BAKER TILLY LIBERIA LIBERIA ELECTRICITY CORPORATION (LEC) Libe-ia Electriiy Sector Enhancement Pr/cts (LESEP) IDA - 48420 and IDA - 50550 Independent Auditor's Report and Special Purpose Financial Statements For the year ended 30 June 2015 an independent member of BAKER TILLY dwBAKER TILLY Our Shared Values LIBERIA The BAKER TILLY VALUES Baker Tilly International Mission Statement 1. We lead by example. To operate a network whose members deliver, with integrity and 2. We deliver a quality service with an objectivity, superior independent emphasis on integrity. audit, accounting, tax and financial services to clients through global resources and relationships. 3. We are open and honest in all communications. 4. We act ethically. 5. We foster teamwork and collaboration with other Baker Tilly member firms. 6. We maintain a suoortive Iberia Electricity, Sector Enhancement Project -LESEP (LEC) I DA - 48420 and IDA - 50550 11e1eAdil30Re201, BAKER TILLY LIBERIA TABLE OF CONTENTS General information 1 Background Information on the Projects Management Responsibility Statement ..t.t.e..--................ 4 Independent Auditor's Reporteport................................... . ..... 5 Project Balance Sheet............................. 7 Statement of Sources and Uses of Funds 8 Reconciliation of Actual Cash at Bank and Amount on Statement of Sources and Uses of Funds..............9 N otes to the project financial statem ents...0.....................0........... . . .. - I ....-..-.. --. .................. 10 Independent Auditor's Reports on Designated Account Statement:................................................. 16 Project D esignated Account Statem ent (ID A-48420)................................,.-..... -.-... -..... -....--....-................. 17 Project D esignated Account Statem ent (ID A - 50550)...................................... --..... -.--.......-........................ 18 Independent Auditors' Report on Compliance with Laws and Regulations................-...................... 19 Annexes Annex I: IDA-48420 Statement of Sources and Uses of funds.......................-.....-.................21 Annex II: IDA-50550 Statement of Sources and Uses of Fundu n........................-21....................21 Annex III: Schedule of Fund Withdrawals ..................................ith**dra*wa**ls.23 ............................ 23 Statement of IDA - 48420 Fund Withdrawal 3 Statem ent of IDA - 50550 Fund W ithdrawals ....................................t-hdra-....l-s.2.-................. 24 Annex IV: Statement of Assets and Equipment as at 30 June 2014 ......014.25 0 . .2- - 0--.......... 25 Annex V: Funds Disbursement Statusta......****.**--s* .-- ..26..*..-........................... ............ 26 Statem ent of ID A 48420 funds disbursem ent status ........................ ....tat-us...-.....--..-.-.....-..................... 26 Statem ent of ID A - 50550 funds disbursem ent status........................................-..........-26..... ............. .26 Annex VI. Schedule of Contract Status................................. -... ****.----.. *-..... ............. 27 Statem ent of ID A - 48420 of contract status..................................... **........-...........-....-.....-... ..............27 Statement of IDA - 50550 contract status 8 Liberia Electricity Sector Enhancement Project -LESEP (LEC) IDA -48420 and IDA - 50550 KERTLY RAKER TI LLY I,d6penide1 kRpow ad eIlopoein / It LIBERIA fir / oila eded 30 june 2015 GENERAL INFORMATION Office Liberia Electricity Corporation Compound P.O. Box 1559 West Point, Waterside Monrovia, Liberia Management Team Peter Graham - Chief Executive Officer Yvonne D. Ouano - Acting Chief Financial Officer Titus Morlu - Chief Accountant Diabeson Beyan - Procurement Analyst Bankers United Bank for Africa (Liberia) Limited Broad Street & Nelson Streets Monrovia, Liberia Ecobank (Liberia) Limited Ashmun and Randal Streets Monrovia, Liberia Auditor Baker Tilly Liberia Limited 2nd - 4th Floors, King Plaza P.O. Box 10-0011 Broad Street, Monrovia Page 1 Liberia Electricity Sector Enhancement Project -LESEP (LEC) I DA - 48420 and IDA - 50550 -9 AE IL . . BAIKER TILLY LI BERIA yjr th)e ycar- mcded 30 fioze 20 15 Background Information on the Projects On December 2, 2010, the International Development Association (World Bank) signed a Grant Agreement (Credit No. 4842-LR) with the Government of Liberia to extend credit in the amount equivalent to six million five hundred thousand Special Drawing Rights (SDR 6,500,000) (variously, "Credit" and "Financing") to assist in financing the Government's Electricity Sector Enhancement Project. The Financing Agreement was subsequently rectified on March 20, 2012 to provide additional financing (Credit No. 50550-LR) for the project in the amount equivalent to fourteen million two hundred thousand Special Drawing Rights (SDR 14,200,000) (variously "Credit" and "Financing"). The Project entails the following activities: a) Expansion and upgrading of distribution network supplying the urban areas of Monrovia, through the provision of distribution network equipment and installation services; b) Provision of subsidies to the Project Implementing Entity on account of new subsidized electricity connections made to qualifying low income neighborhoods in the Project service areas; c) Reinforcement, rehabilitation and expansion of medium and low voltage distribution grids supplying electricity to urban areas of Monrovia; d) Rehabilitation of bulk handling infrastructure related to receiving, delivering and storing Heavy Fuel Oil (HFO) supplies intended for power generation operations at the HFO-fired power plant at Bushrod Island; and provision of first-phase overhauled maintenance of the existing diesel generator units in Monrovia; e) Provision of technical assistance to strengthen the capacity of the Rural and Renewable Energy Agency (RREA) to develop policy foundations and strategy work to implement part E of the project; and f) Provision of technical assistance to support the implementation of the Project, including training the staff of the Project Implementing Entity, the Ministry of Lands, Mines and Energy (MLME) and other energy agencies of the Recipient, implementation of measure prescribed in the Environmental and Social Management Framework (ESMF) and Resettlement Policy Framework (RPF), and carrying out Project Implementing Entity's annual financial audits. Use of Credit Proceeds The table below sets out the categories of items to be financed out of the credit proceeds, the allocation of the amounts of the credit to each category and the percentage of expenditures for items to be financed in each category. Page | 2 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 Bed 0A IE RTIL LY LIBERIA A. Initial Financing Agreement s/n Amount of Amount of % of credit allocated credit allocated expenditure Category (expressed in SDR) (expressed in to be financed USD) 1. Goods, works, consultant services and operating costs under Part A (i) of the project 2,500,000 3,846,250 100% 2. Goods, works, consultant services and operating costs under Part B of the project 3,000,000 4,615,500 100% 3. Goods, works, consultant services and operating costs under Part D of the project 500,000 769,125 100% 4 Unallocated 500,000 769,125 N/A Total 6,500,000 10,000,000 The closing date of withdrawals under this Credit Agreement is May 31, 2016. B. Additional Financing Agreement s/n Amount of Amount of % of credit allocated credit allocated expenditure Category (expressed in SDR) (expressed in to be financed USD) 1. Goods, works, consultant services and operating costs under Part A (i) of the project 2,000,000 3,098,580 100% 2. Goods, works, consultant services and operating costs under Part B of the project 10,500,000 16,267,598 100% 3. Goods, works, consultant services and operating costs under Part D of the project 300,000 464,809 100% 4 Unallocated 1,400,000 2,169,013 N/A - Total 14,200,000 22,000,000 The closing date of withdrawals under this Credit Agreement is May 31, 2016. Page | 3 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 BAKE RTIL LY fo, Zhe 6ear enzded 30 lai2e 2015 Ll BERIA Management Responsibility Statement Management is responsible for the preparation and fair presentation of the Special Purpose Financial Statements. These statements comprise the Project Balance Sheet as at 30 June 2015, the Statement of Sources and Uses of funds for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information. Management's responsibility includes: 1. determining that the basis of accounting described in note 2 is an acceptable basis for preparing and presenting the financial statements in the circumstances; 2. designing, implementing and maintaining internal controls that ensure the special purpose financial statements are presented fairly, and are free from material misstatements, whether due to fraud or error; and 3. selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Approval of the Financial Statements The financial statements were approved by management on.......................... 2015 and signed on management's behalf by: Yvonn D. Ouano Peter Graham Acting Chief Financial Officer Chief Executive Officer Page | 4 BAKER TILLY LIBERIA King Plaza 21 - 41i Floors Broad Street P. 0. Box 10-0011 1000 Monrovia 10 Liberia T: +231 (0) 886 514 965 F: +1 905 469 0986 info@)akertillyliberia.con Independent Auditor's Report www.bakertillyliberia.coin To: The Board of Directors and Donors of the Liberia Electricity Sector and Enhancement Project We have audited the Special Purpose financial statements of the Liberia Electricity Sector Enhancement Project (LESEP), which comprise the Project Balance Sheet as at June 30, 2015, the Statement of Sources and Uses of Funds for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes. Management's responsibility for the financial statements Management is responsible for the preparation and fair presentation of these special purpose financial statements in accordance with the accounting policies described in note 2 to the financial statements. This responsibility includes: determining whether the accounting policies described in note 2 form an acceptable basis for preparation and fair presentation of the financial statements in the circumstances; designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Auditor's responsibility Our responsibility is to express an opinion on these special purpose financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Basis for qualified opinion We observed that expenditure amounting to US$5,602,865.06 was made in respect of LESEP but no evidence made available to us to indicate that the disbursement was appropriately authorized and eligible. RAKER TILLY LIBERIA Qualified opinion In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, the Special Purpose Financial statements present fairly in all material respects financial position of the Liberia Electricity Sector Enhancement Project as at June 30, 2015 and of the results of the operations of the project for the year then ended in accordance with the accounting policies adopted by entity as stated in note 2, to the financial statements and IDA contractual conditions. (Certified Public Accountants) December 14, 2015 Monrovia LUberia Electricity Sector Enhancemnent Project -LESEP (LEC) I)A - 48420 and IDA - 505TiLY l1depe 11/ior Reporl andSpe4ia/ Pmpose FtLIBERIA jM h ereded 30 Jyme 210 15 Project Balance Sheet 2015 2014 Notes US$ US$ Assets Receivables - amount to be reimbursed - 48,800 Cash at Bank 10 408,963 285,835 408,963 334,635 Liabilities Contract payables Outstanding payment Net Assets 408,963 334,635 Funded by: World Bank 408,963 334,635 408,963 334,635 The financial statements were approved by the Board of Directors of the Liberia Electricity Corporation on -and signed on their behalf by: Yvonn uano Peter Graham (Actin Chief Financial Officer) (Chief Executive Officer) The notes on p4ges 10 to 15 are an integral part of these jinanialitatements Page 7 L,iberia Electricity Sector Enhancement Project (LESEP) I )A - 48420 and IDA - ,50550 BAKER TILLY jtheareded 30 zl LIBERIA Statement of Sources and Uses of Funds Total 2015 2014 FYI4 Notes USS US$ US$ Total Sources of funds Unused funds from previous year 285,835 555.389 Receipts IDA-48420-LR fund withdramals IDA funds received during the period 5a 1,517,091 288,489 396,835 1228,602 Direct payment to third parties 5b 5,127,758 1,871,093 1,207,072 3.256,665 Reimbursement Se 2,364,481 - 320,000 2,364,481 Special commitments 5d 353,063 353,063 - IDA-50550-LR fund withdraials IDA funds received during the period 6a 1,044,692 267,674 477,018 777,018 Direct payment to third parties 6b 11,038,427 8,373,970 2,564,457 2,664,457 Special commitments 6c 965,705 965,705 . Total receipts during the period 22,411,217 12,119,994 4,965,382 10,291,223 Totals fund available for project implementation 22,411,217 12,405,829 5,520,771 10,291,223 Less: Uses of funds Component A:lDistribution Services 7 5,673,704 1,866,761 320,000 3,806,943 Component B: Enhancing Options for Power Ctneration 8 12,911,730 7,687,844 4,162,553 5,223,886 Component D: Technical Assistance 9 3,416,820 2,491,061 703,583 925,759 Total Uses of Funds 22,002,254 12,045,666 5,186,136 9.956,588 Excess of receipts over uses of funds 408,963 360,163 334635 334,635 The notes on pages 10 to 15 are an integral part of these financial statements Liberia Electricity Sector Enlhancemnent Project (LESEP) I DA - 48420 and IDA - S0SS0 BAKER TILLY 2015 LI BERIA Reconciliation of Actual Cash at Bank and Amount on Statement of Sources and Uses of Funds 2015 2014 Notes US$ US$ A Excess of Receipts over Uses of Funds 408,963 334.635 408,962 334,635 B Bank Balance Cash Balance 408,963 285,835 Ending Bank Balance 408,963 285,835 Difference (A - B) - 48,800 Represented by: Amount to be reimbursed 48,800 Liberia Electricity Sector Enhancemnent Project -LESEP (LEC) -W AKFRT1,L OA-4120 and IDA- 50550 LBAKER TILLY &depndet Aditrr'Reprt nd peda PaoreFinnda T/kinnt,LI BERIA Mr/e yLir e/d30 fuiw 201 5 Notes to the project financial statements 1. Summary of significant account policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. 2. Basis of accounting The statements of resources and uses of funds have been prepared on the modified cash basis of accounting. The project's financial statements are presented in United States Dollars and have been prepared under the historical cost convention. 2.1 Foreign currency transactions Assets and liabilities denominated in foreign currencies are translated into United States Dollars at the rates ruling at the balance sheet date. Foreign currency transactions are accounted for at the rate of exchange prevailing on the date at which the transactions occurred and were recorded. The forward exchange rate for Euro currency set out on Annex V: Funds Disbursement Status, page 26. World Bank's transactions are recorded at the rates ruling on the value dates of the transactions, All profits and losses arising from converting foreign currencies into United States Dollars are taken to the statement of sources and uses of funds. 3. Goods and works (fixed assets) Goods and works (fixed assets) are expensed on acquisition but a comprehensive fixed assets register is maintained to account for and monitor those assets. 4. Audit Risk Assessment We assessed the risks of material errors or misstatements in the expenditure stated in the quarterly financial reports, whether caused by error or fraud. We designed and performed further audit procedures in response to risks identified. This work involved an assessment of the risks that: * the financial reports are not reliable i.e. that it does not present, in all material respects, the actual expenditure incurred for the Project in conformity with applicable Contractual Conditions; * the Project funds provided by the World Bank have not, in all material respects, been used in conformity with applicable Contractual Conditions; * fraud and irregularities can occur or have occurred which have an impact on Project expenditure and which are not detected and corrected in a timely manner; and * the relevant Contractual Conditions for the Project are not complied with. We evaluated whether detected misstatements are material, individually or in aggregate to LESEP. r.Iin L.,beria Electricity Sector Enhancement Project (LESEP) )A - 48420 and IDA - 50550 BAKER TI LLY depewdenl d Report eald ptLI BERIA jobte year enwded 3Jn ,w 20 15 Notes to the project financial statements (continue) 5 Schedule of Fund Withdrawals a. IDA funds - 48420-LR Date Application Ref Application Type of Disbursment Fund Source Amount 2011/2012 28-Oct-I I LESEP/LEC/001 300,000 DA-A IDA-48420 300,000 2012/2013 5-Jul-12 LESEP/LEC/005 298,132 DA-A IDA-48420 27-Jun-13 LESEP/LEC/012 233,635 DA-A IDA-48420 531,767 2013/2014 8-Aug-13 LESEP/LEC/014 183,362 DA-A IDA-48420 21-Nov-13 LESEP/LEC/016 64,667 DA-A IDA-48420 21-Mar-14 LESEP/LEC/017 74,679 DA-A IDA-48420 29-Apr-14 LESEP/LEC/018 37,000 DA-A IDA-48420 26-May-14 Movement of expendit 9,000 ADHOC REINSTATEMENT IDA-48420 26-May-14 Movement of expendit (18,898) ADHOC REVERSAL IDA-48420 26-May-14 Movement of expendit (22,500) ADHOC REVERSAL IDA-48420 20-Jun-14 LESEP/LEC/020 37,157 DA-A IDA-48420 364,467 2014/2015 10-Sep-14 LESEP/LEC/021A 152,796 DA-A IDA-48420 27-Jan-15 LESEP/LEC/027 135,693 DA-A IDA-48420 288,489 Cumulatiw IDA Funds 1,484,723 b IDA direct payment to third parties (IDA-48420-LR) 2012/2013 25-Jan-12 LESEP/LEC/004 130,715 Direct Payment IDA-48420 5-Sep-12 LESEP/LEC/006 742,446 Direct Payment IDA-48420 11-Sep-12 LESEP/LEC/007 1,176,432 Direct Payment IDA-48420 2,049,593 2013/2014 9-Jul-13 LESEP/LEC/013 592,841 Direct Payment IDA-48420 15-May-14 LESEP/LEC/O19 614,231 Direct Payment IDA-48420 1,207,072 2014/2015 4-Sep-14 LESEP/LEC/021 149,740 Direct Payment IDA-48420 9-Sep-14 LECEP/LEC/023 207,739 Direct Payment IDA-48420 21-Oct-14 LECEP/LEC/024 231,367 Direct Payment IDA-48420 30-Oct-14 LACEEP/LEC/024A 171,158 Direct Payment IDA-48420 25-Nov-14 LESEP/LEC/024B 121,565 Direct Payment IDA-48420 25-Nov-14 LECEP/LEC/025 580,616 Direct Payment IDA-48420 1-Dec-14 LESEP/LEC/026 263,755 Direct Payment IDA-48420 20-Jan-15 LESEP/LEC/025A 145,154 Direct Payment IDA-48420 1,871,093 Cumulatiw Direct Payments 5,127,759 Page | 11 Iberia Electricity Sector Enhancement Project (LESEP) w IDA- 48420 and IDA- 50550 BAKER TI ,LY Rport ad aLIBERIA zb;th yar edd 30 junlze 201/5 Notes to the project financial statements (continued) Date Application Ref Aplication Type of Disbursment Fund Source Amount c. Reimbursen Reimbursement (IDA-48420-LR) 2012/2013 25-Jan-12 LESEP/LEC/003 1,295,481 Reimbursement IDA-48420 14-Jun-13 LESEP/LEC/010 749,000 Reimbursement IDA-48420 2,044,481 2013/2014 17-Sep-13 LESEP/LEC/015 320,000 Reimbursement IDA-48420 320,000 Cumulativ Reimbursement 2,364,481 d. IDA special commitments 2014/2015 9-Feb-15 LESEP/LEC/022 353,063 SC-4 IDA-48420 353,063 Cumulative Special Commitments 353,063 6 a. IDA funds - 50550-LR Date Application Ref Application Type of Disbursment Fund Source Amount 2012/2013 9-May-13 LESEP/LEC/AF-001 300,000 DA-1 IDA-50550 300,000 2013/2014 3-Oct-13 LESEP-AF/003 139,115 DA-1 IDA-50550 21-Nov-13 LESEP-AF/006 24,182 DA-1 IDA-50550 9-Jan-14 LESEP-AF/007 227,596 DA-1 IDA-50550 19-Mar-14 LESEP-AF/009 15,976 DA-1 IDA-50550 26-May-14 Movement ofexpendit 18,898 ADHOC REINSTATEMENT IDA-50550 26-May-14 Movement of expendit 22,500 ADHOC REINSTATEMENT IDA-50550 26-May-14 Movement of expendit (9,000) ADHOC REVERSAL IDA-50550 20-Jun-14 LESEP-AF/012 70,148 DA-1 IDA-50550 509,415 2014/2015 9-Sep-14 LESEP-AF/015B 174,622 DA-1 IDA-50550 28-Jan-15 LESEP-AF/021 93,052 DA-1 IDA-50550 267,674 Cumulative IDA Funds 1,077,089 Page 1 12 Liberia Electricity Sector Enhancement Project (LESEP) II)A - 48420 and IDA - 50550 BA KE R TI LLY depend . d/ Rortaiid .pedal P e/mLIBERIA Joteiea elided 30 june 201.5 Notes to the project financial statements (continue) b. IDA direct payment to third parties 2012/2013 29-May-13 LACEEP/LEC/002 100,000 Direct Payment IDA-50550 100,000 2013/2014 18-Oct-13 LESEP-AF/004 1,285,000 Direct Payment IDA-50550 10-Mar-14 LESEP-AF/008 361,980 Direct Payment IDA-50550 18-Jun-14 LESEP-A F/011 360,000 Direct Payment IDA-50550 18-Jun-14 LESEP-AF/010 457,477 Direct Payment IDA-50550 26-Jun-14 LESEP-AF/013 100,000 Direct Payment IDA-50550 2,564,457 2014/2015 4-Sep-14 LESEP-AF/OISA 275,916 Direct Payment IDA-50550 4-Sep-14 LESEP-AF/014 665,739 Direct Payment IDA-50550 8-Sep-14 LESEP-AF/016 1,079,103 Direct Payment IDA-50550 8-Oct-14 LESEP-AF/019 861,216 Direct Payment IDA-50550 15-Oct-14 LESEP-AF/020 158,080 Direct Payment IDA-50550 30-Oct-14 LESEP-AF/018A 584,927 Direct Payment IDA-50550 18-Nov-14 LESEP-AF/022 3,848,168 Direct Payment IDA-50550 11-Dee-14 LESEP-AF/018B 146,232 Direct Payment IDA-50550 11-Dec-14 LESEP-AF/017A 137,958 Direct Payment IDA-50550 30-Apr-15 LEC-CA TRANSACTIONC 339,147 Direct Payment IDA-50550 4-May-15 LEC-CA TRANSACTIONB 277,484 Direct Payment IDA-50550 8,373,970 Cumulative Direct Payments 11,038,427 c. IDA special commitments 2014/2015 14-Oct-14 LESEP-AF/017 215,678 SC-5 IDA -50550 16-Oct-14 LESEP-AF/017 47,485 SC-5 IDA-50550 16-Oct-14 LESEP-AF/017 263,275 SC-5 IDA-50550 16-Oct-14 LESEP-AF/017 228,901 SC-5 IDA-50550 16-Oct-14 LESEP-AF/017 210,365 SC-5 IDA-50550 965,705 Cumulative Special Commitments 965,705 Page | 13 Liberia Electricity Sector Enhancement Project (LESEP) -W IDA- 48420 and IDA - 50550 BAKER TILLY d ! do r d pal P)2mPO,fe1 Fanei l aeMePt' LIBERIA Jo, lhbe Year ended 30.11une 27015 Notes to the project financial statements (conlinued) Total 2015 2014 FY14 US$ USs US$ Total 7 Component A: Distribution services Distribution transformers 1,794,770 725,770 320,000 1,069.000 Cable and conductors 1,295,481 - - 1,295,481 Tools and equipment for distribution and training 1,442,462 - - 1,442,462 Treated wooden poles 748,700 748,700 - - Meters and supplies - . Line materials, fuses and cable lugs 392,291 392,291 - - Establishment of System Control And Dispatch System - - Design of System Control And Dispatch System Bidding Documents - - . - 5,673,704 1,866,761 320,000 3,806,943 Total 2015 2014 FY14 Us$ US$ US$ Total 8 Component B: Enhancing options for power generation Generation equipment overhaul 2,037,501 384,273 762,293 1,653,228 Training for LEC - - 614,231 - Synchronization of generation equipnment 41,000 - - 41,000 Fuel supply, facility and storage 29,398 - - 29,398 Supply and installation of thermal power plant 9,749,095 7,278,936 2470,159 2.470,159 ASIA and RAP for thermal plant for fuel system facility 240,870 - 140,870 240,870 Supervision of supply and installation of thermal power plant 199,635 24,635 175,000 175,000 12,297,498 7,687,844 4.162,553 4,609,655 Total 2015 2014 FY14 Us$ Us$ US$ Total 9 Component D: Technical assistance Consultants services, training and other operating costs 1,614,575 309,027 474.995 1,305,548 Lease cost development plan 290,884 66,296 224,588 224,588 Financial audit 4,000 - 4,000 4,000 Unallocated 5,854 - - 5,854 Amounts paid for IDA-48420 components 2,115,738 2,115,738 - - Repayment of wrongly debited payment - - . . 4,031,051 2,491,061 703,583 1,539,990 10 CashandBank 2015 2014 USS US$ Bank balance 408,963 285,835 408,963 285,835 Page 1 14 Liberia Electricity Sector Enhancement Project (LESEP) -% 1 - IDA-48420 and IDA- 50550 BAKER TILLY . LIBERIA Ad"eendent Juitr: Rpovl and aial Pmpos- .e Imna ttmn l/!e),ear ended -30 JIffe 2015 Notes to the project financial statements (continued) 11. Project Commitment As of 30 June 2015, LESEP has a total outstanding cornmitmcnt of US$ 3,714,448 (US$ 356,057- (IDA-48420) and US$ 3,358,391 - (IDA -50550)). Details of contract status are attached on Annex VI: Schedule of Contract Status, page 27-28. Page 15 BAKER TILLY LIBERIA King Plaza 2 - 4h Floors Broad Street P. 0. Box 10-0011 1000 Monrovia 10 Liberia T: +231 (0) 886 514 965 F: +1 905 469 0986 info@4ibakertillvliberia.com www.bakertillyliberia.com Independent Auditors' Report on Compliance with Laws and Regulations We have audited the financial statements of the Liberia Electricity Sector Enhancement Project, which comprise the Project Balance Sheet at June 30, 2015, the Statement of Sources & Uses of Funds for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements, and are in compliance with laws and regulations applicable to not-for-profit organizations. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatements, we performed certain tests of compliance with relevant laws and regulations. However, the objective of our audit of the financial statements was not to provide an opinion on the organization's overall compliance with such laws and regulations. Accordingly, we do not express such an opinion. The results of our tests of compliance with laws and regulations indicate that except for the expenditure amounting to US$5,602,865.06 which was made in respect of LESEP but no evidence made available to us to indicate that the disbursement was appropriately authorized and eligible, nothing came to our attention that could cause us to believe that the Liberia Electricity Sector Enhancement Project has not complied, in all material respects, with relevant laws and regulations applicable to not-for-profit organizations in Liberia This report is intended for the Board of Directors, Management and Donors of the Liberia Electricity Sector Enhancement Project. (Ceitifled Public Accountants) December 14, 2015 Monrovia Partners: G. Fonderson (Executive Chairman), T, Joseph (Manaqing Partner), A. Fumbah Liberia Electricity Sector Enhancement Project (LESEP) IDA-48420 and IDA- 50550 BAKER TILLY In epend do Rortl alid. Pilwpo.ve F a state LI BERIA jo the year m4ied 30 J/me 2015 Project Designated Account Statement (IDA-48420) Account Number 53020030000421 Depository Bank: United Bank fbr Africa (Liberia) Limited Address: Broad and Nelson Streets, Monrovia, Liberia Related Financing Agreement: Credit No. 48420-LR Currency: United States Dollar Cash Book Balance as per cash book as at July 1, 2014 147,416 Add: Deposit from Client connection through DA-A 288,489 435,905 Less: Bank Charges 2,155 Check written and drawn out of DA 250,516 Adjusted Book Balance as at June 30, 2015 183,234 Bank Balance per bank Statement as at June 30, 2015 183,234 Less: Outstanding checks as at June 30, 2015 Adjusted Bank Balance as at June 30, 2015 183,234 Page 1 17 Liberia ElectricitY Sector Enhancement Project (LESEP) S BAKER TILLY IDA) - 48420 and IDA - 50550 LWR KE R ILL LI BERIA In pndet dadtorrReport,and&pci1 Pmnpofe 1,ac/taeet or I/e- year ended 30 .4,e 20/ 5 Project Designated Account Statement (IDA - 50550) Account Number: 101014701652402 Depository Bank: Eco Bank (Liberia) Limited Address: Randall and Ashmun Streets, Monrovia, Liberia Related Financing Agreement: Credit No. 50550-LR Currency: United States Dollar Cash Book Balance as per cash book as at July 1, 2014 138,419 Add: Reimbursement of wrongly debited payment 48,800 Adjusted Book Balance as at June 30, 2014 187,219 Deposit from Client connection through DA-A 267,674 454,893 Less: 8,010 Outstanding checks from prior year 810 Bank Charges 1,355 Check written and drawn out of DA 169,799 Adjusted Book Balance as at June 30, 2015 225,729 Bank Balance per bank Statement as at June 30, 2015 275,201 Less: Outstanding checks as at June 30, 2015 49,472 Adjusted Bank Balance as at June 30, 2015 225,729 Page 18 BAKER TILLY LIBERIA King Plaza 2n' - 4th Floors Broad Street P. 0. Box 10-0011 1000 Monrovia 10 Liberia T: +231 (0) 886 514 965 F: +1 905 469 0986 info@bakertillyliberia.com www.bakertillyliberia.com Independent Auditors' Report on Compliance with Laws and Regulations We have audited the financial statements of the Liberia Electricity Sector Enhancement Project, which comprise the Project Balance Sheet at June 30, 2015, the Statement of Sources & Uses of Funds for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements, and are in compliance with laws and regulations applicable to not-for-profit organizations. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatements, we performed certain tests of compliance with relevant laws and regulations. However, the objective of our audit of the financial statements was not to provide an opinion on the organization's overall compliance with such laws and regulations. Accordingly, we do not express such an opinion. The results of our tests of compliance with laws and regulations indicate that except for the expenditure amounting to US$5,602,865.06 which was made in respect of LESEP but no evidence made available to us to indicate that the disbursement was appropriately authorized and eligible, nothing came to our attention that could cause us to believe that the Liberia Electricity Sector Enhancement Project has not complied, in all material respects, with relevant laws and regulations applicable to not-for-profit organizations in Liberia This report is intended for the Board of Directors, Management and Donors of the Liberia Electricity Sector Enhancement Project. (Certified Public Accountants) December 14, 2015 Monrovia Partners: G. Fonderson (Executive Chairman), T. Joseph (Manaqing Partner), A. Fumbah ANNEXES Page j 20 Annex 1: IDA-48420 Statement of Sources and Uses of funds Cumulative 2014 Opening 2015 Current since project balance year started Notes [JS$ US$ 1JS$ Sources of funds: Unused funds from previous years 147,416 Receipts: IDA funds received during the period 5 1,228,602 288,489 1,517,091 Direct payment to third parties 5 3,256,665 1,871,093 5,127,758 Special connitments 5 - 353,063 353,063 Reirbursernnt 5 2,364,481 - 2,364,481 Total receipts during the period 6,849,748 2,512,646 9,362,394 Total funds available for project implementation 6,849,748 2,660,061 9,362,394 Less: Uses of funds Component A: Distribution services Distribution transformers 7 1,069,000 725,770 1,794,770 Cable and conductors 7 1,295,481 - 1,295,481 Tools and equiprrent for distribution and training 7 1,442,462 - 1,442,462 Treated wooden poles 7 - 748,700 748,700 Meters and supplies 7 7 7 Line materials, fuses and cable lugs 7 - 392,291 392,291 Total Component A 3,806,943 1,866,761 5,673,704 Component B: Enhancing options for pover generation Generation equipment overhaul 8 1653,228 384,273 2,037,501 Synchronization of generation equipnment 8 41,000 - 41,000 Fuel supply, facility and storage 8 29,398 - 29,398 Total Component B 1,723,626 384,273 2,107,899 Component D: Technical assistance Consultants services, training and other operating costs 9 1,167,763 225,793 1,393,556 Financial audit 9 4.000 - 4,000 Total Component D 1,171.763 225,793 1,397,556 Total Uses of funds (Component A, B, D) 6.702,332 2,476,828 9,179,160 A. Excess of receipts over uses of funds 147,416 183,234 183,234 B. Balance as per bank statement as of June 30 10 147,416 183,234 183,234 Page | 21 Annex II: IDA-50550 Statement of Sources and Uses of Fund Cumulative 2014 Opening 2015 Current since project balance year started Notes 15$ USS USS Sources of funds: Unused funds from previous years 138,419 Receipts: IDA funds received during the period 6 777,018 267,674 1,044,692 Direct payment to third parties 6 2,664,457 8,373,970 11,038,427 Special commitments 6 - 965,705 965,705 Total receipts during the period 3,441,475 9,607,349 13,048,824 Total funds available for project implementation 3.441.475 9,745,768 13,048,824 Less: Uses of funds Component B: Enhancing options for power generation Supply and installation of thermal power plant 8 2,470,159 7,278,937 9,749,096 ASIA and RAP for thermal plant for fuel system facility 8 240.871 - 240,871 Supervision ofsupply and installation of thermal power plant 8 175,000 24,635 199,635 Total Component B 2,886,030 7,303,571 10,189,601 Component D: Technical assistance Consultants services, training and other operating costs 137,785 83,234 221,019 Lease cost development plan 9 224,588 66,296 290,884 Unallocated 9 5,854 - 5,854 Total Component D 368,227 149,529 517,756 Amounts Paid for IDA-48420 Components - 2,115,738 2,115,738 Repayment of wrongly debited payment . - 2,115,738 2,115,738 Total Uses of funds (Component B, D) 3,254,257 9,568,839 12,823,096 A. Excess of receipts over uses of funds 187,218 176,929 225,728 B. Balance as per bank statement as of June 30 10 138,419 225,729 225,729 Difference between A and B 48.799 - 48,800 - 1 Page | 22 LUberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 fothe -ear emded 30 Jiilie 20 1 BAKER TILLY LIBERIA Annex III: Schedule of Fund Withdrawals Statement of IDA - 48420 Fund Withdrawal Date Application Ref Application Amount ype of Disbursment Fnd Source 28-Oct-I] LESEP/LEC/001 300,000 DA-A IDA-48420 25-Ja-12 LESP/EC004 .82 Ja-12 LESEP/LEC/o4 130,715 Direct Payment IDA-48420 25-Jan-12 LESE/LE/00 25-Ja-12 LESEP/LEC/003 1,295,481 Reimbursement IDA-48420 5-Jul-12 LESEP/LEC/006 298,132 DA-A IDA-48420 -7-Jn-13 LESEP/LEC062 742,446 Direct Payment IDA-48420 1 6-Sep-12 LESEP/LEC/007 1,176,432 Direct Payment IDA-48420 14-Jun-13 LESEP/LEC/010 749,000 Reimbursement IDA-48420 27-Jun-13 LESEP/LEC/012 233,635 DA-A IDA-8420 9-Jul-13 LESEP/LEC/013 353,63 Sc IDA-48420 8-Aug- 13 LSP/LEC/014 __32361 DircA ymen IDA-48420 17-Sep-13 LESEP/LEC/015 320,000 Reimbursement IDA-48420 21-Nov-13 LESofP/LEC/016 64,667 DA-A IDA-48420 21-Mar-14 LESEP/LEC/017 74,679 DA-A IDA-82 29-Apr-14 LESEP/LEC/018 37,000 DA-A .IDA-48420 15-May-14 LESEP/LEC/019 614,231 Direct Payment IDA-48420 26-May-14 Movement of expendit (18,898) A DHOC REVERSAL IDA-48420 26-May-14 Movement of expendit 9,000 ADHOC REINSTATEMENT IDA-48420 26-May- 14 Movement ofexpendit _ (22,500) APDHOC REVERSAL IDA-48420 20-Jun-14 LESEP/LEC/020 __37,157 DA-A IDA--48420 4-Sep-14 _LESEP/LEC/021 149,740 Direct Payment IDA-48420 9-e-4LCPLC03207,739 Direct Payment IDA-48420 10-Sep-14 LESEP/LEC/021A_ 152,796 DA-A IDA-48420 21-Oct-14 LECEP/LEC/024 231,367 Direct Payment IDA-48420 30-Oct-14 LACEEP/LEC/024A 171,158 Direct Payment IDA-48420 25-Nov-14 LESEP/LEC/024B _121,565 Direct Payment IDA-48420 25-Nov-14 LECEP/LEC/025 _ 580,616 Direct Payment IDA-48420 1-Dec-14 LESEP/LEC/026 _ 263,755 Direct Payment IDA--48420 20-Jan-15 LESEP/LEC/025A _ 145,154 Direct Payment IDA-48420 27-Jan- 15 LESEP/LEC/027 _135,693 DA-A IDA-48420 9-Feb-15 LESEP/LEC/022 353,063 SC-4 IDA -48420 Total 9,330,026 Sum of DA -A: 1,484,723 Sum ofReimbursment: 2,364,48 1 Sam of Direct Payment: 5,I127,759 Sum ofSpecial Commitments: 353,063 Page 23 Statement of IDA - 50550 Fund Withdrawals Date Application Ref Application Type of Disbursment Fund Source Amount 9-May-13 LESEP/LEC/AF-001 300,000 DA-1 IDA-50550 29-May-13 LACEEP/LEC/002 100,000 Direct Payment IDA-50550 3-Oct-13 LESEP-AF/003 139,115 DA-1 IDA-50550 18-Oct-13 LESEP-AF/004 1,285,000 Direct Payment IDA-50550 21-Nov-13 LESEP-AF/006 24,182 DA-i IDA-50550 9-Jan-14 LESEP-AF/007 227,596 DA-1 IDA-50550 10-Mar-14 LESEP-AF/008 361,980 Direct Payment IDA-50550 19-Mar-14 LESEP-AF/009 15,976 DA-1 IDA-50550 26-May-14 Movement of expendit 18,898 ADHOC REINSTATEMENT IDA-50550 26-May-14 Movement of expendit (9,000) ADHOC REVERSAL IDA-50550 26-May-14 Movement of expendit 22,500 ADHOC REINSTATEMENT IDA-50550 18-Jun-14 LESEP-AF/01 1 360,000 Direct Payment IDA-50550 18-Jun-14 LESEP-AF/010 457,477 Direct Payment IDA-50550 20-Jun-14 LESEP-AF/012 70,148 DA-1 IDA-50550 26-Jun-14 LESEP-AF/013 100,000 Direct Payment IDA-50550 4-Sep-14 LESEP-AF/015A 275,916 Direct Payment IDA-50550 4-Sep-14 LESEP-AF/014 665,739 Direct Payment IDA-50550 8-Sep-14 LESEP-AF/016 1,079,103 Direct Payment IDA-50550 9-Sep-14 LESEP-AF/015B 174,622 DA-1 IDA-50550 8-Oct-14 LESEP-AF/019 861,216 Direct Payment IDA-50550 14-Oct-14 LESEP-AF/017 215,678 SC-5 IDA-50550 15-Oct-14 LESEP-AF/020 158,080 Direct Payment IDA-50550 16-Oct-14 LESEP-AF/017 47,485 SC-5 IDA-50550 16-Oct-14 LESEP-AF/017 263,275 SC-5 IDA-50550 16-Oct-14 LESEP-AF/017 228,901 SC-5 IDA-50550 16-Oct-14 LESEP-AF/017 210,365 SC-5 IDA-50550 30-Oct-14 LESEP-AF/018A 584,927 Direct Payment IDA-50550 18-Nov-14 LESEP-AF/022 3,848,168 Direct Payment IDA-50550 11-Dec-14 LESEP-AF/018B 146,232 Direct Payment IDA-50550 11-Dec-14 LESEP-AF/017A 137,958 Direct Payment IDA-50550 28-Jan-15 LESEP-AF/021 93,052 DA-1 IDA-50550 30-Apr-15 LEC-CA TRANSACTIONC 339,147 Direct Payment IDA-50550 4-May-15 LEC-CA TRANSACTIONB 277,484 Direct Payment IDA-50550 Total 13,081,221 Sum of DA-A: 1,077,089 Sum of Direct Payment: 11,038,427 Sum ofSpecial Commitments: 965,705 Page | 24 Annex IV: Statement of Assets and Equipment as at 30 June 2015 Asset Description ID No Date Cost Location Custodian Comments Office HP Jet WB-LEC-001- 22-Dec- 245 Accounts Chief Good working Equp. Printer 48420-LR 21 Department Accountant condition Office Laptop WB-LEC-002- 10-Jan- 2,250 Accounts Chief Faulty, not in Equp. 48420-LR 12 Department Accountant use Office Otimus chic WB-LEC-003- 10 Jul 9,000 IT Head-r Not verified Equp. E720 48420-LR 12 Department Department Office Otimus chic WB-LEC-004- 19-Jul- 900 IT Head-IT Not verified Equp. E720 48420-LR 12 Department Department Office Book Shelve WB-LEC-005- 12-Dec- 195 Procurement Procurement Good working Equp. 48420-LR 12 Office Specialist condition Total 12,590 Page 25 Annex V: Funds Disbursement Status Statement of IDA - 48420 funds disbursement status Item Category Original Revised Funds Undisbursed Outstanding Available No. Allocation Allocation Disbursed Balance Commitments Balance 1 Goods, Works, Cons & 3,806,925 10,500,000 5,673,705 4,826,295 - 4,826,295 2 Good, Works, Cons & Opr 4,584,893 1,984,893 2,107,899 (123,006) 337,761 (460,767) 3 Cos Part D 1,608.182 2,000,000 1,397.556 602.444 18,296 584,148 TOTAL 10,000,000 14,484,893 9,179,160 5,305,733 356,057 4,949,676 Statement of IDA - 50550 funds disbursement status Original Revised Funds Undisbursed Outstanding Available Allocation Allocation Disbursed Balance Commitments Balance Goods, Works, Cons & I Opr Cos Part A 3,000,000 3,000.000 - 3000.000 - 3,000,000 Good, Works, Cons & 2 Opr Cos Part B 16.000,000 14,070,000 10,189,601 3,880,399 3,327,051 553,348 Good, Works, Cons & 3 OpT Cos Part D* 3,000,000 500,000 2,633,494 (2,133,494) 31,340 (2,164,834) TOTAL 22,000,000 17,570,000 12,823,096 4,746,904 3,358,391 1,388,514 Note: included in IDA 50550 Component D funds disbursed are amounts of $2,115,738 which relate to IDA 48420 Component A funded initiatives. 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