and presentation of the special purpose 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 Company's internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management of the Company, as well as evaluating the overall presentation of the special purpose financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. KPMG. a Limited liability company and a member firm of the KPMG network of rndependent menter firms ahiliated wrth KPMG International Cooperative I KPMG International I. a Swiss entity. Registered in Belarus Registered ohice: 5 Dimotrova st<. ohice Minsk. Belarus
4 Opinion In our opinion, these special purpose financial statements of the "Road Upgrading and Modernization Project" #79710 as at 31 December 2012 and for the year then ended have been prepared in all material respects on the cash basis accounting and in conformity with the relevant guidance of the World Bank. Other Matter - Restriction on [/.<{e This report is prepared solely for the use of the management of RUE "Minskavtodor-Center", the World Bank and should not be used by (or distributed to) other parties. Edgan:; Vobkb Deputy Director KPMGLLC Minsk 21 June 2013
5 FINANCIAL STETEMENTS OF THE PROJECT "Road Upgrading and Modernization Project" #79710 Project Sources and Uses of Funds statement for the year ended 31 December 2012 () Opening Cash Balances Actual For the year ended 31 Cumulative total December 2012 amount Total funds Designated account -IBRD loan Transit account - IBRD loan 20,26 Other accounts, if used 1119,04 Sources of funds: IBRD -loan , ,73 Other Total Financing: , ,73 Less: Expenditures by Components: Component 1 : Road upgrading , , ,00 Component 2: Modernization of the Road , , ,00 Tolling System Component 3: Road Sector Institutional Support , , ,00 Front-end fee , ,00 Total exeenditures: , , ,00 Closing Cash Balances Designated account - - IBRD loan ,44 Transit account - IBRD loan 8 197,92 The notes on pages from 11 to 13 form an integral part of the financial statements. 5
6 Designated Account Statement For the year ended 31 December 2012 () Bank where the designated account was opened LoanN!! Currency OJSC "Belinvestbank" Account# OPENING BALANCE IBRD advance during the period TOTAL FUNDS RECEIVED Deductions: costs Amount of eligible expenditures paid during the reporting period Amount of funds transferred to the transit account Service. charges TOTAL COSTS BALANCE AS AT THE REPORTING PERIOD END 1 098, , , , ,44 591, The notes on pages from 11 to 13 form an integral part of the financial statements. 6
7 Transit Account statement For the year ended 31 December 2012 Bank where the transit account was opened LoanN!! Currency OPENING BALANCE Advance from DA during the period TOTAL FUNDS RECEIVED Deductions: costs Amount of eligible expenditures paid during the present period Interest accrued Service charges TOTAL COSTS BALANCE AS AT THE REPORTING PERIOD END OJSC "Belinvestbank" , , , ,21 (2 778,17) 5 372, The notes on pages from 11 to 13 form an integral part of the financial statements. 7
8 Uses of Funds Statement For the year ended 31 December 2012 () Project Component/Subcomponent/ Activity Component I: Road Upgrading Actual () 1.1 Contract TODJNI RUMP/ICB / , Contract TODINI RUMP/ICB /2 I I , Contract TODINI RUMRIICB /3 II ,57 I.4 Contract TODINI RUMPIICB , Bank commission 3 153,73 For the period Actual (Contract currency) , II ,42 Cumulative total amount Actual () Actual (Contract currency) ,48 I , , , , , ,73 Unpaid amount of contrac:t Total Contract price Contract currency , , , I , , n5, , , , Total Component , , , , I,48 8
9 Unpaid amount of contract Project CompoAcnt/Subcomponent/Actlvlty For the period Cumulative total amouat Total Coatract price Contract Actual (Contract Actual (Contract currency Actual () currenc~) Actual () currency) Component 2: Modernization of Road Tolling System 2.1 ZIERL () Stage I No. w/n dated II 56070, , , , , , ZIERL () Stage I No. w/n dated , , ,Q , ,00 800, Bank commission ,75 Total Component 2 Component 3: Road Sector Institutional Support , , , , , , , , , , LOUIS Berger No. w/n dated , , , , , , Human Systems No. 59 dated I 909, ,00 I 909, , , KPMG (audit 20 II) No. 05/03112 dated , , , Travel expenses l 026, ,00 I 026, , TRL Ltd No.I dated , , , , Bank commission 24,82 24,82 Total Componcat , , , , , , , , ,00 lis 036,54 9
10 Project component For the period Actual (Contract Actual () currency) Cumulative total amount Actual () Actual (Contract currency) Total Contract price Unpaid amount ofcontract Contract currency Compoacnt 4: Front-end fee 4.1 Front-end fee , ,00 Total CompGnent , ,00 Total Project Expenditures , , ,24 The notes on pages from 11 to 13 form an integral part of the financial statements. 10
11 Notes to the special purpose financial statements For the year ended 31 December 2012 () Project information The objective of the Project is to reduce transport costs for road users in Belarus on the upgraded sections of the M-5 road and introduce electronic tolling system in the Republic of Belarus as an efficient cost recovery mechanism. Project components: Component A. Road upgrading The reconstruction of the existing two (2) lanes of a section of the M-5 road and construction of 2 (two) additional lanes on the same M-5 road section, including construction of six (6) two-level interchanges, seven (7) overpasses, four (4) new bridges, and two (2) pedestrian underpasses. Component B. Modernization of road tolling system The purchase and installation of a modern electronic road tolling system based on microwave technology on a 109 km section (from km 22 to km 131) of the M-5 Road between Minsk and Bobrujsk, including supply of equipment such as (i) on-road tolling equipment, (ii) specialized vehicles and equipment for control purposes, (iii) a centralized data processing center, (iv) software and computers, and (v) on-board devices for vehicles. Component C. Technical assistance and capacity buildin~ Strengthening of the institutional capacity of road sector institutions of the Borrower by providing technical assistance and training, including (i) training on the new electronic tolling system; (ii) support to Belgiprodor for updating its economic evaluation tools for road projects, including training on HDM4 and procurement of software licenses; (iii) support to improve the capacity of local institutions involved in supervision of road works at a level to carry out supervision under FIDIC rules; (iv) technical assistance to "Belavtodor" in carrying out benchmarking and harmonization of Belarusian road construction, repair and maintenance standards and expenditure levels against and in accordance with European and international standards; (v) support for carrying out the Project audits; and (vi) other minor Project-related technical assistance, training and/or goods to support capacity building and Government institutions in the road sector. 11
12 Notes to the special purpose financial statements For the year ended 31 December 2012 () Accounting policies Basis of preparation The special purpose financial statements have heen prepared on a cash basis accounting and meet the guidance of the World Bank. Accounting policies were applied consistently throughout the reporting period of the Loan use. The accounting data of RUE "Minskavtodor-Center" form the basis for the financial statements preparation. Accounting records on the Project's transactions were kept aside from the accounting records for funds received from other sources of funding of the RUE "Minskavtodor-Center" Reporting period This report covers the period of use of the Loan funds for the year ended 31 December Curre11cy of the fin alicia/ statements U.S. dollar is the currency of the fmancial statements in accordance with the requirements of the World Bank. Payments made in rubles are presented in the financial statements in U.S. dollars at the actual exchange rate. Funds of the project financed by the World Bank Project funds were provided by the World Bank at requests signed by the authorized representative of RUE "Minskavtodor-Center". In the reporting period funding was provided through the replenishment of the designated account of the project, opened in "Belinvestbank", as well as by direct payments. Project accounts Project accounts are opened in the "Belinvestbank" which meets the requirements of the World Bank. A Designated foreign currency account of the project Designated foreign currency account of the project# is opened in. E. Transit foreign currency account of the project Transit foreign currency account ofthe project is opened in. Determination of proceeds and expenses Project management group maintains its records and prepares its financial statements on cash basis accounting. Cash receipts are recorded when obtained from the World Bani<. Expenses are recorded at the date of withdrawal of funds from the project accounts. The following table shows the Categories of components to be funded under the Loan, Loan allocations for each Category and the percentage of costs of components, which will be financed in each Category: 12
13 Notes to the special purpose financial statements For the year ended 31 December 2012 () Cateeory Amount of the Loan funds (in ) Percentage of costs to be funded (net of taxes) (1) Goods, works, ,00 consulting services (2) Front-end fee , % The amount payable under the provisions of Section 2.03 of Loan Agreement pursuant to Section 2.07 (b) of General Terms TOTAL ISO ,00 13
14 World Bank Audit Documentation Checklist Name of Loan/Credit: World Bank Loan/Credit # Auditors' Report: 21 June 2013 Check if Included Check if N/A It Auditors' Report (Opinion): A. Applicable accounting standards noted B. Applicable auditing standards noted ~..-_x_---'1.._ 1.. x_.._.lll.. )II. C. Opinion rendered on all forms of withdrawals: 1. Statement of Expenditures for the year ended 31 December Designated account D. All sources of financing for the project are noted Special purpose financial statements: A. Revenue Earning Entity (all items are to be filledin): 1. Balance sheet 2. Cash Flow Statement 3. Income Statement B. Non-Revenue Earning Entity (all items are to be filled-in): 1. Balance sheet 2. Statement on use of funds by Project components C. If applicable (refer to Loan Agreement): 1. Statement of Expenditure for the year ended 31 December Statement on use of designated account X X X ID II II )III. Notes to the special purpose financial statements Reconciliation between World Bank records and ll.. _ x.ll., x]cj ~lv_. M_a_n_a=ge~m_e~n~t_L~e~tte~r ~I I~ X ~l l~----~ 14
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