Report on the Consolidated Project Financial Statements of the IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Financed by: - IDA Credit No. 5098 - BA For the year ended 31 December 2018 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina CONTENTS 1 Introduction 1 2 independent Auditor's Report 3 3 Consolidated project financial statements for the year 2018 5 4 Notes to the consolidated project financial statements 10 APPENDICES A.1 Designated account statement - IDA Credit No. 5098 - BA (FB&H) 12 A.2 Designated account statement - IDA Credit No. 5098 - BA (RS) 13 A.3 Local bank account - Government contribution (FB&H) 14 A.4 Local bank account - Government contribution (RS) 15 A.5 Petty Cash Statement (FB&H) 16 B SoE Withdrawal Schedule of IDA Credit No. 5098 - BA 17 C Reconciliation between World Bank's disbursement statements in XDR and IDA Credit 18 account in EUR according to the balance sheet; SoE Withdrawal Schedule of IDA Credit No. 5098 - BA IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina 1. Introduction 1.1 Objectives of the Project The Project objective of the Irrigation Development Project (the "Project") is to improve the performance of the irrigation systems and the irrigation institutions to support agricultural producers in the project areas. The Project objective would be achieved through: (i) rehabilitating irrigation and drainage infrastructure, including construction, reconstruction, upgrading, and modernization, on existing agricultural land; (ii) introduction of new technologies in irrigated agriculture; and (iii) institutional development, strengthening of water resources management institutions and introducing a participatory approach to water management. The Project would support better water resources planning and management for sustainable use of the water resources in irrigation and drainage, mitigation of the impact of droughts and floods, and in general preparing more suitable adaptation strategies that can also cope with climate change. 1.2 Components and activities of the Project The Project is comprised of the following three components: Component 1: Infrastructure Investment The main activities include rehabilitation with some construction, reconstruction, upgrading and modernization and also the introduction of new technologies that promote water use efficiency such as drip irrigation and low-pressure sprinklers. This component will finance the implementation of irrigation and drainage infrastructure rehabilitation of about 12-13 subprojects, of which 6 each located in Republika Srpska ("RS") and the Federation of Bosnia and Herzegovina ("FB&H"). The subprojects are selected from the long-lists of potential sub-projects that were prepared by the two Ministries. In FB&H this was based notably on proposals submitted by the cantons. The sub- projects are all located in existing agricultural land that in the past has been supplied with irrigation on existing agricultural lands. The Project will be implemented in three phases. Phase I will comprise about 4 schemes - Mostarsko polje, tiroki Brijeg and Gora2de in FB&H, and Novo Selo, Bijeljina and Pelagicevo in RS, that would be completely prepared, in order to start the works during the first year of the project. About 9 additional sub-projects will be in different stages of readiness by effectiveness and will be grouped into Phases 2 and 3. This component will fund the Phases 2 and 3 sub-projects preparation, as well as for their subsequent implementation. Component 2: Irrigation Modernization This component includes strengthening the capacity of Ministries, the Water Agencies, Irrigation Extension services in FB&H and RS including participating municipalities and cantons, in addressing new sector policies, establishing and facilitating the capacity of WUAs, oversight and maintenance arrangements for the introduced infrastructure and facilities, the fee determination, fee collection and management, sub-project level equipment for demonstrating water-monitoring good practices, and related water resources and irrigation management. IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina 1. Introduction (continued) 1.2 Components and activities of the Project (continued) This Component includes 3 main Subcomponents: (i) Subcomponent (2a) Agency-level Strengthening: these subcomponents will support the: (i) Development of the regulatory framework for operating irrigation schemes (tariff methodology, benchmarking of financial and technical performance, etc.) and (ii) Support the preparation of future irrigation strategies for the Entities. This sub-component would also support establishing a Technical Working Group comprising representatives of both Entities to enhance the learning from experiences across the country and help improve policy coordination. (ii) Subcomponent (2b) Farm-level Irrigation Advisory Service (IAS) and Modernization: This subcomponent would finance: (i) Strengthening the knowledge of the Entities field- level advisors on IAS, train WUAs on Operations and Maintenance, including on water quality and environmental aspects of irrigation and drainage); (ii) support on-farm demonstrations of water-saving good practices and (iii) finance on-farm water- management equipment for each Subproject serving no less than 1,000 ha (soil-moisture monitoring kits, water-flow meters, etc. (iii) Subcomponent (2c) On-demand training: This will finance demand-driven training for WUAs, related to improved agricultural technologies and practices and linking to markets. Component 3: Project Implementation Support This would cover costs of project management/PU, including Monitoring and Evaluation, safeguards (EMPs), audits, MIS, procurement and FM training, office and mobile equipment, and baseline and (final) impact assessment surveys. 1.3 Financing of the Project 1.3.1 IDA Credit No. 5098-BA The State of Bosnia and Herzegovina ("B&H") is the borrower of the International Development Association (IDA) Credit No. 5098-BA amounting to the equivalent of XDR 25,800,000. Under the terms of a subsidiary finance agreement between B&H and FB&H and RS, funds of the equivalent of XDR 12,578,000 have been lent to FB&H and funds of the equivalent of XDR 13,222,000 have been lent to RS. Categories of cost items to be financed out of the proceeds of the Credit, the allocation of the amounts of the Credit to each category and the percentage of expenditure for cost items so to be financed in each category are as follows: Amount of the Item Credit allocated % of expenditure (in XDR) to be financed (in XDR) (1) Goods, works, non-consulting services, consulting services, training and incremental operating costs for Part A of the Project 12,578,000 85% (2) Goods, works, non-consulting services, consulting services, training and incremental operating costs for Part B of the Project 13,222,000 85% Total 25,800,000 IDA Credit No. 5098-BA became effective on 29 March 2013. Planned closing date was 31 December 2017. Another amendment to the Financing Agreement Credit 5098-BA was signed on 29 June 2017 (to extend the Closing Date until 30 November 2019). 2 bakertilly Baker Tilly Re Opinion d.o.o. Grbavidka 4 71000 Sarajevo Bosna i Hercegovina T: +387 (0) 33 552 150 F: +387 (0) 33 552 152 info@bakertilly.ba Independent Auditor's Report www.bakertilly.ba To the State of Bosnia and Herzegovina, Ministry of Finance and Treasury Attn. of Minister of Finance and Treasury H.E. Mr. Vjekoslav Bevanda Report on the Consolidated Project Financial Statements Opinion We have audited the accompanying consolidated project financial statements of the Irrigation Development Project (the "Project"), which comprise of Summary of sources and uses of funds, Balance sheet, Designated account, local bank account and petty cash statement, Statements of Credit withdrawals as of and for the year ended 31 December 2018, and a summary of significant accounting policies and other explanatory notes for the year then ended, financed under IDA Credit No. 5098-BA. In our opinion, the accompanying consolidated project financial statements present fairly, in all material aspects, the financial position of the Project as of 31 December 2018, and of the funds received and disbursed during the year then ended, in accordance with the cash basis of accounting based on International Public Sector Accounting Standard ("IPSAS"), as described in Note 4.1. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and "Guidelines: Annual Financial Reporting and Auditing for World Bank-Financed Activities" issued by FMSB. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Ministry of Finance and Treasury in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Consolidated Project Financial Statements The management of project implementation unit in FB&H and project coordination unit in RS are responsible for the preparation of separate project financial statements in accordance with the cash basis of accounting based on IPSAS, as described in Note 4.1., Guidelines: Annual Financial Reporting and Auditing for World Bank-Financed Activities, and for such internal control as management determines is necessary to enable the preparation of separate project financial statements that are free from material misstatement, whether due to fraud or error. In preparing the separate financial statements, management is responsible for assessing the Project's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Project or to cease operations or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the financial reporting process. These consolidated financial statements are sum of separate project financial statements. 3 JIB: 4200960550009 - PDV: 200960550009 - Raiffeisen Bank d.d. BiH: 1610000045270008 Baker Tilly Re Opinion d.o.o. trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Responsibilities for the Audit of Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated project financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise 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 taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the consolidated project financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit 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 Project's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Project to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the consolidated project financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on other requirements In addition, with respect to the Statement of Expenditure, adequate supporting documentation has been maintained to support claims to the World Bank for reimbursements of expenditure incurred; and all expenditure included in withdrawal applications and reimbursed against are eligible for financing under the project. Signed n al f Baker Tilly Re Opinion d.o.o. vo O1 ZAy Nihad Fi r r and Certified Audito At Ema Sinanovid, Certified Auditor BKR TILLY iE OPINION Sarajevo, 30 May 2019 4 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) 3. Consolidated project financial statements for the year 2018 3.1. Summary of sources and uses of funds under IDA Credit No. 5098 - BA, Government Contribution Actual Cumulative Cumulative Cumulative Cumulative Ref. 2018 2018 2017 budget variance FINANCING IDA Credit No. 5098 - BA 3.1.1 3,500,376 16,290,993 12,790,617 29,670,653 13,379,660 Government contribution 3.1.2 974,985 3,407,901 2,432,916 5,236,002 1,828,101 Other income 3.1.3 112 702 590 - (702) TOTAL FINANCING 3.2 4,475,473 19,699,596 15,224,123 34,906,655 15,207,059 PROJECT EXPENDITURE By Category Goods, works, non- consulting services, consulting services, training and incremental operating costs for Part A of the Project 408,094 5,195,778 4,787,684 16,749,897 11,554,119 Goods, works, non- consulting services, consulting services, training and incremental operating costs for Part B of the Project 4,439,498 12,170,706 7,731,208 18,156,758 5,986,052 TOTAL EXPENDITURE 3.2 4,847,592 17,366,484 12,518,892 34,906,655 17,540,171 PROJECT EXPENDITURE By Component Infrastructure Investment 4,370,489 15,548,014 11,177,525 29,505,195 13,957,181 Irrigation Modernization 261,848 1,057,875 796,027 3,785,232 2,727,357 Project implementation support 215,255 760,595 545,340 1,616,228 855,633 TOTAL EXPENDITURE 3.2 4,847,592 17,366,484 12,518,892 34,906,655 17,540,171 5 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) 3. Consolidated Project financial statements for the year 2018 (continued) 3.1.1 Summary of sources and uses of funds under the IDA Credit No. 5098 - BA Actual Cumulative Cumulative Cumulative Cumulative Ref. 2018 2018 2017 budget variance FINANCING IDA Credit No. 5098-BA 29,670,653 Initial deposit - 2,500,000 2,500,000 Direct payments 464,413 2,777,153 2,312,740 SoE replenishments 3,035,963 11,013,840 7,977,877 TOTAL FINANCING 3.1 3,500,376 16,290,993 12,790,617 29,670,653 13,379,660 PROJECT EXPENDITURE By Category Goods, works, non- consulting services, consulting services, training 346,879 4,416,409 4,069,530 14,237,409 9,821,000 and incremental operating costs for Part A of the Project Goods, works, non- consulting services, consulting services, training and incremental operating costs for Part B of the Project 3,773,573 10,345,099 6,571,526 15,433,244 5,088,145 TOTAL EXPENDITURE 3.2 4,120,452 14,761,508 10,641,056 29,670,653 14,909,145 6 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otheiwise stated) 3. Consolidated project financial statements for the year 2018 (continued) 3.1.2 Summary of sources and uses of funds under the Government contribution Actual Cumulative Cumulative Cumulative Cumulative Ref. 2018 2018 2017 budget variance FINANCING Government contribution 5,236,002 Government contribution 944,379 2,770,412 1,826,033 VAT return 30,606 637,489 606,883 TOTAL FINANCING 3.1 974,985 3,407,901 2,432,916 5,236,002 1,828,101 PROJECT EXPENDITURE By Category Goods, works, non- consulting services, consulting services, training and incremental operating costs for Part A of the Project 61,215 779,369 718,154 2,512,488 1,733,119 Goods, works, non- consulting services, consulting services, training and incremental operating costs for Part B of the Project 665,925 1,825,607 1,159,682 2,723,514 897,907 TOTAL EXPENDITURE 3.2 727,140 2,604,976 1,877,836 5,236,002 2,631,026 7 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) 3. Consolidated project financial statements for the year 2018 (continued) 3.1.3 Summary of sources and uses of funds under Other income (FB&H only) Actual Cumulative Cumulative Cumulative Cumulative Ref. 2018 2018 2017 budget variance FINANCING Other income Interest - Government 10 370 360 Tender documentation sold 102 332 230 TOTAL FINANCING 3.1 112 702 590 - (702) PROJECT EXPENDITURE By Categoty TOTAL EXPENDITURE 3.2 - - - - 8 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) 3. Consolidated project financial statements for the year 2018 (continued) 3.2 Balance sheet as of 31 December 2018 showing accumulated funds of the Project and bank balances concerning World Bank funding 31 December 31 December Ref. 2018 2017 ASSETS Project expenditure under IDA Credit No. 5098-BA 3.1.1 14,761,508 10,641,056 Project expenditure under Government contribution 3.1.2 2,604,976 1,877,836 17,366,484 12,518,892 Designated account - IDA Credit No. 5098-BA (FB&H) A.1 1,096,147 1,040,661 Designated account - IDA Credit No. 5098-BA (RS) A.2 473,864 1,189,873 Local bank account - Government contribution (FB&H) A.3 145,101 135,062 Local bank account - Government contribution (RS) A.4 617,671 339,217 Patty cash (FB&H) A.5 329 418 2,333,112 2,705,231 Total assets 19,699,596 15,224,123 LIABILITIES IDA Credit No. 5098-BA C.1 16,290,993 12,790,617 Government contribution 3.1.2 3,407,901 2,432,916 Other income 3.1.3 702 590 Total liabilities 19,699,596 15,224,123 9 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) 4. Notes to the consolidated project financial statements 4.1 Basis of preparation and accounting records These consolidated project financial statements have been prepared on the cash basis of accounting based on International Public Sector Accounting Standards issued by the Public Sector Committee of the International Federation of Accountants, and incorporate the accounting policies below, which have been consistently followed in all material respects and comply with the "Guidelines: Annual Financial Reporting and Auditing for World Bank - Financed Activities", issued by the Financial Management Sector Board. 4.2 Accounting policies The Project's fiscal year is 1 January to 31 December for the recording of all transactions. Cash basis of accounting All receipts and expenses under IDA Credit are recorded on actual receipt and payment basis of accounting as per approved categories. Project expenditure is stated at original cost on the balance sheet. Direct payments Direct payments concern the amounts paid directly from the Credit account of the World Bank. Statement of Expenditure (SoE) Statements of Expenditure are used to state the expenditure under IDA Credit during a certain period. These statements are sent to the World Bank's disbursement specialist who authorises the payment of the expenditure through the Designated account. Currency conversions The reporting currency is EUR. Sources and use of funds (payments to suppliers and contractors) in currencies other than EUR have been converted to EUR using the currency rate at the moment of the transaction. Bank balances, recorded on the balance sheet at year - end, have been converted at year-end rate. Designated account This is the total amount of the withdrawals from the Credit account for the Project. The Credit account is in XDR. Local bank account This concerns bank account at local bank (other than Designated account) in local currency translated at the exchange rate at the date of the balance sheet. 10 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) 4. Notes to the consolidated project financial statements (continued) 4.2 Accounting policies (continued) Interest on Designated account Interest earned on the Designated account belongs to the Borrower. Interest on local bank account Interest earned on the local bank account used for the other income is treated as additional source of financing of the Project. 11 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) APPENDIX A.1 DESIGNATED ACCOUNT STATEMENT Account owned by: Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: 555 11010 10450806 Depository Bank: Nova banka a.d. Banja Luka Address: KraIja Alfonsa XIII 37 a, Banja Luka Related Credit: IDA Credit No. 5098-BA Currency: EUR Ref. EUR Opening balance 1 January 2018 3.2 1,040,661 Add: World Bank replenishments B 442,812 1,483,473 Deduct: Payments to suppliers - Expenditure under IDA Credit 292,647 Transfer to local account 94,679 387,326 Ending balance 31 December 2018 3.2 1,096,147 12 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) APPENDIX A.2 DESIGNATED ACCOUNT STATEMENT Account owned by: Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: 5551101010451097 Depository Bank: Nova banka a.d. Banja Luka Address: Kralja Alfonsa XIII 37 a, Banja Luka Related Credit: IDA Credit No. 5098 - BA Currency: EUR Ref. EUR Opening balance 1 January 2018 3.2 1,189,873 Add: World Bank replenishments B 2,593,151 2,593,151 Deduct: 3,309,160 Payments to suppliers - Expenditure under IDA Credit 3,309,160 Ending balance 31 December 2018 3.2 473,864 13 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) APPENDIX A.3 LOCAL BANK ACCOUNT STATEMENT Account owned by: Ministry of Agriculture, Water Management and Forestry of FB&H Account No.: 3387202238028138 Depository Bank: UniCredit Bank d.d Address: Kardinala Stepinca b.b., Mostar Related Credit: Government contribution Currency: BAM Ref. BAM EUR Opening balance 1 January 2018 3.2 264,159 135,062 Add: VAT returns (considered as Government contribution) 59,860 30,606 Transfer from Designated account 185,177 94,679 Tender documentation sold 200 102 Interest 19 10 509,415 260,459 Deduct: Payments to suppliers - Expenditure under Government 220,122 112,546 Transfer to patty cash 5,500 2,812 225,622 115,358 Ending balance 31 December 2018 3.2 283,793 145,101 14 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) APPENDIX A.4 LOCAL BANK ACCOUNT STATEMENT Account owned by: Ministry of Agriculture, Water Management and Forestry of RS Account No.: 5551000008813485 Depository Bank: Nova banka a.d Address: Kralja Alfonsa XIll 37 A, Banja Luka Related Credit: Government contribution Currency: BAM Ref. BAM EUR Opening balance 1 January 2018 3.2 663,451 339,217 Add: Contribution from Municipalities 897,712 458,993 Contribution from Government of RS 949,254 485,346 Tender documentation sold 78 40 1,847,044 944,379 Deduct: Payments to suppliers - Expenditure under Government 1,302,436 665,925 1,302,436 665,925 Ending balance 31 December 2018 3.2. 1,208,059 617,671 15 IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) APPENDIX A.5 PETTY CASH STATEMENT Address: PIU; Sarajevo Related Credit: Government contribution Currency: BAM Ref. BAM EUR Opening balance 1 January 2018 3.2 818 418 Add: Transfer from Local account 5,500 2,812 6,318 3,230 Deduct: Payments to suppliers - Expenditure under Government 5,674 2,901 5,674 2,901 Ending balance 31 December 2018 3.2 644 329 16 ti г �-о i. 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Q Q а с� с� с� � � с� � с> сэ v_ с� с� с� с� с.� _ � �Q Q Q n. .ь О i�].QC�1ta1f�1C�1i�2L�1f�1C�2L�2C�1L�1[а10 О и Q�� в aa�aaQaaQQaaaaaQa��a � � � IRRIGATION DEVELOPMENT PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Consolidated project financial statements for the year ended 31 December 2018 (all amounts in EUR, unless otherwise stated) APPENDIX C Reconciliation between World Bank's disbursement statements in XDR and IDA Credit account in EUR according to the consolidated balance sheet as at 31 December 2018; SoE Withdrawal Schedule of IDA Credit No. 5098-BA Changesin Exchange Changesin IDA Credit rate used IDA Credit (in XDR) (in EUR) Original amount 25,800,000 29,670,653 Disbursed in previous periods 10,784,465 12,790,617 Withdrawal 11 (RS) 305,952 1.209268 369,978 Withdrawal 12 (RS) 335,254 1.212359 406,448 Withdrawal 13 (IRS) 289,755 1.197519 346,987 Withdrawal 14 (RS) 479,735 1.219421 584,999 Withdrawal 15 (IRS) 385,668 1.204180 464,413 Withdrawal 16 (IRS) 298,487 1.199452 358,021 Withdrawal 17 (RS) 434,240 1.212964 526,718 Withdrawal 17 (FB&H) 203,884 1,178678 240,314 Withdrawal 18 (FB&H) 26,492 1.211248 32,089 Withdrawal 19 (FB&H) - - - Withdrawal 20 (FB&H) 93,518 1.213706 113,504 Withdrawal 21 (FB&H) 46,715 1.218121 56,905 Total disbursed in 2018 2,899,700 3,500,376 Cumulative disbursements as of 31 December 2018 13,684,165 16,290,993_ Calculated undisbursed balance as of 31 December 2018 12,115,835 13,379,660 Undisbursed balance as per World Bank Summary for December 2018 12,115,835 1.215921 14,731,901 Potential exchange rate gain 1,352,241 18