I EPOETO IIERCNTiCINO TR(M TFCLTE N EEAESSESI SAAKNIN UHR IALA ú59-Z I GEC DI i RT UPS NAI 3 ii Ei~R ~? j4 O G J IT IFLC 1 SAN )~EAI1SSLSI SAAKN)AI KIR IALA ½59-X A1~(i O.)N~'~ M IGN 11/ hL/ o I 'l /oo riio un it AnHkhrat M V/II I A T tii ' 1;1il i1r;~aug (11 1i,1" /I- §%- Ci saw) el) I/ / INDEPENDENT AUDITOR'S REPOPRT 3 SUMMARY OF SOURCES AND USE OF FUNDS 6 USES OF FUNDS BY COMPONENTS AND EXPENDITURE TYPE _ 7 tJSES OF FUNDS BY CATEGORIES AND EXPENDITURE TYPE 8 1. PROJECT DESCRIPTION 9 2. REPRESENTATION OF FINANCIAL STATEMENTS 11 3. LEGAL STATUS, TAXES AND CHARGES 12 4 RECONCILIATION OF IDA FINANCING 12 5. DESIGNATED ACCOUNT (USD) RECONCILIATION STATEMENT 13 6. DESIGNATED ACCOUNT (UZS) RECONCILIATION STATEMENT 13 GrantThornton AO 000 «Grant Thornton» PecnynVwa Y36e5cTa, 100128, TawKeHT, yn. AaR 1A Ten,: +998 (71) 244-47-45/46 CDaKC: +998 (71) 244-47-43 "Grant Thornton" AO LLC N'1 A 3 1T15 S REPOI T' iA, Abay Str, Tashkent, 100128, l'o the management of Projeet Coordination Unit Republic of Uzbekistan Tel,: +998 (71) 244-47-45/46 Fax: +998 (71) 244-47-43 W: www.gtt.org ue conducted an audit of the attached special financial statemens (hereina er - financial staternents) of the Prcject "Reconstruction of sewage treatment plants and severage systems in Bukhara and Samarkand", for the c:ar ended 31 December 2016, financed by the Internatiouna Development Association (IDA) (L-oan Agreement Nc, 5698 of Noveimber 26, 2009 -UZ/) and duc to the contributis of the Governiei of the RepubIc of 1 Abekistan. The financial statements include: "Surnmary of soirces and ise of funds", "Uscs of funds bv Components and expendiure type ", "Uses of funds by categories and expenditure type" and Notes to the special lna]i st ateenns. I Te financial statenents have been prepared by the management of the Project Implementation uit (hereiiafter ile PIU) on a cash basis, in accordance with International Public Sector Accounting Siandards (hereinafter referred to as IPSAS) issued by the International Public Sector Accounting Stajidards Board of the liternational 1 ederation of Accountants. In our opinion, the attached special financial staternents provide a correct and lear piciure of the sources and use ,i 1it fulnds of the Project "Recotstruction of sewage treatment plaits and sewerage systenis in Bukhara and u inarkand cites" as of 31 December 2016 and for the year ending on that date in accordance with the reris of he i in-ancing A\greemien-t andl IPSA- S. \ the ame time, (a) expeses ribursed by IDA on the basis of statements of expenditures (SOE) are g o-finmed by properly issued primlay documentat-in; (b) these expenses correspond to the financing purposes specified in ticAgreement. Basis for opinion We conducted our aulit in accordance with l ternational Standards on Auditing (ISA). Our responsibiities in accordance with these standards are described firther in the seion "Auditor's responsibility for the audit of 1-inancial stateTents" of our opinion. \We are independent of de Project in accordance with the ethical requiremets applicable lo our audil of financial statements in the Republic of Uzbekistan, and we have fulfilled Cfber ethical duties in accordance with these requirenents. Key audit matters - basis of accounting Witur i changing our opinion, we clraw attention to Note 2 to the fmancial statements, which describes the M:oun ta ig policv iethlod>C The financial stateeittt-s have been prepared with the purpose of meeting the retqiremnents of the linancitig Agreenen and IPSAS. As a result, financial stateinents may not be suitaLe for mnorher purpose. Our report is intended solelv for the purpose of providing informtation and use bv et NI',....... .........i...ii, mianagement and the (oN,ernient of the Republb of Lbekistan, and can not be used by any third party, with Ilie exception o thoe iennoned above. (>ur opinon has not been changed wiah regard to this issue. Responsibility ofnanagmcin r and persons responsible for financial statenents M lanagement is responsible for the preparation and fair presentation of liese financial staternents in accordance with IPSAS: 1inancial statent-nts on the cash basis of accounring" and for the internal control system Ihat ninagement considers necessary for 1-he preparation of financial stateients that are free fromt material miisstatement arose due to raud or errors. In preparing the financial statements, managemleiit is responsible for assessing the project's ability to continue wvith thie project. disclosing, where applicable, issues related to ongong acOvities and the use of the basis for Iccounting, if manageme U does not intend to complete or terminate the project, or there is no realistic alternative tor this. i Ilie persons responsible for the managemient are responsible for overseeing the preparation of ile financial stltetiients of the Project. Auditor's responsibilitv for financial stateients Our purpose is to obtain reasonable assurance that lie financial statements are frec from material nisstatement, whether due to fraud or error, and in the issuance of an audit opinion that contains our opinion. Reasonable onådence is a high degce of certaity, Lut it is not a guarantee ilhat an audit conducted in accordance with Intermational Stindards in A diting always reveals signiieant distortions if they exist. Distortions can be the result of unfair acts or mistakes and are considered significant if one can reasonaly assume that individually or ccollectively they can affect the econoniic decisions of users made on the basis of tliese financial statements. \s part of an audit conducted in accordance with Lnternational Standards on Auditing, we apply professional judgment to mainwain professional skepticism througlhout the audit. In additioi, we perfori the following: - \We identify and assess the risks of material missiateient of inancial statenenits due to fraud or error; we develop and conduct audit procedures in response to ihese risks; we obtain audi t evidence that is sufficient and appropriate to serve as a basis for expressitig our opinion. The risk of not detecting a signitfic:t resuL as a result of tinfair acts is higher ihan the risk of not detecting a significant distortion as a resul of an error, since unfair acts nay inelude collusion, fraud, intentional ornission, misrepresentation or circuimenitioin of the internal cointrol svstem; - We get an uiiderstandig of lie internal control systen that is relevant to the audit, in order to develop audit procedures that are appropriare for the cu-cumstances, but not for the purpose of expressing an opinii on the effectiveness o the Coiipany's internal control system; - We assess the proer nat ure of the accounting policies appfied and the reasonableness of accounting estiMates and ihe cirrespondnig diselosure of in fomation prepared by mianagement; We make a concusion about the hegitnacy of maiagemenit's use of the assumption of business conltinuitv, and on the basis of ihe obtained audit evidence - the conclusion whetlier there is significant uncertainty in connection witi events or conditions that may raise smgnicant doubis about the (iompany's ability to conttinue iis business. If xwe conclude that there is significant uncertainty, ve riust draw attenion to our discilosure in the fnia statemenits, r, if such disclosure is inappropriate, niodify our opinion. Our concusions are based on ihe audit evidence received before the date of our audit report. l lowever, future events or conditions may lead t the Company losing ilie ability ro continue its business coninously c- We assess he presitu at ion of the Enancial statements in general, iis structumre and conten t, iicloding disclosure ot information, as weil as wiether the financial statements present the underling operations and evenis in a nanner thar ensures their reliable representation; - We obtain sufficient appropriate audit evidence relating to the financial information of the orgaizati or activites within ihe Company in order io express an opinion on tie financial stateients. We are responsible for the imanagement, conftl and conduci of the Companys audit We remain filly responsible for our audit opiion. Ve carr onut informarional interaction with persons responsible for corporar e governance, including, among other things, information on the planned scope and Ciming of the audit, as well as significant comments on the audil resulis, including significant deficieniees in the internal control systeni that wc identily in [he course of the audit. We also provide individuals responsible for corporate gcoernance with a statement that we have complied with a]l relevant ethical re(uremets for independence and have informed these individuals of all relationships and other maiters tliat can reansonabiv be considered influencing 1he- independence tof auditors and, where niecessry, on appropriate precautions. f tihose issues that we brouglhit to e ei nion of those responsible tor corporate governance, we identify the issties Ithat were most significanit for audiling tinancial stalteents for Ihe current period and, therefore, are key audit issues. Other infoumadon Iin connection with the audit of the financial statements, our responsibility is to acquaint ourselves with other information atid to consider whelther there are signitcant tnconsistencies betweetn other information and financial statements or our knowIedge gained during the audit and whether other information contains Other possible iaterial tiss tatemtents, If, based on our work with respect to other information that wc received before the date of this audit report, we coie to the conclusion that such other information contains a significant distortion, we are obliged to report this fact, We have not identified any facts that need to be reflected in our coiciusiont. I lead of lie h task, acicording to ilite resuiis of whicll the present aiditor's report of iniependen1t auditors was issied: Nematulla Karimov AO" tlhornt " LLC ashkent, Ub s 1 -a 1 a 0ocihv peidf2 m0J0a1216n1Dcmbr21 I6 I In oi I f n) i i 1 1isij 31) 1) c i/iet i /a c s rni 2' 016 C,I~' lP ?II?~iL t Opening cash balancesNoeYD Cmltv Designated Account (PCU) in USD 5 Designated account (PCU) in UZS 6 - Special purposes (Operational) account SVK - Others-- Total opening cash balances- Add: Sources Designated Account Replenishment 3 999 942 3 999 942 Direct Payments - - Government Co-Financng 1 Others - Total receipts 3999942 3999942 Total Cash Available n3 999 942 3 999 942 Less: Use of Funds: A.1 Reconstruction of sewage systems - Bukhara - - A.2 Reconstruction of sewage systems - Samarkand B 1. Institutional strengthening and capacity-building - Bukhara B 2. Institutional strengthening and capacity-building - Samarkand C. Feasibility study for future investments - - D.1. Project Management 41 295 41 295 D,.1 Audit 0 Total funds used 41 295 41 295 Taxes and charges - Other charges Foreign Exchange Difference - Closing cash balances Designated Account (PCU) in USD 5 3958577 Designated account (PCU) in UZS 6 70 Special purposes (Operational) account SVK - Others - Total Closing Cash Balances 3 958 647 Signed on behalf of Pro ect Mana do 0 March 2018 Acting Manager of PCUI Chief accountant of PCL 1. Manatkhanov . Rakhimova I V i � � �. � � � ' � �� ; � _ Е , � � � , Е + , и {Е � _� � � � е � + _� � .� ~ е � , � I ..� � - ;.. J r I 1 ! � �� V м ?� � `"�1 �J � � �.� ` M1M1 � 1 1 � м ���. � �S•S Ц7 � � � ! ( `м�. � � � � �,, � � iE(Е Г�•i ti � �' С' � �..k Г'� .� 'у ' rч � � ® � � L � � ,� . . : ь � � �� ь 3j � S�i7 6 ь ,, .µ,f{ SV С�! !И •,� '7 �У д' � � ы r г '"ч �• "'.� н . � } � il w € � �� � � k j � . _ �': � . . . . `� _ � � , �'-`. ~ €' �.... . . . � . 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С U �,Чlа �� ° .� � -`а � 4 О � ��� .� � д7 . � •9] � _ . V7 :: н� г: - _ v `-" о р С7 U� +� С7 � гП м� С3 � +� �. 4] � � +� р ч'� � � � Г. �'" t� [Z �� О Li � � О f1 � О, t�. tL г� �д ,, г"а � � ь: � . , -- .-� - - � 13 � • � Я � Ш � iS . � • • .С. �. r �'. rJ �� . J,.+. ®• . ц р � N� б "'". �ц � О 3... CJ � r� � 4 � !' �г � ;'�g i� � cL iП С7 07 СО {!] [J t� (l} t,) f� С] f1S F^ ri7 � 71 c "Iý '1ý Ille I i S LS 0 J; l I ý N l 13)ý VY 1) 1,: for 111ý- period (1) Goods, works, non-consultanting services, consultants' serviceýý (-ýncluding auditing servicesý, Training and Operating costý-> (a) for parts A, I and 8. 1 of the Project (6) for pa rts A. 2 a nd B. 2 of the P roject Sub Total (2) Goods, consuýtants'services (including auditIng services), Training and Operating costs under Parts M, A4 and C of the Project Sub Total Ungrouped amount 4000000 4000000 Total 4000000 4000000 ýlgiied oii beliý-ilf of Pro']cct Matiagcr c,)n 2U18 le Acting Manager of PCU Cl_ tIr of 1. 1\laniatkliatiov C, Rakhltnovq The ro'j>/ect i; the' Rc4'instruc'tion /c'r the year' end/ed .il Decmbe Ihj arvliKJ3 (Nofts a le) Fävi;miW 9tatemns) LPROJECT' DE1ýSCRZ lT1) N This repori connains the information concerning the irnplementation of Samarkand Bukhara Sewerage Project during period from 1 january 2016 till 31 December 2016. In accordance with the Loan Agreement No. 5698 Z and 5699-UZ dated july' 12, 2016 between the International Development Association (hereinafter referred to as 1iDA) and the Republic of Uzbekistan, a Project onrcntrcin1fswg treatmnent plants and sewerage stesin thec cities of Bukhara and Sanarkand (hereinafter - the Project ). The objectives of this Projec art: (a) to reduce tharmful impact of wastewater c llecstion1 on of envc ranen iproving the efsaciency andage s ysesmin nhe i g khara s ia ihe Bkliara OPGPI 'Suvokovna (hereinafter referred to as "BVK") and Saiarkand "OPGP" Suvokova "hereinafter referred to as" SOIV K ") Ihe Prolect Coordnation Limt of the World Bank of the \gency "K(\MNI1L.NKI 11/NI \ l' ieremafcr 1he P(U) was esiablished under the Agenc' "K \Il'N /1<1 .M \' (liereinafter - the .\genxc') of the Repubic of 1hekisian, tihus the .\genc is the responsile organization for the implementaton of the Project. 'lie PCL providCs skppori mo I lie \yeney in the management and coordnuuon of the Profets financial resources irnded hy the 111\ loan and the contribution of the Gmxemninemn of ihe Republic of Lzbekistan. Slhe rotal anount of the Project linaning ts es um:a ced as 1<5 milhon US dollars.lihe projeet is financed b\ IDA \\itlh a Ifn o7. 1,700ttt) Speoal I'ring Rights (equix'alen t to 115.0 million L S dollars), witlh att interesi rate of 1 25"` , of lhe tprincipäl aiuli under tle standard Conditlins (ID)A 5698-177) and 1.83`0 for the solid Sonditions (IDA 5699-1 '/). Ilhe commission fee for the withdrawn and unpaid portion of the sub-loain is ( per annun. 'le interest rate on liablities ii tle an'Åouni of 03t1' per annum should be paid o>n unused oan aniounts. Ihe principal anmount of the loan must be repald ever\ six months for 25 years, including 5 y-ears grace period, startimg from the date of approval b the Board of Directors of the \\orld Bank. It is planned that lie Project wdiii last on 1 ii 2019 Ilbe Niiisry of Pinance of the Republic of lxbekistai is responsible for repaving the loan on behal f of lhe iRpubhe of Uvbekistan in accordan with ie Credul .\greemtent ofjul' 12, 2016 No. IDA 5698-1/ and IDA M9-f1 7 belxween Iie \ I\P and the Repubhc of Lzbekistan. f iowxever, thie are sub-loan agreements between lie Mut of Ijance of the Republic of U'bekisian and B-VK and SYK on accepting obligations specfied im ile Li .i \gnr emueur 1 bi pro[e(t mcidles tIhe followxiri paris (conponenns): a) Reiailinitioni of ti sewage system in Bukhara, includiig: re1onstriton aid replacenment of existing sections of sewage networks; Ri10 i >t'I'ii of <> 1 1c PLIMPing stations and coristrucition of additional sewvage purnping ust ns; 1 const ruton o f new sewerage netiworks; lronstru'tion of Bukhra sewage treamuent facilities; prisIini ipentunal eqluilenlt; prisi n n:h'lnticai assistan'e, which imay be needed in the future SaymIrkanld (IDA l 7;n ,69- 1 ,) Wo1/rld ixwk prect> coordfYinatiofn uifL f i>J' fdAia i \ i/il f 1' Speciauipurpoe< 1flnncai iftatemenfl /lt?pepre onl eca1sh fetho fi/l ai cuntfiii'ig fli> thyar endedt>< 31 Deucmihr 2/116 11 (Noe.s te iFiuen ai Staeet s) 10> m 1. PROJECT DESCRIPTION (Continued) b) Rehabihtation of the sewerage system in Samarkand, including: reconstnction and replacement of existing sections of sewage networks; reconstruction of existing sewage pumping stations and construction of additonal sewage pumping stations; construction of new sewexrage neitwvorks; reconstruction of Samarkand sewage treatmnent facilities; provision of operational equipmnict; provision of technical assistance, whichi mnay be needed in the fulture; constructon o,f a nv t-reatment p located in Farhad (i) nstitiOinl strengthening and capacity, building of BVK hllrougli: training of personnel in the management of utilties, paying more attention to the needs and needs of consumers; development of information strategies and public awareness campaigns; improvement of internal control and accounting systems " improvement of BVK accounting; establishment of a Pilot Nonitoring and Data Collection System to improve the speed of troubleshooting and routine maintenance i) Institutional strengthening and capacity building of SVK i through: raitjig of personnel in the rmanagement of utilities, paying more attention to the needs and needs of con1sumllers; developme1 of int-ormation strategies and public awareness campaigns; miruproveient of internal control and accounting systems improvement of the accounting of the SVK: j1stablishment of a Pilot Monitoring and Data Collection System to improve the speed of troubleshooting and routine mlaintenance Itprovteet o> the PCC project management, mnnitoring and coordination capacity through the provision of goods, and consutiting services, including project audt and training, and financing of operating cots. 1 tes and duties on goods, works and services purchased under the I)A loan and contributions from the overlnment of the Republic of frbekistan, fom which the specialialion is granted, as well as costs for 9m1s1 tc Clearance, certi6cation, expertise and architectural and co>nstrction supervision, which are financed liK) ikhe G ivernment of the Republic of Lzbekistan, l netis telated uo borrowing during the investirtent period. Sp1ä pur ,s hia a statemenf preparedl nw caiSh" l m 1hod ve u aci«ing kor /he v Ica.lr ended131 12016 (M>tfles ro l'inania Statee'n-3s)i 1. PROJECT DESCRIPTION (Continued) O ( >th cos Is represent finds that w, ere mis takenly used to fnance lie costs of other projects of the PCIU \ccori'hng (o Ile I 'inancing Agreemen ilie Project ts expected to be complet ed on 30 June 2019 2. RIIPRI 0ENTATKN 1' IINANCIA1l TAT MNTS Basis for rIstation nf innial stalements 1Iis specialized linatiiejal statement on a cashi basis, was prepared in accordance with the International Public Sector \ccounting Standard (`IS\S") "Financial statements prepared in accordance with the cash basis of accounting" issued by the International Federation of .ccountants (IFAC) according to the requirements of International Bank for Reconstirucir/il bnk projet cintiarioa sni .f om At en "KoM I Nllmk ta PCU and SVI conduct special, bank accounts. A special bank account in US dolar represenits the Rids provied by the IDA to mprove the cash flow of the borrower and to facilitate the timelyvibreeto ånds. Accounts are oped in JSCa nni ukorbank". Accountlig and report ing on special acconts is carried oit by the financial staff oftihe Plrojectand is controlled by 12e Agency. special accoLnts in Vsl are used to cover tie proportion of eligible cosas ofrIDA in both local und foreign currencies. 1tigible costs are reporred ti the IDA in the statement of eunulaNtive costa. Special accoun is in S dollars are replenished by IDA on the basis of de reconciliation report for the special account prepared yi the CU [or ithe evaluation of the special acconni in US dollars and the statenent of total costs. Cuirreni and special accounts in US were opened för crediing of fonds reecived from the sake of tender documnents, cnversion of funds received to special accounts in US dollars under the IDA loan, for paimemt of conraus concluded tinder the Project, paymniei of salaries to employees of lie PCU, Project management and willidraval of Lunds. The special account in euro was opened for crediting of the funds received from the sale of iender d,cuments and for panient of conitracts concluded within the framework of tlh Prjec 3. LEGALSTATS ANDCHARU( S Cor.Aaco Focra1oAerro 1 lpeMaeia PecrIE1y11r Ya6eKcran or 29 oiri6pq 2009 roAa Mi Il-I-2526 «1AoroAHITeABHX Mepax 1o PaMI3auln ipoewra «deNoHicIpyKUIM OIIPCTHLTX copyKeNIIIi iH KaliaAjiauIoliiHi-x CIKcTeM 3 ropOOaX Byxapa 11 CaXiapKara\» c ywacrIexI MAP» IH coBsecrioro llocTaHoBSAenin MNii-ic7repera 4þinancou Penry6,Kii Y36eKc-an or 16 axpea 2004 ro,a då 64, ocy AapcTBeniiroi) HaAorooro ioxKrreTa PecyMMLI Y36e101Ca1 uv 16 axpeiA 2004 roxa M½ 2004-15 Hi ocyAapcereroro TafoKemoro coareTa FecnIrMMrxi 36eKHcTav o-i 16 aiipex 2004 roNa \' 01-02/19-22 «06 YT-1p3KACHTI 1OAKOAO UMe 0 HRAOrOOOA Mi TOIaOl (patOT. ycAyrf 3aBO3IMxX It ripHO16PTaeM,X Ha TeppHTOpi1i PCci-iAKii eKcra 3 C9CT FrPHBACKaeM_Iiwx 1 rapalirrp,CMbX PecryGAHKoN Y36eMIrCaH 3,aeMHIIX CpCACTB B paMNKaX 11H1BcTUrTIOHHIJX 1ipoCeIOB C YVacTxeM MePIaHAOapOAtX iHacoiX InIcnfy0roxn 11 apy6e5Kjiiiix npa1ri-A-cicTBenHix cnuaHosX oprauHsainxi», otDapt, paooTr f ycAyr rpe,\cTaAeIIe I oIrAameHide na VeppITopHr PecIyoAnIoc Y3ueK_icTar Hi cprnanciipyeNije KpeAixTafifl MAP, ocBo6OKAa-lTcR OT naAorIOB 11 rlOItIAHHii. 4 RECONCIHlATION OF IDA Fl ANCiNG The reconciliation of financing between IDA's data on the website at Mr in the Client Connection section and [ho Project data as of 31 Decenber 2016 is shown in [he table below: IDA funds 3 999 942 4000000 57,59 Variance of 57.59 $ is bank service of Raiffeisen bank. The Poj,c e o ihel, Recons(tue o I Tr/am luci/ites nd Sewe rå agi Scems 1i iuk heur indl Samaiirkandu (II)M Ina JhQ9 - Z) Wlorld bank~ projecti cooriunaion uni of Agemyi "KO3I11 fVAlIIZMl A T , Decembehr 20)/å (Notes to IFlinaca Saemenms) 13 5. SIGNA E A I CCOU NTl' (ISD) Ri \ (N(lI1, N :111N L 'l'i Balance as of 01.01.2016 Add: Sources Tranfer from WB IDA deduct 3 999 942 Total Cash Available 3999942 Less:Use of funds Sale of free foreign exchange funds (SPOT) 19 000 Transfer to a special account in US dollars - SVK 22 365 Transfer to current account of PCU (in US dollars) Total funds used 41 365 Balance as of 31.12.2016 3958 577 6. 1) !I(NA \ AC(Å)( N tN l S Y' N'l ' Balance as of 01.01.2016 Add: Sources Sale of free foreign exchange funds (SPOT) 62190 20417 Total Cash available 62 190 20417 Less: Use of funds Cost financing for project management 59042 19395 Payment of income tax from a non-resident 2 922 931 Foreign Exchange Difference - 21 Total funds used 61 964 20 347 Balance as of 31.12.2016 226 70 . ....... ...