Ethiopian Industrial Inputs Development Enterprise

Fiscal Year 2014 EC (2022/2023 GC)

Qualified

All Years

Download Original Audit Report FY 2013

Revenue

ETB 4.2B

Net Profit

ETB 48.1M

Total Assets

ETB 4.8B

Total Equity

ETB 3.0B

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 2014 EC

Item	Amount (ETB)
Revenue
Revenue	4,183,979,659
Cost of sales	-3,592,358,003
Gross profit	591,621,656
Operating Expenses
Other income	7,219,057
Selling and distribution expenses	-88,841,278
General and administrative expenses	-419,070,043
Operating profit	90,929,393
Finance and Tax
Finance income	34,221,052
Finance costs	-2,371,589
Profit before business income tax	122,778,856
Income tax expense	-74,695,667
Profit for the year	48,083,189

Statement of Financial Position

As at end of FY 2014 EC

Item	Amount (ETB)
Non-Current Assets
Property, plant and equipment	1,173,249,085
Investment securities	853,553
Total Non-Current Assets	1,174,102,638
Current Assets
Inventories	653,091,683
Trade and other receivables	2,289,889,861
Cash and cash equivalents	732,682,067
Total Current Assets	3,675,663,611
Total Assets
Total Assets	4,849,766,249
Equity
Capital	1,306,042,415
IFRS Remeasurement reserve	1,484,749,916
Retained earnings	190,605,374
Legal reserve	25,988,812
Total Equity	3,007,386,517
Non-Current Liabilities
Deferred tax liabilities	285,971,340
Total Non-Current Liabilities	285,971,340
Current Liabilities
Loans and borrowings	915,833,094
Profit tax payable	71,563,555
Trade and other payables	569,011,744
Total Current Liabilities	1,556,408,393
Total Liabilities and Equity
Total Liabilities	1,842,379,733
Total Equity and Liabilities	4,849,766,249

Cash Flow Statement

FY 2014 EC

Item	Amount (ETB)
Operating Activities
Profit for the year	48,083,189
Income tax expense	74,695,667
Depreciation	65,255,179
(Increase) in trade and other receivables	-782,784,584
(Increase) in inventories	-163,361,615
(Decrease) in trade and other payables	-135,722,093
Cash used in operations	-893,834,258
Income tax paid	-121,316,712
Net cash used in operating activities	-1,015,150,970
Investing Activities
Purchase of property, plant and equipment	-131,138,183
Investment in bond securities	-40,645
Net cash used in investing activities	-131,178,828
Financing Activities
Proceeds from borrowings (net)	915,833,094
Movement in shareholders balances (net)	-28,864,183
Net cash from financing activities	886,968,911
Net Change in Cash	-259,360,887
Closing Cash & Equivalents	732,682,067

Audit Findings

#1

Receivables include a suspense amount of Birr 265,147,093 arising from inventory valuation adjustments. ERP system limitations and human errors in coding contributed to discrepancies. Unable to determine necessary adjustments to inventory (Birr 653,091,683) and receivables (Birr 2,289,889,861).

Amount: ETB 265.1M

#2

Loss of inventory totalling Birr 61,463,969 resulting from the conflict in the northern region of the country. Unable to verify the completeness and accuracy of the reported loss.

Amount: ETB 61.5M

#3

VAT recoverable balance of Birr 500,479,957 has been outstanding for more than a year and has not been cleared. Proper documentation has not been maintained to support the recoverability of this balance.

Amount: ETB 500.5M

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