Report on the PROJECT FINANCIAL STATEMENTS of the SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina financed by: - IBRD Loan No. 7842-BA - EC IPA Grant TF 012937 FOR THE YEAR ENDED DECEMBER 31, 2014 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina CONTENTS 1 Introduction 1 2 Independent Auditor's Report 3 3 Project financial statements for the year 2014 5 4 Notes to the project financial statements 12 APPENDICES A.1 Designated account statement - IBRD Loan No. 7842-BA 14 A.2 Local bank account statement - IBRD Loan No. 7842-BA 15 A.3 Local bank account statement - Government contribution 16 A.4 Local bank account statement - Local contribution 17 A.5 Local bank account - Local contribution 18 A.6 Designated account - EC IPA Grant TF 012937 19 B.1 SoE Withdrawal Schedule of IBRD Loan No. 7842-BA for the year ended December 31, 2014 20 B.2 SoE Withdrawal Schedule of EC IPA Grant TF 012937 for the year ended December 31, 21 2014 C.1 Reconciliation between World Bank's disbursement statements in EUR and IBRD Loan 22 account in EUR according to the balance sheet as of December 31, 2014; SoE Withdrawal Schedule of IBRD Loan No. 7842-BA C2 Reconciliation between World Bank's disbursement statements in EUR and EC IPA Grant 23 account in EUR according to the balance sheet as of December 31, 2014; SoE Withdrawal Schedule of EC IPA Grant TF 012937 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina 1. Introduction 1.1 Description of the Project The objectives of the Project is: (a) reducing the populations' expose to, and reliance on highly polluted water from Miljacka and Bosna river; and (b) improving the efficiency of the waste water collection network in the Sarajevo Canton. The project aims to achieve this objective through financing investments in the rehabilitation of the Sarajevo waste water treatment plant (WWTP) and sewerage network in the Sarajevo Canton. 1.2 Funding of the Project 1.2.1 IBRD Loan No. 7842-BA Schedule 2 of the Credit Agreement set forth the Categories of items to be financed out of the proceeds of the Loan, the allocation of the amounts of the Loan to each Category and the percentage of expenditure for items to be financed in each Category: Item Amount of the % of expenditure to be Loan allocated financed (in EUR) (1) Goods and works 23,000,000 95% (2) Consultants' Services (including the carrying out of audits under the Project) and Operating Costs 541,000 100% (3) Front-end Fee 59,000 Amount payable pursuant to Section 2.03 of Agreement in accordance with Section 2.07 (b) of the General Conditions (4) Premium for Interest Rate Caps and Interest Rate Collars - Amount payable pursuant to Section 2.07 (c) of Agreement in accordance with Section 2.05 (c) of the General Conditions TOTAL 23,600,000 1 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina 1. Introduction 1.2 Funding of the Project 1.2.2 EC IPA Grant TF 012937 In 2012, EC IPA Grant Agreement was signed between the State of Bosnia and Herzegovina and International Bank for Reconstruction and Development (IBRD) acting as Administrator of the European Commission for the European Union instrument for Pre-Accession Trust Fund and Amendment to EC IPA Part I Grant Agreement (TF012937). Section IV of the Grant Agreement set forth the Categories of items to be financed out of the proceeds of the Grant, the allocation of the amounts of the Grant to each Category and the percentage of expenditure for items to be financed in each Category: Item Amount of the % of expenditure to be financed Grant allocated (exclusive of taxes) (in EUR) (1) Civil works and goods 9,947,000 100% TOTAL 9,947,000 2 Deloitte d.o-o- Jadranska bb Deloitte 71000 Sarajevo Bosnia and Herzegovina Tel: +387 (0)33 277 560 Fax: +387 (0)33 277 561 www.deloitte.comlba 2. Independent Auditor's 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 project financial statements We have audited the accompanying project financial statements of the Sarajevo Waste Water Project (the "Project"), which comprise of Summary of sources and uses of funds, Balance Sheet, Designated accounts and local bank accounts statements, Statements of Loan and Grant withdrawals for the year ended December 31, 2014 and a summary of significant accounting policies and other explanatory notes for the year then ended, financed under IBRD Loan No.7842-BA and EC IPA Grant TF 012937. Responsibility for the project financial statements The State of Bosnia and Herzegovina, i.e. the management of the project management team (the "Management") is responsible for the preparation and fair presentation of these project financial statements on the cash basis of accounting based on International Public Sector Accounting Standards ("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 Management determines is necessary to enable the preparation of the 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 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 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 project financial statements. An audit also includes assessing of the accounting principles used and significant estimates made by 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 itpiwww-deloitte.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 project financial statements (continued) Opinion In our opinion, the accompanying project financial statements present fairly, in all material aspects, the financial position of the Project as of December 31, 2014, and of the funds received and disbursed during the year then ended, in accordance with basis of accounting described in Note 4.1. 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. Deloitte d.o.o. SedBatsbvid, director and licensed auditor Mirza Bihorac, Iice rd auditor Sarajevo, Bosnia and Herzegovina April 30, 2015 4 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 3. Project financial statements for the year 2014 3.1 Summary of sources and uses of funds under IBRD Loan No. 7a42-BA, EC IPA Grant No. No.TF012937, Government contribution, Local contribution and Other income Actual Cumulative Cumulative Cumulative Cumulative Ref. 2014 2014 2013 budget variance FINANCING IBRD Loan No.7842-BA 3.1.1 3,276,299 8,577,292 5,300,993 23,600,000 15,022.708 EC IPA Grant TF 012937 3.1.2 2,277,037 2,277,037 - 9,947,000 7,669,963 Government contribution 3.1 3 613,550 1,577,115 963,565 1,350,000 (227,115) Local contribution 3.1.4 429,250 429,971 721 - (429,971) Other income 3.1.5 646 1,573 927 - (1,573) TOTAL FINANCING 3.2 6,596,782 12,862,988 6,266,206 34,897,000 22,034,012 PROJECT EXPENDITURE By Category Goods and works / Civil works and goods 4,959,886 9,538,674 4,578,788 34,297,000 24,755,326 Consultants' services and operating costs 290,897 545,549 254,652 541,000 (4,549) Front-end fee - 59,000 59,000 59,000 - TOTAL EXPENDITURE 3.2 5,250,783 10,143,223 4,892,440 34,897,000 24,753,777 PROJECT EXPENDITURE By Component High infrastructure rehabilitation 5,096,313 9,613,449 4,517,136 34,297,000 24,683,551 Institutional development support 17,957 266,545 248,588 271,000 4,455 Project management and operating costs 136,513 204,229 7,716 270,000 65,771 Front-end fee - 59,000 59,000 59,000 - TOTAL EXPENDITURE 3.2 5,250,783 10,143,223 4,892,440 34,897,000 24,753,777 5 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 3. Project financial statements for the year 2014 (continued) 3.1.1 Summary of sources and uses of funds under the IBRD Loan agreement No. 7842-BA Actual Cumulative Cumulative Cumulative Cumulative Ref. 2014 2014 2013 budget variance FINANCING IBRD Loan No.7842-BA 23,600,000 Initial deposit - 800,000 800,000 Direct payments 2,340,736 2,630,372 289,636 SoE replenishments 935,563 5,087,920 4,152,357 Front-end fee - 59,000 59,000 TOTAL FINANCING 3.2 3,276,299 8,577,292 5,300,993 23,600,000 15,022,708 PROJECT EXPENDITURE By Category Goods and works 3,619,537 7,964,805 4,345,268 23,000,000 15,035,195 Consultants' services and operating costs 182,714 426,247 243,533 541,000 114,753 Front-end fee - 59,000 59,000 59,000 - TOTAL EXPENDITURE 3.2 3,802,251 8,450,052 4,647,801 23,600,000 15,149,948 6 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 3. Project financial statements for the year 2014 (continued) 3.1.2 Summary of sources and uses of funds under EC IPA Grant TF 012937 Actual Cumulative Cumulative Cumulative Cumulative Ref. 2014 2014 2013 budget variance FINANCING EC IPA Grant TF 012937 9,947,000 Initial deposit 1,400,000 1,400,000 - Direct payments - SoE replenishments 877,037 877 037 - TOTAL FINANCING 3.2 2,277,037 2,277,037 - 9947,000 7,669,963 PROJECT EXPENDITURE By Category Civil works and goods 957,975 957,975 - 9,947,000 8,989,025 TOTAL EXPENDITURE 3.2 957,975 957,975 - 9,947,000 8,989,025 7 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 3. Project financial statements for the year 2014 (continued) 3.1.3 Summary of sources and uses of funds under Government contribution Actual Cumulative Cumulative Cumulative Cumulative Ref. 2014 2014 2013 budget variance FINANCING Canton Sarajevo 613,550 1,577,115 963,565 1,350,000 (227,115) TOTAL FINANCING 3.2 613,550 1,577,115 963,565 1,350,000 (227,115) PROJECT EXPENDITURE By Category Goods and works 382,374 615,894 233,520 1,350,000 734,106 Consultants' services and operating costs 16,799 27,914 11,115 - (27,914) TOTAL EXPENDITURE 3.2 399,173 643,808 244,635 1,350,000 706,192 8 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 3. Project financial statements for the year 2014 (continued) 3.1.4 Summary of sources and uses of funds under Local contribution (including VAT refund) Actual Cumulative Cumulative Cumulative Cumulative Ref. 2014 2014 2013 budget variance FINANCING Local contribution 429,250 429,971 721 - (429,971) TOTAL FINANCING 3-1 429,250 429,971 721 - (429,971) PROJECT EXPENDITURE By Category Consultants' services and operating costs 91,384 91,388 4 - (91,388) TOTAL EXPENDITURE 3.2 91,384 91,388 4 - (91,388) 9 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 3. Project financial statements for the year 2014 (continued) 3.1.5 Summary of sources and uses of funds under Other income Actual Cumulative Cumulative Cumulative Cumulative Ref. 2014 2014 2013 budget variance FINANCING Interest - IBRD Loan accounts 8 21 13 - (21) Interest - Government accounts 468 1,382 914 - (1,382) Interest - Local contribution accounts 170 170 - - (170 TOTAL FINANCING 3.1 646 1,573 927 - (1,573) PROJECT EXPENDITURE By Category _ - - - - - TOTAL EXPENDITURE 3.2 10 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 3. Project financial statements for the year 2014 (continued) 3.2 Balance sheet as of December 31, 2014 showing accumulated funds of the Project and bank balances concerning World Bank Funding December 31, December31, Ref. 2014 2013 ASSETS Project expenditure under IBRD Loan No. 7842-BA 3.1.1 8,450,052 4,647,801 Project expenditure under EC IPA Grant No.TF012937 3.1.2 957,975 - Project expenditure under Government contribution 3.1.3 643,808 244,635 Project expenditure under Local contribution 3.1.4 91,388 4 10,143,223 4892,440 Designated account - IBRD Loan No. 7842-BA A.1 122,914 645,794 Local bank account - IBRD Loan No. 7842-BA (PIT Sarajevo) A.2 4,347 7,411 Local bank account - Government contribution A.3 934,689 719,844 Local bank account - Local contribution A.4 1,412 717 Local bank account - Local contribution A.5 337,341 - Designated account - EC IPA Grant No.TF012937 A.6 1,319,062 - 2,719,765 1,373,766 Total assets 12,862,988 6,266,206 LIABILITIES IBRD Loan No. 7842-BA C.1 8,577,292 5,300,993 EC IPA Grant No.TF012937 C.2 2,277,037 Government contribution 3.1.3 1,577,115 963,565 Local contribution 31.4 429,971 721 Other income 3.1.5 1,573 927 Total liabilities 12,862,988 6,266,206 Signed and authorised by: Svanka Aleksid Dijana Dangubid Project Coordinator Financial Officer Sarajevo, April 30, 2015 11 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 4. Notes to the project financial statements 4.1 Basis of preparation and accounting records These 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 January 1 to December 31 for the recording of all transactions. Cash basis of accounting All receipts and expenses under IBRD Loan and EC IPA Grant 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 IBRD Loan accounts of the World Bank. Statement of Expenditure (SoE) Statements of Expenditure are used to state the expenditure under IBRD Loan and EC IPA Grant during a certain period. These statements are sent to the World Bank's disbursement department who authorises 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 These are the total amounts of the withdrawals from the IBRD Loan and EC IPA Grant accounts for the Project. IBRD Loan and EC IPA Grant accounts are in EUR. Local bank accounts This concerns bank accounts at local banks (other than Designated accounts) in local currency translated at the exchange rate at the date of the balance sheet. 12 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) 4. Notes to the project financial statements (continued) 4.2 Accounting policies (continued) Interest on Designated accounts Interest earned on the Designated accounts belongs to the Borrower. interest on local bank accounts Interest earned an the local bank account used for the payments from IBRD Loan and EC PA Grant funds belongs to the Borrower; interest earned on the local bank account used for the payments from Government contribution and Local contribution is treated as additional source of financing of the Project. 13 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (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.: 10000460101 Depository Bank: UniCredit Bank d.d. Address: Kardinala Stepinca b.b., Mostar Related Credit: IBRD Loan No. 7842-BA Currency: EUR Ref. EUR Opening balance January 1, 2014 3.2 645,794 Add: World Bank replenishments B.1 935,563 935,563 Deduct: Payments to suppliers - Expenditure under IBRD Loan 1,443,103 Transfer to Local bank account - IBRD Loan A2 15,340 1,458,443 Ending balance December 31, 2014 3.2 122,914 14 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX A.2 LOCAL BANK ACCOUNT STATEMENT (PIT SARAJEVO) Account owned by: JKP Vodovod i kanalizacija Sarajevo Account No.: 3386902246817517 Depository Bank: UniCredit Bank d.d. Address: Kardinala Stepinca b.b., Mostar Related Credit: IBRD Loan No. 7842-BA Currency: BAM Ref. BAM EUR Opening balance January 1, 2014 3.2 14,495 7,411 Add: Transfer from Designation account - IBRO Loan A.1 30,000 15,340 Interest 3.1.5 16 8 30,016 15,348 Deduct: Payments to suppliers - Expenditure under IBRD Loan 3.1.1 36,011 18,412 36,011 18,412 Ending balance December 31, 2014 3.2 8,500 4,347 15 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX A.3 LOCAL BANK ACCOUNT STATEMENT Account owned by: Ministry of Foreign Trade and Economic Relations of B&H Account No.: 3386902296412938 Depository Bank: UniCredit Bank d.d. Address: Kardinala Stepinca b.b., Mostar Related Credit: Government contribution (Canton Sarajevo) Currency: BAM Ref. BAM EUR Opening balance January 1, 2014 3.2 1,407,893 719,844 Add: Contribution from Canton Sarajevo 1,200,000 613,550 Interest 915 468 1,200,915 614,018 Deduct: Payments to suppliers - Expenditure under Local contribution 780,715 _ 399,173 780,715 399,173 Ending balance December 31, 2014 3.2 1,828,093 934,689 16 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX A.4 LOCAL BANK ACCOUNT STATEMENT Account owned by: Ministry of Finance and Treasury of Bosnia and Hercegovina Account No.: 3386902296790171 Depository Bank: UniCredit Bank d.d. Address: Kardinala Stepinca b,b., Mostar Related Credit: Local contribution Currency: BAM Ref. BAM EUR Opening balance January 1, 2014 3.2 1,402 717 Add: Local contribution 1,373 702 1,373 702 Deduct: Payments to suppliers - Expenditure under Local contribution 14 7 14 7 Ending balance December 31, 2014 3.2 2,761 1,412 17 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX A.5 LOCAL BANK ACCOUNT STATEMENT Account owned by: Ministry of Finance and Treasury of Bosnia and Hercegovina Account No.: 3387202238054813 Depository Bank: UniCredit Bank d.d. Address: Kardinala Stepinca b.b,, Mostar Related Credit: Local contribution (VAT refund) Currency: BAM Ref. BAM EUR Opening balance January 1, 2014 3.2 _ - Add: VAT refund 838,168 428,548 Interest 332 170 838,500 428,718 Deduct: Payments to suppliers - Expenditure under Local contribution 178,718 91,377 178,718 91,377 Ending balance December 31, 2014 3.2 659,782 337,341 18 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX A.6 DESIGNATED ACCOUNT STATEMENT Account owned by: Ministry of Finance and Treasury of Bosnia and Hercegovina Account No,: 10000899101 Depository Bank: UniCredit Bank d.d. Address: Kardinala Stepinca b.b., Mostar Related Credit: EC IPA Grant TF012937 Currency: BAM Ref. EUR Opening balance January 1, 2014 3.2 . .....- Add: Initial deposit B.2 1,400,000 World Bank replenishments B.2 877,037 2,277,037 Deduct: Payments to suppliers - Expenditure under EC IPA Grant 957,975 957,975 Ending balance December 31, 2014 3.2 1,319,062 19 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX B.1 SoE Withdrawal Schedule of IBRD Loan No. 7842-BA for the year ended December 31, 2014 Consultants' services, Works operating Initial and costs and Front- Total Total deposit goods audit end fee application replenished Previous years 800,000 4,345,268 243,533 59,000 4,647,801 5,300,993 Application 21 - 2,340,736 - - 2,340,736 2,340,736 Total direct payments - 2,340,736 - - 2,340,736 2,340,736 Application 20* - - - - - 146,809 Application 22 - 93,564 72,256 - 165,820 165,820 Application 23 - 286,214 1,100 - 287,314 287,314 Application 24 - 286,213 49,407 - 335,620 335,620 Application 25** - 612,810 30,581 - 643,391 - Application 26* - - 29,370 - 29,370 - Total SoE applications - 1,278,801 182,714 - 1,461,515 935,563 Total 2014 - 3,619,537 182,714 - 3,802,251 3,276,299 Cumulative 800,000 7,964,805 426,247 59,000 8,450,052 8,577,292 * Application No. 20 was replenished in 2014, but expenses were made in 2013 " Applications No. 25 and 26 were replenished in 2015, but expenses were made in 2014. 20 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX B.2 SoE Withdrawal Schedule of EC IPA Grant TF 012937 for the year ended December 31, 2014 Initial Civil works Total Total deposit and goods application replenished Application 1 1,400,000 - - 1,400,000 Initial deposit 1,400,000 - - 1,400,000 Total direct payments Application 2 - 199,361 199,361 199,361 Application 3 - 677,676 677,676 677,676 Application 4* - 80,938 80,938 Total SoE applications - 957,975 957,975 877,037 Total 2014 1,400,000 957,975 957,975 2,277,037 Cumulative 1,400,000 957,975 957,975 2,277,037 * Application No- 4 was replenished in 2015, but expenses were made in 2014 21 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX C.i Reconciliation between World Bank's Disbursement Statements in EUR and IBRD Loan account in EUR according to the balance sheet as of December 31, 2014; SoE Withdrawal Schedule of IBRD Loan No. 7842-BA Changes in IBRD Loan (in EUR) Original amount 23,600,000 Disbursed in previous years 5,300,993 Withdrawal 20 146,809 Withdrawal 21 2,340,736 Withdrawal 22 165,820 Withdrawal 23 287,314 Withdrawal 24 335,620 Total disbursed in 2014 3,276,299 Cumulative disbursements 8,577,292 Calculated undisbursed balance as of December 31, 2014 15,022,708 Undisbursed balance as per World Bank Summary for December 2014 15,022,708 22 SARAJEVO WASTE WATER PROJECT of the Ministry of Finance and Treasury of Bosnia and Herzegovina Project financial statements for the year ended December 31, 2014 (all amounts in EUR, unless otherwise stated) APPENDIX C.2 Reconciliation between World Bank's Disbursement Statements in EUR and EC IPA Grant In EUR according to the balance sheet as of December 31, 2014; SoE Withdrawal Schedule of EC IPA Grant TF 012937 Changes in IBRD Loan (in EUR) Original amount 9,947,000 Withdrawal 1 1,400,000 Withdrawal 2 199,361 Withdrawal 3 677,676 Total disbursed in 2014 2,277,037 Cumulative disbursements 2,277,037 Calculated undisbursed balance as of December 31, 2014 7,669,963 Undisbursed balance as per World Bank Summary for December 2014 7,669,963 23