Ethiopian Engineering Corporation

Fiscal Year 2011 EC (2019/2020 GC)

Qualified

All Years

Download Original Audit Report FY 2012

Revenue

ETB 759.9M

Net Profit

ETB 191.9M

Total Assets

ETB 1.4B

Total Equity

ETB 960.8M

Profit Breakdown

Key income statement items

Cash Flow Activities

Net cash from each activity

Asset Composition

Breakdown of total assets

Statement of Profit or Loss and Other Comprehensive Income

FY 2011 EC

Item	Amount (ETB)
Revenue
Revenue	759,851,867
Cost of sales	-324,618,058
Gross profit	435,233,809
Operating Expenses
Other income	26,478,868
Administration Expense	-212,682,449
Provision for Uncollectable receivable	26,126,306
Profit before tax	275,156,535
Tax
Tax expense	-83,207,057
Profit for the year	191,949,479

Statement of Financial Position

As at end of FY 2011 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	337,736,392
Construction in Progress	23,863,861
Intangible Asset	2,735,947
Government securities	4,346,575
Deferred tax Assets	11,202,703
Total Non-Current Assets	379,885,478
Current Assets
Inventory	40,406,909
Value added tax recoverable	53,292,967
Trade receivable	502,792,362
Contract asset	164,607,820
Other Receivables	133,234,264
Other Tax Recoverable	11,349,065
Cash and cash equivalents	111,772,454
Total Current Assets	1,017,455,841
Non-Current Asset Held for Sale
Non-current Asset held for Sale	1,284,810
Total Assets
Total Assets	1,398,626,129
Current Liabilities
Contract Liabilities	7,408,191
Other Payables	142,720,123
Value added tax Payable	50,785,399
Income tax	77,788,696
Employee benefit payable	23,508,198
Total Current Liabilities	302,210,607
Non-Current Liabilities
Long term employee benefit payable	96,423,799
Deferred tax liability	39,201,253
Total Non-Current Liabilities	135,625,052
Total Liabilities and Equity
Total Liabilities	437,835,659
Authorized Capital	1,301,515,785
Paid-up Capital	926,056,690
Legal Reserve	29,227,926
Equity in Excess of Paid up capital	5,505,853
Total Equity	960,790,469
Total Liabilities and Equity	1,398,626,129

Cash Flow Statement

FY 2011 EC

Item	Amount (ETB)
Operating Activities
Profit before tax	275,156,535
Depreciation & Amortization	17,039,764
Gain From Foreign Exchange rate change	-285,188
Gain From Disposal of Plant property & equipment	-3,414
Annual Leave Provision	9,632,902
Long term Employee Benefit	12,044,407
Provision for obsolete stock	124,021
Provision for Expected Credit loss	-26,126,306
Operating cash flow before working capital changes	287,582,720
(Increase) Decrease in inventory	-9,681,622
(Increase) Decrease in Trade receivable & Other receivables	-268,025,966
Increase (Decrease) in contract liability & Other payables	31,839,155
Cash generated from operation	41,714,287
Income tax Paid	-61,018,347
Net Cash inflow /(out flow) from operating activities	-19,304,060
Investing Activities
Purchase of Plant Property & Equipment	-35,122,523
Purchase of Materials for construction	-6,798,469
Net cash outflow from investing activities	-41,920,992
Financing Activities
Proceeds from disposal of Plant Property & equipment	268,933
Proceeds from Gain on Foreign Exchange rate change	285,188
Net cash (outflow)/inflow from financing activities	554,121
Net Change in Cash	-60,670,931
Closing Cash & Equivalents	111,772,454

Audit Findings

#1

The financial statements do not properly discuss or disclose some requirements of IFRS. Because of the number of such deficiencies, it is not practicable to describe them all.

Extracted from audited financial statements via OCR. Figures in Ethiopian Birr.