4AIPC EFCMD /165/2020 ft January 28, 2020 Ref.No. Date Mengistu Bessir Task Team Leader SME Finance Project World Bank Subject:- Submitting External Audit Report of SME for June 30, 2019 Attached h6rewith, please find independent external auditor's report with management letter for Small and Medium Enterprises Lease Financing Project / SMEFP/ credit No P148447, IDA 57930 With, egards, External Fund & Credit Managemnt Directorate oirector ncl. V' Audit report with management letter CC: * V/P-Small and Medium Enterprises Financing Development Bank of Ethiopia DEVELOPMENT BANK OF ETHIOPIA SMALL AND IMEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930 & EUROPEAN INVESTMENT BANK CONTRACT NO. 85755) FINANCIAL STATEMENTS AND AUDIT REPORT JNE 30,2019 Kokeb & Melkamu Audit Partnership Chartered Ceitified Accoutts (UK Authorized Auditorski Ethiopi P. O. Box 33645 Addis Ababa, Ethiopia Telephone 251-1t1h515-07?52 Eail: kokmelk,( Mob.Tel. 251-91-120-37-7851-61-46 Fax 251-11-52-26-88 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930) FINANCIAL STATEMENTS AND AUDIT REPORT FOR THE YEAR ENDED JUNE 30,2019 TABLE OF CONTENTS Independent A uditors' R eport.................................1-2.. .............................................1-2 The Statem ent of Financial Position............................................................................... 3 The Statem ent of Sources and U ses of Funds................................................................. 4 The Statem ent of Designated Account-IDA ................................................................... 5 The Statement of Designated Account-EIB ............................................................ 6 N otes to the Financial Statem ents...................................7...... ..................................7-12 Consolidated expenditures ( ETB -IDA USD)............................................................. 13 Consolidated expenditures ( U SD - ID A)..................................................................... 14 Consolidated expenditures ( ETB -EIB).......................................1................................. 15 Consolidated expenditures (EUR O-EIB)..................................................................... 16 M anagem ent Letter.........................ter.17-25.---- -------------------..... .......................... 17-25 11taw,~ \\Z ~q- 1 Kokeb & Melkamu Audit Partnership Chartered Certified Accountants (UK) INDEPENDENT AUDITORS' REPORT ON THEFINANCIAL STATEMENTS OF DEVELOPMENT BANK OF ETHIOPIA SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) We have audited the accompanying financial statements of the Small and Medium Enterprise Finance Project (SMEFP) financed by the International Development Association, and the European Investment Bank through credit Number 57930 - ET comprising the statement of financial position as at July 7th, 2019 and the Statement of Sources and Uses of Funds for the year then ended, and a summary of significant accounting policies and other explanatory information shown from pages 3 to 16. Basis for Qualified opinion We conducted our audit in accordance with the International Standards on Auditing applicable to the audit of financial statements. Furthermore, we have audited the Project's compliance with the provisions and covenants of the International Development Association (IDA LOAN No. 57930 - ET), the European Investment Bank Financing Agreements. 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 Organization in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accounts (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Ethiopia, and we have fulfilled our other 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. The Project Management Team does not maintain separate Loan records of lessees which are financed by DBE Districts and Branches as it does for PFI Loans. The quarterly and annual statement of the Project is prepared based on different information and reports extracted from the Bank's operational units and financial institutions report, which handle the working capital part of the financing. As a result, we coul not t complete rcors of leases loans centrall t the project Management unit, list of SME wich are currently benefited from lease financing together with their loan 5talus, list of SME's in the process of financing, the status of lease loans with the Project Management Team. Qualified Opinion In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph the financial statements present fairly, in all material respects, the finanupl uiona balance of the Small and Medium Enterprise Finance Project (SMEFP) implemented by the Development Bank of Ethiopia, the Statement of Sources and Uses of Funds for period covering July 1, 2018 up to June 30, 2019 in accordance with t.)ii~imanagement policy of Development Bank of Ethiopia adopted for the Project. Awi t 'r*e ove, he rojet wa in all material respects, in compliance with the Financing A ts an on acts. 2 With respect to the statements of sources and uses of funds submitted during the period listed on page 4, in our opinion: (a) The statements, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals; (b) e are not certain whether the proceeds of the designated account have been used clusiely for eligible expenditures and provisions and covenants of the Financing Agreement. Management's Responsibility for the Financial Statements The management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting policies of the Project, and for such internal control as management determines is necessary to enable the preparation of a project report that is free from material misstatement, whether due to fraud or error. Auditor's Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the project report as a whole is 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 financial statements. The engagement partner on the audit re I10iEindependent auditor's report is Ato Kokeb ,es.j6 Ke & Mudit Partners ip Addis Ababa Chartered Certified Accountants (UK) , dd December 26, 2019 Authorized Auditors in Ethiopia D P. 0. Box 33645Addis Ab-ab:, Ethiopia Telephonc251-1 1-6-16-69-56 E-mail: kokmelk(a ethionet.et Mobile Tel. 251-91-120-37-78/51-61-46 Fax 251-11-552-26-88 3 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJE1 (SMEFP) (P148447, IDA 57930) STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2019 Currency: ETB ASSETS CURRENT ASSETS Notes 2018 Cash at banks 3 1,228,333,081 1,225,807,097 Debtors and prepayments 4,561,403 Total Assets 1,228,333,081 1,260,368,500 Fund Balance 4 1,228,333,081 1,260,368,500 A W&VL, 4 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930) STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2019 SOURCES Notes MAIN 5 2018 IDA Credit 5.1 1,047,038,619 1,322,830,984 EIB Credit 5.2 325,807,000 336,668,000 1,372,845,619 1,659,498,984.00 OTHERf7654 Foreign Exchange Gain 6 71,410,520 44,921,062 71,410,520 44,921,062 1,444,256,139 1,704,420,046 USES 7 Window 1: Lease Finance to SMEs Expeniture IDA 931,992,878 417,062,766 Expeniture EIB 192,755,932 - 1,124,759,328 417,062,766 Window 2: Working Capital Finance to SMEs Expeniture IDA 282,778,786 26,985,075 Expeniture EIB 63,553,444 _ 346,332,230 26,985,075 Bank Charge 5259 3,705 1,471,091,554 444,051,546 EXCESS OF USES OVER SOURCES 26,835,418) 2 6 ) 1260 3368,500 ( I,tK I/i ~~' P 0/3,~ 1'~ 5 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930) STATEMENT OF DESIGNATED ACCOUNT- IDA FOR THE YEAR ENDED 30 JUNE 2019 IDA Credit Account number 0101171300037 Depository Bank National Bank of Ethiopia Related Credit and Grant Loan No. 57930 and Project ID No. P 148447 Address Addis Ababa, Ethiopia Currency USD USD Opening balance brought forward, 30 June 2018 50,314,444 Add:-Transferred from World Bank-Credit 37267,703 87,582,147 Less:- Transferred to Birr account, & (63,621,047) Bank charges (63,621,047) Add:- Gain on exchange ( Ending balance,June 30,2019 23,961,099 NB: The following rates were used for conversion: lus Dollar=28.7703 Birr 29.20 Birr (Separately for opening and closing balances of DA) CV 6 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930) STATEMENT OF DESIGNATED ACCOUNT- EIB FOR THE YEAR ENDED 30 JUNE 2019 Account number 0101171300042 Depository Bank National Bank of Ethiopia Related Credit and Grant Loan No. 85755 Address Addis Ababa, Ethiopia Currency EURO EURO Opening balance brought forward, 30 June 2018 10,000000 Add:-European Investment Bank credit 10,000,000 Reimbursement from advance payment 20,000,000 Less:- Transferred to Birr (7,963,223) Bank charges (7,963,223) Add:- Gain on exchange Ending balance,June 30,2019 12,036,777 NB:The following rates were used for conversion: 1EUR=32.3521 Birr & 33.2033 Birr (Separately for opening and closing balances of DA) 7 DEVELOPMENT BANK OF ETIIIOPA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) LOAN No. 57930-ET FOR THE YEAR ENDED JUNE 30, 2019 1. BACKGROUND The Federal Democratic Republic of Ethiopia (GoE) signed an agreement with International Development Association (IDA) and European Investment Bank (EIB) on June 15 2015 for Small and medium Enterprise Finance Project (SMEFP) IDA will finance the project by investing 200 million US Dollar and 76 million Euros. The project will be active up to August 31, 2022. The Project Development Objective of SMEFP is to increase access to finance for eligible small and medium enterprises in Ethiopia based on eligibility criteria and the final project beneficiaries will be eligible SMEs operating in the manufacturing and agro-processing industries. The SME Finance project will have four components, namely; (i) Financial Services to SMEs (ii) Enabling Environment for SME Finance; (iii) Business Development Services to SMEs; (iv) Project Management, Communication and Impact Evaluation. Component I - Financial Services to SMEs The objective of this component is to establish a credit facility providing access to finance for (a) working capital and leasing finance for participating financial institutions (PFIs) which in turn lend to eligible SMEs and (b) leasing finance for eligible SMEs. This liquidity support will be complemented with mandatory technical assistance aimed at supporting PFIs in designing, piloting and rolling out financial products utilizing novel lending methodologies (e.g. cash flow-based lending) to successfully expand their outreach to the target SMEs. The technical assistance support will be funded externally through bilateral agreements with development partners. Component 2 - Enabling Environment for SME Finance a) The objective of the second component is to improve the enabling environment for facilitating SME finance in Ethiopia. This would require the following: b) creation of a collateral registry that would support both the lending and the leasing business; c) a diagnostic of the insolvency and creditor/debtor regime to address key bottlenecks to SME lending; Component 3 - Business Development Services to SMEs The objective of the third component is to support SMEs through the provision of tailored Business Development Services (BDS) to address constraints on the demand side. BDS support to SMEs can address (but is not limited to) the lack of capacity to develop bankable business plans, the poor quality of financial statements and records, the inability to manage risk, tbiiv t *owledge of business development and management, the lack of adequate collateral, et . /4: P >% 8 Component 4 - Project Management, Communication and Impact Evaluation The objective of the fourth component is to support overall coordination of project activities, and to rigorously measure the impact of the project on the growth of participating SMEs. The two main implementers of the project will be the Development Bank of Ethiopia (DBE) and the Ministry of Industry (Mol). These financial statements only relate to the activity of !omonent 1. Activities from Component 2 to Component 4 are handled by the Federal Small and Medium Manufacturing Industry Development Agency 2. ACCOUNTING POLICIES The Development Bank of Ethiopia follows the generally accepted accounting principles on cash basis of accounting system with double entry recording taking into account the decentralized accounting structure of the project. In preparation and presentation of the financial statement, the project uses principal policies such as a) Income and expenditure recognition The income is recognized on the basis of actual cash receipt from the World Bank and the European Investment Bank. Expenditure are recorded on lease financing operation started and money is transferred to other financial institutions c) Foreign currency transactions. Transaction in foreign currencies are translated using the exchange rate prevailing on the date of the transaction. Transactions are recorded in local currency, Birr. Expenditures in local currency are converted to USD/EURO, when the reports in USD are needed, at the exchange rate on the latest date of funds received from financer. ;K 4, 9 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 Currency : Ethiopian Birr 3. CASH AT BANK Designated Accounts 2018- NBE SME Designated IDA 23,961,099.49 29.2000 699,664,105 812,212,447 NBE SME Designated EIB 12,036,777.05 33.2034 399,661,321 1 255,103,168 NBE SME Pooled Birr Account IDA 126,576,899 110,766,084 NBE SME Pooled Birr Account EIB 2,430,756' 47,725,398 1,228,333,081 , 1,225,807,097 USD Rate NBE SME Designated IDA 23,961,099.49 29.2000 699,664,105.11 Euro NBE SME Designated EIB 12,036,777.05 33.2034 399,661,321.26 4. FUND BALANCE Balance as at 1st July 2018 1,260,368,500A - Prior year reporting difference (5,200,000) Excess of Sources Over Uses (26,835,418) 1,260,368,500 Balance as at 30st June 2019 1,228,333,081 1,260,368,500 5. SOURCE OF FUNDS Amount Received SOURCES USD Rate (ETB) 5.1 IDA Credit 23-Apr-19 10,773,246.48 28.60 308,135,318.50 15-Feb-1 9 5,667,756.28 28.28 160,256,375.59 12-Feb-19 4,011,278.94 28.25 113,337,884.19 21-Dec-18 6,966,768.15 27.99 195,030,494.30 20-Aug-18 9,848,652.73 27.44 270,278,546.60 37,267,702.58 1,047,038,619.18 1,322,830,984.00 Amount Received 5.2 EIB Credit UDRt EB -USD Rate (ETB) 6-Nov-1 9 10,000,000.00 32.58 325,807,000.00 10,000,000. 325,807,000.00 _3,668,000.00 6C74 6. FOREIGN EXCHANGE GAIN 71,410,520.10 _44,921,062.00 ((,Vp 0 ~ ' . " 11 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 Currency : Ethiopian Birr Expenditure Window 1: Lease Finance to SMEs (Per Development Bank of Ethiopia Districts) USD ETB Addis Ababa 9,638,742 27.93 269,250,606 Adama 7,104,751 28.43 202,002,857 Bahir Dar 2,480,652 32.08 79,582,181 Dessie 3,272,496 28.35 92,779,418 Mekele 1,989,492 21.99 43,740,052 Hawasa 3,712,958 30.27 112,380,433 Dire Dawa 1,022,045 29.02 29,660,911 Butajira 1,130,166 28.54 32,251,562 Wolayita Sodo 1,638,106 28.68 46,985,847 Gonder 550,157 28.57 15,715,872 Jimma 47,827 28.42 1,359,257 Gambella 150,834 29.03 4,378,338 Nekemt 66,154 28.86 1,909,479 32,804,380 931,996,816 Bank Charge 142 3,938 Window 2: Working Capital Finance to SMEs (Through the following institutions) IDA USD ETB Amhara Credit and Saving Association(ACSI) 781,901 28.44 22,240,906 Addis Credit & Saving 723,716 28.12 20,347,646 Visionfund Microfinance Insitution 108,910 28.34 3,086,060 Wassa Microfiannce 550,864 28.40 15,645,395 Enat Bank 2,064,136 27.79 57,360,420 United Bank 3,300,094 28.45 93,895,707 Birhan International Bank 2,494,276 28.15 70,202,652 10,023,897 282,778,786 IDATotal 1,214,779,540 t~1 S chartered Cort"r,. WKoa:ta,r S* 12 DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 Currency : Ethiopian Birr Window 1: Lease Finance to SMEs (Per Development Bank of Ethiopia Districts) EIB EURO ETB AddisAbaba 1,938,543 32.45 62,908,805 Adama 105,966 32.12 3,403,827 Bahir Dar 1,657,271 3231 53,549,954 Dessie 365,975 32.07 11,736,491 Mekele 256,314 32.56 8,345,303 Hawasa 187,235 32.27 6,041,730 Dire Dawa 749,219 32.28 24,186,497 Butajira 605,943 32.06 19,428,229 Wolayita Sodo 89,669 32.63 2,925,982 Gonder 7,085 32.52 230,435 5,963,222 192,757,253 Bank Charge 42 1,321 Window 2: Working Capital Finance to SMEs (Through the following institutions) EURO ETB Amhara Credit and Saving Association(ACSI) 474,929 32.90 15,626,283 Addis Credit & Saving 134,879 32.99 4,449,956 Visionfun I 58,935 32.99 1,944,383 Wassa Microfiannce 41,031 32.90 1,349,820 Enat Bank 315,004 32.99 10,392,634 United Bank 460,119 32.99 15,180,292 Birhan International Bank 442,836 32.99 14,610,076 1,927,732 63,553,444 EIB Total 256,312,018 Total Expenditure 1,471,091,558 41 4dit О " ., , , ,� , , �. \ Й С � . . � � . � � . . � . . � � 1 1. 1 i. � � � � ' •� __"_"._._ .�. _ _.... . : .i . i . .. с � - , i , . . . . .. . U с � n I I , . 1 . � �, , , , i . , . . , 'А � _ � I � , ' � ,. � � . .� � , � ,� � . � . . . . � .`т й т � j .. , . . ,.. �, '�, . , � > � � ..... i , � , � , � °.. °�� а а.. й� м v,. й v,�.. т ц: пмi м. °о,.. оо. ° ° иI, о',. гч а ы ' ш�. й�. т� й й'�' м,. � ш v � й мтi� �� ш� о oN, °, и� о� м � т т ai пмi.., т.� �' °' oI о � й т' м м v��� rn',. шi о,. т� v, ° ш ш о '_ , о v � м1. т' NL. м�,I '"�I w'',. "� й. г.�.. м м т,. � т, о. тй.. оо.. � � �.� о ���' й м. г-.. т vi � N�,. т v � •- vI �. ги,�: о; м.��,. й гv г� о � ItJ ` .. � , . и о г� т I i .....,. ., i i . ..... . .. . и ' _. 1 ы i i тг м Г' �i NI- ry� Г�_ N й' �I ит �' м' м oI о, о о иi о, mI � - mI 4 й м� NI � .. �" coI г,i со mI aiI I oi т�.. о т' й �� у ��� �I ит т иj м.. иi о и' c.i �I _ ( �' о о�I , О й�1��, Ф Ф I N М-. ^V 001 .�' (тТC1 � ° � м I�� а О) � I Ом1 Й D N .. О.. ОI aN0 т..,�� �Ii Ф и ИI � И О)''.. N� О),. О 1�1 (О И�i, ОI йi N мI , у ы' о i и ~.., м И � w�.� и � � м� м й�.. па'i °м .,. о I ш'. м i иы 1 °пi'�, � .� ,. а, �+ I �I о mI �I av� �1 ai1 пi� co) й ,. . ... '�.. у L� ',. г� гv , `г rv�., м�.� v: .-1 I �� Г, смv °i м �� � мI о� v т' � г� / I Q н '� � i . : ,.i � ! ; � ; � : , � ' ,.�'.� ��ггг.• ,i. � го со1, rn м и� м иI ы итI м'. . о м', м' . .. . ° о`1 •` +Z �а . - � � v м�, со ry.. г� т г� о����. о о т ! � oIi ri� т v �'., го и� гд г.i'� о, � м �i т ° � о о и о о.... ,г, � ��, ы` ы `� � rn' � v�� v... о�� пг-i I � го и м г� � о� о т� °о г°v �� V° с � �� �1 о r«�. 1 т i � 1 т со ����. т ni гсi 1 i � I oi ' со oi г� м. о I о i м, о �ч ��� `а } � �' n � С.и.. I� мI N� (�D И. д'II �I QJ�, Й� Ф !� м � т rI OI OI Ф О' �V°i р4р ,J 1' �.1 а � v i , v1 йi Г'.,. � и го Q f и � ы � ���, v и� пi I Й'I и v I га . vi � й I а: _ ro' и.• С� �� �. _, 4 q к . �� ,I �� . i , ^ I м i г� ,, м I v'. �F Т .5�: н о а ы i I � � NI ГI I ГI � и ы ��4,y��ifr � � ' � , ' KOk ,�ч` г� а й .. .. � 1 . - , . , . .. , . . .. �I . , . � � ,. � , ' � дц��У� г а р . . г�. м v'I а� о mI, v� йI т' и. ит, и _ о о� о о��� r о о -�-r"� +� о О о о т О И а 1- и Ф ' ,' И� ц.., pj �. ��, � . � � � ri о г� � о оо со го го - U ш м. v r�I Г о,' �. � о�� Г. й О П] °i й у �, о i гti � со � т� �� cv_. т ао м �.. п.. т о й г� ° �.. пиi �°ч < о с v со � , м й�', � о io � и��, т й. гi ' ri c,i о го а а!У т о °� ы` . °"' v! "? °. и1 r..� v т�:. и� м� . . �� й. Ni т а о� � и � О_ а�- и v а '��,� й' r! to1 mI oii r".. гv' и! oi oi� .= �, . со' v, � �� о _ � О ы , И,.' т i .- ..i i N.�' ���. N 1 N I � ,,. �', , О� �, f V I Г <р ',. гр �. т О М Ш г = ы , . � . �,. � i ,,. , �,. �� i 'i ,. , � �. � М '� LL U Ш С I I I . i ' ! i г _ ° -- - i N с L I I 'ОI � t...._.I i_.. � I.... , I. Г ГI Г � а � ы I о т и � I 1 ��I I - � -� �. 1 .' -.- . о о о г z ы � I 1 м) м ш� �� йi т� � °?�� I � i о°i ' i оо. I о oi� И о о 'О N1 1� И� n а N1 гд го' Ni `� `1 �1 ' �I �.. � �1i т т., � О О О с 'в '�, т. г- а м и т т й Е ш Ф т� т oI шI г�I nI т� й� j i `° ... �i т� � о� F- а Е т' со ш й,. и i .- oi о�, ш 1 ао I ' tv I �.�. ' ш ш й r д`II ,, й I � v. а j о а��,..�.. т i г�'ч пиi .. '�� N r, ,. 1.., о � " о а и � � у , пNil т'�.. м� oiI Г й .- гд1 г�. i .... и v�, � Г. м v и 0 й С� , , ... . . � Ш о т п . , . Г 1 �� � ! Ii . , . . � а ы j nm. �� 'v , 1 i п ш т ш� ы о 9 . � . . ', , т� � р Ш С . ' ��, . �� ' , � О' V- к ш и . .. i , , ,wj ы г ш � � � , i а � ш 1 , _, , ,, . , . 1 . . о о о ? ы v �� т ro' �I о �. ; � �, 1 . ,' °I о' о: о� '� ы� � о о. о о', м'� и т ` т пiI мI uii т vI , , ы О 9 а � ��.. шI v, о mI � , '� ' � , °м оо1. о� cril го. о � ш Й �« � °� .. '. � , ,. о о гv, �! � �� � c�i й i g 'а '. et ш ш i �!, о I ,, ' �, ri� о о о I� пi �:о Ф ❑ � с а . м гдI т � о�. �! .. � � й �i м пиi� � , т у� � г О � а�� ' � й: 'n � го��, w п� � � � � !, ',, i '� .- й й I� � ' гу � п а й к ,, �,. , . w .- I � , � , , ,. , , , . �. J � Ш 1i , ,,, , II , , ., . . . '. н а' Ш i .. ,� , . . .. .. . ., . '�.. �,. � ы ¢ , , .. � � _ и � , .. .. , , ; �,,, �� �,, � , .. . , . : �� , : . . , 4 о ш й � � � � � � � � � � � . . .. °о о о rn и � � � , , � � � � � . � � � � о о ы . i .. , �� а � � ы Ф , , . � . , , � L � О уI i., 'I II , i .� � �, i , i i ��� ' ' .� И Ф � С й �.. , i i � 'i �I ' �i •V 'и ад , � i i i � й с - r-,,� _ i � - . ! � ' i ; ' I � � а � � � i i I 1 I, 1' � i � I I� ! 1 � _. `" - �ь. I � I � � , �� � i I � i 1 � � �," 1' � � � 1 � I � 1; � 1 I � � ; � ' I i � � i�,, i 1 I � i � i � i 1 i � °'I I I . . � I .и . � , I 'i i I , ŭI ..� - гр Йi �, U� ' ŭI �I �jI I UI mI , i ��и �'. С 1, U I �C I U',, � и I и_ � U С � V I и 1 �.. г� �I �: �� �� �II � и1 pi GI ''i йI �I oI йi � 1 оц Ш, �,. i У • ; й А т. й дI ❑,.� р ❑1 I 3I ❑, ❑ ❑.. гпi р� ❑. � gI li, У, с�. ci ,,. р � � т и. ш 1- а' aI и� Ё' Я т., ы�, �. о �'� ��'. �� �.. ы! �. gi, U.. п, �' й� cn т � n. � ' �� qI а1� mI o�I �',. iI', �' т� �г; Со'Ji', Е' й, � U�, ��' й:'. й, t"са. с, =т' �1 ._. -1 � У '^ и'� и'�, и 1 и и 1 и и ��. и Z ¢ Q �. > Ш�.. � ¢1 U� д tL! Ш Ш' Ш.' Ш Ш Ш� Ш Ш� Ш' WI Ш'� Ш Ш Ш Ш' Ш Wi Ш.� Ш �Ii О � � 'а �г �� �I ��' � гг� �iI � � �г' �� g Тг � �, � ��� � g�, ��.. � т� 1- � т с и и и иI иi иI и и и и и�' иI� иI и�.. и иi � и; и и т � и �I ыа� ш ш'�. ш. ш ш�'��. ш ш wI Ш wI WI ш ш ш� ш� ш� ш1 ш' ш! ш ш'�, с д V ш т т' т т т т; т т mI т т mI т т т! т' т mI т' т � А с а _ Ш,� О ❑'� ❑', ❑ ❑ ❑' ❑I ❑ ❑� ❑�,,. OI ❑. О�� О,. р� ❑�i Oi ❑'� р ❑,, иI С7 ш � С7 ,& 件 →，網 --－一一－一－一－－一一一－－一一－一－一一－－一－-－一一－ n& 付‘、 ..‘■｀ →→～→－~~~--～→→～~~ о и1гг�1 � rn ro� r а о и r v� со vi ао rn г� о и� о о --° >^ I I°им° rnI гyI mI м� aIr пгvil rn�I oi � ОиI м'1 w� •- т rn': оо � ы о и� `� ш о м� � а� и о� � v1 о� м;� oi ui сч v _ у мIо .- м �rlи +J I � оо й� � и со�'� r1 I I a=j о о� .-i т� О � й ы I ai й oi 1 i:1 д: � д: м Г- о N, � ❑'О I ;�� °'. `л� и� и ш� vi oI N� ' � �i иI � � ср �t � й � � о i �1 � и м� н� �� �' т� � а м� v v w .. U ~ .. . .� � ; �� , � � ^ � ? ��, i . � , , . . � . � ; � , „-о, i и° и� � Гi т с�, со; м мI м� t� �t oI c� � i иi rn Q �r и� о пii иI v v� и v� оо, а� � о, иi о о � � и ui м со oi � 1 � t_ ��д м� со� и� ш� oi м� `r v й аиоl мI °� �, о м� oi1 ui пi � _. 1 �г?� т cv иj м w c�j и� со1 о й о�о.! аэI о о �I � v� й т , 'с j'т й t���n'ш � i ���и д аi,й rn r��v vioo. 1 Io,�c�; �о � ш 1 а, >,i °М'- � шi м1 Nj �I �I �. °°, � v а'� `n' v Mi �i � � о х ы ^ � ы =; 1 i ы � ", _ ^^ о ' � �, , ' � � о F- с � т w � о� �� , т ro � . . . м� г� rn cOi V' et. но N о, й c�i � ы й ui, � � ы� м �1 мi 1 м1 ш� ro� Г ' � � �. ui `t ч м i --� т;о 1 1rnlu-i�w I'' �йI �oilr��шl и � � � о О' С и� I rn� �, .�-°! � � � и� . а0� 1 cvI i ; N I , �°_ Ш й д' ы vI � � i � � ,! � I � N j I � i '�'- ы ._.,. � I ,' � � i i I � ы ��\ � � � .- _ _ ,_ г _ , .//oqhllC A0,`.* ао т -. � о�� t�. ао ш и.' т о ! v й;°' , w � ш _.� д , � о �G -м о I N I.. � и , м r , ,� , � ° I � I � � и ' й ,; о ,� � ��.tлr�^ 'ti� " о - ы ., о I rn... �t ш rn' г� ��. сд и� ,, �„� :Iс г.�'. � Т Ул л'1 о. ы �.� , - v_ т I г� � г. о�� с� .. � �.....� оо а.. v м�,.. , i. . ц�' = и З� '+ �� ^ r :о _ � й� rn� й со о�,' °� пi.' � v rn� о о cr' ! ,) о ы_r. у г.U �„j� V 7 �, С �h!i и � 1� c-I 1�' N'i � �. м, N, N ' W, N, .� � � �_ М V' J S., !� Ш О ,а ы`�. � , . ,� cv (V � N � рΡ �. ; У а� ! � И 4 , � , . , i � � I �. N i. Ci " ь а а_ р о м д � � '� I � I � , : � .. г О. R' д' о � ' , 1 , , � , �, . � �'��, . �,. й..�. .п . ь ''� �, О а О н � т. �� ``а 2 U' ш о � � � . , . , 1 . . . , . , Ш ,, - г 'и' � .. Е- г с м i i ^ О ' . .. . . �. N r�.. �I mj Nl�пi rn м�.�,.. ' _ ' ; i ' � � � ' �� _ �� Ш ы . ' ' � и -- - tL � > > I � oI �' n. v� и1 с� ш иi � , ' �i °v� � � rn с�� м ы °о °о, ° � ...__ r; rn т У г го.а � � �, м ш о и м`'' о ,мn � � �, � 1 г� �.- го � о о «. ы D м v ni . с� i ., ,� о..., м��, r ч- г й- Ё т� � � й_ v �! � n- т м I v' "-' 1 v i О ы о , � " т ...... ti � �, n � т Й Й ш � , М.. о.. �, м.. .�i �,. �°р'., : � N� N �,� �� N��� N � й_ �, N а Z Ш И Ф ы ��� . . . 1 . ' . м м=+ ш � д r ы i а ы � и « � � с � _ О_й с� о' , i i � к й .с з о tu � ы � с , ; � . L. . ' , Ш � L Ш � Lu N . '; I , . � ,, �; , ' � 'С � т�'о а° � _ � а i � i � � о cv Z� 1 ' � � � � � Q°� й ,�,. � D I с01 '� � I ^ � I � I � 1 : р� I д�' р i � о О О О м I 7 � ' � i � � �, � �� мi � � NI '1 О � ,ё ? I т I 1, б I� j I , ', '�� .' �� I о j �� а i т ь � ,S U о с н� 1 О� � I � �: ! �` i � I ' � � иI N � �� п i. ы г �' а"I� j � j i � �f Г I 1 �'т й _" ¢ к � s т ш . II I I ' � Ф� Ш J , � � . I I Ii 1 � ,. ,I � � ы � Ф Q �. . . . j .. �, , , �.. I ; � Lт � �L � . � i . � , ' ,I. ы И , . . , ' � � . .� ,, iз r а ,, . � . . � . , . , ¢ ы и � ,. . ; , ,. � � о о о � '^ т у о й � � � � о о � rn -о `° � � � � � � , v �v у ы�1 т ы ° � и � '-' с о .с `�тд�°. 1 , '� L ы т ы 3 _, i ; i I , ' S.с 1 i � ; 1 � i �. I ш и + . ' . .. � ' ' , ,,, , , � У i j � , ,. . .. � , С � , ы � g т � � � , �, � � �й �� � .. i с� . � 'S � и=i pi �i �! v сд `i и Vi `` й ' Е т � . о _й ц3 � � д г_л� иI и� p�I pI и..,� 0 и* ... и i,�'� w " у °1 с_ы.f д1 pI р р р! ы т pI I pI LLI ы ti g�с� �,,� �' I 0 т ш ~ i° c-I и' т' -`ыо ы ы) й т mI й� �pI �i U�I иI т т mi * о. F? ы а� Q а� mI :с й� У 3� й.лi �i й и о й, mii ыI �� �I = � i vi т ы ыi ы 5, oI о U' � й т �а .с д й� ¢ т pI �= о1 mi � C9I ¢¢i >�! ш� �i 'mI -`�с о ш � ��� и и и, и и и i и 1 и и и'� и и I и 1 и и и 1 У I ;: `.-, � Ш, Ш Ш Ш WI Ш Ш Ш' Ш Ш Ш' Ш Ш Wi Ш Ш Ш' � О ^ i 'о � i � i � � 1 � ' � � � � � � � � �г � '� � . � io ,. F �,иlи и и и и и и иl�и и и и иIи и и1т 'сыi ы � Q„'� Ш Ш. W.i Ш Ш' Ш � Ш Ш' Ш Ш Ш, Ш Ш Ш' Ш Ш Ш'� Ш С ��"� Ш х� т т т mI т mi т т т т т т т� т т т т', �, � с С� z Ш1 pI р'� pI р� р� р О р���.�: р р� р'. pI р' р pi ❑, р' гЛ, (,9 LL р