Ethiopian Engineering Corporation

Fiscal Year 2012 EC (2020/2021 GC)

Qualified

All Years

Download Original Audit Report FY 2011 FY 2013

Revenue

ETB 685.7M

Net Profit

ETB 39.0M

Total Assets

ETB 1.4B

Total Equity

ETB 998.6M

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 2012 EC

Item	Amount (ETB)
Revenue
Revenue	685,709,476
Cost of sales	-422,380,682
Gross profit	263,328,794
Other Income and Operating Expenses
Other income	31,597,439
Administration Expense	-204,926,457
Provision for Uncollectable receivable	-34,887,551
Total operating expenses	-239,814,008
Tax and Net Result
Profit before tax	55,112,225
Tax expense	-16,151,523
Profit for the year	38,960,702

Statement of Financial Position

As at end of FY 2012 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	337,497,123
Construction in Progress	57,943,515
Right of Use Asset	13,385,037
Intangible Asset	3,238,069
Government securities	346,575
Deferred tax Assets	25,600,258
Total Non-Current Assets	438,010,577
Current Assets
Inventory	51,050,293
Value added tax recoverable	18,591,954
Trade receivable	450,444,975
Contract asset	153,730,367
Other Receivables	140,304,214
Other Tax Recoverable	15,506,909
Cash and cash equivalents	168,309,076
Total Current Assets	997,937,788
Non-Current Assets Held for Sale
Non-Current Asset held for Sale	4,758
Total Assets
Total Assets	1,435,953,123
Current Liabilities
Contract Liabilities	38,063,214
Other Payables	141,648,432
Value added tax Payable	57,259,328
Income tax	26,387,426
Employee benefit payable	27,123,303
Total Current Liabilities	290,481,703
Non-Current Liabilities
Long term employee benefit payable	105,124,528
Deferred tax liability	41,728,798
Total Non-Current Liabilities	146,853,326
Total Liabilities and Equity
Total Liabilities	437,335,029
Equity
Paid-up Capital	961,936,280
Legal Reserve	31,175,961
Equity in Excess of Paid up capital	5,505,853
Total Equity	998,618,094
Total Liabilities and Equity	1,435,953,123

Cash Flow Statement

FY 2012 EC

Item	Amount (ETB)
Operating Activities
Profit before tax	55,112,225
Depreciation & Amortization	19,010,417
Gain From Foreign Exchange rate change	-2,291,998
Gain From Disposal of Plant property & equipment	-4,642,102
Annual Leave Provision	3,940,599
Long term Employee Benefit	8,700,729
Provision for obsolete stock	462,972
Provision for Expected Credit loss	34,887,551
Subtotal adjustments	115,180,392
(Increase) Decrease in inventory	-11,106,356
(Increase) Decrease in Trade receivable & Other receivables	50,677,431
Increase (Decrease) in contract liability & Other payables	35,731,765
Cash generated from operation	190,483,232
Income tax Paid	-79,422,803
Interest recognized in profit or loss	-150,939
Net Cash inflow/(outflow) from operating activities	110,909,490
Investing Activities
Purchase of Plant Property & Equipment	-33,532,257
Purchase of Materials for construction	-34,079,654
Net cash outflow from investing activities	-67,611,911
Financing Activities
Proceeds from redemption of Bond	4,000,000
Proceeds from disposal of Plant Property & equipment	6,796,105
Proceeds from Gain on Foreign Exchange rate change	2,291,998
Interest received	150,939
Net cash (outflow)/inflow from financing activities	13,239,043
Net Change in Cash	56,536,622
Closing Cash & Equivalents	168,309,076

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 for the auditors to describe them all.

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