Report on the CONSOLIDATED PROJECT FINANCIAL STATEMENTS of the FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina financed by: - IDA Credit No. 5529-BA FOR THE YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2015 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina CONTENTS 1 Introduction 1 2 Independent Auditor's Report 4 3 Consolidated project financial statements for the years 2014 and 2015 6 4 Notes to the consolidated project financial statements 10 APPENDICES A.1 Designated account statement - IDA Credit No. 5529-BA - FB&H 12 A.2 Designated account - IDA Credit No. 5529 BA - RS 13 A.3 Designated account - IDA Credit No. 5529 BA - BD 14 SoE Withdrawal Schedule of IDA Credit No.5529-BA for the years ended December 31, 2014 and 15 B December 31, 2015 Reconciliation between World Bank's disbursement statements in XDR and IDA Credit account in EUR according to the consolidated balance sheet; SoE Withdrawal Schedule of IDA Credit C No.5529-BA 19 3 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina 1. Introduction 1.1 Objectives of the Project The objective of the Project is to meet critical needs and restore functionality of infrastructure essential for public services and economic recovery in floods affected areas. 1.2 Components and activities of the Project The Project is comprised of the following two components: Component 1: Emergency Disaster Recovery Goods The recent floods have created significant strains on the supply chains for a variety of goods crucially needed to ensure the continuity of public services and economic opportunities. For example, some coal mines have been flooded, resulting in a restriction of supply to the main thermal power plants. The flooded areas traditionally have been oriented towards agriculture and agribusiness, which were severely affected by the floods, resulting in fodder and forage shortages and an urgent need for seeds and fertilizers for reseeding. The Project will therefore finance, through the use of a positive list, the purchase of goods urgently needed during the recovery phase. The positive list will include logistical goods, reconstruction goods, emergency goods, energy and power sector goods as well as agricultural recovery goods, with an initial priority set of fuel and food, agricultural and emergency goods. The positive list will include: (i) Logistical goods: including water, land and air transport equipment, including spare parts; communications equipment. (ii) Reconstruction goods: including construction materials; construction equipment and industrial machinery (including trucks, dozers, excavators); prefabricated houses. (iii) Emergency goods: including emergency and medical supplies and equipment; food and water containers; chemicals and equipment for water purification and sanitation of land, buildings and other structures; basic food commodities; cleaning and hygienic supplies; mud and water pumping equipment; equipment and furniture for emergency shelters and accommodations; moisture removal equipment; emergency vehicles and supplies; waste management and disposal equipment. (iv) Energy and power sector goods: including petroleum and fuel products power purchases; power transmission and distribution equipment, mining equipment and pumps to remove water from mines, controls, monitoring and measurement equipment; emergency power generators; and other electrical equipment. (v) Agricultural recovery goods: including agricultural equipment and immovable productions systems such as greenhouses, milking parlors and auxiliary installations, sorting or packaging equipment; inputs (excluding pesticides); such as seedlings for perennial crops, orchards and wine yards as well as seeds and fertilizer for reseeding of fields; as well concentrated animal forage and fodder stocks that were destroyed by floods; livestock. (vi) Other Essential Goods: any other goods or commodities essential to the Recipient's recovery from flooding, as agreed in advance by the Association. 1 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina 1. Introduction (continued) 1.2 Components and activities of the Project (continued) Component 2 Rehabilitation of Key Public Infrastructure This Component will support the rehabilitation of both local and regional public infrastructure on the basis of the RNA. The impact of the floods was concentrated on around 60 municipalities in the central, northwest and northeast parts of the country; in many of these, public services delivery was severely impacted. This Component will therefore finance the rehabilitation or reconstruction of high priority, public service delivery infrastructure in the worst affected areas, This component is designed under a framework approach in which activities will be identified in a demand-driven manner, based on the on-going RNA. The project will put particular emphasis on Rural Development, Energy, Transport and Water and Sanitation activities but other public services (education, health) will be considered on a case-by-case basis. The Component will be divided in two Subcomponents that will follow somewhat different project cycles, depending on whether the infrastructure is local or regional. Sub-component 2A: Regional Infrastructure Rehabilitation The main activities include rehabilitation of strategic, regional-level public infrastructure such as transport links, electricity distribution and transmission infrastructure, dikes and other strategic public infrastructure. Subcomponent 2B: Local Infrastructure Rehabilitation. Subcomponent 2B will be focused on local-level infrastructure, such as water supply schemes, local roads and bridges etc. Component 3: Project Implementation Support and Capacity Building This component will finance the management of the Project and any support needed for the identification and implementation of sub-activities. The component will also provide technical assistance and capacity building on ensuring future improved disaster resilience. This Component includes two main Subcomponents: Subcomponent 3.A. The main activities include project implementation support through the provision of incremental operating costs and equipment for Project implementation. Subcomponent 3.B. The main activities include strengthening the institutional capacity and local authorities to a proactive approach of risk management, through the provision of technical assistance and training. 2 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina 11 Introduction (continued) 1.3 Financing of the Project The State of Bosnia and Herzegovina is borrower of the International Development Association (IDA Credit No 5529-BA amounting to the equivalent of XDR 65,000,000. Under the terms of a subsidiary finance agreement between B&H and FB&H, RS and Brdko District funds of the equivalent of XDR 30,875,000 have been lent to FB&H, funds of the equivalent of XDR 30,875,000 have been lent to RS and funds of the equivalent of XDR 3,250,000 have been lent to Br6ko Distict. The State of Bosnia and Herzegovina ("B&H") is the borrower of the International Development Association (IDA) Credit No. 5529-BA amounting to the equivalent of XDR 65,000,000. Under the terms of a subsidiary finance agreement between B&H, on one side, and Brdko Distict ("BD"), the Federation of Bosnia and Herzegovina ("FB&H") and Republika Srpska ("RS'), on the other side; - funds of the equivalent of XDR 3,250,000 have been lent to BD, - funds of the equivalent of XDR 30.875,000 have been lent to FB&H, and - funds of the equivalent of XDR 30,875,000 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: Item Amount of the % of expenditure to Credit allocated be financed (in SDR) (inclusive of taxes) (1) Eligible Essential Goods and Commodities for Part A.1.1 of the Project 12,350,000 100% (2) Goods, works, non-consulting services, consultant's services, Training and Incremental Operating Costs for Parts A.2 and A.3. of the Project 18,525,000 100% (3) Eligible Essential Goods and Commodities for 13,650,000 100% part B.1 of the Project (4) Goods, works, non-consulting services, consultants' services, Training and Incremental Operating Costs for Parts B.2 and B.3 of the Project 20,475,000 100% Subtotal 65,000,000 IDA Credit No 5529-BA become effective on September 15, 2014. Planned closing date is December 31, 2018. 3 Delaitte do.. Delo tte.Jadranska bb 71000 Sarajevo Bosnia and Herzegovina Tel: +387 (0)33 277 560 Fax: +387 (0)33 277 561 www.deloitte.com/ba 2. Independent Auditors Report 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 We have audited the accompanying consolidated project financial statements of the Floods Emergency Recovery Project (the "Project'), which comprise of Summary of sources and uses of funds, Balance sheet, Designated account statements, Statements of Credit withdrawals as of and for the years ended December 31, 2014 and December 31, 2015 and a summary of significant accounting policies and other explanatory notes for the years then ended, financed under IDA Credit agreement No. 5529-BA. These consolidated project financial statements have been prepared on the cash basis of accounting based on International Public Sector Accounting Standard ("IPSAS"), as described in Note 4.1. Responsibility for the consolidated project financial statements The State of Bosnia and Herzegovina, i,e. the management of the project coordination unit in the Federation of Bosnia and Herzegovina and agricultural project coordination unit in Republika Srpska (the "Management") is responsible for the preparation and fair presentation of these consolidated project financial statements on the cash basis of accounting based on IPSAS, as described in Note 4,1, and on "Guidelines: Annual Financial Reporting and Auditing for World Bank - Financed Activities" issued by Financial Management Sector Board ("FMSB"), and for such internal control as the Management determines is necessary to enable the preparation of the consolidated project financial statements that are free from material misstatement, whether due to fraud or error. Auditor's responsibility Our responsibility is to express an opinion on the consolidated project financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing and "Guidelines: Annual Financial Reporting and Auditing for World Bank - Financed Activities" issued by FMSB. Those Standards and Guidelines require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated project financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the special purpose consolidated project financial statements. An audit also includes assessing of the accounting principles used and significant estimates made by the Management, as well as evaluating the overall statement presentation. We believe that our audit provides a reasonable basis for our opinion. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see ittp://www.deoitte.com/ba for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms, Member of Deloitte Touche Tohmatsu Limited Report on the consolidated project financial statements (continued) Opinion In our opinion, the accompanying consolidated project financial statements present fairly, in all material aspects, the financial position of the Project as of December 31, 2014 and as of December 31, 2015 and of the funds received and disbursed during the years then ended, in accordance with basis of accounting described in Note 41. Report on other requirements In addition, with respect to the Statements of expenditure, adequate supporting documentation has been maintained to support claims to the World Bank for reimbursements of expenditures incurred; and all expenditures included in withdrawal applications and reimbursed against are eligible for financing under the Project. Emphasis of Matter We draw your attention to the Appendix B to the consolidated project financial statements disclosing the fact that, during 2015, the World Bank made disbursements to the Ministry of Finance of the Federation of B&H, Ministry of Finance of the Republika Srpska and Directory for Finance of Government of the Brdko District, with regard to the emergency goods purchased and paid directly from the Treasury accounts. The World Bank, conditionally to the contracting of separate, additional audit for all emergency goods purchased to review the compliance of actual processes and activities with reported ones, and to confirm the goods were indeed distributed to the intended beneficiaries, approved those disbursements. Our audit opinion was not qualified with respect to this matter. Deloitte d.o.o. Sead Bahtanovi6, director and licensed auditor Mirza Bihorac, licensed auditor Sarajevo, Bosnia and Herzegovina May 6, 2016 5 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) 3. Consolidated project financial statements for the years 2014 and 2015 3.1 Summary of sources and uses of funds under the IDA Credit No.5529-BA and Other income Actual Actual Cumulative Cumulative Cumulative Ref. 2015 2014 2015 budget variance FINANCING IDA Credit No. 5529-BA 3.1.1 16,081,772 4,474,220 20,555,992 73,626,027 53,070,035 Other income (FB&H only) 3.1.2 310 - 310 - (310) TOTAL FINANCING 3.1 16,082,082 4,474,220 20,556,302 73,626,027 53,069,725 PROJECT EXPENDITURE By Category Eligible Essential Goods and Commodities for Part A.1.1 of the Project 2,592,436 - 2,592,436 13,988,944 11,396,508 Goods, works, non-consulting services, consults services, Training and Incremental Operating Costs for Parts A.2 and A.3. of the Project 3,310,352 22,569 3,332,921 20,983,416 17,650,495 Eligible Essential Goods and Commodities for part B.1 of the Project 11,511,332 - 11,511,332 13,988,946 2,477,614 Goods, works, non-consulting services, consultants' services, Training and Incremental Operating Costs for Parts B.2 and B.3 of the Project 699,330 21,203 720,533 20,983,419 20,262,886 Eligible Essential Goods and Commodities for part C.1 of the Project 108,272 974,220 1,082,492 1,472,521 390,029 Goods, works, non-consulting services, consultants' services, Training and Incremental Operating Costs for Parts C.2 and C.3 of the Project 3,275 1,957 5,232 2,208,781 2,203,549 TOTAL EXPENDITURE 3.2 18,224,997 1,019,949 19,244,946 73,626,027 54381,081 PROJECT EXPENDITURE By Component Emergency Disaster Recovery Goods 14,212,648 974,220 15,186,868 34,346,541 19,159,673 Rehabilitation of Key Public Infrastructure 3,946,693 19,647 3,966,340 36,371,257 32,404,917 Project Implementation Support and Capacity Building 65,656 26,082 91,738 2,908,229 2,816,491 TOTAL EXPENDITURE 3.2 18,224,997 1,019,949 19,244,946 73,626,027 54,381,081 6 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) 3. Consolidated project financial statements for the years 2014 and 2015 (continued) 3.1.1 Summary of sources and uses of funds under the IDA Credit agreement No. 5529-BA Actual Actual Cumulative Cumulative Cumulative Ref. 2015 2014 2015 budget variance FINANCING IDA Credit No. 5529-BA 73,626,027 Initial deposit - 3,500,000 3,500,000 Reimbursements 12,836,567 974,220 13,810,787 Direct payments 256,065 - 256,065 SoE replenishments 2,989,140 - 2,989,140 TOTAL FINANCING 3.1 16,081,772 4,474,220 20,555,992 73,626,027 53,070,035 PROJECT EXPENDITURE By Category Eligible Essential Goods and Commodities for Part A. 11 of the Project 2,592,436 - 2,592,436 13,988,944 11,396,508 Goods , works, non-consulting services, consults services, Training and Incremental Operating Costs for Parts A.2 and A.3. of the Project 3,310,352 22,569 3,332,921 20,983,416 17,650,495 Eligible Essential Goods and Commodities for part B, 1 of the Project 11,511,332 - 11,511,332 13,988,946 2,477,614 Goods, works, non-consulting services, consultants' services, Training and Incremental Operating Costs for Parts B.2 and 2.3 of the Project 699,330 21,203 720,533 20,983,419 20,262,886 Eligible Essential Goods and Commodities for part C.1 of the Project 108,272 974,220 1,082,492 1,472,521 390,029 Goods, works, non-consulting services, consultants' services, Training and Incremental Operating Costs for Parts C.2 and C.3 of the Project 3,275 1,957 5,232 2,208,781 2,203,549 TOTAL EXPENDITURE 3.2 18,224,997 1,019,949 19,244,946 73,626,027 54,381,081 7 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) 3. Consolidated project financial statements for the years 2014 and 2015 (continued) 3.1.2 Summary of sources and uses of funds under Other income (FB&H only) Actual Actual Cumulative Cumulative Cumulative Ref. 2015 2014 2015 budget variance FINANCING Tender documentation sold 310 - 310 - 310 TOTAL FINANCING 3.2 310 - 310 - 310) PROJECT EXPENDITURE By Category TOTAL EXPENDITURE 3.2 - 8 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) 3. Consolidated project financial statements for the years 2014 and 2015 (continued) 3.2 Consolidated balance sheet as of December 31, 2014 and December 31, 2015 showing accumulated funds of the project and bank balances concerning World Bank funding Ref. December 31, December 31, 2015 2014 ASSETS Project expenditure under IDA Credit No. 5529-BA 3.1 19,244,946 1,019,949 19,244,946 1,019,949 Designated account - IDA Credit No. 5529-BA - FB&H A.1 1,010 1,477,431 Designated account - IDA Credit No. 5529-BA - RS A.2 815,578 1,478,797 Designated account - IDA Credit No. 5529-BA - BD A.3 494,768 498 043 1,311,356 3,464,271 Total assets 20,556,302 4,474,220 LIABILITIES IDA Credit No. 5529-BA C 20,555,992 4,474,220 Other income 3.2 310. - Total liabilities 20,556,302 4,474,220 9 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (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 in accordance with the International Public Sector Accounting Standard: "Financial Reporting under the Cash Basis of Accounting" 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 January 1 to December 31 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 department who authorizes the payment of the expenditure through the Designated accounts. Currency conversions The reporting currency is Euro (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 accounts This is the total amount of the withdrawals from the Credit account for the Project. IDA Credit account is in XDR. Other income Other income includes income from tender documentation sold. 10 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) 4. Notes to the project financial statements (continued) 4.2 Accounting policies Interest on Designated account Interest earned on the Designated account belongs to the Borrower. 11 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) APPENDIX A.1 DESIGNATED ACCOUNT STATEMENT- FB&H Account owned by: Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: 53001201964572 Depository Bank: Intesa Sanpaolo Banka d.d Address: Obala Kulina bana 9a 71000 Sarajevo Related Credit: IDA Credit No. 5529-BA Currency: EUR Ref. EUR Opening balance January 1, 2014 3.2 - Add: World Bank replenishments B 1 500.000 1.500.000 Deduct: Payments to suppliers - Expenditure under IDA Credit - 22.569 22.569 Ending balance December 31, 2014 3.2 1,477,431 Add: World Bank replenishments B 2,030,927 Tender documentation sold 310 2,031,237 Deduct: Payments to suppliers - Expenditure under IDA Credit 3,507,658 3,507,658 Ending balance December 31, 2015 3.2 1,010 12 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) APPENDIX A.2 DESIGNATED ACCOUNT STATEMENT- RS Account owned by: Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: 5672410000514933 Depository Bank: Sberbank a.d. Banja Luka Address: Jevrejska 71, Banja Luka Related Credit: IDA Credit No. 5529-BA Currency: EUR Ref. EUR Opening balance January 1, 2014 3.2 - Add: World Bank replenishments B 1,500,000 -"1,500,000 Deduct: Payments to suppliers - Expenditure under IDA Credit 21,203 21,203 Ending balance December 31, 2014 3.2 1,478,797 Add: World Bank replenishments B 9558213 958,213 Deduct: Payments to suppliers - Expenditure under IDA Credit 1,621,432 1,621,432 Ending balance December 31, 2015 3.2 815,578 13 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (all amounts in EUR, unless otherwise stated) APPENDIX A.3 DESIGNATED ACCOUNT STATEMENT- BD Account owned by: Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: 5672410000518813 Depository Bank: Sberbank a.d. Banja Luka Address: Jevrejska 71, Banja Luka Related Credit: IDA Credit No. 5529-BA Currency: EUR Ref. EUR Opening balance January 1, 2014 3.2 Add: World Bank replenishments B 500,000 500,000 Deduct: Payments to suppliers - Expenditure under IDA Credit 1,957 1,957 Ending balance December 31, 2014 3.2 498,043 Add: Deduct: Payments to suppliers - Expenditure under IDA Credit 3,275 3,275 Ending balance December 31, 2016 3.2 494,768 14 〕！！甘〕〕〕〕“ …………叮……………份 〕！！〕付孿 j戶■婉 ,a !!！、〕〕〕〕甲 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (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; SoE Withdrawal Schedule of IDA Credit No. 6529-SA Changes in IDA Exchange Changesin Credit rate used IDA Credit (in XDR) (in EUR) Original amount 65,000,000 1132708 73,626,027 Withdrawal F&H-11 1,274,272 1.177143 1,500,000 Withdrawal RS-01 1,274,272 1,177143 1,500,000 Withdrawal BD-01 424,757 1.177144 500,000 Withdrawal BD-02 74,143 1-181865 87,627 Wfthdrawal BD-03 750,156 1,181878 886,593 Total disbursed in 2014 3,797,600 4,474,220 Cumulative disbursements as of December 31, 2014 3,797,600 4,474,220 Withdrawal Fl3iH-2 18,147 1.243677 22,569 Withdrawal FBIH-3 171,627 1.268314 217,677 Withdrawal FBIH-4 27,367 1,271933 34,809 Withdrawal FBiH-5 1,556,383 1,270392 2,104,256 Wfthdrawal FBiH-6 264,248 1.254602 331,526 Withdrawal F6iH-7 511,951 1.281738 656,187 Withdrawal FBiH-8 200,294 1.278446 256,065 Withdrawal F&H-9 631,852 1.270817 802,968 Withdrawal RS-02 992,812 1.24W2 1,237,442 Withdrawal RS-03 277,984 1.246402 346,479 Withdrawal RS-04 1,058,240 1.253967 1,326,998 Witriarawal RS-05 1,495,056 1-259569 1,883,276 Withdrawal RS-06 2,768,259 1.267592 3,509,023 Withdrawal RS-07 811,096 1,268315 1,028,726 Withdrawal RS-08 620,665 1268315 787,199 Withdrawal RS-09 724,836 1,271945 921,952 Withdrawal RS-10 28,903 1.254999 36,261 Withdrawal RS-11 376,779 1.247646 470,087 Withdrawal BD-04 88,188 1.227741 108,272 Total disbursed in 2015 12,724,687 16,081,772 Cumulative disbursements as of December 31, 2015 16,522,287 20,555,992 19 FLOODS EMERGENCY RECOVERY PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the years ended December 31, 2014 and December 31, 2015 (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; SoE Withdrawal Schedule of IDA Credit No. 6629-BA (continued) Changes in IDA Changes in Credit Exchange IDA Credit (in XDR) rate used (in EUR) Calculated undisbursed balance as of December 31, 2015 48,477,713 53,070,035 Undisbursed balance as per World Bank Summary for December 2015 48,477,713 1.272830 61,703,885 Potential exchange rate gain 8,633,852 20