ROYAL GOVERNMENT OF CAMBODIA MINISTRY OF PUBLIC WORKS AND TRANSPORT Road Asset Management Project II Credit No. 5789-KH and 6279-KH Financial Statements for the year ended 31 December 2019 and Report of the Independent Auditors Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Contents Page 1. Statement by the Project management 1 2. Report of the independent auditors 2 3. Statement of financial position 5 4. Statement of sources of funds and expenditures 6 5. Statement of designated accounts 7 6. Notes to the financial statements 8 KINGDOM OF CAMBODI NATION RELIGION K NG Statement by the Project management We do hereby state that in our opinion: (a) The accompanying financial statements, which comprise the statement of financial position as at 31 December 2019, the statement of sources of funds and expenditures, and the statement of designated accounts for the year then ended and notes as set out on pages 5 to 24 of the Road Asset Management Project II ("the Project"), under the Financing Agreement Number 5789-KH and 6279-KH funded by the International Development Association ("IDA" or "Development Partner") and the Royal Govemment of Cambodia represented by the Ministry of Economy and Finance, implemented by the Ministry of Public Works and Transport ("MPWT" or "PIU") are prepared, in all material respects, in accordance with the basis of accounting and the accounting policies described in Note 2 to the financial statements. (b) The disbursements shown in the financial statements were implemented according to the Financing Agreement and the Project was in compliance with all covenants of the Financing Agreement for the year ended 31 December 2019. Signed o half o ? project management, H.E. Pheng Sovicheano Mr. Kang Phirith Secretary of State-Project Director Project Manager Ministry of Public Works and Transport Ministry of Public Works and Transport Phnom Penh, Cambodia Date: 10 2-2- 10 KPMG Cambodia Ltd 4th Floor, Delano Center No. 144, Street 169, Sangkat Veal Vong Khan 7 Makara, Phnom Penh Kingdom of Cambodia +855 23 216 899 | kpmg.com.kh Report of the independent auditors To the Ministry of Economy and Finance Opinion We have audited the financial statements of the Road Asset Management Project II ("the Project"), under the Financing Agreement No. 5789-KH and 6279-KH funded by the International Development Association ("IDA" or "Development Partner') and the Royal Government of Cambodia represented by the Ministry of Economy and Finance, and implemented by the Ministry of Public Works and Transport ("MPWT' or "PIU") which comprise the statement of financial position as at 31 December 2019, the statement of sources of funds and expenditures, and the statement of designated accounts for the year then ended and notes, comprising significant accounting policies and other explanatory information as set out on pages 5 to 24. In our opinion, the accompanying financial statements are prepared, in all material respects, in accordance with the basis of accounting and the accounting policies as described in Note 2 to the financial statements. Basis for Opinion We conducted our audit in accordance with Cambodian International Standards on Auditing (CISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Project in accordance with the ethical requirements that are relevant to our audit of the financial statements in Cambodia, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 2 Emphasis of Matter - Basis of Accounting and Restiction on Use We draw attention to Note 2 to the financial statements, which describes the basis of accounting and the accounting policies adopted by the Project. The financial statements are prepared forthe information of and use by the management of the Project, the Ministry of Economy and Finance ("MEF"), and the Intemational Development Association ("IDA"). As a result, the financial statements may not be suitable for another purpose. Our audit report is intended solely for the management of the Project, the MEF, and the IDA, and should not be used by other parties. The restriction on use does not limit the disclosure or distribution of our report if such disclosure or distribution is required by laws and regulations. Our opinion is not modified in respect of this matter. Responsibilities of Management and those Charged with Governance for the Financial Statements Management is responsible for the preparation of the financial statements in accordance with the basis of accounting and the accounting policies described in Note 2 to the financial statements, and for such internal control as management determines is necessary to enable the preparation of the financial statements that is free from material misstatements, whether due to fraud or error In preparing the financial statements, management is responsible for assessing the PIU'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 cease operations or has no realistic altemative but to do so. Those charged with governance are responsible for overseeing the Project's financial reporting process. Auditors' Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors' 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 CISAs 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 this financial statements. As part of an audit in accordance with CISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We 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 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. 3 * 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 PIU'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 PlU's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' 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 auditors' report. However, future events or conditions may cause the PlU to cease to continue as a going concern. 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. For KPIVIG Cambodi Lim Chew Teng Partner Phnom Penh, Kingdom of Cambodia 10 July 2020 4 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Statement of financial position as at 31 December 2019 Asat Asat 31 December2019 31 December 2018 Note US$ US$ Current assets Cash and bank balances 3 38,300 985,319 Advances 4 1,711,405 4,715,869 Total assets 1,749,705 5,701,188 Represented by: Fund balance at end of the year 1,749,705 5,701,188 The accompanying notes form an integral part of these financial statements. 5 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Statement of sources of funds and expenditures for the year ended 31 December 2019 Cumulative Period from Yearended Year ended 9 June 2016 to 31 December 2019 31 December 2018 31 December 2019 Note US$ US$ US$ Receipts 5 International Development Association ("IDA") 23,084,476 6,894,449 30,441,816 Government counterpart fund 1,439,866 392,491 1,910,707 24,524,342 7,286,940 32,352,523 Expenditures by categories Civil works 7 24,569,163 297,778 24,866,940 Goods 8 882,139 564,209 1,493,655 Consultancy services 9 2,803,095 791,965 3,776,874 Training and workshops 10 15,802 9,544 27,210 Incremental operating costs 11 205,626 102,530 438,139 28,475,825 1,766,026 30,602,818 (Deficit)/Excess of sources of funds over expenditures (3,951,483) 5,520,914 1,749,705 Fund balance at beginning of the year 5,701,188 180,274 Fund balance at end of the year 1,749,705 5,701,188 Expenditures by components 6 Road asset management. Implementation support 2,378,723 490,070 2,868,793 Civil works 24,569,163 297,778 24,866,941 System upgrading and capacity development Capacity development of road asset management office 921,382 576,604 1,600,778 Consultancy services - procurement 178,743 121,389 472,837 Consultancy services - road safety 234,926 159,428 394,354 Consultancy services - financial management - 15,138 24,246 Consultancy services - technical and financial audit 10,703 5,940 16,643 Incremental operating costs 182,185 99,679 358,226 Total expenditures 28,475,825 1,766,026 30,602,818 The accompanying notes form an integral part of these financial statements. 6 Ministry of Public Works and Transport Road Asset Management Project li Credit No. 5789-KH and 6279-KH Statement of designated accounts for the year ended 31 December 2019 Cumulative Period from Year ended Yearended 9 June 2016 to 31 December 2019 31 December 2018 31 December 2019 Note US$ US$ US$ Receipts 5 international Development Association ("IDA") Advances - 1,300,000 1,500,000 Replenishments 3,450,644 452,949 4,166,484 Total sources of funds 3,450,644 1,752,949 5,666,484 Expenditures by categories Civil works 7 2,421,697 44,449 2,466,146 Goods 8 256,514 268,529 572,350 Consultancy services 9 1,533,643 561,467 2,276,924 Training and workshops 12,042 9,544 23,450 Incremental operating costs 159,909 51,769 291,980 Total expenditures 4,383,805 935,758 5,630,850 (Deficit)Excess of sources of funds over expenditures (933,161) 817,191 35,634 Fund balance at beginning of the year 968,795 151,604 Fund balance at end of the year 35,634 968,795 Represented by: Cash and bank balances 3 35,634 968,795 The accompanying notes form an integral part of these financial statements. 7 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Notes to the financial statements for the year ended 31 December 2019 These notes form an integral part of and should be read in conjunction with the accompanied financial statements. 1. Background and activities The Road Asset Management Project II ("the Project") was established under the Original Financing Agreement Number 5789-KH signed on 9 June 2016 and Additional Financing Agreement Number 6279-KH signed on 12 July 2018 between the Royal Government of Cambodia ("RGC") represented by the Ministry of Economy and Finance ("MEF") and the International Development Association ("IDA") of the World Bank The Ministry of Public Works and Transport ("MPVVT) is an Implementing Agency who commits to achieve the Project Donor Objective (PDO) through (i) the systematic introduction of designs that include climate proofing and road safety measures and the use of performance based contracts; and (ii) by enhancing the MPWT's capacity to carry out road maintenance planning, contracting and management. The Project will benefit local residents in the four provinces of Kampot, Preah Sihanouk, Thong Khmom and Kratie. The Project will implement through shorter travel times, less arduous joumeys, reduction of flood risk, and better connectivity along the national road network. Direct beneficiaries of the improvements to the selected National Roads ("NR") No. 3, 4 and 7 will include residents and their farms and businesses along the roads. The financing agreement became effective for implementation from 90 days after signing date of the agreement and closing date shall be 31 December 2026 or such other date as may from time to time be agreed between the Royal Government of Cambodia and the IDA. The agreement was effective for implementation from 8 August 2016 with total funding to be provided to the Project of Special Drawing Rights ("SDR") 43,500,000 and ("SDR") 76,500,00 for the additional financing from 10 October 2018. The objective of the Project is to improve the condition, safety and climate resilience of selected national road corridors in Cambodia. The Project consists of the following parts: Part A: Road Asset Management Carrying out of a program of activities to improve the road construction and safety along selected conidors of the MPVVT's road network, through: 8 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2019 1. Background and activities (continued) Part A: Road Asset Management (continued) 1. Carrying out of civil works for the strengthening, rehabilitation and routine and periodic maintenance of approximately: (a) 218 km of selected existing roads along the NR3 and NR 7, and (b) 206 km of the NR4, including the construction of new drains on road sides, bridges and cross drainages. 2. Provision of technical assistance to MPVVTforthe implementation of the civil works under Part A. 1 of the Project and related technical capacity building support, including: (a) development and implementation of technical options and solutions, cost estimation, contract management and safeguard activities for the civil works; (b) supervision of the civil works and the road maintenance performance-based contracts for the civil works; and (c) development of technical capacities of MPVVT staff on good practices and internationally accepted procedures, systems and standards for road construction, project management, contract management, outsourcing, performance-based contracting, social and environmental management, and monitoring and evaluation. 3. Improvement of overload control facilities through upgrading of existing weighing stations and installation of new weighing stations along selected road corridors at key intersection areas of the NR3, NR4, and NR7. 4. Improvement of speed-limit zoning, including the installation of (a) guide-signs approaching in speed-limit zones, (b) solar-powered lights and surveillance cameras for speeding offences record, and (c) other mad safety facilities recommended by road safety audits; development of safety corridors; and improvement of feeder road intersections. Part B: Operationalisation of Road Asset Management Carrying out a program of activities to strengthen the institutional, organisational and technical capacity of the MPWT to perform its road asset management functions through: System upgrading and capacity development for road asset management of GDPW, including: (a) upgrading and operation of the road data collection and management system of MPWTs road asset management office; (b) upgrading the road asset management system software; (c) preparation of a short-term and medium-term road improvement and maintenance programme; (d) upgrading and calibrating Highway Development and Management Models (HDM-4); (e) upgrading and maintenance of International Roughness Index survey equipment, falling weight deflectometer (f) performing hydrological survey on the selected roads; and (g) provision of safeguards training to MPVVT staff. 1. (a) Carrying out of community-based road safety campaigns; and (b) implementation of road safety audits on Project roads. 9 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2019 1. Background and activities (continued) Part B: Operatfonalisaion of Road Asset Management (continued) 2. Carrying out of Project technical and financial audits. 3. Provision of technical assistance to enhance the MPWTs capacity in procurement. 4. Provision of operational support for the day-to-day management of the Project. Part C: Coningent Emergency Response Provision of immediate response to an Eligible Crisis or Emergency, as needed. The following table specifies the categories of Eligible Expenditures that may be financed out of the proceeds of the Financing ("Category"), the allocations of the amounts of the Financing to each Category, and the percentage of expenditures to be financed for Eligible Expenditures in each Category: Category Amount of Amount of the the original additional financing financing Percentage of No. Item allocated allocated expenditures to be (expressed in (expressed in financed SDR) SDR) (inclusive of taxes) 1 Works under Part Al of the 36,100,000 66,300,000 92% in respect of the Project. Original Finandng, 100% in respect of the Additional Financing, and 0% as of 1 June 2026. 2 Goods, non-consulting 7,400,000 10,200,000 100% services, consulting services, training and operating costs under Parts A2, A3, A4 and B of the Project 3 Emergency Expenditures - 100% under Part C of the Project* , Total 43,500,000 76,500,000 * For Emergency Expenditures under Category (3), unless and until the IDA is satisfied, and notified the Recipient of its satisfaction. 10 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2019 2. Significant accounting policies (a) Basis of accounting The financial statements, which are expressed in the United States Dollars ("US$"), have been prepared in accordance with a modified cash basis of accounting. This is a basis of accounting that is designed to meet the requirements of the Project; it is not designed to produce financial statements that are compatible with International Financial Reporting Standards. Under this basis of accounting, income is recognised when funds are received in cash and expenditure is recognised when payments are made rather than when it is incurred, except for the advanced payments that are initially recognised as a receivable and only recognised as expenditure when they have been liquidated by supporting invoices. The financial statements present sources and uses of funds and the related financial information in relation to the IDA fund withdrawals and disbursements from the Project's designated accounts together with the corresponding counterpart funds as specified under the Original Financing Agreement No. 5789-KH and Additional Financing Agreement No. 6279-KH and between the MPWT and the IDA of World Bank. (b) Statement of designated accounts The statement of designated accounts is prepared in accordance with the financing agreement and is purely used to receive and disburse for expenditure funded by IDA financing proceeds. (c) Non-expendable equipment The cost of non-expendable equipment is charged to the statement of sources of funds and expenditures upon acquisition. For control and management purposes, a memorandum account for non-expendable equipment is maintained by way of a non-expendable equipment listing. (d) Foreign currency transactions The Project executes transactions and maintains its accounting records primarily in the US$. Transactions in currencies other than US$ are converted into US$ at the rates of exchange prevailing on the transaction dates. Fund balances in currencies other than US$ are translated into US$ at the open market exchange rates at the reporting date. All foreign exchange differences are recognised in the statements of sources of funds and expenditures and designated accounts. 11 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2019 3. Cash and bank balances As at 31 December 2019 As at 31 December 2018 IDA RGC Total IDA RGC Total US$ US$ US$ US$ US$ US$ Cash on hand 89 - 89 81 - 81 Cash at bank 35,545 2,666 38,211 968,714 16,524 985,238 35,634 2,666 38,300 968,795 16,524 985,319 Cash at banks comprises bank accounts used for designated account fund and government counterpart fund maintained in current account with the National Bank of Cambodia, bear no interest and earmarked specifically for the use of the Project. 4. Advances As at As at 31 December 2019 31 December2018 US$ US$ Advances - IDA 1,555,011 4,365,858 Advances - RGC 156,394 350,011 1,711,405 4,715,869 This represents the cash advances which paid directly to it contractors and consutants to implement the Project's activities. 12 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2019 5. Receipts Cumulative Period from Year ended Year ended 9 June 2016 to 31 December2019 31 December2018 31 December2019 US$ US$ US$ International Development Association ("IDA") Initial advances - 1,300,000 1,500,000 Replenishments (a) 3,450,644 452,949 4,166,484 Direct payments 19,633,832 5,141,500 24,745,332 23,084,476 6,894,449 30,441,816 Government counterpart fund (b) 1,439,866 392,491 1,910,707 24,524,342 7,286,940 32,352,523 (a) The receipts from Credit No. 5789-KH and 6279-KH were paid into the designated accounts held by the Ministry of Public Works and Transport at the National Bank of Cambodia. (b) This comprises cash transferred from the National Treasury of Cambodia to the Project's bank account 13 v �-- cn о� Q � г � � � � � � � '} 4 ��� �� f�Gl?ChN �N +�D � о ш �� а�'а� ���т`� �`��' � U G�2 �"" (V N г р 47 � �r- еУ7 � � Q +j- �QJ L �� О�С�`�М �� I С�'�1 'i3 �� С� Т� CL7 fi) д_ � С3? 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Civil works Civil works represents the expenditure paid directly by the International Development Association ("IDN') and Government counterpart fund to the contractors and consultants for the road construction in the four provinces of Kampot, Preah Sihanouk, Tbong Khmorn and Kratie. 8. Goods Cumulative Period from Yearended Yearended 9 June 2016 to 31 December20119 31 December2018 31 Deoember2019 US$ US$ US$ Road survey equipment 618,169 - 618,169 Furniture and equipment 259,343 331,680 591,023 Technical and software 4,627 36,903 88,837 Vehicles - 195,626 195,626 882,139 564,209 1,493,655 The payments on goods that were made through designated accounts and direct payments during the year ended 31 December 2019 amounting to US$256,514 and US$625,625 (2018, US$268,529 and US$295,680) respectively. 9. Consultancy services Cumulative Pedod from Yearended Yearended 9 June 2016 to 31 December2019 31 December 2018 31 December 2019 US$ US$ US$ National consultants 2,604,903 675,735 3,312,462 International consultants 198,192 116,230 464,412 2,803,095 791,965 3,776,874 The payments on consultancy service that were made through designated accounts and direct payments during the year ended 31 December 2019 amounfing to US$1,533,643 and US$1,269,452 respectively (2018: US$561,467 and US$230,498), 15 Ministry of Public Works and Transport Road Asset Management Project II Credit No. 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2019 10. Training and workshops Cumulative Period from Year ended Year ended 9 June 2016 to 31 December 2019 31 December 2018 31 December2019 US$ US$ US$ Workshop expenses 15,802 9,544 27,210 16 л r сзs г � Ф МΡ п �CO�L rC�EC7CYCVCtь"I�C�iC'��1`� V♦ '-� Ог С� С74 �ТЦгj04(�€`-C44t7CTJC�Qtt7 г R3 �ы � S] ЕА сС} 1�- lГl N'� f�- N frt7 Cfl� СLЭ � г ckj � С � �� �'rtfЭ�f'dV г г � г г � Ci � � СЛ г С'.З � г О г ц? С3 ц5 сrэ N N С3� fV [�7 О ŭi`� ccэrnti осоФс`�аотvсч I сл С(� б� Г�- (�5 г i1l г С�7 д� {53 СУ V О ССЭ tS') S�� О CV '� N Г+ '�1' С'') i''} C�J � � � г т- Rl � ....... г .. } � г � 'а CV� [О s1., �Т и�К} � Q'^� V � С� С� 'Ф �� Ф� Ф Ф �.5.г � Ф й� Ф et'д б7 t`� С1° f� LCJ б) С3) г CCJ р� � C�f' '� С�\! г бэ С*7 �'t1 N Ef� Ф Е- � N г О Г�f L t!l � � р i i � г i � i i i а i Ф � а � � � � �' �Т й Ш � С N � � � N 4Cl fD Li7 ц7 i0U ' CFi `� � CS7 Ср N�f1 CD ц7 [7 Ct� Cf7 Сц Ср '(�? �' О} Р� � С*i ц?_ б7_ С33 г L() Q� ��N�C3?С� С1lN � ' #� - � г ..�.. 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Designated accounts and withdrawal applications 12.1 Statement of designated accounts Cumulative Period from Yearended Yearended 9 June 2016 to 31 December 2019 31 December 2018 31 December 2019 US$ US$ US$ Balance as at beginning of the year 968,795 151,604 - Add: Total funds received from IDA during the year 3,450,644 1,752,949 5,666,484 Less: Total funds withdrawn for expenditures during the year (4,383,805) (935,758) (5,630,850) Balance as at end of the year 35,634 963,795 35,634 0�рΡ0 С*} [L] О м(� lf N i`�� Си7 � См7 г�'т- ��}� � tt7 См�! 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