30 JUN 2017

Audit Office of Guangxi Zhuang Autonomous Region of the

People's Republic of China

Audit ReporttlWkh [2017) 44 #

GX AUDIT REPORT C2017] NO.44

Project Name: Second Liuzhou Environment Management Project

Financed by the World Bank

[ 1 u: 8005-CNLoan No.: 8005-CN

Project Entity: Liuzhou Municipal Wastewater Treatment Company

Limited

[4 : 2016

Accounting Year: 2016

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Contents..........I.. ....... I... ...................... I............1

I. Auditor's Opinion ..................................... 3

[ I. . .. . . ........................................... 6

II. Financial Statements and Notes to the Financial Statements ....... 6

A- (- A......................................................... 6

i. Balance Sheet......................................6

( :::- ) ........................................................................... S

ii. Summary of Sources and Uses of Funds by Project Component.....8

(3-=) % Tkff ;, VJL4 TA-43 1 .......................................... 12

iii. Statement of Implementation of Loan Agreement .... ....... 12

v[-- ( Y KPIA .................................................. 14

iv. Special Account Statement...........................14

( TL) A}i,1A4~Rtr,A.................................................. 16

v. Notes to the Financial Statements .................. ..... 19

III...Au. d..id.................................22

111. Audit Findings and Recommendations .................................. 25

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一、审计师意见

「 审计师意见柳州市污水治理有限责任公司：

「 我们审计了世界银行贷款幼襼柳州环境综合治理二期项目2016年 12妇 月 31 日的资金平衡表及截至该日同年度的项目进度表、贷款协定执行情

况表和专用账户报表等特定目的财务报表及财务报表附注 （第 6 页至第21页）。

「 几一）项目执行单位及幼襼壮族自治区财政厅对财务报表的责任簖制上述财务报表中的资金平衡表、项目进度表及贷款协定执行情况

「 表是你公司的责任，簖制专用账户报表是广西壮族自治区财政厅的责任，曰 这种责任包括：

1．按照中国的会计准则、会计制度和本项目贷款协定的要求编制项目财务报表，并佼其实现公允反映；

尸 2．设计、执行和维护必要的内部控制，以使项目财务报表不存在由曰 于舞弊或错误而导致的重大错报。

（二）审计责任

〔 我们的责任是在执行审计工作的基础上对财务报表发表审计意见。我们按照中国国家审计准则和国际审计准则的规定执行了审计工作，上述准则要求我们遵守审计职业要求，计划和执行审计工作以对项目财务报表是

「 否不存在重大错报获取合理保证。匕 为获取有关财务报表金额和披露信息的有关证据，我们实施了必要的

审计程序。我们运用职业判断选择审计程序，这些程序包括对由于舞弊或错误导致的财务报表重大错报风险的评估。在进行风险评估时，为了设计

「 恰当的审计程序，我们考虑了与财务报表相关的内部控制，但目的并非对匕 内部控制的有效性发表意见。审计工作还包括评价所选用会计政策的恰当

性和作出会计估计的合理性，以及评价财务报表的总体列报。

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我们相信，我们获取的审计证据是适当的、充分的，为发表审计意见日 提供了基础。

（三）审计意见

们 我们认为，第一段所列财务报表在所有重大方面按照中国的会计准U 则、会计制度和本项目贷款协定的要求编制，公允反映了世界银行贷款广

襼柳州环境综合治理二期项目2016年 12月 31日的财务状况及截至该日同年度的财务收支、项目执行和专用账户收支情况。

目 （四）其他事项我们还审查了本期内报送给世界银行的 GxLz025至 GXLz031号提

仁 款申请书及所附资料。我们认为，这些资料均符合贷款协议的要求，可以创 作为申请提款的依据。

本审计师意见之后，共同构成审计报告的还有两项内容：财务报表及们 财务报表附注和审计发现的问题及建议。 广群粉入

〔 ’～ 和国嘿黝 燮

「

＿ 地址：中国幼襼壮族自治区南宁市民族大道 98号七 邮政簖码：530022

电话：86一0771一5800259传真：86一0771一5800259

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1. Auditor's OpinionAuditor's Opinion

To Liuzhou Municipal Wastewater Treatment Company Limited

We have audited the special purpose financial statements (from 6 page to 21page ) of Second Liuzhou Environment Management Project Financed by theWorld Bank, which comprise the Balance Sheet as of December 3 1 1 2016, theSummary of Sources and Uses of Funds by Project Component, the Statementof Implementation of Loan Agreement and the Special Account Statement forthe period then ended, and Notes to the Financial Statements.

Responsibility of Project Entity and the Finance Department of GuangxiZhuang Autonomous Region for the Financial Statements

The preparation of the Balance Sheet, the Summary of Sources and Uses ofFunds by Project Component and the Statement of Implementation of LoanAgreement is the responsibility of your company, while the preparation of theSpecial Account Statement is the responsibility of the Finance Department ofGuangxi Zhuang Autonomous Region, which includes:i. Preparing and fair presenting the accompanying financial statements inaccordance with Chinese accounting standards and system, and therequirements of the project loan agreement;ii. Designing, implementing and maintaining necessary internal control toensure that the financial statements are free from material misstatement,whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements basedon our audit. We conducted our audit in accordance with the GovernmentAuditing Standards of the People's Republic of China and InternationalStandards on Auditing. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in. the financial statements. The procedures selecteddepend on the auditor's judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control

3

relevant to the entities' preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.We believe that the audit evidence we have obtained is appropriate andsufficient to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements identified in the first paragraph presentfairly, in all material respects, financial position of Second LiuzhouEnvironment Management Project Financed by the World Bank as ofDecember 31, 2016, its financial receipts and disbursements, the projectimplementation and the receipts and disbursements of special account for the[" period then ended in accordance with Chinese accounting standards andsystem, and the requirements of the project loan agreement.

Other Matter

We also examined the withdrawal application from No.GXLZO25 toNo.GXLZO31 and the attached documents submitted to the World Bankduring the period. In our opinion, the attached documents comply with theproject loan agreement and can serve as basis for loan withdrawal.

The audit report consists of the Auditor's Opinion and two more partshereinafter: Financial Statements and Notes to the Financial Statements, AuditFindings and Recommendations.

Audit Ofice f Guangxi Z i4ig Autonomous Regionof the PeopI6' Republic of' CinaJune 27, 20.v

4

Address: No. 98, Minzu Avenue, Nanning City, Guangxi Zhuang AutonomousRegion, P.R. China

Postcode: 530022Tel.: 86-0771-5800259Fax: 86-0771-5800259

The English translation is for the convenience of report users; Please take the

Chinese audit report as the only official version.

II. Financial Statements and Notes to the Financial Statements

i. Balance Sheet

BALANCE SHEET2016 * 12 )] 31 H

(As of December 31, 2016)

Project Name: Second Liuzhou Environment Management Project Financed by the World Bank

Prepared by: Liuzhou M nicipal Wastewater Treatment Com any Limited Currency Unit: RMB Yuan

Application of Fund Beginning Balance Ending Balance Sources OfFund N Beginning Balance Ending Balance

- A H &0z -Al-itT 1,164,266,784.54 1,453,141,763.08 Total Project Appropriation 28 383,798,259.02 481,998,259.02Total Project Expenditures

Funds

Fixed Assets Transferred 2 442,531,482.80 509,167,028.86 Project Capital and Capital 29Surplus

2. 4 IA L: 4 0#AConstruction Expenditures 3 - - I rants 30so be DisposedInldg:Gat

3. 4 *it3 ,2215,2.0i,4851,2AInvestments Transferred-out - - Total Project Loan 31 I,242,I51,524.01 1,448,531,724A4

Construction in Progress 5 721,735,301.74 943,974,734.22 Total Project Investment 32 1,242,151,524.01 1,448,531,724.44Loan

z. 6 - 1 **K3 4,0,2.1 749,081,724.44Investment Loan Receivable Foreign Loan 33 542,701,524.01

Including: World Bank Including: DAInvestment Loan Receivable

Appropriation of Investment 8 - - 35 542,701,524.01 749,081,724.44Loan

Including :Appropriation of 9 - - Technical 36World Bank Investment Loan Cooperation5#10 -6 37Equipment Co- Financing

Including: Equipment Losses - - Domestic Loan 38 699,450,00000 699,450,000.00in Suspense

Tt h aBank 12 194,053,20091 187,566,830.23 2. a39n

1.T l k O LCash in Bank 13 194,053,200.91 187,566,830.23 Appropriation of Investment 40

Loan

14 32,708,464.63 19,703,217.57 A41AIfft -4-Including: Special Account Including: World Bank Loan

Cash on Hand 1 I Bond Fund

)r-f (To be continued)

6

Total Prepaid and Receivable 1 450,730,848.77 496,515,685.47 Construction Expenditures 43to be Offset

Including: World Bank Loan 17 - -o l 44 183,049,458.24 206,620,418.77Interest Receivable Total Payable

World Bank Loan 18 4 - I W B A n 45Commitment Fee Including: World Bank Loan 45

Receivable Interest Payable

World Bank Loan Service- 19 World Bank Loan 46Fee Receivable Commitment Fee

Payable

20 47Marketable Securities World Bank LoanService Fee Payable

Al wiLE P it 21Total Fixed Assets Other Payables 48

Fixed Assets, Cost Appropriation of Fund

Less: Accumulated 23 - S51925 3865Depreciation Retained Earnings 51,592.95 73,876.55

Mgz2 IfMft 24-Fixed Assets, Net

Fixed Assets Pending Disposal

Fixed Assets Losses in 26Suspense

Total pl o Fund 27 1,809,050,834.22 2,137,224,278.78 51 1,809,050,834.22 237,224,278

TotalApplicationofund Total Sources ofFund 51 1

ii. Summary of Sources and Uses of Funds by Project Component

SUMMARY OF SOURCES AND USES OF FUNDSBY PROJECT COMPONENT I

*M AF 2016 4 12 A 31 1(For the period ended December 31, 2016)

Project Name: Second Liuzhou Environment Management Project Financed by the World BankArWk : 1Afft' fp 4k: A RfZPrepared by: Liuzhou Municipal Wastewater Treatment Company Limited Currency Unit: RMB Yuan

Current Period Cumulative

Current Period Current Period Current Period % L Cumulative Cumulative %Budget Actual Completed Actual Completed

Total Sources of Funds 279,601,383.96 304,580,200.43 108.93% 2,283,984,500.00 1,930,529,983.46 84.52%

181,401,383.96 205,380,200,43 113.77% 1,024,500,000.00 749,081,724.44 73.12%International Financing

181,401,383.96 206,380,200.43 113.77% 1,024,500,000,00 749,081,724,44 73.12%IBRD

CR partk F 98,200,000.00 98,200,000.00 100,00% 1,259,484,500.00 1,181,448,259.02 93.80%Counterpart Fmnancmng

Commercil BnkLon 0.00% 170,130,000.00 699,450,000.00 411.13%Commer-cial Bank Loana2. RtZIA

Financial Appropriation 98,200,000.00 98,200,000.00 100.00% 1,089,354,500.00 481,998,259.02 44.25%Funds

:A tMf (VAW1 VJ_)Total Application of Funds (by 292,670,00000 288,874,97&54 98.70% 2,283,984,500,00 1,453,141,763.08 63.62%Project Component)

.anjigS r& WWTPR 710,000.00 709,174.02 99,88% 75,154,110.00 56,743,910.73 75.50%Sanjiang Sewerage & WWTP

2. 1,200,000.00 1,164,062.78 97.01% 132,783,950.00 80,230,064.13 60.42%

3. Sea gc& 550,000.00 528,466.90 96.08% 125,878,550.00 72,738,349.09 57.78%Rongshui Sewerage & W"WTP

4. 810,000.00 800,480.10 98.82% 110,820,860.00 85,364,269.96 77.03%Liucheng Sewerage & W9WTP

5. ShtangSeerage m & 26,500,000.00 26,086,483.90 98.44% 113,440,200,00 133,014,070.38 117.25%

6 a 27,000,000.00 26,429,519,83 97.89% 333,754,880.00 314,334,570.50 94.18%Guantang Sewerage & WWTP

Liuzhou Suburban Drainage 160,000,000.00 157,972,756.21 98.73% 933,980,850.00 591,030,142.91 63.28%

Component8. 9l$ WHm: At

Liuzhou Dewatered Sludge 3,900.000.00 3,865,816.59 99.12% 47,446,600.00 44,484,658.55 93.76%Co-combustion Component

9.t,%W FT (EIM 32,000,000.00 31,870,108.59 99.59% 223,901,700.00 34,299,148.71 15.32%Longquanshan plant III

1 0. 7J(FIT! (-WM) 40,000,000,00 39.448,109.62 98.62% 186,822,800.00 40,902,578,12 21.89%Baisha plant 11

Dfenc. 15,705,221.89 - . 477,388,220.38 -Difference

. 45,784,836.70 . - 496,515,685.47L Change in Receivables

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Div. Special Account Statement

-9 M *P #&&[ SPECIAL ACCOUNT STATEMENT

4 A E 2016 4 12 A 31 i(For the period ended December 31, 2016)

Project Name: Second Liuzhou Environment Depository Bank: Guomao Branch,Management Project Financed by Agricultural Bank ofthe World Bank Chifa Limited

Rk v: 8005-CN M7: 20-023014040002358Loan No.: 8005-CN Account No. 20-023014040002358

Prepared by: The Finance Department of Guangd Currency: USDZhuangAutonomous Region

Pert A-Account Activity for the Current Period Amount

5,037,031.02Beginning Balance

Total ]nterest Earned this Period if Deposited in Special AccountN

Total Amonnt Refunded this Period to Cover Ineligible Expenditures

Deduct:

*Begti Bale25,402,246.10Total Amount Withdrawn this Period

Total Service Charges this Period if not Included in Above Amount Withdrawn

Ending Balance 2,840,308.14

OgTo be continued)

14

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Part B-Account Reconciliation Amount

Amount Advanced by World Bank 7,000,000.00

Add:2. MtitS4TR&Jil

Total Amount Recovered by World Bank

Outstanding Amount Advanced to the Special Account at the End of this Period 7,000000.00

4. 2,840,30&4Ending Balance of Special Account

Add:

5. &E *iMAB*{§rthbANAmount Claimed but not yet Credited at the End of this Period

Application No. Amount

6. 4,170,341.50~K

Amount Withdrawn but not yet Claimed at the End of this Period 4,170,341.50

7. MARRif @(0*a5l 5 6tAP)Cumulative Service Charges (If not Included in Item 5 or 6)

Deduct:

8. *U.A4tA (WAtffiP5ER) 8. *1-IRA10,649 64Interest Eamed (If Included in Special Account)

9. 7,000,000.00Total Advance to the Special Account Accounted for at the End of this Period

I

II 15

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（五）财务报表附注

日 财务报表附注1．项目概况

「 世界银行贷款幼襼柳州环境综合治理二期项目贷款号为8005一cN，实施该项目的目标是在柳州市区、三江县、融安县、融水县和柳城县建设可持续发展的污水收集和处理服务。本项目建设内容包括污水处理、污泥处籮工程和能力建设等，共包括 8个子项目。贷款协定于 2011年 5月25日

仁 签订，201，年8月2，日生效，预计2017年11月30日前关闭。项目计划总投资为人民币22.8398亿元，其中世界银行贷款总额为 1.5亿美元，折合人民币 10.245亿元，国内银行贷款人民币6.9945亿元，项目业主自筹和国家投资补助人民币5.6003亿元。

目2．财务报表编制范围本财务报表的簖制范围包括柳州市污水治理有限责任公司世界银行

贷款幼襼柳州环境综合治理二期项目的财务报表及自治区财政厅专用账坦 户报表。

3，主要会计政策3.1本项目财务报表按照财政部 《世界银行贷款项目会计核算办法》

「 ‘财际字〔2000〕，3号’的要求编制。3.2会计核算年度采用公历年制，即公历每年 1月 1日至 12月 31日。

扫 3.3本项目会计核算以“权责发生制”作为记账原则，采用借贷复式记账法记账，以人民币为记账本位币。

3.4按照中国人民银行2016年 12月31日汇率，即USD＝人民币6.9370侧 元·

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4．报表科目说明日 4.1项目支出

截至20 16年 12月 31日，项目累计支出人民币 l,453,141,763.08元，占总投资计划的63,62％。

日 4.2货币咨今20 16年 12月 31日余额为人民币 187,566,830.23元，全部为银行存款，

其中专用账户存款折合人民币19,703,217.57元。

「 4.3预付及应收款一 2016年 12月 31日余额为人民币496,515,685.47元，主要是项目与公

司的往来款、预付工程款和预付备料款。

日 4.4项目扮款20 16年 12月 31日余额为人民币481,998,259.02元，是各级政府财政

拨付的无偼配套资金。项目计划配套资金总额人民币 1,089,354,500.00元 （不含国内借款）,

日 截至20 16年12月31日到位配套人民币481,998,259.02（不含国内借款）,一 占计戈lJ的 44.25％。

4.5项目借款「 20 16年12月31日余额为人民币1, 448,531,724.44元，其中：国际复U 兴开发银行贷款额为 749,081,724,44元；国内银行借款 699,450,000.00元。

截至20 16年 12月 31日，累计提取世界银行贷款资金 107,983,526.66粎元，占贷款总额的 71.99％。其中：土建工程类累计提款 84,187,171.34

「 粎元，占该类计划的72.44%；货物类累计提款13,188,845.89美元，占该一 哭计 划 的 45.35 ％。

4.6应付款「 2016年12月31日余额为人民币206,620,418.77元，主要是尚未支付一 的工程款。

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4.7留成收入日 2016年12月3，日余额人民币73,876.55元，主要是专用账户银行存

款利息收入。

5．专用账户使用情况门 本项目专用账户设在中国农业银行有限公司国贸支行，账号为

20一023014040002358，币种为粎元。专用账户首次存款 7,000,000.00美元。本期期初余额 5,037,03 1 .02粎元，本期回辛I·23,202,818.78美元，利息收入2,704.44粎元，本期支付25,402,246.10美元，期末余额 2,840,308.14美元。

「 。．其他需要说明的事项6.1项目资金平衡表中国际复兴开发银行贷款期末数与期初数之差、

项目进度表中相应本期发生额与贷款协定执行情况表人民币本期提款数「 不一致是由于历年汇兑损益造成的。一 6.2项目资金平衡表、项目进度表中相应国际复兴开发银行贷款期末

数与贷款协定执行情况表中人民币累计提款数不一致是由于上年偿还世界银行贷款 2,050,588.85美元造成的。

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v. Notes to the Financial Statements

Notes to the Financial Statements

1. Project overviewThe Loan No. of Liuzhou Environment Management Project Phase 11Financed by the World Bank is 8005-CN. The objective of the project is toestablish sustainable wastewater collection and treatment services within theurban area boundaries of Liuzhou, and in Sanjiang, Rong'an, Rongshui andLiucheng counties. The construction contents of the project includewastewater treatment, sludge management and institutional development andcapacity building, consisting of 8 sub-projects. The Project Agreement wassigned on May 25, 2011 and came into effect on August 23, 2011. The accountof the project will be closed before May 31, 2017. The total investment planof the project was RUB2,283,980,000.00 yuan, among which the total WorldBank loan amount was USD150,000PO.00, equivalent toRMBI,024,500,000.00 yuan. Loans from domestic banks wereRMB699,450,000.00 yuan, and funds raised by project entities and stateinvestment subsidy were RMB560,030,000.00 yuan.

2. Consolidation Scope of the Financial StatementsConsolidation scope of the financial statements covers the financial statementsof Liuzhou Environment Management Project Phase II Financed by the WorldBank Liuzhou Municipal Wastewater Treatment Company Limited(LMWTC)and the Special Account set in the Finance Department of Guangxi ZhuangAutonomous Region.

3. Accounting Policies

3.1 The Financial Statements of the project were prepared according to therequirements of Accounting Methods for the World Bank Financed Project(Caijizi [2000] No.13).

3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscalyear from January I to December 3 1.

3.3 The accrual basis and the debit/credit double entry bookkeeping methodare adopted. RMB is used as the recording currency of bookkeeping.

19

3.4 The exchange rate adopted in the financial statements was the exchangeU rate on December 31, 2016 of the People's Bank of China, which is USD1=

RMB6.9370yuan.

4. Explanation of Subjects4.1 Total Project expendituresBy the end of December 31, 2016, the project accumulative expenditure wasRMB1,453,141,763.08 yuan, accounting for 63.62% of the total investmentplan.

4.2 Cash and BankOn December 31, 2016, the balance was RMB187,566,830.23 yuan, all ofwhich was deposit in bank. And the funds in the Special Account wereconverted to RMB 19,703,217.57 yuan.

4.3 Prepaid and ReceivableIts balance on December 31, 2016 was RMB496,515,685.47 yuan, which wasmainly the receivable of LMWTC and the prepayment for the constructionand preparation.

4.4 Project Appropriation FundsThe balance on December 31, 2016 was RMB481,998,259.02 yuan, whichwas the counterpart fund allocated by governments at difference levelswithout compensation.

Total planned counterpart funds of this project were RMB1,089,354,500.00yuan (excluding domestic loans). By the end of 2016, RMB481,998,259.02yuan (excluding domestic loans) of the counterpart funds had been allocated,which accounted for 44.25% of the plan.

4.5 Project LoanThe balance on December 31, 2016 was RMBI,448,531,724.44 yuan,including the IBRD loan of RMB749,081,724.44 yuan, as well as domesticcommercial bank loans of RMB699,450,000.00 yuan.By the end of December 31, 2016, accumulated USD107,983,526.66 of theWorld Bank loan had been withdrawn, accounting for 71.99% of the total,among which the withdrawal for civil works was USD84,187,171.34,accounting for 72.44% of the category plan; the withdrawal for goods was

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USD13,188,845.89, accounting for 45.35% of the category plan.

4.6 PayableThe balance on December 31, 2016 was RMB206,620,418.77 yuan, which ismainly the payable of construction cost.

[ 4.7 Retained EarningsThe balance on December 31, 2016 was RMB73,876.55 yuan, which ismainly interest earned of bank deposit of the Special Account.

5. Special AccountThe Special Account of this project is set in Guomao Branch, AgriculturalBank of China Ltd., with the account number of 20-023014040002358, andUSD as currency Unit. The initial Deposit of the Special Account isUSD7,000,000.00. The beginning balance of 2016 was USD5,037,031.02 andthe reimbursement in 2016 was USD23,202,818.78 This period the interestearned was USD2,704.44 and the disbursement was USD25,402,246.10. Thus,the ending balance was USD2,840,308.14.

6. Other Explanation for the Financial Statements

6.1Due to the change of foreign exchange rate, there are discrepanciesL between the difference of the beginning and ending balance of the IBRD loanin the Balance Sheet, the current year's loan received in the Summary ofSources and Uses of Funds by Project Component and the amount of currentyear's withdrawals (disclosed in RMB) in the Statement of Implementation of

[ Loan Agreement.

6.2 Due to the accumulative loan repayment of USD2,050,588.85 of last year,there are discrepancies between the ending balance of the IBRD loan in theBalance Sheet and the amount of cumulative withdrawals in the Statement ofImplementation of Loan Agreement.

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