NORTH-SOUTH ROAD CORRIDOR INVESTMENT PROGRAM.PROJECT 1
LOAN NUMBER 256!.ARM (COt")
FINANCED BY ASIAI\| DEVELOPMENT BANK
UNDERTAKEN BY "TRANSPORT PROJECT IMPTEMENTATION ORGANIZATION" SNCO
FINANCIAL STATEMENTS
AND
INDEPENDENT AUDITOR'S REPORT
For the period Jan 1., 2077 -Feb23,201a
Yerevan 2019 Poge 2 of 78 (AN Audit, CISC 30/3 Gyulbenklan Sr., office 129, Yerevan 0033, Arnrenia Iet: +37 4 10 229421 , +37 4 60 s29o21 E mail: ofilc€@anaudit.am
INDEPENDENT AUDITOR S REPORT
To the Ministry oJTrunsport, Comnunicltion dnd tnformation Tech hologies af RA ond the 5avemment of',Trdnspoft praject I m pl e mentdtion Org a n izd ti on " Sto te N on -Com merci a I O rya n izo ti o n
We have audited the special purpose financial statements (financial statements) of "North-South Road Corridor Investment Program, Tranche l" forthe period stariing on lanuary 0l, 20lT and endingon February 23, 2018 financing Loan Agreement 2561_ARM lcoL) signed between Republic of Armenia anc Asian Development Bank and undertaken by'Transport Project mplementation Organization" 5NCO, which comprise the stater.ent of cash receipts and payments, starement of usage of funds by project activitt statement of wlthdrawals frorn loan, current account statement, statement on cumulative expenditure, lncluding a summary ofsignificant accounting poljcies.
> ln our oplnion, in al maierial respects, presents firirly ihe cash receipts and dlsbursements of the Project for the period starting on January 01, 2017 and endjng on February 23, 2018 ln accordance with "Financtal ReporUng under ihe Cash Basis of Accounting" standard published by The Internalional Public Sectof Accounting Standards Board PSASB).
In a I matefial respects, costs have been incurred and the current account has been used in accordance with the objeciives set out in the Loan Agreement and the "Loan Disbursement Handbook" publlshed by ihe Asian Developrr]ent Bank,
Bosis for Opinion
We conducted our audit in .ccordance with International Standards on AuditjnC (lSAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for ihe Audit of the Financial Statements section of our report We are independent of the Company in accordance with the lnternationaL Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical and independence requirements thar are relevant to our audit of the financia statements in the Republic of Armenia, and we have fulfilled our other ethlcal responsibilities jn accordance wlth these requirenrents and the IESBA Code. We believe tha! the audlt evidence we have obtained k sufflcieft and appfoprlateto provide a basis for our opinion. Emphasis ol motEl
We draw attention to Note 7 to the Financial Statements, which states that there are disagreements beiween the Company and the Contracior regarding the elimination of the deliciencies (clearing the snag list) mentioned ln the acceptance certifcate signed on the construction works completed jn 2016 and negotiations afe under way. This circumstance creates uncertainty about the final amount ofthe creditor's debt for post-wafraniy amounts reflected in that note. Ouf opinion is not modified in respect ofthis matter. Othet mdtter
//North-South The specia purpose fnancial statements of the Road Corridor tnvestment Program, Tranche 1,, ending on 31 December 2016 and undertaken by 'Tfanspori Project lmplementation Organization" 5NCO, were audited by another audjt firm, whlch expressed an unmodified opinion on them onJune 29,2017. Responsibilities of Manogement dnd Those Choryed with govenance lor the Findn.idt Stdtements
The rnanagement is respons;bie for the preparation and fair presentation of special purpose financjal stater.ents in accordance with "Financial Reporting under ihe Cash Basis of Accounting" standard published by The internaiional Public Sector Accou nting Standards Board (IPSASB)and "Loan Disbursement Handbook" publjshed bv the Asian Development Bank. and for such internalcontrol as management determines is necessary to enable the preparation of fi na ncia I statements that arefree from material misstatement, whether due tofraud orerror, ln pfeparingthe financial statements, management is responsibJe for assessing the companyt ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting u;les; rnanagement either intends to liquidatethe Company or to cease operations, or has no realistic alternative but to do so, For overseeing the company's financiar reporting process is responsible authorized body, the Ministry of rransport, Communication and Information Technologies of Republic of Armenia.
Audlto/s Responsibilities Iot the Audit oJ the Flnanciol Stotements
our objectives are to obtain reasonable assurance about whether the special purpose financial statements as a whole are free from rnaterial misstatement, whether due to fraud or errot and to issue an auditor,s report that in€ludes our opinion. Reasonable assurance is a high level of assu rance, blt is not a guarantee that an audit conducted in accordance wiih tSAs will always detect a material misstatement when it exisis. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decistons of users raken on the basis of these f.nanc;at srarement: As part of an audit in accordance with lSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ldentify ' and assess the risks of maierial misstatement of the financial statements, whether due to fraud or error, design perlorrn and audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate io pfovide a basis for our opinion. The risk of not deteciing a material misstatement resulting from fraud is higher than for one resulting frorn errof, as fraud may involve collusion, forgery inteftional omissions, misrepresentations, or the override of internal control,
obtain an undefstanding of internal controt relevant to the audit in order to design audit procedures that afe appropriate in the circumstances, but not fof the purpose of expressing an opinion on the effectiveness of the Companv's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management,
conclude on the appropriateness of management's use ofthe going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability io continue as a going concern. lf we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures afe inadequate, to modify our opinion, our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions mav cause the Companyto ceaseto confinue as a going concern.
Evaluate the overall presentation, structure and content ofthe financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair pr€sentation. we communicate with those charged wjth governance regarding, among other matters, the planned scope and timing ofthe jncluding audit and significant auditfindingt any significant deficiencies in internatcontrolthatwe identifydufjng our;udit. The responsible auditoron the audit resulting in this independent audito/s report is:
Qualified ALrdiior
Director. flrtgD "A-N Audit" CISC 07 May 2019 "3fi"Jfi ayIIr, "A.N auDllo 015295!,t
Nexia ; i l'.:1 International "Tlansport Project lmplementation Organization" State Non-Commer.ial Organization Norlh-South Road Coftidot lnvesrm?nt progran proiect l
STATEMENT OF CASH RECEIPTS AND PAYMENTS
NotTh-South Rood Coffidor tnvestment program-prcject 7 ADB Loqn 2561 ARM (COL) Fot the period Jon 7,2017 - Feb 23,2018 uso
Reporting period Cumulative Note lan 7,20L7 -Feb23, as at 2018 Feb 23,20L8
Cash Reaeipts ADB Loan 2561-ARM (COL)financing 3 22,a0g 57,O6L,'149 A0B Loan 2729-ARM financing 3 2,996,620 The Republic of Armenia co-financing 3 2,2a7 12,558,095 Totalfinancing 25,O9O 72,616,464
Payments 53,6L4,627 Consulting Services 22,809 3,653,60s Goods Project management support 1,897,628 Interest 9L6,273 Taxes, duties 2,283 12,5r9,O45 TotalPayments 25,o92 72,60!,1L2
Other receipts (payments) ls44l (72,928) Foreign currency net gain (loss) 2 12,4241 (s44J 544
and Accdunting De /Ctlief Accountant Christine Ghalechyan Manana Tarposhyan 07 May 2019
Pdge 5 of 18 s> I i .:s 6-i di I E> i il$ j STATEMENT OF WITHDRAWALS FROM LOAN North-South Rood Coridot Investment Program - Prcject 7 ADB Loan 2561 ARM (COL) Fot the period lon 7,2017 - Feb 23,2018 USD Expenditure category Advanae Total Project Appli.atlon Consulting Civil works management Interest numDer servrces supporr 1 4 5 00049 9,489 9,489 00050 1,865 1.865 00051 11,455 77,455 22,4O9 22,4O9 "Transport Proiect lmplementation Organization" State Non-Commercial Organization North-South Road Cortidot Im)estmenl Prosram Proiect @.^^,.-vt..,-..,".',..-,".-,...,,.',''.,..-,"'-'..,"..,...,-..,,.-,...,& l CURRENT ACCOUNT STATEMENT prcgrom Notth-South Rood Cor dot lnvestment - prcject 7 ADB Loon 2561 ARM (COL) For the pedod Jan 1,2017- Feb 23,2018 Currency U5D Bank account number 900000900028 Bank Treasury of the Republic of Armenia Bank address 1 Melik Adamyan str., Yerevan, Armenia ADB Loan 2561-ARM (COL) USD Balance as at lan 1,2017 Difference as at the beginning ofthe reporting period* (1,846) ADB fund advance/replenishment Eligible payments Balance as at February 23, 2018 Differences as at the end ofthe reporting period* (!,8461 (*)The difference is explained by: 23.02.2074 3L.!2.2076 uso USD Amounts, provided to another fund (note 6) 1,846 7,446 1.845 L,846 Poge 8 of 78 "TranSport Project lmplementation Organization" State Non-Commercial Organization North-South Road Coftidor I vestment Pro STATEMENT ON CUMUI,ATIVE EXPENDITURE North-South Road Corridor lnvestment Progrum- project 7 ADB Loon 2561 ARM (COL) Fot the period Jon 1,2077 - Feb 23,2018 USD Actual Budget Variance Categories Reporting Cumulative Reporting Cumulative Reporting Cumulative period pefiod period Jan 1,2017 lan !,2077 lan L,20!7 - 23.O2,20t4 - 23.02.2074 - 23.02.20La Feb 23, 2018 Feb 23, 2018 Feb 23,2018 53,674,621 6L,73i 51,075,83t 16!,732 2,538,7a3 :onsulting Services 22,4O 3,6s3,60! 23,OLt 3,596,61( {20s (43,00sJ Soods troject management iuppon L,897,62E 1,9!1.,a29 lL4,20r) nterest 976,2L 9L6,27? (taxes) Ither 2,2A2 72,5r9,04! 13,188,102 1570.332 (669,0s7) lotal 25,ogi 72,6O7,LL2 657,361 7O,748,592 (632,269 L,412,52( "Transport Project lmplementation Organization" State Non-Commer€iaI Organization North-South Road Corridor Investment NOTESTO THE FINANCIAL STATEMENTS 1. General information 7.7. Prcjed linoncing According to the scope Financing Agreement between the Republic of Armenia (RoA) and the Asian Development Bank (ADB) signed on 15 September 2009, ADB agreed to provide the RoA multi-tranche financial facility in the total amount of 500 million USD (United States Dollars) to finance the North-South Road Corridor Investment Program. Financing tranches may be made available by ADB provided matters continue to be in accordance with the general understandings and expectations on which the Facility is based. Each loan constitutes a separate tranche. Each tranche may be financed under terms different from the financing terms of previous or subsequent tranches. Tranches may be provlded in sequence or simultaneously. According to the toan Agreement North-South Road Corridor Investment Program-Project 1("Project", or "Tranche 1") between the ROA and the ADB on 12 October 2009, ADB provided the RoA the Loan 2561-ARM (COL)in the totalamount of38,443,000 SDR. The loan was closed on February 23,2018. In accordance with letter agreement dated 17 June 2016, submitted between Ministry of Transport, communication and Information Technology of the RoA and the ADB, a reallocation of ADB 2729-ARM loan from Tranche 2 was agreed to fund USD 6,000,000 expenditures ofthe Tranche 1. co-financing is provided through the state budget resources ofthe RoA 7.2. Prcject obje.tives The Project's goals financed by the loan 2561-ARM (coL) are: (i) Reconstruction and/or restoration of 18.4 km of fourlane road section between Yerevan and Ashtarak. (ii) Enhancing the security of four-lane road between Yerevan and Ashtarak. (iii) Project management support, including the detailed design of the other parts of the project, technical supervision, preparation of bidding documents and support to procurement (iv) support to the transport subsector plan under the transport strategy. ct E o gl ct 6 -g .g Ri T; E< f .g 6; '6 g HE E d-1 -b! ;= ..i 3 PE E g3 ct 69 z o ^i 6 .3: 6 N a,5 I E !3 E -=Ex * F p*1 3 - o92 € I a ! E J '! E g I Fi F a = ''TranSport Project lmplementation Organization', State Non-Commercial Organization !":kyt!*g-cgxk::!!"lyg,:ygy-!:Ee:l-- 7.4. The Prcject Implementdtion lJnit d) Desc ption ol the Orgdnizdtion ond dctivities project The Project is implemented by "Transport rmprementation organization..state Non-commerciar organization (the organization). The organization is the regar successor of the "organization for lmplementation program" of North-south Road corridor Investment state Non-commercial organization and "Transport Project lmplementation unit" state tnstitution. The reorganization was implemented in accordance withtheGovernmentoftheRepubricofArmeniaDecreeNl3o4-Adatedrs.12.20!6,andisregisteredinthe State Register of Legal Entities of the Ministry ofJustice of Armenia on Feb 7, 2017. The organization is a non-commercial legal entity. The governing state authority of the organization is the Ministry of rransport, communication and Information Technorogy of the Repubric of Armenia. rt is formed and when implementing its activities is governed by the constitution ofthe Republic ofArmenia, c'vil code of RA, Law the on state Non'commerciar organization of RA, internationar treaties, other regar acts and its bv- Organizotion's Name "Transport Project lmplementation Organization,' State Non- Commercial Organization Registration number 286.210.9452a6 Registration certif icate 03A1095286 Registration date 09.02,2077 Legaladdress Nalbandyan Street 28, Yerevan, the Republjc of Armenia. Operating address Tigran Mets Street 4, Yerevan, the Republic ofArmenia. Taxpayersidentificationnumber(TtN) 02702598 goal The main of the organization is the efficient implementation of projects in the transport sector in Republic of Armenia, including the implementation program of modernization of North-south Road corridor Investment Program and Northern Corrjdor. Before the establishment of the organization, the project was implemented by the predecessor of the organization which is North-south Road corridor Investment project sNco which was founded with decree 445-N ofthe Government ofArmenia dated March 11, 2010. b) Orydnizotiondlstructurc The management of the organization is run by its Foundet the authorized state body and General Director. Ministry of rransport, communications and Information Technologies is the Authorized state bodv, as ascertained by Government decree N1304-4 dated December 15, 2016. General Director within the limits of her authority is responsible for the operational management of the organization. As per the decree of the Minister of rranspor! communications and Information Technologies N1101-A dated December 28, 2018 the duties of the General Director are performed by Ms. christine Ghalechyan since December 27, 2018 until the appointment of General Director. At the same time, the above- mentioned changes are not yet registered in the respective register of the Ministry of Justice. As at the end of the reporting period the duties of the General Director were performing by Acting General Director Mr. Va rdan KaraDetvan. In accordance prime with the N892-A decree of the Minister, dated october 26, 2009, on the basis of the N 765 Decree of the Government of the RA of December 22, 1999; taking into consideration the regulations of ^^^.^ "Transpgrt Project lmplementation Organization" State Non-commer.ial organization lykf:x,! ggt'ryyJys yy:yeyy_::y":JL* * * ^ * - * * _ * _ - * - * the activities of Plus, implementing project - with the financing of foreign countries and international financing instjtutions, arso to regurate and efficjentry imprement the works of North-south Road corridor, stabre urban Deveropment project and Modernization of Northern corridor, the Management councir of North-south Road corridor, stable urban Development project and Nlodernization of Northern corridor was formed, the list of members of the Management Council is brought below: Chairman of the Managelneni Council Karen Karapetyan Prime Minister of the Republic of Armenia Members of the Management Council Vache Gabrielyan Vice Prime Minister, Minister of International Economic Integration and Refofms of the Republic of Armenja Vardan Aramyan Minisrerof Finance ofthe Republic of Armenra Suren Karayan Minister Economic of Development and Investments of the Republic of Armenia Davit Harutyunyan Minister ofJustice ofthe Republic ofArmenra Ashot Manukyan Minister of Energy Infrastructures and Natural Resources Vahan Martirosyan Minister of Transport, Communication and Information Technologies Taron Margaryan Yerevan Mayor (by consent, under Sustainable Urban Development Investment Program) Kamo Areyan First Deputy Mayor ofyerevan (by consent, undersustainable Urban Development investment program) Gagik Grigoryan Farst Deputy of Minister ofTransport and Communication of the Republic of Armenia Vache Terteryan First Deputy Minister of Territorial Administration and Development of the Republic ofArmenia Vahe Nikoyan Deputy Mayor of Yerevan (by consent, underSustainable Urban Development Investment program) Nerses Yeritsyan Deputy Chairman of the Central Bank of the Republic of Armenia (by consent) Ashot Musayan Deputy Chairman ofthe State Committee of Reaj Estate Cadastre adjunct to the Government of the Republic of Armenia Nora Martirosyan Deputy Directorofthe yerevan Urban Development Investment programs lmplementation Agency, projects Manager (by consent) Vardan Karapetyan ,Tra Acting General D irector nspo rt pro.iect lmpementation Organziation,,State Non'Commercial Organozation (by consent) As at the date of signing these financiar statements, the rist of members of the Management councir is amended per decree of Prime Mjnister N 404-4 as at April 15, 2019: Chairman of the Management Council Tigran Avinyan Deputy Prime Minister ofthe Republjc of Armenra Members of the Management Council Tigran Khachatryan Minister of Economic Development and Investments of the Republic of Armenia Artak Zeynalyan Minister of Justice of the Republic of Armenia Garegin Baghramyan Minister of Energy Infrastructures and Natural Resources Hakob Arshakyan Minister of Transport, Communication and Information Technolosies .i^/\].7i'^^7^ Page 1.3 of 18 "Transport Proiect lmplementation Organization" State Non-Commercial Organization North-South Road Corridor I yestmenl Plogram Project l SurenPapikyan MinisterofTerritorialAdministrationandDevelopment Sarhat Petrosyan Head of Real Estate Cadastre ofthe Republic ofArmenia Bagrat Badalyan Deputy MinisterofTransport, Communication and Info rm atio n Techno losies of the Republic ofArmenia Nerses Yeritsyan Deputy Chairman ofthe CentralBank ofthe RepublicofArmenia (by consent) yerevan Hrachya Sargsyan First Deputy Mayor of {by consent, under Sustainable Urban Development Investment program) Hayk Sargsyan Deputy Mayor of yerevan (by consent, under Sustainabje Urban Development Investment program) Nora Martirosyan Deputy Directorofthe yerevan Urban Development Investment programs lmplementation Agency, projects Manager (by consent) Christine chalechyan Acting General Djrector "Transport project lmpementation Organization,, State Non-Commercial Organozation (by consent) 2, Significant accounting policies 2.7, Prcpafttion ond prcsentotion ol rindncidl stdtements The Project financial statements are prepared in accordance with the International Public Sector Accounting Standard "Financial Reporting Under the Cash Basis of Accounting,, issued by the lnternational public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (tFAC) and presented in accordance with "Loan Disbursement Handbook" issued bv Asian Development Bank. The financial statements include: t Statement of cash receipts and payments, r Statement of usage offunds by project activity, . Statement ofwithdrawals from loan, r Current account statement r Statementofcumulativeexpenditure, r Notes to the financialstatements, including: > signi[icantaccountingpolicies, > other notes. The principal accounting policies appljed in the preparation of these financial statements are set out below. These policies have been consistently appljed to allthe perjods presented. 2.2. Cdsh basis oJ accounting The financial statements are prepared and presented using the cash basis of accounting. Cash basis means a basis of accounting under which transactjons and other events are recognized only when cash or its equivalent is received or paid. Financial statements prepared under the cash basis provide information about the sources of cash raised during the period, the purpose forwhich cash was used and the cash balances at the reporting date. 2,3. Reporting cufiency The Project functional statements are presented in United States Dollars (USD). Pdn. 1z 19 ^f "Transport Prgject lmplementation Organization" State Non-Commercial Organization North-South Road Cotidot I vestme t program - project l 2.4. sisn-otl The financial statements have been signed by christine Ghalechyan, Acting General Director, and Manana Tarposhyan, Head ofFinance Management and Accounting Department/ChiefAccountan! on MaV 7,2019. 2.5, Forcign cufiency trunsqctions Foreign currency is a currency other than the reporting currency ofthe project. Project bank accounts are maintained and transactions are made in usD and Armenian Drams (AMDI. Transactions denominated in AMD are translated into L,SD as follows: E contributions of the Republic of Armenia and expenditures covered through them expressed in AMD are translated into usD at the exchange rate defined at the previous date of payment. n Payments to contractors and suppliers expressed in AI\4D that are covered through the financing received from ADB are translated into USD at the exchange raies defined at the previous date of payment. The exchange rate defined by the CBA as at 23 February 2018 is USD 1= 480.63 AMD (on 31.12.2016: USD 1=483.94 AMD), 2.6. Cdsh cash comprises bank accounts balances. 2,7. Prclect linoncing Project financing from ADB 2561-ARM (COL) loan amounting to SDR 38.443,000 is made bv 100% under the loan agreement over all specified expenditure items. No taxes and other mandatory payments are financed from loan proceeds. All such payments are incurred with Governmental co-fi nancing. 2.8. Tdxes All applicable taxes are paid in accordance with tax regulations of the Republic of Armenla. 3. Finanaing 3.7,Financing with loon ADB 2561- ARM (COL) Reporting period Cumulative as at lan !, 2OL7 - Feb Feb 23,2018 23.20L8 usD USD Reimbursement through 5OE 2,024,290 Reimbursement through summary sheets 7,925,266 Direct payments 22,AO9 52,195,980 Interest 916,2!3 Advances/ reimbursement 22,AO9 57,06!,749 Pn.p 11 19 ^f "Transport Project lmplementation Organization,' State Non-Commer.ial Organization No/th-South Road Corridor Inrestment Proqam - prciect l 3.2,Finoncing with thefunds, rc-allocdted hom todn ADB 2729-ARM Reporting period Cumulative as at Jan 1,2017 - Feb 23,20L8 Feb 23, 2018 usD u5D payment Direct 2,996,620 Total 2,996,620 3.3.Finoncing by the Government of the Repubtic of Atmenia usD 25,544 is allocated to civil works while the remaining is allocated for the payment of taxes and other mandatory payments, as stipulated by loan agreement. 4. Cash Current account As at As at 23.02.2018 3L.r2.20L6 usD USD RA co-financing (AMD)* In RA Treasury 544 total 544 5. Budget performance As at Eudget Category 23,02.201A Performance usD usD % 53,61.4,621 56,592,457 94.7 Consulting Services 3,653,605 3,653,605 100 Goods Project management support L,897,628 1,899,474 99.9 Interest 976,273 9r6,213 100 Other (including localtaxes and duties) 72,519,045 10,000,000 72,607,Lrz 73,06r,749 99.4 6. Other re.eipts / (payments) Reporting perlod Cumulative as at len L,2O!7 - Feb 23,zota 23,02.2018 U5D USD Financing ofTranche 2 17,846 Repaylents to Treasury (s44) lrL,o82 (s44) l!2,928 "Transport Project lmplementation Oryanization" State Non-Commercial organization North-South Road Corridor Investme Prcsrum - Prciect l 7. Payables As at reporting date outstanding accounts payable balances are presented below: As at As at Payable5 23.O2,20!A 3r.72.20L6 USD U5D Post warranty amountsx 3,31A,402 3.378.402 On consultancy 11,303 Total 3,378,402 3349,705 (*)Postwarranty amounts are retained at 10% ofthe amount on the presented IPC on civilworks,5% ofwhich was paid afterthe approvalofthe certificate of acceptance {afterJune, 2016) ofthe construction works (taking over cerlificate), and the remaining 5/o one year after the acceptance of certificate, provided that the warrantyterms are satisfied and the snag list cleared. The deadline forclearing the snag list (for eliminatingthe deficienciet expired in October 2017 and has been extended several times since then. As at the date of singing these financial statements there are unagreed issues between the Contractor and the Employer, and the parties are conducting negotiations. The final resolution ofthese disagreements may result in changes of the posFwarranty amount (USD 3,378,402) shown above. 8, Litigations As at reporting date and as at sign these financial statements, there are no litigations with respect ;u\,_:qt to North-south Road Corridor Tranche 1. and Acco#nting Department ar$, /ChibfAccountant christine chalechyan Manana Tarposhyan 07 May 2019 Poge X7 of 18 "Transport Project rmprementation organization,'state Non-commerciar organizatron !9*-!-"y!:I":!_g?t:y::J!J:::y!g!9{:!:;_p:9l|!(_,__,__...... _,,,,'*vw..wvq_.-* ANNEX. CURRENT PAYMENTS DETAITS Nonh South Roact Coffidor tnvesment prcgrcm_ptoject l ADB Laon 256J ARM (COL) ' Forthe period Jan 1120X7 _ Feb 23,2018 USD Paid amouht Consulting services For consulting services For auditservices No 01-cs,014 Head of and Accoq6ting Depaitment christine GhalechXRGlll? /ChiCfAccountant Manana Tarposhyan 07 May 2019 Page XB ol 18